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TikTok parent to shift HQ from Beijing to London: Report

Earlier reports suggested that the talks were halted after the US President Donald Trump threatened to ban TikTok in the country over security concerns.

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London, Aug 3 : Chinese unicorn ByteDance which owns the popular short video-sharing app TikTok has received approval from the British government to move its headquarters from Beijing to London, The Sun newspaper reported.

A formal announcement from ByteDance’s founders on setting up shop in London is expected soon, said the report on Sunday. While there is no official word on the deal yet, the newspaper said that the deal could see ByteDance’s founder Zhang Yiming and TikTok’s creator Alex Zhu relocating to London.

Last month, The Sunday Times reported that after months of negotiations with the UK’s Department for International Trade and government officials, ByteDance halted the talks about opening a global headquarters in London due to the “wider geopolitical context”.

That report that cited a source came barely a week after the UK government announced a ban on the purchase of new Huawei kits for 5G from next year and said that the Chinese telecom giant’s equipment will be completely removed from 5G networks by the end of 2027.

However, The Sun newspaper report said that the ministers in the British government have found it “absurd” to say no to a big company wanting to come to Britain.

The news comes amid Microsoft’s discussions with ByteDance to purchase TikTok’s operations in the US.

Earlier reports suggested that the talks were halted after the US President Donald Trump threatened to ban TikTok in the country over security concerns.

TikTok has faced allegations that it could share user data with the Chinese government. The company has denied such allegations.

Following a conversation between Microsoft CEO Satya Nadella and the US President, Microsoft said it was prepared to continue talks to explore purchase of TikTok in the US.

Microsoft hopes to complete the discussion by September 15.

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SEBI amends norms for delisting of subsidiaries, debenture trustees

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Mumbai, Sep 29 : The Securities and Exchange Board of India (SEBI) on Tuesday decided to amend regulations for delisting of equity shares, stipulating that the shares of the parent listed company and the listed subsidiary entity should be listed for at least three years and should not be suspended at the time of the delisting process.

Further, the subsidiary should have been a listed subsidiary of the listed holding entity for at least three preceding years.

The SEBI Board, in its meeting on Tuesday, also decided to grant exemption from the Reverse Book Building process (RBB) for delisting of listed subsidiaries, where it becomes the wholly-owned subsidiary of the listed parent pursuant to a scheme of arrangement.

“To be eligible to take this route, the listed holding company and the listed subsidiary should be in the same line of business. Both the companies should be compliant with the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, specifically, the regulations (no. 11, 37 and 94) pertaining to processing of the schemes of arrangement,” a SEBI statement said.

Further, to protect the interests of investors in the listed subsidiary, it has been stipulated that the votes cast by public shareholders of the listed subsidiary in favour of the proposal will be at least two times the number of votes cast against it in terms of the present delisting regulations.

The Board also decided to bring amendments to the SEBI (Debenture Trustee) Regulations, 1993, the SEBI (Issue and Listing of Debt Securities) Regulations, 2008 and the SEBI (Listing Obligations and Disclosure Requirements), 2015.

It approved the proposal of strengthening the role of debenture trustees so as to protect the interest of debenture holders. The debenture trustees shall exercise independent due diligence of the assets on which charge is being created.

“The DT(s) shall take required action by convening the meeting of debenture holders for enforcement of security, joining the inter-creditor agreement (under the framework specified by the RBI), etc,” the statement said.

Debenture trustees shall also carry out continuous monitoring of the asset cover, including obtaining mandatory certificate from the statutory auditor on half-yearly basis.

Further, the issuer company shall create a recovery expense fund at the time of issuance of debt securities that may be utilised by debenture trustees in the event of default, for taking appropriate legal action to enforce the security.

The board of the securities market regulator also approved the amendment of MF Regulations to introduce a Code of Conduct for Fund Managers including Chief Investment Officers and Dealers of AMCs.

