Pension funds have been missing out on good opportunities to invest in initial public offerings but soon pension fund managers will be allowed to invest in IPOs. Comprehensive guidelines on the matter are expected within a week. More on that story and other headlines.

Centre mulls Ordinance for past tax assessment as litigation mounts

The government is exploring legal options, including bringing an Ordinance, to tackle the problem of income-tax litigation on reassessment notices under old, time-barred norms, according to official sources. This has come in the wake of writ petitions filed by companies and individuals in recent weeks to challenge the validity of the notices issued by the tax department between April 1 and June 30 and under the old norms.