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