DOMICILE
Supreme Court upholds HC ruling that prevented Haryana govt to grant extra marks to state domiciles
The Supreme Court upheld a Punjab and Haryana High Court ruling preventing the Haryana government from granting 5% marks to state domiciles in certain recruitment posts based on socio-economic criteria. Justices A S Oka and Rajesh Bindal rejected Haryana SSC's appeal against the High Court's decision to cancel additional marks for Haryana residents in the 2023 Common Entrance Test, ordering fresh exams for Group C and D positions.
Haryana government may file review petition: CM after SC junks state's plea on quashing extra-marks policy
Haryana Chief Minister considers review petition or bill after Supreme Court upholds high court order quashing state's policy of granting extra marks in job exams. The policy, termed 'populist measure', was struck down by a vacation bench of Justices Abhay S Oka and Rajesh Bindal.
Flipback Tax: Razorpay restructures to cut levy; Groww pegs tax outgo at $70 million
US-registered Razorpay is quickening plans to shift its domicile to India. For the same, it has initiated a restructuring exercise through which half a dozen India units are being brought under one holding company.
Singapore court clears Pine Labs plea to move domicile to India
The approval from Singapore's court paves the way for Peak XV Partners-backed Pine Labs to shift its domicile to India. Multiple other companies of Indian origin including Meesho, Razorpay, Zepto and Udaan are in different stages of moving to India. PhonePe and Groww have already completed their migration to India.
Exclusive: Flipkart maps India redux; talks on to shift domicile from Singapore
Flipkart aims to move domicile from Singapore to India for an IPO. Talks gain impetus for largest local consumer internet company to reverse flip to India. Walmart owns 85%.
Flipkart maps out India redux; QED’s Nigel Morris interview
Happy Monday! Ecommerce major Flipkart is in discussions to shift its domicile from Singapore to India. This scoop and more in today’s ETtech Morning Dispatch.
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Groww's reverse flip to India; investors bet on gaming studios
Happy Thursday! Fintech startup Groww has completed the process of domiciling itself to India from the US. This and more in today’s ETtech Morning Dispatch.
Groww moves domicile to India from the US
Increasing number of large startups across sectors looking to shift from US, Singapore
Startups looking to reverse-flip must pay tax: Piyush Goyal
Indian-origin startups considering relocating to India face tax implications, aiming for better valuations. Minister Goyal emphasized using tax revenue for social development. Walmart paid significant taxes during PhonePe's separation. Angel tax and valuation norms are being regulated for startup balance.
Startups ‘reverse flip’: Pine Labs, Zepto, Meesho in queue for India return
Startups such as Pine Labs, Zepto, Meesho are the latest new-age companies looking to move headquarters to India. However, Indian-origin companies looking to move base from the US or Singapore face a hefty levy.
CBSE has no right to stop students from entering exam hall after issuing admit card: Delhi High Court
Delhi High Court has ruled that the CBSE cannot stop a student from entering the examination hall after issuing the admit card. The ruling came on a petition by the mother of a Class 10 student who was stopped by the CBSE board on account of later submission of domicile certificate.
Tax payout for domiciling to India is high but we have accounted for it: Razorpay CEO
“We are at least two years from an IPO... Before that we want other parts of our business to break even and be profitable on all fronts. Our (online) payments business is break-even,” said cofounder and chief executive Harshil Mathur.
Eruditus joins queue of reverse flips by Indian startups, weighs IPO
Edtech unicorn Eruditus is planning a shift in domicile from Singapore to India, or reverse flipping, and joins the growing list of Indian internet firms — Pine Labs, Udaan, Razorpay and Groww, among others. Eruditus is evaluating a listing on the domestic bourses.
PIL in HC seeks direction to Centre, Delhi govt to include chapter 'Dharma and religion' in school syllabus
In order to educate the public and curb hate speech and hatred motivated by religion, a public interest litigation (PIL) has been filed in the Delhi High Court, asking the central government and the state government of Delhi to include a chapter on "Dharma and Religion" in the curriculum and syllabus of elementary and secondary schools.
PhonePe FY23 revenues rise 77% to Rs 2,914 crore; payments business eyes operating profit
The company says the growth was driven by market expansion, leadership in the digital payments market, and the launch and scale-up of products and businesses
Only J&K domiciles eligible for land to landless scheme: UT Admin
The Jammu and Kashmir administration has approved the allotment of land on a lease basis to landless individuals. The scheme, launched by Lt Governor Manoj Sinha, aims to provide housing to eligible beneficiaries. The land shall be granted on a lease basis in terms of the Jammu and Kashmir Land Grants Act of 1960 and the rules made thereunder.
US-domiciled Cloudzy assisted 17 different government hacking groups: US researchers
Cloudzy CEO Hannan Nozari disputed Halcyon's assessment, saying that his firm couldn't be held responsible for its clients, of which he estimated only 2% were malicious.
ETtech Exclusive | In ‘reverse flip’, Razorpay parent entity plans to return to India from the US
The Y Combinator-backed Razorpay, valued at $7.5 billion, had to necessarily domicile itself in the US, when it raised funds from the Silicon Valley famed incubator. Razorpay offers payment services to merchants.
Hiren Ved-led Alchemy one of the first PMS to migrate to GIFT IFSC
Alchemy Investment Management has moved its offshore fund to the International Financial Services Centre at Gujarat International Finance Tec-City (GIFT City). An affiliate of Alchemy Capital Management, it is one of the first fund management firms to take advantage of the regime which was granted by the International Financial Services Centres Authority, Government of India.
Startups based in India should resist investor pressure to domicile outside: TV Mohandas Pai
Pai said the Reserve Bank of India should work more closely with startup ecosystem to make it easier for Indian ventures to do global business
PhonePe lands $100-million top-up at $12-billion valuation
The fintech startup in January had raised $350 million from General Atlantic; plans $1-billion primary fundraise.
PhonePe raises $100 million in fresh funding; Deepinder Goyal dismisses talks of attrition at Zomato
The fundraise follows PhonePe’s recent change of domicile to India and full separation from the Flipkart group. Flipkart doesn’t own any stake in PhonePe now and its valuation will be readjusted to about $33 billion as part of the separation.
Hemant Soren questions returning of domicile bill by Governor
Jharkhand Chief Minister Hemant Soren has questioned the returning of a bill by Governor Ramesh Bais, which sought to use 1932 land records to determine the domicile status of people in the state.
Economic Survey 2023 suggests tax simplification to accelerate ‘reverse flipping’ of Indian startups
With easy access to capital, changes in rules regarding round tripping, and the growing maturity of India’s capital markets, startups operating in India are exploring “reverse flipping”, or shifting domicile from abroad back to India.
Economic Survey 2023 calls for simpler tax rules to bring startups back to India
To enable reverse flipping, the Economic Survey called for simplifying tax structure to reduce multiple layers of tax and tax litigations, besides simplifying procedures for capital flows with lesser restrictions on inflow and outflow of capital.
ETtech Explainer: why PhonePe investors paid Rs 8,000 crore to shift base to India?
Investors of PhonePe had to pay Rs 8,000 crore in taxes to the Indian government after it shifted its domicile from Singapore to India in October last year.
PhonePe separation official; online payments firm to be India-domiciled now
Hive-off comes on the back of PhonePe’s funding round of $1.5-2 billion at a valuation of $12 billion
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