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
November 22,2024

Mangaluru: A man fell victim to an online scam, losing Rs 1.7 crore after fraudsters posed as officials from TRAI. According to a complaint filed at the CEN police station, the incident began on November 11, when the complainant received a call from an unknown number at 9:49 am.

The caller, claiming to represent TRAI, alleged that another mobile number registered under the complainant's name was involved in illegal activities in Andheri (East), Mumbai. The caller further stated that an FIR was lodged against the complainant for harassment under the guise of marketing. He was instructed to contact Andheri (East) police station immediately or risk his mobile service being deactivated within two hours.

The complainant was subsequently connected to an individual named Pradeep Sawant, who claimed the complainant was implicated in a money laundering scheme linked to the Naresh Goyal fraud case. Sawant alleged that a fraudulent bank account under the complainant's name was opened at Canara Bank, Andheri, and used to purchase a SIM card for illegal activities. He warned that the complainant could face arrest.

Later, the complainant was contacted via WhatsApp video call by individuals posing as Rahul Kumar (a police officer) and Akanksha (a CBI officer). They allegedly sent fabricated CBI documents to his WhatsApp number. The fraudsters demanded money to "resolve" the case. Fearing threats, the complainant allegedly transferred Rs 1.7 crore through RTGS in batches of Rs 53 lakh, Rs 74 lakh, and Rs 44 lakh between November 13 and 19. A case has been registered at the CEN police station and an investigation is ongoing.

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News Network
November 21,2024

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Prominent NRI community leader SM Syed Khalilur Rehman, fondly known as CA Khalil, passed away in Dubai on Thursday at the age of 86 after a brief illness.

Khalil had been admitted to Aster Hospital in Mankhool on Tuesday after experiencing severe leg weakness. Despite the best efforts of the medical team, he succumbed to a double heart attack that worsened his condition, his son Rais Ahmed confirmed.

The news of his passing has sent waves of grief across communities, particularly in his hometown of Bhatkal, Karnataka, where he was a celebrated figure. Tributes have been pouring in on social media, highlighting his significant contributions to international trade, social service, and education.

A Legacy of Leadership and Service

A chartered accountant by profession, Khalil was a founding member of the Dubai chapter of the Institute of Chartered Accountants of India (ICAI), where he served as chairman from 1987 to 1994. His illustrious career included key leadership roles, such as general manager of Khaleej Times, group executive director of the Ilyas and Mustafa Galadari Group, and vice-chairman of the Jashanmal Group of Companies.

He also chaired Maadhyama Communications and Sahil Online, a web-based news platform, and was a director and trustee of several media companies and charitable organisations in Dubai and India.

A Champion for Education and Philanthropy

Khalil’s impact extended far beyond his professional achievements. As president and general secretary of Anjuman Hami-e-Muslimeen, he played a pivotal role in the development of educational institutions, including schools and colleges in Bhatkal and surrounding areas. His dedication to social upliftment earned him recognition from the Government of Karnataka, which honoured him with a prestigious award for his philanthropic contributions.

A Life Celebrated

The Bhatkal Muslim Khaleej Council (BMKC) recently released a documentary celebrating Khalil’s remarkable life and service to the community—a testament to his enduring legacy.

CA Khalil is survived by his family and countless admirers across the globe. His passing marks the end of an era for Indian expatriates in the UAE and beyond, leaving behind a legacy of leadership, generosity, and commitment to community service.

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News Network
November 23,2024

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Bengaluru: In a boost to the ruling Congress in Karnataka, the party on Saturday swept the by-polls to three Assembly segments, causing a major setback to the BJP-JD(S) alliance in the state.

The Congress has retained Sandur, the seat considered to be its strong hold, and has also bagged Shiggaon and Channapatna segments, which were earlier held by BJP and JD(S) respectively.

The November 13 by-polls to Sandur, Shiggaon and Channapatna Assembly segments had witnessed a fierce fight between the ruling Congress and a combative BJP-JD(S) alliance.

The by-polls to Sandur, Shiggaon and Channapatna were necessitated as the seats fell vacant following the election of their respective representatives -- E Tukaram of Congress, former CM Basavaraj Bommai of BJP, and Union Minister Kumaraswamy of JD(S) to Lok Sabha in May elections.

