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Hindustan Times
9 hours ago
- Business
- Hindustan Times
HC confirms ₹9.76-crore Stamp Act penalty on IL&FS
MUMBAI: The Bombay high court on Wednesday confirmed a ₹ 9.76-crore penalty imposed on IL&FS Financial Services Ltd (IFIN) for failing to pay stamp duty on time following the demerger of the company. A single judge bench of justice Jitendra Jain dismissed the petition filed by the IL&FS group firm, challenging the levy of penalty over and above the stamp duty of ₹ 7.07 crore, which was payable towards registration of the court order on the company's demerger. (Shutterstock) IL&FS (Infrastructure Leasing & Financial Services) underwent a demerger in 2007-08, wherein iIts ancillary businesses including IFIN were constituted as wholly-owned subsidiaries and IL&FS was transformed into a holding company focused on investments and lending to its group companies. After the Bombay high court operating under the Companies Act, 1956 sanctioned the demerger scheme in April 2008, the company lodged the document with the collector of stamps for adjudication of stamp duty. The company subsequently failed to supply documents and information sought by the collector of stamps, which resulted in the collector issuing a demand letter on December 19, 2014 for payment of stamp duty and penalty. On December 31, 2014, the collector of stamps issued a demand notice to the company, directing them to pay ₹ 7.07 crore towards stamp duty and ₹ 9.76 crore towards penalty under the Maharashtra Stamp Act, 1958. The company accepted the stamp duty, but opposed imposition of the penalty and appealed before the Chief Controlling Revenue Authority (CCRA) in January 2015. On March 25, 2015, the CCRA granted a stay on recovery proceedings for the penalty after the company deposited the stamp duty. After the CCRA dismissed the company's petition in 2017, it approached the high court. Before the high court, IL&FS argued that as per section 31(4) of the Maharashtra Stamp Act, penalty at the rate of 2% could be imposed only if the stamp duty payable under section 30 of the Act was not paid within 60 days from the date on which the notice of demand was served. The company contended that March 25, 2015 – the date of the interim order of the CCRA – was the date of serving demand notice under section 31(4) and since it had paid the stamp duty on March 27, 2015 – that is, within two days of the said interim order – there was no default and consequently, no penalty could be imposed. The court observed that the 60-day period would, at most, start from December 19, 2014 – the date on which the demand letter was issued; or December 31, 2014 – the date on which the demand notice was issued; or January 14, 2015 – then the company filed an appeal with the CCRA. 'The petitioner after having admitted the liability of payment of stamp duty vide letter dated December 19, 2014 and made the respondents (collector of stamps) to issue final demand notice dated December 31, 2014 failed to make payment within 60 days thereof, which would expire on March 2, 2015,' the court said, confirming the penalty imposed on the company.
New Indian Express
23-05-2025
- Politics
- New Indian Express
Tenant Farmers in Andhra Pradesh's Srikakulam struggle to obtain CCRCs
SRIKAKULAM: The fate of tenant farmers remains unchanged as Crop Cultivators' Rights Cards (CCRCs) are still not being issued to all eligible individuals. The requirement for written agreements continues to hinder tenant farmers' access to land, as most landowners are unwilling to execute such agreements. The CCRC is vital for tenant farmers to access subsidised seeds and manure, avail crop insurance, receive compensation in the event of crop loss due to calamities, and obtain loans from banks through a simplified process. The previous YSRCP government passed the Crop Cultivators' Rights Act (CCRA) in 2019, which made a written agreement a prerequisite for the issuance of CCRCs. Due to the lack of written agreements, only a limited number of tenant farmers have received CCRCs. In Srikakulam district, just 223 CCRCs have been issued; in Parvathipuram Manyam, 300; and in Vizianagaram, only 73. 'We can issue CCRCs to tenant farmers only after receiving written consent from the landowner, as per the CCR Act 2019,' said Joint Director for Agriculture (JD-A) K. Trinadha Swamy to TNIE. 'Most landowners are unwilling to provide such consent, so we are unable to issue CCRCs to all tenant farmers,' he added.
