👉Govt. will infuse Rs 48,239 Crore in 12 Public-Sector Banks to provide Minimum Regulatory Capital to banks that come under RBI’s Prompt Corrective Action Framework, and to prevent weak banks from breaching the framework’s triggers. With this funding, the Total Amount of Capital Infusion would increase to Rs 1,00,958 Crore of the Planned Recapitalisation of Rs 1.06 Lakh Crore for PSBs for the current fiscal
👉GST Council meeting on February 20 remained inconclusive after Some State Finance Ministers sought a physical meeting as they felt an issue as crucial as a special scheme for Real Estate Sector should not be discussed through a video conference. The meeting will now take place in Delhi on February 24.
👉Union Cabinet chaired by Prime Minister Narendra Modi approves the Promulgation of the Companies (Second Amendment) Ordinance 2019 and for replacement of the said Ordinance in Parliament by a replacement Bill.
👉RBI may lift 3 other PSU banks -- Allahabad Bank, Central Bank of India and Dena Bank - from the Prompt Corrective Action Structure as the Govt approves to infuse more capital into these state-run lenders and hopes of better loan recovery through the Insolvency Resolution Mechanism.
👉Bank of Baroda informs that the merger of Dena Bank and Vijaya Bank with itself would be effective from April 1 as per the scheme of amalgamation approved by the Govt. Besides, the Bank fixes March 11, 2019, as Record Date for issuing and allotting equity shares of the Bank of Baroda to the Shareholders of Vijaya Bank and Dena Bank.
👉IL&FS probe: Enforcement Directorate(ED) registers money laundering case in the matter concerning alleged financial irregularities in IL&FS Ltd against Former CMD & Directors and subsidiaries & raids was conducted on at least 6 locations in Mumbai and Delhi-NCR region
👉SEBI exempts State-Owned Coal India Ltd from complying with regulations with regard to its Proposed Share Buyback Programme for 4.46 Crore Shares.
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Seven Years Rigorous Imprisonment to then Assistant Commissioner of Income Tax
Read more at: https://www.taxscan.in/imprisonment-commissioner-income-tax/33632/
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MCA Update on MSME -1
Extension for last date of filing initial return in MSME Form 1
http://www.mca.gov.in/Ministry/pdf/InitialReturnInMSMEForm_21022019.pdf
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MCA UPDATE
Rule 25A
Every Company incorporated on or before 31st December 2017 has to file this return called “Active Company Tagging Identities and Verification”.
Due date - On or before 25-04-2019
Late fee - After due date Rs. 10,000/-
Before ACTIVE filing its mandatory to Complete the Annual filling pending till date.
if Company is not filing ACTIVE than unable to file following forms
(i) SH-07 (Change in Authorized Capital);
(ii) PAS-03 (Change in Paid-up Capital);
(iii)DIR- 12 (Changes in Director except cessation);
(iv) INC-22 (Change in Registered Office);
(v) INC-28 (Amalgamation, de-merger)
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Advocate Megha Jani has withdrawn her consent to become a judge of Gujarat High Court.
Read more at* http://bit.ly/2T5EMV8
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Analysis of Supreme Court Judgement in MMTC Ltd. vs. M/s Vedanta Ltd.
Court cannot undertake an independent assessment of the merits of the award, and must only ascertain that the exercise of power by the Court under Section 34 has not exceeded the scope of the provision.
Read full case analysis at : https://dasgovernance.com/2019/02/20/analysis-of-supreme-court-judgement-in-mmtc-ltd-vs-m-s-vedanta-ltd/
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Breaking:
The Supreme Court held Reliance Communications and Chairperson Anil Ambani guilty of contempt of court in the petition filed by Ericsson.
Read more at http://bit.ly/2NezIrV
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Justice L Nageswara Rao recused himself from hearing the contempt case filed before the Supreme Court by the Central Bureau of Investigation (CBI) against the Kolkata Police.
Read more at http://bit.ly/2Elw4tL
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Cracker Ban: The Supreme Court
urged the Government and cracker companies to find a way to manufacture crackers which does not cause pollution.
Read more at http://bit.ly/2tvqTkI
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The Delhi High Court directed the NCT government to consider the plea filed by former Haryana Chief Minister OP Chautala seeking early release from Tihar Jail.
Read more at http://bit.ly/2SZVogY
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✅ Due date of filing GSTR-3B for the tax period January, 2019 has been extended up to 22nd February, 2019.
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Ministry of Corporate Affairs issues notification pertaining to Companies (Adjudication of Penalties) Amendment Rules, 2019. For detailed circular please refer: http://mca.gov.in/Ministry/pdf/AdjudicatioPenalties2019_20022019.pdf
Ministry of Corporate Affairs notifies Companies Prospectus and Allotment of Securities) Second Amendment Rules, 2019. For detailed circular please refer: http://mca.gov.in/Ministry/pdf/ProspectusAllotmentRule2019_20022019.pdf
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Ram Mandir-Babri Masjid: A Supreme Court Bench of Chief Justice of India Ranjan Gogoi and Justices SA Bobde, DY Chandrachud, Ashok Bhushan and Abdul Nazeer will hear the the case relating to the Ayodhya dispute on Tuesday, February 26, at 10.30 am.
Read more at http://bit.ly/2NehWFg
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The Supreme Court has reaffirmed that oral evidence gets primacy over medical evidence and medical evidence is "basically opinionative”
Read more at http://bit.ly/2DWP1kX
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The Supreme Court Collegium has reiterated its recommendation to transfer Telangana High Court Chief Justice Thottathil B Radhakrishnan to Calcutta High Court.
Read more at http://bit.ly/2GP2TRr
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