The by-polls witnessed a straight fight between the ruling Congress and BJP in Sandur and Shiggaon segments, while in Channapatna, JD(S) which is part of the NDA alliance took on the grand old party.

Congress' C P Yogeeshwara won the Channapatna segment, defeating JD(S) candidate and Kumaraswamy's son Nikhil Kumaraswamy, by a margin of 25,413 votes.

Former CM Basavaraj Bommai's son Bharath Bommai of BJP faced defeat against Congress' Yasir Ahmed Khan Pathan in Shiggaon Assembly segment by a margin of 13,448 votes.

In Sandur, Congress candidate E Annapoorna, the wife of Bellary MP E Tukaram, won the seat vacated by her husband, by a margin of 9,649 votes.

Congress' win in the by-poll is seen as an endorsement of both Chief Minister Siddaramaiah and his deputy D K Shivakumar's leadership, and the government's programmes, especially the five guarantee schemes.

Nikhil Kumaraswamy and Bharath Bommai, the third generation of Gowda and Bommai family respectively, who contested this bypolls, have lost. Their fathers and grandfathers had served as Karnataka's Chief Ministers in the past.

While for Bharath Bommai this was his electoral debut, for Nikhil it was his third electoral loss.

Among the three segments, Channapatna was considered to be a high profile battle, where the contest was between C P Yogeeshwara and actor-turned-politician Nikhil Kumaraswamy.

A five-time MLA from the segment and a former Minister, Yogeeshwara had joined the Congress after quitting BJP ahead of nomination.

There were plans to field Yogeeshwara on a JD(S) ticket, but he was not interested in it, and instead wanted Kumaraswamy to support him as BJP candidate. This was not acceptable to Kumaraswamy and his party, following which Yogeeshwara jumped ship.

However, Kumaraswamy had subsequently said he had agreed to Yogeeshwara contesting from BJP, and despite that he jumped ship to Congress, under the influence of Deputy Chief Minister D K Shivakumar and his brother and former MP D K Suresh.

Nikhil had faced defeat in 2019 Lok Sabha and 2023 Assembly polls. It is seen as a setback for Kumaraswamy too, as he could not ensure son's win from the Channapatna, the seat he had twice represented in the past.

Congress' win is crucial for Shivakumar, who is also the state Congress chief and his brother Suresh to strengthen their position in their home district of Ramanagara, a Vokkaliga heartland.

In Shiggaon, BJP's Bharath Bommai, son of Basavaraj Bommai lost against Congress' Yasir Ahmed Khan Pathan, who had faced defeat against the former Chief Minister in the 2023 Assembly polls.

Initially, former MLA Syed Azeempeer Khadri, a Congress' ticket aspirant, had raised a banner of revolt in Shiggaon, by filing his nomination as an independent, but later withdrew after intervention by party leadership.

In Sandur, Bellary MP Tukaram's wife E Annapurna of Congress won from the seat vacated by her husband, against BJP ST Morcha president Bangaru Hanumanthu, who is considered close to party leader and former mining barron G Janardhan Reddy.

Sandur is a Congress' bastion, and Tukaram had represented it four times.

Congress winning the by-polls is seen as "crucial" for Chief Minister Siddaramaiah to assert himself , amid demands for his resignation following charges against him in the MUDA site allotment case.

There were also behind-the-scenes political activities within the ruling Congress earlier this year, with a few ministers in his Cabinet holding closed door meetings, fueling speculation about leadership change. But such activities came to a halt following instructions from the party high command.

It is equally important for Shivakumar, who has not shied away from openly expressing his Chief Ministerial ambitions, amid speculations over "rotational Chief Minister formula," according to which he will become CM after two-and-half years (in this govt's five years tenure), but they have not been officially confirmed by the party.

The defeat in this by-poll is seen as a setback for state BJP President Vijayendra, who has been facing intense criticism and opposition from a section within the party, who have raised a banner of revolt against his leadership accusing him and his father, veteran leader B S Yediyurappa of "adjustment politics".

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