Yahoo
19-04-2025
- Business
- Yahoo
Why federal Direct PLUS Loans are under fire — and how their potential end impacts your student loan options
Congressional Republicans are considering closing the federal Direct PLUS Loan program in an effort to limit federal loan borrowing. Canceling this program could have many downstream effects, including increased reliance on private student loans for grad students and parents of undergrads. Student loan borrowers still have many options to cover education costs. If paying for college is a buffet — picture the student and their family browsing for various aid — one item may soon be coming off the menu. Congressional Republicans are progressing toward budget reconciliation that could close the federal Direct PLUS Loan program (in addition to cuts across other sectors). In this process, the House and Senate may adopt much of the College Cost Reduction Act (CCRA), which would include removing this type of student loan for graduate students and the parents of undergrads. But some experts in the know say that congressional committees currently hunting for budget cuts — the next step of reconciliation — might be looking in the wrong place: The PLUS Loan program doesn't actually cost Uncle Sam any money. 'This is one of the only portions of the [federal loan] portfolio that does make a profit, which says a lot about why [it] would be used as kind of a [political] football,' says Consumer Financial Protection Bureau (CFPB) student loan ombudsman Julia Barnard. 'And just so everybody knows, if the government does make a negative subsidy — or what some might think of as a profit — on any part of the portfolio, that money immediately goes back to the Treasury. To be used for other things that we probably care about as a society.' Besides the federal government's bottom line, though, closing the PLUS Loan program could have cascading effects for higher education financing for years to come. What are Direct PLUS Loans? Direct Loans are federal student loans that parents and students can borrow from the Department of Education for participating schools. Direct PLUS Loans are available to parents of an undergraduate student and graduate or professional students. Other Direct Loans include Direct Subsidized Loans, Direct Unsubsidized Loans and Direct Consolidation Loans. The CCRA, which gained more than 150 Republican cosponsors during Congress's last session, isn't the most recent attempt to shutter the PLUS Loan program. In January, the Senate introduced the Graduate Opportunity and Affordable Loans Act with the same aim. Related: Federal student loan legislation tracker The question is, why cast such a bright spotlight on PLUS Loans? Conservative lawmakers make an accountability argument: If Congress limits federal loan borrowing, universities will have to compete for students and be less able to drive up tuition costs that shift the overwhelming expense to Mr. and Mrs. Taxpayer. If that doesn't happen — or until it does — graduate students and undergraduates' parents may flock to private lenders as an alternative funding source. While former Education Department Under Secretary James Kvaal says he's not thrilled about that outcome, he also advocates for federal lending that's more responsible. Holding schools — who are unsurprisingly arguing against shutting off the firehose of federal funding — accountable could be a spot for bipartisan agreement. 'You do see people taking out loans to get degrees that are never intended to lead to a high-wage job — it might be a divinity school or a theater school, or it could be that the program is routinely not very good,' says Kvaal. 'So, we do need to have a real conversation about when loans are appropriate for graduate schools and when those schools are intended to deliver an ROI for students.' Related: Dismantling the Education Department won't fix how Americans pay for college About 5.4 million borrowers owe $222.4 billion in federal Direct PLUS Loans, according to the Department of Education's Federal Student Aid (FSA) office. That's about 13 percent of the country's outstanding student loan debt. Closing the PLUS Loan program would bar new applicants, while existing borrowers would still be legally obligated to repay their debt. If you think of America's education debt as a 10-slice pie, eight slices would be federal loans and two would be private. Get rid of PLUS Loans and the ratio is sure to change. Just don't expect any argument from banks, credit unions and online lenders. 'This has been on the wish list of the private student loan companies for over a decade,' says the CFPB's Barnard. 'Before we had [PLUS Loans], the private student loan companies were able to offer much larger loans to graduate students. And of course, as everyone can imagine, graduate students are more likely to earn higher incomes. So, that's a population that the private student loan market is very interested in.' Related: CFPB ombudsman's message to federal student loan borrowers: 'Demand' what you're 'legally entitled to' If you (as a grad student or parent of an undergrad) or your potential cosigner has strong credit and income, relying on private student loans might not be such an issue, considering federal loan rates have been on the rise for four straight years (Congress sets them annually). Loan type 2024-25 interest rate Fee Federal Direct Grad PLUS Loans 9.08% 4.228% Private graduate student loans 3.47% to 14.83%* Varies by lender Federal Direct Parent PLUS Loans 9.08% 4.228% Private student loans for parents 3.39% to 17.99* Varies by lender *Rates advertised by Bankrate's partner lenders as of April 2025 'When I worked in a financial aid office like 15 years ago, [Parent] PLUS Loan interest rates were around the seven-ish percent mark,' says Colleen Campbell, former executive director of the office of loan portfolio management at the Department of Education. 