NRIs can open one-person companies in India

News Network
February 1, 2021

New Delhi, Feb 1: Indian Finance Minister Nirmala Sitharaman brought cheer to Indian entrepreneurs with a bold move to permit one-person companies.

In a major boost for Indian expats (NRI) investments in India, there is no restriction on paid up capital and turnover to incentivise incorporation of one-person companies in their home country.

Bal Krishen, chairman of Century Financial, said: “The move, which allows NRIs to incorporate one-person companies in India, will also reduce residency limit from current stipulation of 182 days to 120.”

The move is especially likely to benefit the Indian real estate sector, which typically attracts lots of investment and interest from expats residing in the Gulf.

"For FY 2021, total investments by India expat population in real estate sector is expected to exceed $13.1 billion, a five per cent year-on-year growth.

"Recent price correction in certain pockets of India real estate clusters coupled with the new budget moves would likely act as huge trigger for fresh impetus to this sector. Furthermore, more and more expat investors are likely to use this opportunity for investing even in smaller amounts at the start," said Krishen.

Dhaval Jasani, Founder and CEO at ZTI, said the move will invite more talent back to India.

"One-person companies will enable entrepreneurs to establish and market their own developments rather than partnering with bigger companies.”

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News Network
May 5,2024

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New Delhi, May 5: Actor-turned-politician Kangana Ranaut intended to target an opposition leader but mistakenly ended up attacking her BJP colleague instead. 

A similarity in names - Tejashwi and Tejasvi - was behind Ms Ranaut's fumble. "There's a party of spoilt princes... whether it's Rahul Gandhi who wants to grow potatoes on the Moon, or Tejasvi Surya who does hooliganism and eats fish," she had said.

RJD leader and former Bihar deputy Chief Minister Tejashwi Yadav was supposed to be the original target of her diatribe as one of his videos where he was seen eating fish became a major flashpoint between the BJP and the opposition recently.

Tejasvi Surya, incorrectly referred to by Ms Ranaut during an election rally yesterday, is BJP's Lok Sabha candidate from Bengaluru South constituency in Karnataka.

Meanwhile, Mr Yadav has responded to a clip of Kangana Ranaut's statement. "Ye mohtarma kaun hai?" (Who is this lady?), he posted on X.

Kangana Ranaut has been verbally bashing the Congress party since the BJP fielded her as their Lok Sabha candidate from Himachal Pradesh's Mandi. Congress leaders Vikramaditya Singh - her opponent in Mandi - and Rahul Gandhi have been the main targets on her dartboard.

While addressing a public rally in the Sundernagar area of Mandi Parliamentary Constituency yesterday, Ms Ranaut took a jibe at Mr Singh and Mr Gandhi over dynasty politics and said that both of them have a magic stick for development and talk only about non-practical things.

The Congress hit back saying the 37-year-old actor should first check the facts about her party leaders and speak about dynastic politics. National Media Coordinator for the Congress, Amrit Kaur, also questioned her qualifications on which she got a BJP ticket from Mandi.

The Mandi Lok Sabha constituency will go to polls on June 1, in the seventh phase of the 2024 Lok Sabha elections.

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News Network
May 5,2024

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London: London's Labour mayor Sadiq Khan on Saturday secured a record third term, as the party swept a host of mayoral races and local elections to trounce the ruling Conservatives just months before an expected general election.

Khan, 53, beat Tory challenger Susan Hall by 11 points to scupper largely forlorn Tory hopes that they could prise the UK capital away from Labour for the first time since 2016.

The first Muslim mayor of a Western capital when initially elected then, he had been widely expected to win as the opposition party surges nationally and the Tories struggle to revive their fortunes.

Hours later in the West Midlands, Conservative mayor Andy Street -- bidding for his own third term -- unexpectedly lost to Labour's Richard Parker, dealing a hammer blow to Prime Minister Rishi Sunak.

That narrow loss left the beleaguered leader with only one notable success in Thursday's votes across England, after Tory mayor Ben Houchen won in Tees Valley, northeast England -- albeit with a vastly reduced majority.

In a dismal set of results, Sunak's party finished a humiliating third in local council tallies after losing nearly 500 seats.

"People across the country have had enough of Conservative chaos and decline and voted for change with Labour," its leader Keir Starmer said shortly after confirmation of Parker's victory.

He called the result "phenomenal" and "beyond our expectations".

Writing earlier in Saturday's Daily Telegraph, Sunak had conceded "voters are frustrated" but tried to argue Labour was "not winning in places they admit they need for a majority".

