The assessee held 15,000 shares in Dorf Ketal Chemicals Pvt. Pursuant to a further issue, it was allotted 1,94,zuari forex share price shares at the face value rate of Rs. 100 each, on a proportionate basis. The AO held that as the book value of the shares was Rs.
HUF receives any property for a consideration which is less than the FMV of the property, the difference shall be assessed as income of the recipient. Though the allotment of the shares was not done as of 31. 2006, the number of shares to be allotted to the employees as on 31. 2006 was specified and immediately thereafter the said shares were so allotted.
Rights basis, on the strength of existing shareholding in the Company, comes into existence when the Company decides to come out with the Rights Offer. Notify me of follow-up comments by email. Notify me of new posts by email. Skaps Industries India Pvt Ltd vs. 290k three-bed home in the Devonshire countryside? Do you talk to your partner about retirement? A pretty country cottage is a quintessential image of Britain on a warm summer’s day, but would you buy one?
Are Brits falling out of love with fashion? With a history of court cases, boardroom bust-ups, corporate governance issues, excessive executive pay and a share price that has shed more than 90 per cent since its high in 2012, Gulf Keystone Petroleum is a classic example. GKP is listed in the UK on the main market, after moving up last year from the junior AIM division, where it initially listed in 2004. Despite the kudos of a London listing, GKP was incorporated in Bermuda in 2001, holds its annual meetings in Paris and produces oil in Kurdistan. London Stock Exchange company, it should be a straightforward investment.
But nothing about GKP has been straightforward due, in part, to the fact it is not incorporated in the UK. As it is not incorporated here, but in Bermuda, only two UK-based directors can join the board. Philip Dimmock who has been with the firm since September 2013. Ferrier, a geologist by training with 30 years in the sector, acknowledges the situation is not ideal.
He says the company has hired Deloitte to look at its options of either changing its by-laws, to allow him on the board, or moving its domicile from Bermuda. I want this company to become a boring oil company. If we could be UK-domiciled this would be easier. The boardroom itself has been a revolving door of appointments and departures. The group was founded by Todd Kozel but after endless internal disputes, a court case with former advisers and concerns over excessive executive pay, he stepped down as chief executive last year. The game of musical chairs has continued.
After Kozel resigned last July, John Gerstenlauer was promoted to chief executive only to retire this year. Five people have left the board this year, including chairman Simon Murray, a former chairman of commodities trader Glencore and French Foreign Legion veteran, who led the company from AIM to the main market. G and Capital Research Global Investors. 26m capital raising earlier this year. Questions remain over remuneration and Simon’s role as interim chairman. He sits on both the remuneration and nominations committee, which raises eyebrows in the world of governance.
Ferrier is quick to defend Simon. He has sat on 17 public boards. He is a thoroughly decent person to work with. He will be the first person to admit that he will step aside when we find the right person. Ferrier says the company set up a special committee to decide Simon’s pay to avoid conflicts of interest, and claims that he and Simon are paid far less than previous executives. He admits the five departures, including three non-executive directors, have left the board too slim but says the company could not afford such a large board. The company said yesterday that it was cutting non-executive directors’ fees by 25 per cent and will review executive salaries on a regular basis.
We have now brought corporate governance into line with UK plc,’ Simon said. The complex nature of GKP’s history and governance, as well as the fact that it has unofficially put itself up for sale to find a partner, are a distraction from an equally important issue, being paid for the oil it wants to take out of the ground in Kurdistan. Ferrier explains his major focus is being paid for the oil it’s already produced and keeping its people safe in the field. The area is just a few miles away from the violence and destruction in Iraq and Syria being wreaked by rampaging Islamic extremists. I don’t want this company to be on life support mode.
According to him, the major issue is the money that it is owed from Kurdistan. The autonomous region nestled between Iraq, Iran and Turkey has been in an ongoing row with Baghdad, which slashed funds last year, meaning it could not pay for the oil that companies like GKP and Genel were owed. Yesterday the Kurdish Ministry of Natural Resources confirmed it will start making regular payments from next month. Last week GKP hired Conservative MP Nadhim Zahawi as chief strategy officer on a part-time basis to help with its negotiations and dealings in the region. Iraqi-born with Kurdish parents, Zahawi has been MP for Stratford-on-Avon since 2010. Ferrier has already met Hawrami three times in the past three months and plans to visit for one week every month.
115 a barrel last June to less than half that price at the moment. But Ferrier says low operating costs mean it can still produce oil at a cheaper price than rivals in locations such as west Africa. Now shareholders will see this company is a more open company. It is me and the team and you will now see it is not a personality cult.