'And so it was a value proposition that was somewhat neutral between, 'Do you get a home equity line of credit, or do you get a PLUS Loan?' The challenge now is that, because of where we're at in terms of things like inflation or [where] interest rates are at for federal student loans … the [PLUS] programs seem really tenuous to people.' The problem with removing a federal loan slice of the pie is that they're the predominant option for a reason: They provide fixed interest rates and far-reaching repayment safeguards — and on a mass scale, to borrowers of most credit tiers. In fact, FSA only requires that PLUS Loan applicants don't have 'adverse credit history,' which includes a recent delinquency, default or bankruptcy. There's no mention of a minimum credit score. 'PLUS Loan credit standards are extremely low, akin to the mortgage bonanza before the Great Recession, to the point where we are making hundreds of thousands of dollars in loans to parents [and grad students] with very low incomes,' says Campbell. Private student loans, by comparison, award competitive rates only to students with strong credit or, more commonly, a creditworthy cosigner. They also feature fewer protections than federal loans. Most notably: You can't just change your repayment plan as you wish, or require your lender (or loan servicer) to temporarily pause your monthly dues. So, it's reasonable to argue that the absence of PLUS Loans would drive more borrowers to private loans — at varying levels of risk. Applicants with weaker credit, lower incomes could conceivably face higher interest rates or, worse, rejection. Taking it one step further: It's logical to assume that some grad students and parents would also seek out loans from less scrupulous lenders that have intentionally loose eligibility criteria. There are many pitfalls of getting a student loan with bad credit. 'Something that we have learned in over a decade of CFPB work is that borrowers really will sign pretty predatory contracts in order to go to school,' says Barnard. 'And I understand why people feel that they have to make a deal with the devil in this economy.' Colleges and universities are anticipating the largest class of first-year students ever next fall, according to New York Times reporting, but that trend could soon reverse. After all, if students and their families are shut out of private student lending — either because the interest rates and fees are too high or because they can't gain loan approval — they might have to skip their preferred but pricier four-year university. Possible downstream effects of PLUS Loans' dissolution Students opting for community colleges, other lower-cost schools States ramping up efforts of providing financial aid Already-struggling private colleges, including Historically Black Colleges and Universities (HBCUs), facing closure Campbell anticipates schools mounting a pressure campaign on the elected officials who serve their districts and states. That's what occured when the Obama Administration sought to stiffen the eligibility criteria for PLUS Loans about a decade ago. 'So what we saw back in 2013 was that some colleges, in particular, higher-cost colleges that enroll a lot of low-income borrowers, like HBCUs in particular in this situation, really had a strong response to any kind of [heightened] eligibility restrictions… And so I think that we would likely see that this time as well.' Then the question turns from whether the PLUS Loan program should be effectively canceled to whether there remains enough motivation to do it. 'This is really when the rubber hits the road in higher ed,' adds Campbell. 'Every senator has dozens, if not hundreds, of colleges in their state, and every single representative in Congress has a college in or a campus that employs people that brings money into their district — and they will immediately get the knock at their door should something in their district be threatened.' If you or your student are in school or on their way, you might be concerned about losing an option for higher education financing. Don't stress, at least not yet. Congressional Republicans haven't yet finalized their budget, so keep an eye on student loan news coverage. Know that, long-term, you'll still have various options for covering your education costs (though attending a lower-cost school is worthy of your consideration). To get a head start on these options, consider our guide for how to pay for grad school and how to pay for college with no money. Sign in to access your portfolio
Yahoo
11-03-2025
- Business
- Yahoo
Coherus BioSciences Inc (CHRS) Q4 2024 Earnings Call Highlights: Strong Revenue Growth and ...
