Read full FAQs on UDIN, click below -
https://carohitjaiswal.blogspot.com/2019/02/full-faqs-on-udin_3.html
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Know your FM CA Piyush Goyal
All-India second rank holder Chartered Accountant and second rank holder in Law in Mumbai University.
He was a well-known investment banker and has advised top corporate on management strategy and growth. He also served on the Board of India’s largest commercial bank, the State Bank of India and Bank of Baroda.
His father, Late Vedprakash Goyal was Union Minister of Shipping, and the National Treasurer of the BJP for over two decades.
His mother Chandrakanta Goyal was elected thrice to the Maharashtra Legislative Assembly from Mumbai. He is married to Seema, an active social worker and has two children – Dhruv, who is working in New York, and Radhika, who is studying at Harvard University, USA.
Mr Goyal’s tenure saw transformation changes in India’s power sector including the fast tracking of electrification of the nearly 18,000 un-electrified villages in some of the remotest and inaccessible parts of the country, the roll out of the most comprehensive power sector reform ever (UDAY), the success of the world’s largest LED bulb distribution programme (UJALA) for energy efficiency, and massive proliferation of renewable energy through the world’s largest renewable energy expansion programme.
Other achievements include the elimination of coal shortages to improve the energy security of India and successful conduct of transparent e-auctions of coal blocks.
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Updates 💡
MSME
Form MSME-1 Initial return to be filed by 21st Feb
Form MSME-1 Regular half yearly return for Oct-Mar to be filed by 30th April and Apr-Sep by 31st Oct
DEPOSITS
Onetime return of outstanding receipt of money or loan by a company but not considered as deposits in Form DPT-3 to be filed by 21st Apr
Yearly Form DPT-3 to be filed by 30th Jun
KYC
Yearly director KYC Form DIR-3 to be filed by 30th April
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The budget benefits all constituents of economy : ICSI
ICSI President Welcomes the Interim Budget
The Institute of Company Secretaries of India (ICSI) applauds the Interim Budget 2019 presented by the Finance Minister Piyush Goyal focusing on state of economy, tax reforms and GST, unorganized sectors, assured income to farmers, developing infrastructure, real estate, rural health and sanitation and such many other areas.
The budget covers almost all the aspects of living starting from providing safe drinking water to ensuring safety of living. The budget tries to benefit all the three constituents of our economy the labourers, the salaried and the business. One of the most important achievements is the focus on middle and lower income community. The setting up of committee under NITI Aayog for denotifed nomadic and semi nomadic community to allocation of increased budget for the welfare of SCs/STs and development of North East region proves the above intension of the Government.
The Institute appreciates the initiatives taken by Government in announcing various social schemes for unorganized workers, assured income for farmers, interest subvention for farm loans, Kamdhenu scheme for animal husbandry, coverage of 1 lakh digital villages, separate department for fishing community.
The Institute is also proud to be a part of the Government’s ‘Swatch Bharat Abhiyan’ mission which covers 98% rural sanitation coverage making it as the world’s largest sanitation coverage. The Institute is also a true follower of RERA Act and other such reforms undertaken by the government from time to time.
The Institute welcomes Government’s decision on rollover of capital tax gains to be increased from investment in one residential house to that of two residential houses for a tax payer having capital gain up to 2 crore rupees. This will benefit more than 3 crore middle income group who are because of various reasons frequently shifts from one place of the country to the other part. It will also facilitate the growth of real estate sector.
The announcement of Mega Pension Yojana, namely Pradhan Mantri Shram Yogi Mandhan, to provide assured monthly pension of Rs. 3000/- per month, with contribution of Rs. 100/- per month, for workers in unorganized sector after 60 years of age, is one of the landmark announcement of the budget.
On the state of the economy, as India is poised to become a $5 trillion economy in next 5 years, $10-trillion economy in the next eight years, is a good sign of effective financial management. Other achievements such as the current account deficit which is likely to be only 2.5 percent of the GDP for this financial year, coverage of more than 70 percent of women beneficiaries in PM Mudra Yojana, enhancement of defence budget to Rs. 3 lakh crore for the first time, increase in number of operational airports in the country to more 100, fastest highway developers in the world so on and so forth would certainly give the positive signals to foreign investors and build confidence in Indian economy.
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INSOLVENCY- IBC-16 this week news
RCom to move NCLT to offload assets, repay debt the company could not repay its debt even after talks with forty lenders over twelve months.
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Government sets March deadline to resolve 9 top insolvency cases
the dozen high-profile cases owed around Rs 2.5 lakh crore to lenders. These cases are yet to be sorted.
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IL&FS says Spanish arm to undergo voluntary insolvency proceedings
IL&FS arm IL&FS Transportation Networks (ITNL) had acquired Elsamex SA of Spain, a road maintenance, operation and management company.
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Emaar to appeal against NCLT order to initiate bankruptcy proceedings
Realty firm Emaar MGF Land will appeal against an NCLT order to start insolvency proceedings against the company after two homebuyers filed a petition over huge delay in delivery of their housing units, sources said.
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Hindrance to resolution professional’s work will amount to Contempt of Court
Any hindrance to a resolution professional’s (RP) work would now be treated as contempt of court, potentially inviting criminal proceedings.
