... 4 The Coming into Vogue of Company Deposits Thorns in the Side? A Cause for Control RESEARCH METHODOLOGY 6 WHAT CONSTITUTES A COMPANY DEPOSIT 7 What is a Deposit? Constitution of “Public” Loans and Deposits Debentures and Deposits Secured Deposits DEPOSITS EXEMPT FROM THE REGULATORY FRAMEWORK 11 Status of Unclaimed Deposits INVITATION OF DEPOSITS 13 INCORPORATION OF CREDIT-RATING IN DEPOSIT ADVERTISEMENTS CRISIL Ratings 15 FINALISATION OF MATTERS RELATING TO ACCEPTANCE OF DEPOSITS Limits on Amounts Invited for Acceptance 17 The FERA Factor Penalty for Accepting Deposits in Excess of Limits PAYMENT OF INTEREST 19 Penalties for Default REMEDIES FOR REFUND OF DEPOSITS 20 Company Law Board Writ Jurisdiction THE CONTROVERSIAL RULE 3A 21 COMMERCIAL PAPERS...
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...For the exclusive use of S. Cao, 2015. 9-914-505 AUGUST 1, 2013 WILLIAM E. FRUHAN WEI WANG Jackson Automotive Systems It was early June 2013. Heather James, vice president at the Michigan State Bank, was considering a loan request from a longtime client, Jackson Automotive Systems. Jackson had requested the renewal of an existing term loan with the bank in the amount of $5 million that was originally scheduled to be repaid at the end of the month. Jackson was also seeking to borrow an additional $2.4 million to fund the acquisition of a long-needed piece of equipment, which it planned to purchase in late July. Both loans, which totaled $7.4 million, would be repayable on September 30, 2013. Jackson Automotive Systems, an Original Equipment Manufacturer (OEM) located in Jackson, Michigan, carried product lines in advanced heating and air conditioning systems, engine cooling systems and parts, and fuel injection and transfer systems, as well as various other engine parts. Production of these lines required sophisticated and expensive precision equipment. The company's customers were reliable and reputable automotive assemblers located nearby in the Michigan area. Industry Background At the time of the loan in 2013, there were over 5,000 automotive parts suppliers located in the U.S. Less than 200 companies had annual sales of more than $100 million, while the remaining companies were small producers, representing a highly fragmented market. Small private...
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...EIS N 2277-4955 S THE K I NG WI THOUT FI SHES...!!! [CASE ON CRI SI S OF K I NGFI SHER AI RL I NES] Prof. Bhavik M. Panchasara Marwadi Education Foundation’ s Group of Institutions, RajKot, bhavikpanchasara@gmail.com ABSTRACT Indian Aviation Industry is one of the fastest growing markets in the world. But nowadays it is in the news due to different reason. And that is the failure of one of the leading aviation player - Kingfisher Airlines. The airline has been facing financial issues for many years. Till December 2011; Kingfisher Airlines had the second largest share in India's domestic air travel market. However due to the severe financial crisis faced by the airline, it has the fifth largest market share currently. Even the company have no funds to pay the salaries to the employees and is facing several other issues like fuel dues; aircraft lease rental dues, service tax dues and bank arrears. This case outlines the financial turmoil of the Kingfisher in detail. Keywords: Aviation industry, Kingfisher Airlines, financial turmoil, financial issues, crisis and debt restructuring I NTRODUCTI ON: Kingfisher Airlines is an airline group based in India. Its head office is The Qube in Andheri (East), Mumbai; and Registered Office in UB City, Bangalore. Kingfisher Airlines was established in 2003. It is owned by the Bengaluru based United Breweries Group. Kingfisher Airlines, through its parent company United Breweries Group, has a 50% stake in low-cost carrier Kingfisher...
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...ORDER TO SAVE YOUR TAXES. Expert view for tax saving ........................................................................................................................................................ book I About this n India, most salaried people want to increase their personal savings and yearn to achieve financial freedom. But do they REALLY want to save money or are they too busy? Most people are not motivated enough to learn how they can maximize their savings by efficient budgeting of their personal finances. They are unaware of ways to save tax through tax-efficient investment options available in the market. Often, people do not make timely investments and end up paying huge amount of taxes at the end of the year. To make matters worse, lack of updated and timely information makes tax filing a dreaded chore. Salaried people often falsely believe that they do not need any financial planning as their income and expenses are regular. They presume that their savings automatically accumulate in the bank and do not require any intervention to maximize financial gains. But we believe that with some serious effort and knowledge, salaried people can save huge amounts of money and increase their annual income by investing their hard-earned money in tax-efficient schemes. Does tax planning make you nervous? Tax planning is an integral part of personal financial planning. The amount of scattered and incomprehensible information available in the market prevents...
