26 July 2019 News and Updates

26th July 2K19

Economic Times

Ø  Tata Motors Q1 loss doubles to Rs 3,680 crore
Ø  12.66 lakh new jobs created in May: ESIC payroll data
Ø  RBI panel for hike in collateral free lending
Ø  PSBs' gross NPA's down by over Rs 89K cr till Mar
Ø  Coal India subsidiaries face Rs 53,331 crore penalties
Ø  Patanjali gets control of Ruchi Soya for Rs 4,350 cr
Ø  No plan to revise or withdraw Bhushan bid: Jindal

Business Standard

Ø  India's planned maiden $10 bn foreign debt sale mired in confusion
Ø  Bajaj Finance Q1 net up 43% to Rs 1,195 crore on higher interest income
Ø  PMO wants FinMin to restudy issuing of overseas sovereign bond: Report
Ø  FPIs pour in $6.1 bn in Apr-July; equity segment gets a major chunk
Ø  Govt's steps to ease NBFC liquidity crisis too short-term: Fitch report

Business Line

Ø  GST Council meeting rescheduled for July 27
Ø  JSW Steel wants ‘sanctity’ in Bhushan Power deal
Ø  Delhi HC gives relief for companies in anti-profiteering probe
Ø  NCLAT clears decks for Nagarjuna Oil resolution plan
Ø  Reliance-Aramco stake sale talks to continue, says Saudi's Falih
Ø  Govt introduces bill to amend companies law in LS

Mint

Ø  Bank of Baroda Q1 net profit rises 34% to₹710 crore
Ø  TCS overtakes RIL to reclaim m-cap crown
Ø  Apple to buy majority of Intel's modem chip business for $1 billion
Ø  Saudi Arabia struggles to end its oil addiction
Ø  Benefits from digital trade may grow 14-fold to $512 billion by 2030

Financial Express

Ø  Telecom firms slapped Rs 2.6 crore fine in 3 quarters for call drops
Ø  NCLT stays its own order to prosecute IL&FS auditors
Ø  JSW Steel plans to hike domestic capacity to 45 MT by 2030
Ø  Bharti Infratel-Indus Towers merger may come up into being in August

Deccan Chronicle

Ø  Rupee skids for 4th day; settles 6 paise down against dollar
Ø  Gold imports increase 46 per cent in June quarter
Ø  FPI net selling in stocks crosses Rs 15K crore in July
Ø Assocham seeks inclusion of petroleum products in GST
Ø  Cayman Island court refuses worldwide freeze on Essar Global Fund
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MCA Update

Director KYC -
Director (appointment & qualification) 3rd Amendment Rules, 2019

DIR KYC due date  will be 30th September

Late Fee - INR 5,000/-

1. If all details of Director are same as on MCA portalas per last DIR-3KYC,  then web-based KYC verification.

2. In other cases e-form DIR-3 KYC based verification.

3. As per the format of web based KYC format,  OTP requirements are not there.

Weblink:-  http://www.mca.gov.in/Ministry/pdf/ThirdAmendRules_25072019.pdf

http://www.mca.gov.in/Ministry/pdf/FourthAmedRules_25072019.pdf
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  Insight on Companies (Amendment) Ordinance, 2019, as introduced in Lok Sabha on July 25, 2019

Read full article at : https://dasgovernance.com/2019/07/26/analysis-on-companies-amendment-ordinance-2019-as-introduced-in-lok-sabha-on-july-25-2019/
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MCA Update
25/07/2019

MCA has issued rules regarding
Companies(Appointment and Qualficationof Directors) Third Amend Rules 2019 dated 25.07.2019
http://www.mca.gov.in/Ministry/pdf/ThirdAmendRules_25072019.pdf

Companies (Registration Offices and Fees) Fourth Amendment Rules,2019
http://www.mca.gov.in/Ministry/pdf/FourthAmedRules_25072019.pdf

Now the words "submit e-Form DIR-3 KYC for the financial year to the central Government on or before 30th September of immediate next financial year" shall be substituted

www.mca.gov.in

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FM Nirmala Sitharaman busy, GST Council meet pushed back to Saturday:

READ MORE- https://www.gststation.in/fm-nirmala-sitharaman-busy-gst-council-meet-pushed-back-to-saturday/
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GST: Finance Ministry to relax 100% physical examination requirement for ‘risky exporters’:

READ MORE- https://www.gststation.in/gst-finance-ministry-to-relax-100-physical-examination-requirement-for-risky-exporters/
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GST: Delhi HC gives relief for companies in anti-profiteering probe:

READ MORE- https://www.gststation.in/gst-delhi-hc-gives-relief-for-companies-in-anti-profiteering-probe/
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👉RBI Committee recommends increase in the Collateral Free Lending limit to Rs 20 Lakh for MSMEs and Self-Help Groups (SHGs). The Committee also recommends Revision of Loan Limit sanctioned under MUDRA to Rs 20 Lakh from Rs 10 Lakh. The recommendations also include a proposed Rs 5,000 Crore Distressed Asset Fund for MSMEs.

👉IBBI amends Insolvency Professionals Regulations, 2016 and Model Bye-Laws and Governing Board of Insolvency Professional Agencies Regulations, 2016

👉SEBI seeks explanation from all 5 Credit Rating Agencies, asking them to furnish responses over alleged lapses and possible collusion with the IL&FS Top Management.

👉SEBI is considering a proposal to allow Commodity Futures Sellers to Deliver Goods from their Own Warehouses, rather than moving them to Exchange-Accredited Warehouses. Once implemented, the move will cut costs for Commodity Participants and help widen the market base by letting all warehouses hedge part of their inventory on the exchange platform. A lower delivery cost will also be a major boon.

👉NCLAT held that the Adjudicating Authority : NCLT is empowered to pass ad-interim orders, including an order restraining the Corporate Debtor from alienating its assets, before admitting any application under Sections 7,  9 or 10 of the Insolvency and Bankruptcy Code, 2016.

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Flat owners to pay 18% GST on the entire maintenance charge:

READ MORE- https://www.gststation.in/flat-owners-to-pay-18-gst-on-the-entire-maintenance-charge/
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Man held in Ahmedabad for huge GST fraud:

READ MORE- https://www.gststation.in/man-held-in-ahmedabad-for-huge-gst-fraud/
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Coaching centres demand lower GST rate:

READ MORE- https://www.gststation.in/coaching-centres-demand-lower-gst-rate/