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Patanjali moves NCLT for considering Ruchi Soya offer Patanjali also expressed its interest to RP Shailendra Ajmera and the lenders and said it was ready to match Adani’s offer given a chance.
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How NCLT shielded RP rebuking promoter
Any hindrance to a Resolution Professional’s (RP) work would now be treated as contempt of court, potentially inviting criminal proceedings.
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Timely NCLT resolutions can release Rs.67,000 crore to lenders: Report
The delay in the resolution is also pushing lenders to look at outright sale of their loan exposure.
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Promoters offered to pay Rs 54,389 crore: NCLT dismisses Ruias' proposal to settle Essar debt.
The Essar group hinted at challenging the verdict, citing the last week's Supreme Court order on IBC.
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NCLAT asks NCLT Ahmedabad to take decision on Essar Steel's insolvency case by Jan 31. A two-member bench of NCLAT said that if the Ahmedabad bench of NCLT does not pass any order by January 31, then it would call the matter and pass an order accordingly on the next date of hearing.
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California utility bankruptcy may pinch Indian IT firms
Californian utilities have faced uncertainty for months over the prospect that they could be held responsible for faulty equipment that led to massive wildfires in the US state.
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NCLAT dismisses Jignesh Shah plea against insolvency of his investment firm La-Fin Financial Services
"We find no merit in these appeals, we accordingly dismiss both the appeals," the appellate tribunal said.
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Centre, UP plan to complete 3 lakh delayed Noida flats
According to estimates, the Amrapali group, which alone has to deliver 43,000 apartments, has vacant land and available floor space index for construction of about 10,000 new houses.
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Top 10 biz headlines 📰
1) Tata Sky seeks new partners as financial sponsors look to exit
Nearly three years after Cyrus Mistry’s failed attempt to list Tata Sky through an IPO, the company’s financial investors are looking to monetise their investments through a stake sale, The Economic Times reported.
2) Jet Airways says stakeholders yet to agree and approve resolution plan
Jet Airways (India) Ltd. on Friday said that stakeholders of the airline and board of directors of the company are yet to agree and approve the resolution plan that is expected to infuse much-needed capital in the company, LiveMint reports.
3) Creditors panel approve JNPT's BID to buy debt-laden Dighi Port.
The Committee of Creditors (CoC) has backed the resolution plan placed by state-owned Jawaharlal Nehru Port Trust (JNPT) to buy the debt-laden Dighi Port Ltd under India’s bankruptcy and insolvency law.
The approval of the lenders panel will be submitted to the National Company Law Tribunal (NCLT) for ratification, at least two people briefed on the decision told BusinessLine.
4) Videocon loan case: ED books Chanda, Deepak Kochhar for money laundering
The Enforcement Directorate (ED) has registered a criminal case of money laundering against former ICICI Bank CEO Chanda Kochhar, her husband Deepak Kochhar, Videocon Group promoter Venugopal Dhoot and others to probe alleged irregularities and corrupt practices in sanctioning of Rs 1,875-crore loan by the bank to the corporate group, officials said Saturday.
5) Now, Reliance Industries knocks on NCLT's door for share in Essar Steel pie
Mukesh Ambani-led Reliance Industries (RIL) has joined other operational creditors knocking on the doors of the National Company Law Tribunal (NCLT), seeking dues in the Essar Steel insolvency case.
Claiming Rs 16.41 crore in what is believed to have accrued out of fuel and other services provided to Essar Steel’s 8 million metric tonnes per annum plant at Hazira, RIL has filed applications for the same before the NCLT's Ahmedabad Bench.
6) New FDI rules: Thousands of products disappear from e-commerce websites
Amazon and Walmart ’s grand plans for India were thrown into chaos on Friday after the country implemented new e-commerce regulations, which could cut their growth in the market by as much as half this year.
7) Oracle seeks to strengthen client base in country with India-first products
Software major oracle is looking to deepen its relationship with Indian customers by launching a number of India-first products, improving its client base, and is also working with local start-ups as the company gears up to launch its data center services this year.
8) Zee5, ALTBalaji and SonyLIV make it to Google Play Store's top list
Three Indian over-the-top (OTT) players figure in the top grossing applications’ list of Google’s Play Store. Latest data (as on February 1) shows that Zee5, ALTBalaji and SonyLIV are among the top ten in the list of apps that are paid for (called top grossing apps in industry parlance), behind Netflix, which is number two.
9) UnitedHealth takes on Amazon, Berkshire Hathaway and JPMorgan Chase
The underlying case involves allegations made by UnitedHealth Group, which is asking a judge to stop a former executive from working at the new health care outfit created by Amazon, Berkshire Hathaway and JPMorgan Chase, reported NYT.
10) NBCC to construct hospital in Goa for Rs 268 crore.
NBCC India on Saturday said it will construct an ayurveda and naturopathy hospital in Goa at a cost of Rs 267.81 crore. A memorandum of understanding (MoU) with the Ministry of AYUSH has been signed in this regard. NBCC will complete the 50-acre project in the next 24 months, the company said in a statement
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