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...The issue in this case is to assess Phillip’s taxable income for the year ended 30 June 2010. According to section 4-15 Income Tax Assessment Act 1997 (ITAA 1997), taxable income equals assessable income (Division 6) minus deductions (Division 8). Assessable Income In order to determine the assessable income, Division 6 of ITAA 1997 would be the relevant legislation and in particular Section 6-1(1) refers assessable income consists of ordinary income and statutory income. - Rental Income Section 6-5(1) defines “assessable income” to include income according to ordinary concepts. In the case of Adelaide Fruit & Produce Exchange Ltd, ordinary income is characterized as exhibiting recurrence and regularity. For Phillip’s case, rent falls under income from property as it exploit the property and considered to be income producing. Whereas Adelaide’s ruling for periodic and regular payment is satisfied by which a tenant contracts to pay the landlord, Phillip, for the use of premises. Hence, rent income of $55 000 is assessable under Section 6-5 ITAA 1997. However, $5 000 rent received on 5 July 2010 is not included since the case is only calculating for year ended 30 June 2010. - Manufacturing of tennis racquets business Section 6-5 ITAA 1997 defines “business” as sustained and regular transactions and transactions done in the course of carrying on a business. This is satisfied by the manufacturing of tennis racquets where it regularly manufacture and...
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...Tyagi Date of Submission: 1 March’12 INTRODUCTION The case here deals with improving the business performance of a Swiss based airport Zurich-Noch, which lies outside the Euro Zone. The airport began as a flying club in 1930s and then extending its service to provide schedules within central Europe. By 1989 the airport was handling 500,000 passengers per year. It is forecast to increase to 3.5 million for both incoming and outgoing passengers in the current financial year to 30 June 2011. The airport mainly serves holiday makers flying to destinations within Europe and only 5% of the passengers who use the airport are business travellers. The company is not listed in the stock exchange and is a joint venture of a group of four local governments known as LSGs which are divided into four geographical zones. The board of directors proposed a development plan in 2009 and aimed at gradual and phased development of airport company. Assumption Used in Analysis: The airport is assumed to be unaffected by the Euro Zone crisis which is currently prevailing in Europe and may well be extended to 2 or 3 years more down the line. The maximum airlines with which the airport deals are assumed to be affected by the Euro zone crisis. Positive inflation is assumed so the factors of cost are expected to increase subsequently. The strategic development and financial improvement of the airport is described using the aforementioned assumptions as below: To achieve...
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...must have an energy rating Certificate that documents the HERS Index score of 75 or less. Additionally, the VLB will no longer require the Energy Star Affidavit. A copy of the certificate is still required and must be included in the closed loan file. All loans purchased on or after July 26th will be eligible for the alternative rating. Questions or comments regarding this Bulletin may be directed to our group email box spa.dallas@citi.com. © 2012 CitiMortgage, Inc. First mortgage loans are originated by Citibank, N.A. First mortgage loans are serviced by CitiMortgage, Inc. CitiMortgage does business as Citicorp Mortgage in New Mexico. CitiMortgage, Inc. is an equal housing lender. Citi, Citi with the arc design, and CitiMortgage are registered service marks of Citigroup, Inc. Veterans Housing Assistance Program (VHAP) Program Bulletin Texas Veterans Land Board CitiMortgage Program Administrator Bulletin#12-01 | April 26, 2012 New VLB Loan Amount Effective April 27, 2012, the Texas Veterans Land Board (VLB) is increasing the maximum VLB Program Loan Amount to $417,000.00, the current maximum VA conforming loan amount. All new and currently active registrations, but not closed loans, will be eligible for the new increased loan...