Eugenica Product Sales (Q4 2024): $46.3 million, a 28% increase from $36.2 million in Q4 2023. Eugenica Product Sales (FY 2024): $206 million, a 62% increase from $127.1 million in FY 2023. Lot Torzi Net Revenue (Q4 2024): $7.5 million, a 29% increase quarter over quarter. Lot Torzi Net Revenue (FY 2024): $19.1 million. Cost of Goods Sold (FY 2024): $118 million, down from $159 million in 2023. Research and Development Expense (FY 2024): $93.3 million, a 15% decrease from $109.4 million in 2023. SG&A Expenses (FY 2024): $167.7 million, a 13% decrease from $192 million in 2023. Interest Expense (FY 2024): $27.2 million, a 33% decrease from $40.5 million in 2023. Cash and Cash Equivalents (End of 2024): $126 million. Projected Cash Post-Divestiture: $250 million on the balance sheet. Warning! GuruFocus has detected 5 Warning Signs with CHRS. Release Date: March 10, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Coherus BioSciences Inc (NASDAQ:CHRS) successfully executed its four-part strategy in 2024, including driving top-line revenues, controlling expenses, advancing the innovative pipeline, and addressing debt overhang. The company is well-positioned for 2025 with a strategic transition to a fully integrated commercial stage innovative oncology company. The divestiture of the eugenica franchise is on track, with substantial progress made and expected completion in late Q1 or Q2. Coherus BioSciences Inc (NASDAQ:CHRS) has secured a promising pipeline of oncology candidates, including a first-in-class anti-IL27 agent and a highly selective cytolytic CCRA antibody. The company ended the year with $126 million in cash and expects to have $250 million on the balance sheet post-transaction, providing a strong financial position for future development efforts. Coherus BioSciences Inc (NASDAQ:CHRS) is not satisfied with its current stock price and aims to enhance investor appreciation and understanding of its value proposition. The divestiture of the eugenica franchise still requires FDA authorization to sell final packaged products from a new contract manufacturing organization. The company experienced a temporary supply interruption of Eugenica, impacting Q4 revenue trends. There is ongoing off-label use of Keytruda in the market, which Coherus BioSciences Inc (NASDAQ:CHRS) aims to overcome through increased awareness and education. The company anticipates a 30% headcount reduction post-divestiture, which may impact operations and require careful management. Q: With the shareholder voting tomorrow, are there any hurdles expected for the eugenica divestiture? Also, does the $250 million cash projection include cost savings from the 30% headcount reduction? A: Dennis Lanfear, CEO, stated there are no expected obstacles for the divestiture, with all necessary reviews completed. The $250 million cash projection does include savings from the headcount reduction, as explained by CFO Bryan McMichael, who detailed the financial adjustments leading to this projection. Q: Regarding La Torzi, now that it has a preferred position in guidelines, where is the drug being used? A: Samir Goriauker, SVP of Immuno Oncology Marketing, explained that La Torzi is being used in a mix of recurrent, locally advanced, and first-line metastatic patients. The guidelines now clearly recommend chemo plus La Torzi as the preferred treatment, and physicians are expected to increase its use. Q: What is the FDA looking to check for the labeling and packaging of the second supplier to approve the transaction? A: Dennis Lanfear, CEO, clarified that the FDA requires validation runs with the new line to ensure equipment functionality. The company has completed these runs and submitted the data, expecting a straightforward review process without the need for a facility visit. Q: Can you provide expectations for the head and neck cancer data in the first half of this year? A: Rosh Dias, Chief Medical Officer, mentioned that they expect to report data from around 30-35 patients, including safety, early efficacy, and intra-tumoral biomarker data, at a major conference in the first half of the year. Q: For the phase one CCRA Tori combo data, what intra-tumor biopsy data would be considered supportive for ongoing work in head and neck cancer? A: Theresa Lavallee, Chief Development Officer, stated they are looking for robust depletion of CCRA positive Tregs in the tumor and an increase in CD8 T-cells, which would indicate a shift towards immune activation, supporting further development. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus. Sign in to access your portfolio