"We Conservatives have everything to fight for," Sunak insisted.

'Spirit and values'

Labour, out of power since 2010 and trounced by Boris Johnson's Conservatives at the last general election in 2019, also emphatically snatched a parliamentary seat from the Tories.

Starmer has seized on winning the Blackpool South constituency and other successes to demand a general election.

Sunak must order a national vote be held by January 28 next year at the latest, and has said he is planning on a poll in the second half of 2024.

Labour has enjoyed double-digit poll leads for all of his 18 months in charge, as previous Tory scandals, a cost-of-living crisis and various other issues dent his party's standing.
On Thursday, it was defending nearly 1,000 council seats, many secured in 2021 when it led nationwide polls before the implosion of Johnson's premiership and his successor Liz Truss's disastrous 49-day tenure.

In the end, they lost close to half and finished third behind the smaller centrist opposition Liberal Democrats.

Meanwhile Labour swept crunch mayoral races across England, from Yorkshire, Manchester and Liverpool in the north to contests across the Midlands.

In London, Khan netted 44 percent of the vote and saw his margin of victory increase compared to the last contest in 2021.

"It's truly an honour to be re-elected for a third term," he told supporters, accusing his Tory opponent of "fearmongering".

"We ran a campaign that was in keeping with the spirit and values of this great city, a city that regards our diversity not as a weakness, but as an almighty strength -- and one that rejects right hard-wing populism," he added.

'Change course'

If replicated in a nationwide contest, the council tallies suggested Labour would win 34 percent of the vote, with the Tories trailing by nine points, according to the BBC.

Sky News' projection for a general election using the results predicted Labour will be the largest party but short of an overall majority.

Speculation has been rife in Westminster that restive Tory lawmakers could use dire local election results to try to replace Sunak.

Despite the returns being at the worst end of estimates, that prospect has not so far materialised.

Ex-interior minister and Sunak critic Suella Braverman warned in the Sunday Telegraph that Sunak's plan "is not working and he needs to change course", urging a more muscular conservatism.

But she cautioned against trying to replace him, warning "changing leader now won't work: the time to do so came and went".

Meanwhile, polling expert John Curtice assessed there were some concerning signs for Labour, which lost control of one local authority and some councillors elsewhere reportedly over its stance on the Israel-Hamas war.

"These were more elections in which the impetus to defeat the Conservatives was greater than the level of enthusiasm for Labour," Curtice noted in the i newspaper.

"Electorally, it is still far from clear that Sir Keir Starmer is the heir to (Tony) Blair."

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News Network
May 6,2024

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Several women, believed to be victims of Prajwal Revanna, have left their homes in Karnataka's Hassan district over the last ten days, according to media reports.

These departures reportedly come amid fear and stigma after their identities became public due to the circulating video clips showing the women who were allegedly sexually assaulted by Prajwal Revanna.

"The entire district is in H D Revanna’s control. You speak ill about them and chances are high that it will reach them, because the family and the party have a large following," a shopkeeper in Hagare - 20 km from Hassan – was quoted as saying by the news paper. 

Hassan is the bastion of the JD(S) supremo Deve Gowda, and Prajwal, his grandson, is the sitting MP.

The family of the woman whose complaint was the basis of the first FIR against Prajwal has now left their home, the publication reported, citing a neighbour who said, "The woman worked at Revanna’s house as a house help. Some of her videos started to circulate and then, her house was seen locked. We don’t know when she left."

Notably, a former Zilla Panchayat member has also filed a rape case against Prajwal, and in that village many women who worked for the party formerly are now incommunicado, a JD(S) leader told the publication. "We noticed many of the party women deleting their photos with Prajwal on social media. In some instances, men are questioning their wives about their association with the MP. It is shattering the lives of many women in the district," he said.

The local leader added that the former Zilla Panchayat member was there on April 24, but no one had seen the family since the videos came out.

The case is currently being probed by an SIT team and when they reached the Revanna residence, party workers were reportedly heard talking about the women. "I know this woman, she lived close to our residence and was very active in JD(S) activities. Her house is locked… she has small children," one said, as per IE.

Another shopkeeper added, "It was really wrong to reveal the faces of the women. I know some of them, and they have gone into hiding. We don’t know whether they can return."

He noted that it is impossible to survive in Hassan while fighting a case against the Revanna family.

While Prajwal's father, H D Revanna is in SIT custody, a Blue Corner notice has been issued against the sitting MP.

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