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...lower mortgage rates for anyone who bought a home. They thought that this would make people jump at the opportunity and finally make that first purchase. Another idea was to help struggling owners lower their mortgage and refinance. The problem with this was finding out who should really be saved. Purchasing is an amazing first step. It’s a great way to start securing a financial future for you and or your spouse and family. The big question is, are you ready? One of the first things that you will need to figure out is how much you can afford. You don’t want to end up in foreclosure as so many families did during the housing and economy crisis. A good guide to follow when finding your limit should be that your monthly mortgage payment should be less than your gross monthly earnings for a quarter. Some say that this amount can be up to half, but I think it’s better to stay lower than this in order to be...
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...other factors that could damage the stability of the bank. (1) Bank's traditionally rely heavily on short-term deposits to fund long-term loans to consumers and businesses. This reliance makes a bank susceptible to major problems if conditions turn against it, or it sees a sudden mass withdrawal of deposits. This is why the FFIEC tries to monitor banks' stability with the UBPR. (1) Loans are one of the main sources of income for most commercial banks. They lend individuals and small to medium sized businesses/enterprises loans and short term financial assets with a predetermined centrally-agreed interest rate in order to operate safely. There are however, different kinds of loans. I will talk about these briefly in my report. i) Real estate loans: Real estate is property consisting of land and the buildings on it, along with its natural resources such as crops, minerals, or water. (2) Real estate loans are usually called mortgages. So what are mortgages? “Mortgages are debt instruments, secured by the collateral of specified real estate property, that the borrower is obliged to pay back with a predetermined set of payments. Mortgages are used by individuals and businesses to make large real estate purchases without paying the entire value of the purchase up front. Over a period of many years, the borrower repays the loan, plus interest, until he/she eventually owns the property free and clear. Mortgages are also known as "liens against property" or "claims on...
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...Business Law and Taxation Final Pre-board Examination Batch 18 (October 2009) 1. The buyer acquires a real right to the fruits of the thing sold. a. From the time the obligation to deliver the thing arises b. From the perfection of the contract of sale c. From the delivery thereof d. From payment of the price 2. A buyer may sue the seller for breach of warranty against hidden defects of things a. Within 40 days from delivery of the thing sold b. Within 6 months from delivery of the thing sold c. Within 1 year from delivery of the things sold d. Within 4 years from discovery of the fraud 3. D is indebted to C in the amount of P200,000 and delivers to C his diamond ring by way of pledge. If D sells the same diamond ring to T, when will T acquire ownership of the same? a. From the time the sale is perfected between D and T b. From the time T pays the price to D c. From the time C consents to the sale between D and T d. From the time T obtains actual possession of the diamond ring 4. In a partnership, the partners share in the profits a. Equally b. According to capital contribution c. According to the contract d. Justly and equitably 5. This kind of agent merely makes the principal and the third person meet and when they arrive at an agreement or contract becomes entitled to compensation. a. Broker ...
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...(NOT FOR ATTRIBUTION; FOR DISCUSSION PURPOSES ONLY) Preserving Cultural Heritage through Good Environmental Management in Vigan City, Ilocos Sur: A Contribution to the Philippines Country Environmental Analysis Draft for discussion Do not quote September 2008 1 Elmer S. Mercado, EnP World Bank Consultant. The findings, interpretations, and conclusions expressed herein are those of the author, and do not necessarily reflect the views of the World Bank and its affiliated organizations, or those of the Executive Directors of the World Bank or the governments they represent. This paper represents work in progress and comments to the author are invited (elmer_sm@yahoo.com). 1 (NOT FOR ATTRIBUTION; FOR DISCUSSION PURPOSES ONLY) Summary One of the critical challenges of urbanisation in developing countries is how to rein in the environmental impacts of progress with the need to maintain one’s sense of social history, culture and heritage. Like the cities of Seville in Spain, Kyoto in Japan, Rome in Italy or even Manila in the Philippines, Vigan City wanted to remove the ravages of political warlordism that plagued its recent past and reclaim its once rich Spanish colonial cultural heritage and prestige it held in the 19th century. When the city of Vigan decided to transform itself as a cultural heritage city, one of the core platforms of the city’s cultural and heritage conservation programme and master plan was the environmental conservation and management of its...
