Ad Here  
May
June
July
August
September
October
 
 
Gas is the way forward Haul over the coal The Swadeshi Trump More heat than light CSR and CMI: promise of another Srinivasan Ramanujan... Noble nonagenarians... Adharma of opposition politics Waning interest in public discussions… Infrastructure funding – lessons learnt L&T- the specialty of special purpose vehicles Solar, solar everywhere … A proud Madrasi Towards speedy justice Boy, can you beat these? Measuring roof tops in terms of KW/MW Poor quality of university VCs Nuclear power at the nucleus Make standards certification mandatory... Wise Presidents Increasing non co-operation of state leaders Poor representation for Kerala and TN in Cabinet R Sridhar steps down as CEO of Shriram Capital Reliance’s TV – 18 ready to launch Tamil News Channel Bihar – Nitish Kumar adopts the Lalu model Shipping woes of Chennai companies Bihar elections - the Rajaji formula worked Cleaning Ganga – relocate tanneries and install electric crematoria Making ‘my Amaravati’... Convulsions in The Hindu Scientists urged to take up farmer-oriented research More Shakti to resource mobilisation... Permanent secretariat for TN GIM The rise and fall of Annamalai University Robber barons everywhere There was flood of milk. Reason: no milk commissioner! A more liberated TN… PPP mode for upgrading Corporation Hospitals West Bengal: mindless malignancy IPL - no surprise this scam Delhi Chalo... Five star activism stalls development activity Put expensive assets created to use... Lalu’s envy, India’s pride Tax agriculture Welcome focus on core competence Fortune 500 review Varuna (rain) in 2015; Vaayu (air) in 2016. Chennai devastated Medical costs hit the roof... IPL type auction for VCs? No engine for this car Multi-faceted Venkat TELANGANA at last…BUT Naidu’s return augurs well for Seemandhra For whom the MIDS bell tolls? Don’t seem to feel the pulse… Pharma – overdose of copying The ‘Ayyo-yes’ is no more Limit foreign borrowings to hi-tech, export potential projects... Mersal magnified Tough task taking states together When the President was rendered homeless… Parliament in paralysis... Plummeting profits of PSBs Shale gas and its shallow future CRS, a jewel among managers, is no more. How Air-India loses customs... More tributes to GR PC’s preference for professionals A Grand Finale for SN’s MS centenary at the US… L&T: focus on infrastructure and more infrastructure… Chennai and Kolkata miss opportunity to grow as Delhi and Mumbai Godspeed, Chief Minister JJ Tihar, Puzhal not different from Parappana Agrahara Kudos to NDTV... Road development slows down Focus on quality of power - its only around 170-180V Contrarian cousins For whom the bell tolls? GNS - 100: our first subscriber Delhi is distant Things happen by accident and not by design... TN accounts for the largest recruits by the IT sector Polls and promises Align crops to agro climate endowments… No Maha Koottani in TN... Why land prices zoom in TN? TGS- The king storyteller Valli, they are more marginalised Fortune for Indian Airlines The balancing act Come elections, come advertisements... Quality education through the PPP mode A professional at the helm of IRDA... A think tank for Chennai Breaththrough in malaria control B H Kothari - a tribute Roaring Ro-Ro facility London, London Narayan Discoms deserve better… GM Technology at last! Eternal support for capitalisation of PS banks TN-leverage strength of BHEL, NLC... An inexplicable neglect Cutting the nose to spite the face The few handicaps... ONGC at KG Basin Quality silica from Neyveli Rs.1600 crore paper board plant of TNPL Insurance companies bleeding, yet no decision on increasing FDI limit! Online not in line with brick and mortar businesses... Modi and the lady Paytm karo... Building loyalty through the stomach CIPET hqrs to stay at Guindy – for the present? Banning booze... Sweeter prospects for sugar Adapt Vajpayee dinner diplomacy Odisha: spectacular win by Naveen Patnaik F C Kohli - his concerns all embracing Modi storms Silicon Valley This scant respect for Law China invests in India Small units prefers to remain small... The rise and rise of KCP Where a state respects its litterateurs… Preserving for the future Moily’s bold thrust The power-full Hindujas All eyes on Sankara Nethralaya Welcome GST An enemy’s enemy is a friend The Ports’ Pasha expands into Tamil Nadu Not just in-laws (and outlaws); they’ve renowned academics at the helm! When small is no larger beautiful.. Recognition to role of NBFCs.... When nations steal growth from one another… Engineering seats go abegging Funding the un-funded S Ramanathan – a versatile musician, musicologist EVM is tamper-proof Cement prices continue to rise… Music happens The ‘Jayanthi Tax.’ S V Raju – a ‘good’ true liberal Liberal imports idling indigenous capacities Tatas moving out of urea production... Tribute – M V Murugappan Sri Lanka votes for change WTO Meet: resolved to meet again Muffled voices for merit… No mega rail project for Tamil Nadu Inflation: are we emulating Argentina and Brazil? Excel Generators provide the vital back-up An informal presentation - analytical, forward locking... When Ratan Tata visited SRM Protest masters... A welcome initiative by the judiciary Rahman at CIC Airlines in India: cost and space Readers' Mail Shanti and Sadhana through Music Where is Rajaji? Silver Years of Madras Musings Wanted: a second airport for Chennai Welcome changes that testify to Jayalalithaa’s return to health Demise of a media baron... SoA @ 80 Remembering Indira Sivasailam... CII projects higher growth… Why this malaise in medical education? Another Indian music maestro at the UN Revving up the manufacturing sector Tribute Welcome thrust on trade in Modi’s foreign visits... Shaming of Tamils by Tamil farmers at Delhi Build close rapport with business leaders He continues the focus on social amelioration Kulandai was a giant Secularism and anti-Hinduism Strengthen the base... MHC should not return to its old indisciplined ways IAS invades NDDB... A friendly business group Dr C Rangarajan returns to Chennai TN – agglomerate land holdings without alienating ownership Delhi returns to BJP Marketing expert Balagopal is no more When online building permits work…. TIAM turns a full cycle Padma Bhushan for A Ramakrishna The Jan Dhan bonanza Auto components surge… Like Hinduism: many paths to reach God... A yen for wastage… A rich pool of talent not utilised…. New IT products of Ramco in the pipeline… Fall in crude prices help in oil sector reform …and of a popular trade leader The star of Spencers is no more When TN politicians can emulate Kerala's The Gulf aviation boom Tatas moving out of urea production... Solar thermal shines… Sweet news for TN sugar mills Maximising the micro pricing … Mu Sigma – is no more Of course, Gujarat is vibrant Streamlining mandatory third party cover Whistle-Stop Tour of Raghuram Rajan Russi Mody – a tribute Delhi is distant… Tribute – UCAL Selvan… Tribute – Manikam Ramaswami Vibrant Gujarat Editor's Notes The nuclear option to the lack of interest on the part of these to focus on original research. This despite the much lower costs of such research in India. The industry which thrived on the protection of a closed economy and the advantage of a vast domestic market, has failed to organise its evolution on healthy lines Telangana in top gear… Diamond jubilee of Egmore Samskrt School The brown list of Venkitaramanan More Shakthi to Das’ elbow Alexa – Talking Wikipedia Intellectual of rare qualities Which side are you, Montek? Editor's Says Lesson from Chandrababu Naidu Air Asia India will set new benchmarks for budget travel Land reclamation from sea appears cheaper! Return to king coal for urea... A C Muthiah – his munificent bequeaths to science Colour-Chem’s colourful KRVS Gay abandon in pricing Computation of GDP – conundrums continue The sea- saw battle continues... Fuel for thought EEC at the National Media Centre Should we change the official year? A Grand Finale for SN’s MS centenary at the US… Kinetic Karnataka Revive development banks... Naidu will soon build a new Hyderabad A glass full of corruption He saved millions from starvation... The why of tax incentives
 
