©orporate Updates on July 27, 2019
Affle raises Rs 206.55 crore from anchor investors
Dangerous debt levels may take gold prices back to $1,450 level
NIIF eyes $1 bn from overseas investors in fresh round
Customs dept cracks down on 'rough diamonds', industry cries foul
Omkar Realtors to sell 2 million sq ft office complex for over Rs 3,000 crore
Indoco Remedies gets EIR from USFDA for 2 plants in Goa
Tribeca to raise Rs 2,000 crore realty distress debt fund
IndiGo Airlines wants to bid for grounded Jet Airways' assets and slots
Maruti Suzuki net profit plunges 27% to Rs 1,435 crore in Q1; outlook grim
Flipkart bets on furniture, to set up 'experience centres' for customers
YES Bank acquires 18.55% stake in Cox & Kings, now 2nd-largest shareholder
Birlas invest Rs 1,450 cr more in unlisted private entity Essel Mining
Airtel Africa's net dips 12% to $132 mn in Q1, revenue up 7% at $795.9 mn
Elon Musk's Boring Co raises $120 million in first outside investment
ICICI Bank looks to mop up 15,000 cr in equity capital this financial year
PNB reports profit of Rs 1,019 crore for June quarter, net NPAs rise QoQ
Despite slowdown, realty sector gets $2.7 billion fund inflows in first half of 2019
CBDT gives 2 months extension to I-T department to finalise assessment in demonetisation cases
Cairn India Holdings to monetise investment in Anglo American
Three-wheeler sales dip 11.64% in first-quarter
Bajaj Auto Q1 PAT up a tad at Rs 1,126 crore
NCLT approves NHPC’s Rs. 907 cr bid for 500 MW Lanco Teesta Hydro Power project
Reliance’s refinery complexity index rises to 21.1
Twitter adds 5 million users globally in Q2 2019, its biggest surge since 2017
FSSAI to adopt scientific methods for food safety evaluation
Government proposes scrapping of vehicles older than 15 years
Reliance Jio emerges as India's biggest telecom player
Google's parent company Alphabet shows $9 billion profit in Q2 2019
Apple acquires Intel's smartphone modem business for $1 billion
Vedanta's June Qtr profit falls 12% as low prices of commodities take a toll
JSW Steel’s Q1 profit falls 57% to ₹1,008 cr
Vodafone Idea’s net loss narrows to ₹4,874 cr in Q1
MSCBA to implement cyber security programme for 400 member banks
Global economy moving into unsettling phase: Shaktikanta Das.
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Lok Sabha has passed amendments to The Companies Act. Here’s what they are
Under the 2013 Act, there are 81 compoundable offences that carry punishments of a fine and/or prison terms. These offences are heard by courts. The Bill makes 16 of these offences civil defaults, where government-appointed adjudicating officers may levy penalties.
Lok Sabha has passed The Companies (Amendment) Bill, 2019. The Bill was introduced in the House by Finance Minister Nirmala Sitharaman on July 25, 2019. This is how the Bill will amend The Companies Act, 2013, according to a summary provided by PRS Legislative Research:
Issue of dematerialised shares
Under the 2013 Act, certain classes of public companies can issue shares only in demat form. The Bill states this may be prescribed for other classes of unlisted companies as well.
Re-categorisation of Offences
Under the 2013 Act, there are 81 compoundable offences that carry punishments of a fine and/or prison terms. These offences are heard by courts. The Bill makes 16 of these offences civil defaults, where government-appointed adjudicating officers may levy penalties. Some of these offences are the issuance of shares at a discount, and the failure to file annual returns. The Bill also amends penalties for some other offences.
Corporate Social Responsibility
As of now, companies that are required to budget for CSR must disclose in their annual reports the reasons why they were unable to fully spend these funds. Now, any unspent annual CSR funds must be transferred to one of the funds under Schedule 7 of the Act (for example, the Prime Minister’s Relief Fund) within six months of the financial year.
Debarring auditors
Under the Act, the National Financial Reporting Authority can debar a member or firm from practising as a Chartered Accountant for six months to 10 years in case of proven misconduct. The Bill amends this punishment to provide for debarment from appointment as an auditor or internal auditor of a company, or performing a company’s valuation, for the same period.
Registration of charges
Under the Act, companies must register charges (mortgages, etc.) on their property within 30 days of creation of the charge, extendable up to 300 days with permission from the Registrar of Companies. The Bill changes the deadline to 60 days (extendable by 60 days).
Change in approving authority
Under the Act, change in period of financial year for a company associated with a foreign company, has to be approved by the National Company Law Tribunal (NCLT). Any alteration in the incorporation document of a public company which has the effect of converting it to a private company, too, has to be approved by the NCLT. Under the Bill, these powers have been transferred to the central government.
Compounding
Under the 2013 Act, a regional director can compound (settle) offences with a penalty of up to Rs 5 lakh. This ceiling has been raised to Rs 25 lakh in the amendment.