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...Th Fi ncial Cris he inan sis: 2007 2 7-2009 gar N g A. Norton, Jr. Illin nois Sta Uni ate iversity y Cover page im mage ©2010 Pho otoDisc, Inc. Copyright © 2010 by John Wiley & Sons, Inc W c. All rights rese erved. No part of thi publication ma be reproduced stored in a ret is ay d, trieval system or transmitted r in any form o by any means, electronic, mec or , chanical, photoco opying, recordin scanning ng, or otherwise, except as permi itted under Sections 107 or 108 o the 1976 Unit States of ted Copyright Ac without either the prior writte permission of the Publisher, o authorization t ct, r en f or through payment of th appropriate pe he er-copy fee to th Copyright Cle he earance Center, I Inc., 222 Rosewo Drive, ood Danvers, MA 01923, website www.copyright A e t.com. Requests to the Publisher for permission should be r addressed to t Permissions Department, Joh Wiley & Son Inc., 111 Rive Street, Hobok NJ 07030the hn ns, er ken, 5774, (201)74 48-6011, fax (20 01)748-6008, we ebsite http://www w.wiley.com/go/ /permissions. To order book or for custom service, pleas call 1(800)-CA ks mer se ALL-WILEY (2 225-5945). Printed in the United States of America. e o ISBN 978- 0-470-56516-2 The Financial Crisis: 2007-2009 Objectives Understand the major influences that led to the 2007 2009 Financial Crises Describe the role that agency cost issues played in the financing of mortgages to developing...
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...fulfill all of the couple’s needs, wants and within their yearly budget. Since the couple wishes to remain anonymous, Team B will work directly with their representative lawyer, Kenneth Strang. The team has determined that the work requested should take approximately 2 weeks and will includes four members at a full time rate of $30 per hour. Total cost for the project will be $9600. Team B’s members include Geoffrey Ramsay, Brett Sheppard, Wayne Johnson, and Michael Smith. Retirement Analysis 403 (b) Retirement payment options: Plan Option One: Investment: $277,770 Joint Lifetime Income With a 20-Year guarantee period (Also Known as Joint and Survivor With 20-Year Period Certain) and 100% continuing benefit to Survivor Monthly Payment for Owner: $1,291 Monthly Payment for Surviving Owner: $1,291 Minimum Payout: $309,840 What it means to you: This annuity provides income to you and another person (e.g., a spouse) for as long as either of you is alive. When one of you passes away, the survivor continues to receive income at 100% of the original amount. If you and your spouse pass away before the guarantee period ends, the remaining income payments continue to a beneficiary until the end of that time period. Considerations: If you're trying to get more out of your retirement savings, remember that there's a cost for adding a guarantee period. Carefully consider the value of this feature and the guarantee period length that's right for you. There are a...
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...1. (a) Assume that declining stock market prices in the United States cause many United States financial investors to sell their stocks and increase their money holdings. Draw a correctly labeled graph of the money market and show the impact of the financial investors’ actions on each of the following: (i) Demand for money Interest Rate Money Supply Money Demand (ii) Nominal Interest Rate Money Supply Nominal ------------ Interest Rate ------------------------------ (b) When the Federal Reserve sells bonds, what will happen to the price of bonds in the open market? Explain. Using a correctly labeled graph of the money market...
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...baby, a yard, schools, and services. The pros of home ownership offer many benefits not available with a rental property. Trade-offs The studio apartment although close to downtown night life, is not close to schools, churches, or shopping centers. This location worked well for the past few years, because children were not part of the equation. Some trade-offs are required before making a housing purchase. Proximity to night life is enjoyable; however, caring for a new baby will limit a carefree lifestyle. Purchasing a home will require a down-payment and closing costs. In addition to a monthly mortgage payment, utilities, homeowner dues, repairs, maintenance, lawn care, insurance, and taxes are costs of ownership. When renting the renter does not have homeowner dues, lawn car, property taxes, and most repairs and maintenance costs. Homeowners unlike renters can make home modifications, without ramifications. Equity in a home increases the homeowner’s personal wealth. Homeownership also signifies stability. A renter can decide to move quickly with little to no consequence. The landlord takes care of repairs and maintenance, and although rentals may be higher than mortgage payments other costs are handled by the landlord (NeighborWorks America in partnership with E*TRADE FINANCIAL, 2010). The repair and maintenance costs can be substantial depending on the age of the purchased home. New homes have new...
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