February 20, 2015
https://www.facebook.com/mehtarahulc/posts/10152609838491922
https://www.facebook.com/mehtarahulc/posts/10152609838491922
Coal mines are passing in the hands of foreigners !!! Repatriation crisis can worsen .
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.One coal block went to BALCO - Bharat Aluminium Company. The company seems very Bhartiya in name, but 51% shares are owned by Vedanta !! Again, Vedanta seems very Vedic, except that it is a London Company !!! Its principal owner is Indian citizen named Anil Agrawal, but it is matter of years that the company may become property of British.
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I dont have full information, but its possible that Vedanta investment in India is via Mauririus and so tax it will pay in India will be 0% !! And since Vedanta is London company, the income tax of 45% will apply in UK !! For one, when Anil Agrawal dies, 65% inheritance tax will apply on his shares owned in company in UK !!! Assuming that Anil Agrawal will live for 40 more years, this will imply that 1% of Vedanta and this 0.5% of BALCO and coal mines it owns is becoming British property every year !!!
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Since these companies can repatriate profits , the GoI will have give them dollars when they want to repatriate. profits. And to make matters worse, Mauritius companies can repatriate profits in dollars without paying even 1% income tax !!! . So if investments of Anil Agrawal in India via Vedant is via Mauritius , which is legal,as he may be legally using some Mauritius company, then repatriation burden increases,
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All in all, coal mining is low-tech business. There is NO need of foreigners in this business. Even if business is high tech, then goal should be that we develop technology on our own. Instead, we are handing over even low tech area like coal mining to foreigners.
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SOLUTION I propose has two parts -- part-A and part-B
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Part-A. Print WOIC-draft in Gazette : WOIC means "Wholly Owned by Indians Company".
.
.One coal block went to BALCO - Bharat Aluminium Company. The company seems very Bhartiya in name, but 51% shares are owned by Vedanta !! Again, Vedanta seems very Vedic, except that it is a London Company !!! Its principal owner is Indian citizen named Anil Agrawal, but it is matter of years that the company may become property of British.
.
I dont have full information, but its possible that Vedanta investment in India is via Mauririus and so tax it will pay in India will be 0% !! And since Vedanta is London company, the income tax of 45% will apply in UK !! For one, when Anil Agrawal dies, 65% inheritance tax will apply on his shares owned in company in UK !!! Assuming that Anil Agrawal will live for 40 more years, this will imply that 1% of Vedanta and this 0.5% of BALCO and coal mines it owns is becoming British property every year !!!
.
Since these companies can repatriate profits , the GoI will have give them dollars when they want to repatriate. profits. And to make matters worse, Mauritius companies can repatriate profits in dollars without paying even 1% income tax !!! . So if investments of Anil Agrawal in India via Vedant is via Mauritius , which is legal,as he may be legally using some Mauritius company, then repatriation burden increases,
.
All in all, coal mining is low-tech business. There is NO need of foreigners in this business. Even if business is high tech, then goal should be that we develop technology on our own. Instead, we are handing over even low tech area like coal mining to foreigners.
.
SOLUTION I propose has two parts -- part-A and part-B
.
Part-A. Print WOIC-draft in Gazette : WOIC means "Wholly Owned by Indians Company".
The existing law such as Company Act and other laws enumerate various types of companies, such as proprietorship, partnerships, private limited, public limited etc. My proposal is to add one more category called as WOIC which will need to have following restrictions
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1. If a company is WOIC, then resident Indian citizens above 18 years can buy its shares
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2. A Govt body may buy WOIC’s shares
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3. A partnership where all partners are resident Indian citizens can but its shares
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4. A WOIC Company can buy shares in WOIC company
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5. No one else can buy shares in WOIC company
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Thus a foreigner cannot own even 0.1% of WOIC directly or indirectly.
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For details, please see section-05 ofhttps://fb.com/notes/10150389590121922 .
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Once this draft is printed in Gazette , the citizens of India will know which companies are owned by Indians , and if foreigners own it, then by what %.
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Part-B. Print second draft in Gazette that would cite that only WOIC can own land, mineral mines etc.
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And specific to coal mines, the solution is Right to recall over Coal Indian Chairman and Jury System over Coal India staff.
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How to bring WOIC-draft in Gazette : I am yet to type the full draft. So you can type full draft , pots on FB or make torrent file, and publish URL or URL, and request all activists to send the order to MP via SMS containing that URL or URI. Till the draft is ready, I would request you to send following two orders to MPs via SMS , which will partially implement WOIC. - TCP draft and Right to Recall Ministers. The exact two I request you all to send to MPs are :
,
Dear MP , please print Right to Recall specific Minister law-draft in the Gazette so that we voters can replace Ministers in charge of dept , other than Defence , Home etc and dept such as Education, Chemical, Fertilizer etc . For full draft , pls see http://tinyurl.com/RtrMinister
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Dear MP, I order you to print the TCP-draft in Gazette as explained inhttp://tinyurl.com/PrintTCP
.
==========
.
And pls dont waste time with SoMoke , SoMoKe-andbhagats. They all support the proposal of handing over coal mines and all other mines to foreigners. Which is why they are all opposing WOIC drafts and proposal to restrict coal mine allocation to Indian companies !!
.
1. If a company is WOIC, then resident Indian citizens above 18 years can buy its shares
.
2. A Govt body may buy WOIC’s shares
.
3. A partnership where all partners are resident Indian citizens can but its shares
.
4. A WOIC Company can buy shares in WOIC company
.
5. No one else can buy shares in WOIC company
.
Thus a foreigner cannot own even 0.1% of WOIC directly or indirectly.
.
For details, please see section-05 ofhttps://fb.com/notes/10150389590121922 .
.
Once this draft is printed in Gazette , the citizens of India will know which companies are owned by Indians , and if foreigners own it, then by what %.
.
Part-B. Print second draft in Gazette that would cite that only WOIC can own land, mineral mines etc.
.
And specific to coal mines, the solution is Right to recall over Coal Indian Chairman and Jury System over Coal India staff.
.
==========
.
How to bring WOIC-draft in Gazette : I am yet to type the full draft. So you can type full draft , pots on FB or make torrent file, and publish URL or URL, and request all activists to send the order to MP via SMS containing that URL or URI. Till the draft is ready, I would request you to send following two orders to MPs via SMS , which will partially implement WOIC. - TCP draft and Right to Recall Ministers. The exact two I request you all to send to MPs are :
,
Dear MP , please print Right to Recall specific Minister law-draft in the Gazette so that we voters can replace Ministers in charge of dept , other than Defence , Home etc and dept such as Education, Chemical, Fertilizer etc . For full draft , pls see http://tinyurl.com/RtrMinister
.
Dear MP, I order you to print the TCP-draft in Gazette as explained inhttp://tinyurl.com/PrintTCP
.
==========
.
And pls dont waste time with SoMoke , SoMoKe-andbhagats. They all support the proposal of handing over coal mines and all other mines to foreigners. Which is why they are all opposing WOIC drafts and proposal to restrict coal mine allocation to Indian companies !!
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