Bar on holding office
Under the existing Act, the central government or certain shareholders can apply to the NCLT for relief against mismanagement of the affairs of the company. The Bill states that in such a complaint, the government may also make a case against an officer of the company on the ground that he is not fit to hold office in the company, for reasons such as fraud or negligence. If the NCLT passes an order against the officer, he will not be eligible to hold office in any company for five years.
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Nitin Gadkari rules out special tax incentives to Andhra Pradesh
READ MORE- https://www.gststation.in/nitin-gadkari-rules-out-special-tax-incentives-to-andhra-pradesh/
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👉Lok Sabha approves Amendments in the Companies Act, which are intended to bring more discipline in the compliance of CSR rules and de-clogging the NCLT. Amendments pertain to unspent CSR funds, de-clogging NCLT and curbing shell companies
👉CBDT gives 2 Months Extension till September to I-T Dept to Complete & Finalise the assessment of about 87,000 Entities across the country who made Suspicious Deposits Post-Demonetisation.
👉RBI agrees to Relax Priority Sector Lending Norms for Exports by Removing the Turnover Condition of Rs 100 Crore and enhancing the Maximum Sanctioned Limit to Rs 40 Crore from Rs 25 Crore now. RBI will also review the threshold for Export Credit, which is capped at 2% of the Total Credit forwarded by banks, known as Adjusted Net Bank Credit (ANBC), to further ease the flow of credit.
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👉🏻CBDT gives 2 months extension to I-T Dept to finalise assessment in demonetisation cases
(CBDT has extended the taxman's deadline by another two months till September to complete the final assessment of about 87,000 entities across the country who made suspicious deposits post-demonetisation)
👇🏻 👇🏻 👇🏻
http://bit.ly/32WAr8A
👉🏻SEBI fixes minimum staggered delivery period of 5 days for commodity futures
(SEBI fixed the minimum duration of the staggered delivery period at five working days for all commodity futures in order to bring uniformity in the timeline across exchanges)
👇🏻 👇🏻 👇🏻
http://bit.ly/2YplqbW
👉🏻500 CA Exam Answer Sheets Found With Unauthorised Person in Kolkata
(Kolkata Police found 500 Chartered Accountancy exam answer sheets at the residence of an unauthorised individual. The answer sheets are of a CA exam conducted in June 2019)
👇🏻 👇🏻 👇🏻
http://bit.ly/2MhhiZ7
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Delhi High Court given a relief to A company as it’s required to give information to the Director-General of Anti-profiteering (DGAP) only about the ‘complained product’ and not about every product it produces. The complaint can be made by any consumer or even a tax officer can suo motu files a complaint.
Rajasthan High Court rules Benami Amendment Act, 2016, can’t be effective retrospectively. The tax office has been rampantly invoking the law ‘retrospectively’ to slap notice, confiscate property, and initiate prosecution. It justified the actions on the grounds that the prime intention of the original Benami Act of 1988 was to make benami transaction an offence and clamp down on unjust gains and tax evasion.
MCA has notified the Companies (Appointment and Qualification of Directors) Third Amendment Rules, 2019 which shall come into force on the date of their publication in the Official Gazette i.e 25th July 2019.
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.
NCLT finally cleared the Rs 4,350-crore bid by yoga- exponent Ramdev-run Patanjali Ayurved to take over edible oil player Ruchi Soya, which owes over Rs 9,345 crore to the lenders & around Rs 2,800 crore to other creditors.
Government extends Budget session till August 7. The decision was taken at a meeting of the Cabinet Committee on Parliamentary Affairs here.
Parliament approved an amendment to the RTI Act that gave the government powers to decide salary and service terms of the statutory body head and its members, with Rajya Sabha passing it by a voice vote.
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UT excise department unearths Rs 70 crore input tax credit scam:
READ MORE- https://www.gststation.in/ut-excise-department-unearths-rs-70-crore-input-tax-credit-scam/
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🍎Outcome of Latest GST Council 36th Meeting Held Today 27th July
A. GST rate related changes on supply of goods and services
- The GST rate on all electric vehicles be reduced from 12% to 5%.
- The GST rate on charger or charging stations for Electric vehicles be reduced from 18% to 5%.
- Hiring of electric buses (of carrying capacity of more than 12 passengers) by local authorities be exempted from GST.
These changes shall become effective from 1st August, 2019
B. Changes in GST law:
- Last date for filing of intimation, in FORM GST CMP-02, for availing the option of payment of tax under notification No. 2/2019-Central Tax (Rate) dated 07.03.2019 (by exclusive supplier of services), to be extended from 31.07.2019 to 30.09.2019.
- The last date for furnishing statement containing the details of the self-assessed tax in FORM GST CMP-08 for the quarter April, 2019 to June, 2019 (by taxpayers under composition scheme), to be extended from 31.07.2019 to 31.08.2019.