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