Further, the Chief Executive Officer will be responsible to ensure that the Code of Conduct is followed by all such officers.

The Board also approved an amendment to MF Regulations to enable Asset Management Companies to become a self-clearing member of the recognised Clearing Corporations to clear and settle trades in the debt segment of recognised stock exchanges, on behalf of its mutual fund schemes.

It has also approved the proposal to facilitate setting up of a Limited Purpose Repo Clearing Corporation.

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CBDT clarifies on 1% TDS on e-commerce transactions

It would also not apply to transactions in electricity, renewable energy certificates and energy saving certificates traded through power exchanges, circular added.

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New Delhi, Sep 29 : Providing clarification on the 1 per cent tax deducted at source (TDS) on e-commerce transactions, the CBDT on Tuesday said that that the payment gateway will not be required to deduct the tax under section 194-0 of the Income-Tax Act on a transaction, if the tax has been deducted by the ecommerce operator under the section concerned of the Act, on the same transaction.

The Central Board of Direct Taxes (CBDT) on Tuesday issued guidelines for applicability of TCS (tax collected at source) provision which requires an e-commerce operator to deduct 1 per cent tax on sale of goods and services with effect from October 1.

The CBDT circular noted that in e-commerce transactions, the payments are generally facilitated by payment gateways.

It is represented that in these transactions, there may be applicability of section 194-0 twice, once on e-commerce operator who is facilitating the sale of goods or provision of services or both and once on payment gateway who also happen to qualify as e-commerce operator for facilitating service.

“In order to remove this difficulty, it is provided that the payment gateway will not be required to deduct tax under section 194-0 of the Act on a transaction, if the tax has been deducted by the ecommerce operator under section 194-0 of the Act, on the same transaction,” it said.

Elucidating its implementation, the circular said: “If ‘XYZ’ has deducted tax under section 194-0 on one lakh rupees, ‘ABC’ will not be required to deduct tax under section 194-0 of the Act on the same transaction. To facilitate proper implementation, ‘ABC’ may take an undertaking from ‘XYZ’ regarding deduction of tax.”

The CBDT also said that the new introduced TCS provisions would not apply to transactions in securities and commodities which are traded through recognised stock exchanges or cleared and settled by recognised clearing corporation, including recognised stock exchanges or recognised clearing corporation located in International Financial Service Centre.

It would also not apply to transactions in electricity, renewable energy certificates and energy saving certificates traded through power exchanges, circular added.

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Airtel narrowing gap with Jio on 4G in India: Report

While Jio won in 48 cities outright it drew for the first place with Airtel in Coimbatore.

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New Delhi: Airtel has come closer to challenging Reliance Jio which continues to reign supreme on 4G availability and 4G coverage experience in India, says a new report by mobile analytics company Opensignal.

While the average proportion of time that Jio users spent connected to 4G has increased by 0.5 of a percentage point since the last report to reach an impressive 98.7 per cent, Airtel saw its score increase by 1.1 percentage points.

“As a consequence, Jio’s lead has dropped from 3.7 percentage points to 3.1,” said the report.

In regional analysis of 49 cities, Airtel came close to challenging Jio’s dominance on 4G availability in a majority of the cities although Jio continued to win almost all awards, said the report.

While Jio won in 48 cities outright it drew for the first place with Airtel in Coimbatore.

However, for the second report in a row, Airtel has won four of the awards outright — video experience, games experience, voice app experience and download Speed experience, while ownership of the upload speed experience award smoothly passed from Vodafone to Vi.

This is the first report in which Opensignal treated Vodafone and Idea as a single operator — Vi — in line with the combined operator’s new branding that was announced on September 7.

For the report, Opensignal examined the mobile network experience of the four main mobile network operators in India: Airtel, BSNL, Jio and Vi, over a period of 90 days beginning May 1 to see how they fared, and further delved deeper into 49 of India’s largest cities, comparing the experience users received on these four operators.

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