NCLAT : In Ferro Alloys Corporation Ltd. & Anr. vs. Rural Electrification Corporation Ltd. & Anr.
It is always open to the ‘Financial Creditor’ to initiate ‘Corporate Insolvency Resolution Process’ under Section 7 against the ‘Corporate Guarantors’, as the creditor is also the ‘Financial Creditor’ qua ‘Corporate Guarantor’ before initiating ‘Corporate Insolvency Resolution Process’ against the ‘Principal Borrower’
Read full case law at : https://dasgovernance.com/2019/01/11/nclat-in-ferro-alloys-corporation-ltd-anr-vs-rural-electrification-corporation-ltd-anr/
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We wish to inform you that it has been decided to extend the last date for complying with the CPE hours requirements for the Calendar Year 2018 - till 31st January, 2019.
👉 You are requested to kindly make the due publicity so that the members who are yet to comply with the CPE requirements for the Calendar year 2018 may complete the same at the earliest and latest by *31st January, 2019.
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👉The GST Council in its 32nd Meeting held took major decisions to give relief to MSME (including Small Traders) among others. To download it: https://bit.ly/2STpgZf
👉SEBI brings & put in place a Robust and Stricter Cyber-Security Framework for Mutual Funds and Asset Management Companies (AMCs) to guard against breaches of data leak. The new norms would be effective from April 1, 2019
👉To help mitigate Portfolio Concentration Risks in Equity Exchange Traded Funds (ETFs) and Index Funds, SEBI asks fund houses to have a wider basket of stocks while keeping in check the weightage of top stocks of the index
👉SEBI asks Market Infrastructure Institutions (MIIs) such as Stock Exchanges, Clearing Corporations and Depositories to constitute 7 Committees. Earlier, there were 12-14 committees, which has now been cut down
👉BSE gets SEBI approval to introduce Weekly F&O Contracts on S&P BSE BANKEX. The BSE will shortly introduce 7 Weekly Expiry Futures and Options Contracts expiring on Thursday of the week, Excluding the Monthly Expiry
👉State Bank of India(SBI), selects Underwriters for an Institutional Share Sale that could raise at least Rs. 10,000 Crore. It picked Bank of America Corp., CLSA Ltd. and HSBC Holdings Plc to arrange the offering.
👉ICAI releases Educational Material on Ind AS 110, Consolidated Financial Statements which addresses all relevant aspects envisaged in the Standard by way of brief summary of the Standard and Frequently Asked Questions (FAQs) which are being/expected to be encountered while implementing the Standard. To download it: https://bit.ly/2M2Vw9r
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DGFT notifications
1. Physical issuance of MEIS/SEIS scrip to stop eventually
2.As a transition measure, scrips issued after 14th January 2019 to be registered on DGFT portal when transferred to buyer
3. In the absence of such record, buyer not to be allowed to utilise scrip
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👉GST Intelligence Unit busts Rs 100-Crore Fake Invoice Racket in Gujarat, without actual supply of goods for claiming Input Tax Credit (ITC)
👉CBIC issues notification removing Pre-Import Conditions and included specified deemed export supplies for exemption from integrated tax and Compensation cess for materials imported against Advance Authorization and Advance Authorizations for Annual Requirement. Certificate of Chartered Accountant is mandatory even if the credit is not availed after completion of export obligation for the goods imported against Advance Authorization.
👉The Enforcement Directorate (ED) plans to auction Vijay Mallya’s Equity Holdings (Shares) before his extradition attached by the agency once the Special Prevention Of Money Laundering Act (PMLA) Court passes its order on confiscating his assets.
👉DGFT issues Circular which states that transfer of MEIS/SEIS Scrips, which have been issued on or after 14.01.2019, for EDI ports only, will have to be mandatory recorded on the DGFT website
👉SEBI issues timelines as well as conditions for the implementation of uniform membership structure in equity derivatives and cash segments.
👉RBI imposes a penalty of Rs 3 Crore on Citibank India for not complying with directions regarding the 'Fit and Proper criteria' for directors of the bank.
👉Ashok Chawla resigns as NSE Chairman with immediate effect, after the Govt granted sanction to prosecute five people including Chawla accused in the Aircel-Maxis case.
👉ICAI extends last date “for complying with the CPE hours requirements for the Calendar Year 2018” - till 31st January, 2019
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# ICAI: The Result of the CA Final Exams (Old & New Course), Foundation Exams and Common Proficiency Test (CPT) held in Nov/Dec 2018 are likely to be declared on Wed, 23 JAN 2019 arnd 6.00 P.M.