Market Sources, 2010-07-29
by India Research Team
Delhi, India
Land
PIRAMAL GLASS PLANS TO SELL LAND IN SRI LANKA
As per Mint, Primal Glass Ltd, a glass container making company and part of Ajay Piramal Group, plans to sell its land in Sri Lanka for ` 300-400 million. The company holds about 21 acres of land in Sri Lanka and waiting for the right time to dispose it off as market conditions are improving in Sri Lanka.
Court's Decision
STAY ORDER ON SERVICE TAX COLLECTION
According to The Hindu Business Line, The Bombay High Court has put an interim stay on the collection of Service Tax in respect of transactions for construction, development, and sale of immovable property under the various provisions of the Finance Act, 1994 and a new entry as amended by the Finance Act of 2010 in any manner in accordance with the writ petition filed by the Maharashtra Chamber of Housing Industry (MCHI). The MCHI has also challenged the constitutional validity of amendment itself. The next hearing in this matter has been posted to August 3, 2010.
About Colliers International
Colliers International is a global affiliation of independently owned commercial real estate firms. The organization's 15,000 employees span the world in 293 offices in 61 countries. On a worldwide basis, Colliers manages 868 million square feet, and has revenue of over USD 2 billion.
Contact Information
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