Balmer Lawrie & Co. signed an agreement with M/s GATX India, the largest private railcar lessor in India, for leasing 3 nos. of rakes of BFNS 22.9t wagons for transportation of finished steel products of Steel Authority of India (SAIL), Rourkela Steel Plant (RSP) over distances exceeding 1000 kms.

At meeting held on 11 November 2024

Markets regulator Sebi on Monday proposed a procedure for seeking a waiver or reduction of interest concerning recovery proceedings initiated by it for failure to pay penalty.
Under the proposal, the regulator suggested that the applicant’s requests for waiver/reduction should be submitted to the relevant Recovery Officer, with documentation supporting the fulfilment of three criteria from Section 220(2A) of the Income Tax Act, 1961. Section 220(2A) allows the waiver or reduction of this interest under specific conditions.
The criteria include payment of such an amount causing genuine hardship to the applicant; default was due to circumstances beyond the applicant’s control and the applicant has cooperated in any related inquiry.
In its consultation paper, Sebi has suggested that applications are allowed only if the notice of demand has already been served and the principal amount due is fully paid.
The Sebi’s recovery officer will forward the application to the Competent Authority

At meeting held on 11 November 2024

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