The brown list of Venkitaramanan

Such a facility has also been utilised by powerful corporates and wealthy educational institutions exploiting the loopholes in the legal system and delaying decisions as long as possible. Of course, these could afford the services of legal luminaries at exorbitant fees.

I remember such luminaries helped large corporates like ITC to defer tax liability over long periods in the 1980s. One of the issues was the excise duty levied on goods produced. ITC and large vehicle manufacturers like Tata Motors used to transfer stocks to warehouses in different states paying excise duty on factory gate manufacturing costs that were kept low. The costs were marked up from the warehouses to distributors and dealers ends causing sizeable losses in excise revenue. These added up to around Rs 800 crore plus for ITC alone. Large number of other manufacturers of goods followed this practice by resorting to litigation. Legal luminaries like N A Palkivala provided needed relief to the corporates. The plea of the tax collectors had no effect and the economy went downhill reaching the nadir in 1991. 

The brilliant civil servant S Venkitaramanan thought of dealing with these in an unconventional way. As finance secretary, he sat over the files of the Tatas who had to get the government’s clearance for importing a mothballed steel plant from Europe. This had to be done within a deadline and the file wouldn’t move. Venkitaramanan succeeded in persuading the company to cough up a portion of the disputed bulging tax claims! When he was asked at the Economic Editors’ Conference whether it was a sort of a black listing of such firms, in his characteristic humour he responded: “you can call it the brown list.” 

Like what Jerome K Jerome said, the method may be crude but it was effective.



Reported On :
Sector :
RELATED NEWS
ABOUT IE
IE, the business magazine from south was launched in 1968 and pioneered business journalism in south. Through the 45 years IE has been focusing on well-presented and well-researched articles. When giants in the industry stumbled to keep pace with the digital revolution, IE stayed affixed embracing technology.
Read more
 
PRIVACY POLICY
Economist Communications Ltd is committed to ensuring that your privacy is protected.
Read more
TERMS AND CONDITIONS
You agree that your use of this Website and the purchase of the magazine will be governed by these terms and conditions.
Read more
 
CONTACT US
S-15, Industrial Estate,
Guindy,
Chennai - 600 032.
PHONE: +91 44 22501236
EMAIL: indecom1968@gmail.com