NCLAT : In Gaurav Manav vs. Rachel L. Chand & Anr.
The expression “Financial Creditor” refers to “A person to whom a “Financial debt” is owed and includes a person whom such debt has been legally assigned or transferred. The expression “Financial Creditor” can be understood on reading the expression of “Financial Debt” which indicate that a “Financial debt” which is “disbursed against the consideration for time value of money”.
Read full case law at : https://dasgovernance.com/2018/09/30/nclat-in-gaurav-manav-vs-rachel-l-chand-anr/
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GSTN Alert: TDS Return, TDS Certificate Forms available in GST Portal
Read more at: http://www.taxscan.in/gstn-tds-return-tds-certificate-gst-portal/29058/
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Karnataka HC directs Dy VAT Commissioner to pay Sales Tax for passing a Whimsical Order* [Read Judgment]
Read more at: http://www.taxscan.in/karnataka-hc-directs-dy-vat-commissioner-pay-sales-tax-passing-whimsical-order/29068/
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Capital Market Updates
👍🏻 The government has hiked the import duty on tyres. A positive for JK Tyre & Industries and Ceat. Buy.
👍🏻 The recent correction in the market did not affect Rural Electrification Corporation and Power Finance Corporation as both the stocks are fundamentally strong. The government is also contemplating a merger between them. Buy both the stocks.
👍🏻 Contradictory rumor about Mr. Rana Kapoor’s likely extension is creating volatility in the Yes Bank counter. Investors with a risk appetite may enter.
👍🏻 The recent turmoil in the markets did not affect Biocon at all. Accumulate this fundamentally strong stock.
👍🏻 Dewan Housing Finance Corporation and IndiaBulls Housing Finance continue to bleed. This may be a good time to accumulate these gems from the housing finance sector or average out.
👍🏻 The shrimp sector could withstand the selling pressure seen on the bourses. Buy Waterbase.
👍🏻 PTC India is available at a throwaway price below its share book value. It reported an EPS of Rs.10.78 and a dividend of Rs.4 for FY18. Buy.
👍🏻 Crest Ventures has reported excellent results for the last few years. The management is sanguine about its future. A good share to buy.
👍🏻 Bata India and Relaxo Footwears will benefit from the duty hike on imported shoes. Buy both the stocks.
👍🏻 L&T Finance Holdings has also fallen in line with the market crash. An excellent buy at this level.
👍🏻 Graphite India is down more than Rs.200 in one week. Its excellent working merits a buy.
👍🏻 Mahindra & Mahindra is working on a new tractor that costs less than Rs.2 lakh for small and marginal farmers. Buy.
👍🏻 Hindustan Unilever and Nestle India plan to increase their product prices. Buy both the stocks for the long-term.
👍🏻 Italy’s Atlantia is in talks to buy the stressed road assets of the Infrastructure Leasing & Financial Services (IL&FS) group. LIC is also looking at various options to bail out the company. Investors with a risk appetite may buy the stock with strict stop losses.
👎🏻 Jet Airways (India) once again defaulted in salary payments to its employees. Stay away
from this counter.
👍🏻 Contrary to speculations, the government has not hiked duty on gold. Titan Company and Goldiam International should bounce back.
👍🏻 Reliance Infrastructure has become financially strong after selling its power distribution business to the Adani group. Buy.
👍🏻 The Manpasand Beverages counter has recently witnessed higher volumes and deliveries. Some good news may be in the offing. Buy.
👍🏻 Goa Carbon is available at less than half its yearly high. Accumulate this gold mine.
👍🏻 With positive news circulating around the telecom sector, Himachal Futuristic Communications looks attractive after the steep correction in its share price.
👍🏻 The turmoil in the markets could not dent the share price of Deepak Nitrite. Some good news may be in the offing. Accumulate in small quantities.
👍🏻 Meghmani Organics is expected to notch an EPS of Rs.11 in FY19 and Rs.14 in FY20 post expansion. A reasonable P/E of 12.5x (industry P/E is 37.92x) will take its share price to Rs.137.5 in the medium-term and Rs.175 thereafter.
👍🏻 Based on its Q1FY19 EPS of Rs.11, International Paper APPM is expected to notch an EPS of Rs.50 in FY19. A reasonable P/E of 15x will take its share price to Rs.750.
👍🏻 SML Isuzu, which posted an EPS of Rs.14 for Q1, is likely to notch an EPS of Rs.40 in FY19. The stock may cross Rs.1200.
👍🏻 Datamatics Global Services is expected to notch an EPS of Rs.14.5 in FY19. With a book value of Rs.98.85, its P/BV ratio stands at just 1.05. A reasonable P/E of 10.5x will take its share price to Rs.150+ in the medium-term.
👍🏻 Rico Auto Industries is expected to notch an EPS of Rs.6 in FY19 and Rs.7.5 in FY20 post expansion. The stock is expected to cross Rs.100 in the medium-term.
👍🏻 Jindal Poly Films is the cheapest packaging stock available at a forward P/E of 6x on FY19E EPS of Rs.45. A reasonable P/E of 10x will take its share price to Rs.450.
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NCLAT in the matter of Pahuja Takii Seed Ltd. &Ors. Vs. ROC,delhi & haryana set aside the impugned order passed by the NCLT and interpreted section 441 and 451 of Companies Act,2013
ANALYSIS OF SECTION 441
1. It has been held that the Regional Director and the authorised officer of the central government has pecuniary jurisdiction to compound offences which are punishable with fine only,upto rs.5lakh, whereas The Tribunal can compound any offence puishable with fine or, imprisonment or fine irrespective of any pecuniary limit as evident from section 441 of Companies Act,2013.
2. It is further held that there is no restriction on filing joint application for compounding the same offence committed during different financial years by the company and its officers in default.
ANALYSIS OF SECTION 451
4. NCLAT interpreted Sec.451 and held that this penal provision does not make the imprisonment mandatory and shall levy the fine which is twice the amount of actual fine. The word 'any' in the section shall be interpreted in literal sense only.
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Attention Taxpayers: Govt may introduce New GST Return to check Transitional Claims
Read more at: http://www.taxscan.in/taxpayers-govt-gst-return-transitional-claims/29077/
