IOT Infra planning Rs 800 cr IPO by March Mumbai: Turbulent market conditions have forced Indian Oil Corporation (IOC) co-promoted oil EPC firm,IOT Infrastructure and Energy Services,to rejig the timing of its Rs 800 crore IPO,but the company said it is confident of launching the issue before March. The firm,which started as a dedicated player in oil tanking services in 1998 as an equal joint venture between IOC and German company Oil Tanking GmBH,is ready with all the required permissions,IOT Infrastructure president (Finance) Jatin Mavani said. Indias growth helping global recovery: WB New Delhi: Describing India as a global player and rising economic power,World Bank President Robert Zoellick has said the high level of growth in the country is helping the international economy recover from the crippling effects of recent financial turmoil. Indias return to high levels of growth is helping the global economy recover from the crisis, said Zoellick,who is scheduled to arrive in the country on Monday on a four-day visit. Shipping ministry mulls Single Act Bill New Delhi: Shipping Ministry is gearing up to introduce a Bill in the Budget session to provide a single comprehensive legislature for all kinds of ports and streamline the existing Acts. The comprehensive Bill will be tabled by merging two existing Acts to streamline and simplify port regulation in the country. Single Act Bill would to be introduced in the Budget Session. This is being done because the Indian Ports Act 1908 applies to all the ports in the country and Major Ports Trust Act 1963 applies to the 12 major ports only,we want one comprehensive Act, a shipping ministry official said. ICAI cautions RBI on bank branch audits New Delhi: Accounting regulator ICAI on Sunday cautioned the Reserve Bank against over-reliance on a centralised audit system for banks that have completed computerisation of their operations in view of the Rs 300 crore fraud unearthed at Citibanks Gurgaon branch. The Citibank fraud has brought to forefront that audits need to be more vigorously followed at the branch level,rather than relying upon the audit of the information generated at the central/regional or zonal level alone, Institute of Chartered Accountants of India (ICAI) president Amarjit Chopra said. Govt may set up I-T offices abroad soon New Delhi: The government may soon be able to obtain classified financial data from tax-haven countries and some foreign shores as it plans to set up new overseas Income Tax offices in countries like the US,the UK and Cyprus to liaise with local tax authorities. The units will be manned by a senior Income Tax officer adept in handling tax evasion cases and international tax treaties and will help the department gather investments details of high-profile cases which the I-T is currently investigating,sources said.
