©orporate Updates on 1.8.2019
Ø Eight Core Sectors' Output rises 0.2 Percent YoY: Govt
Ø *US Fed lowers Interest Rates for first time since 2008, signals more cuts*
Ø HDFC lowers lending rates by 10 Basis points
Ø Auto makers cut Production by 11% in Q1: Report
Ø Govt receipts only 14% of full year target in 1st qtr
Ø Government raises Subsidy for non-urea fertilisers
Ø Vedanta contributes 0.40% to India GDP, says study
Ø Core Sector Growth at 50-month Low in June; 4 out of 8 Sectors contract
Ø Jewellery Exporters may be covered under Credit Insurance Benefit
Ø Fiscal deficit touches Rs 4.32 Trillion in Q1, 61.4% of budget estimate
Ø RBI allows Domestic Banks to sell NPAs abroad as one-time settlement
Ø FPIs pull out over Rs 11,000 Crore in July, highest in nine months
Ø In 3 months, Fiscal deficit exceeds 61% of full-year target
Ø Govt, Exporters discuss Strategy to increase Exports to US, China
Ø Tamilnadu Petroproducts Profit rises 90% in Q1
Ø Ashok Leyland’s Q1 Profit plunges 45% to ₹230 Cr
Ø Blue Dart April-June Quarter Profit drops 73%
Ø ICRA's Rating cut stifles Yes Bank's ability to raise fresh capital
Ø Government gives more time to Direct Tax code Panel to finalise Report
Ø Cabinet approves bill to regulate Chit Funds Industry
Ø Eicher Motors Q1 net dips 22% to ₹452 Crore
Ø Tata Global Beverages Q1 Net Profit rises 10% to ₹141.68 Crore
Ø Cabinet approves bill to prohibit all Unregulated Deposit Schemes
Ø India’s Exports need to contribute $1 Trillion in Economy: Piyush Goyal
Ø US ‘working hard’ with India to help grow its Economy: Mike Pompeo
Ø Trade war: China blames US’ flip-flop as talks end without breakthrough
Ø Cafe Coffee Day term loans put on watch by ICRA
Ø Rupee settles 6 Paise higher against Dollar ahead of Fed meet outcome
Ø IOC net drops 47 Percent on lower refinery margins
Ø Allahabad Bank okays raising Rs 2,000 Cr Equity Capital via QIP
Ø India 10-yr Bond Yield drops as FPIs shift from Equities to Debt
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Rate Notifications Dated on 31-07-2019
Notification No.13/2019-Central Tax (Rate)- Which seeks to exempt the hiring of Electric buses by local authorities from GST.
Notification No.12/2019-Central Tax (Rate)- Which seeks to reduce the GST rate on Electric Vehicles, and charger or charging stations for Electric vehicles.
READ MORE- https://www.gststation.in/cgst-rate-notifications-3/
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GST: Task force on direct tax gets a 15-day extension:
READ MORE- https://www.gststation.in/gst-task-force-on-direct-tax-gets-a-15-day-extension/
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Cheque-bounce charge to attract GST, rules AAAR:
READ MORE- https://www.gststation.in/cheque-bounce-charge-to-attract-gst-rules-aaar/
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LEGAL UPDATES
Prasad Gempex v. Star Agro Marine Exports Pvt. Ltd. & Anr. Dated 02.05.2019 [MANU/NL/0196/2019]
While approving the resolution plan the Adjudicating Authority (NCLT) directed that all proceedings in the matter, whether civil or criminal, present or future, shall stand withdrawn and dismissed. NCLAT while setting aside this direction of NCLT held that “the Adjudicating Authority has no jurisdiction to pass any order with regard to any matter pending before the court of Criminal jurisdiction”
Damont Developers Pvt. Ltd. V. Bank of Baroda & Anr. Dated 24.04.2019 [MANU/NL/0162/2019]
The Adjudicating Authority by impugned order dated 4th February, 2019 rejected the impleadment application filled by the appellant.
While dismissing the appeal NCLAT held that “except the corporate debtor no other party has right to intervene at the stage of admission of petition under Section 7 or 9. However, an aggrieved party may prefer an appeal if the order of admission affects the person.”
