©orporate Updates on 29.8.2019
Ø New FDI rules to lure Apple, Oneplus, others: ICEA
Ø Cabinet clears Rs. 6,268 crore sugar export subsidy
Ø Nestle to replace Indiabulls Housing Finance in Nifty
Ø US-China trade dispute presents opportunity for India
Ø DGCA calls urgent meeting with Indigo, GoAir
Ø Voda gets nod to raise share capital to Rs 50K cr
Ø India Ratings cuts growth forecast for FY 2019-20 to 6-year low at 6.7%
Ø Govt. okays 100% FDI in contract mfg, eases rules for single brand retail
Ø Moody's downgrades YES Bank's ratings, changes outlook to negative
Ø After EOI submission, Synergy Group eyes 49% stake in Jet Airways
Ø IOC to invest Rs 2 trn in 5-7 yrs, develop a new energy storage technology
Ø Iran suggests barter trade with India for sectors like agri, drugs
Ø Govt. mulls scrapping cap on foreign investment in coal mining
Ø Piramal Enterprises defers NCD plans
Ø NCLT allows IL&FS to sell seven wind assets to Orix for Rs 4,800 cr
Ø Indian Oil to build a 1 GW electric vehicle battery plant
Ø Gains from massive bond buying helped transfer higher surplus: RBI
Ø Moody's revises Indian steel producers' outlook to negative
Ø IIFL Wealth to acquire L&T Finance’s wealth management business
Ø TRAI issues draft of broadcasting and cable services interconnection regulations
Ø Despite climate concerns, India further opens up its coal sector
Ø Iran to open bank branch in India in 2-3 months to boost trade
Ø Iran, India could seal preferential trade agreement by 2019 end: Iranian envoy
Ø US-China trade dispute presents opportunity for India, says DBS report
Ø Every economy faces headwinds, India no exception: Vedanta
Ø Gold nears Rs 40,000; silver soars Rs 2,110
Ø Rate cuts not enough to re-fire damp India housing market: Report
Ø Government weighing options on using RBI payout
Ø Nestle India will replace Indiabulls Housing Finance in the Nifty-50 Index
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Parle threatens job loss again if GST rate cut demand not met:
READ MORE- https://www.gststation.in/parle-threatens-job-loss-again-if-gst-rate-cut-demand-not-met/
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Due date for submitting income tax returns is 31st Aug 2019 for all cases in which income tax audit is not mandatory.
Task force on direct tax code has recommended abolishing the dividend distribution tax while retaining the longterm capital gains tax and securities transaction tax, a source in the know of the matter said.
MCA has notified on its website that as per the Companies (Incorporation) Fourth Amendment Rules, 2018 dated 18th December 2018 a new form RD GNL-5 and changes to Form RD-1 has been notified.
RBI’s balance sheet should be strong enough to support banks if there is a need to recapitalise them during a financial crisis, said the report of the committee to review the economic capital framework (ECF) of the central bank.
RBI Governor may have ruled out an Asset Quality Review for NBFCs, but an ongoing central bank inspection of the books of non-bank companies shows that the exercise is as stringent as the official scrutiny that had earlier pushed high-street lenders to declare higher bad loans.
Multipurpose Empanelment Form for the year 2019-20 is live at www.meficai.org. last date for submission of online MEF Form for the year 2019-20 is 11th September, 2019 and online Declaration is to be submitted within 10 days of the filling of MEF but not later than 18th September, 2019.
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West Bengal minister alleges GST fraud, asks Finance Minister for inquiry:
READ MORE- https://www.gststation.in/west-bengal-minister-alleges-gst-fraud-asks-finance-minister-for-inquiry/
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NCLAT : In Peter Johnson John vs. M/s KEC International Ltd.
Where foreign decree obtained ex-parte falls within the purview of a pre-existing dispute places an embargo on the powers of Adjudicating Authority to initiate Corporate Insolvency Resolution Process at the instance of a Corporate Debtor.
Read full article at : https://dasgovernance.com/2019/08/29/nclat-in-peter-johnson-john-vs-m-s-kec-international-ltd/
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Rail wagon makers buck the trend, seek higher GST:
READ MORE- https://www.gststation.in/rail-wagon-makers-buck-the-trend-seek-higher-gst/
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GST: One held for central excise evasion:
READ MORE- https://www.gststation.in/gst-one-held-for-central-excise-evasion/
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GST: Revenue slides in three months from 14% to 5%:
READ MORE- https://www.gststation.in/gst-revenue-slides-in-three-months-from-14-to-5/
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GST has flaws; redesign, revisit in its entirety: Punjab Finance Minister:
READ MORE- https://www.gststation.in/gst-has-flaws-redesign-revisit-in-its-entirety-punjab-finance-minister/
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Good governance, zero corruption essential for economic growth: Prakash Javadekar:
READ MORE- https://www.gststation.in/good-governance-zero-corruption-essential-for-economic-growth-prakash-javadekar/
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👉CBDT clarifications on I-T return bring relief to NRIs. Non-residents will not need to disclose their Directorships in Foreign Companies that do not generate any income from India in their tax return forms.
👉GST Officials arrest Maharashtra Businessman for allegedly evading taxes worth Rs. 24.55 Crore by fraudulently Issuing Invoices without actual supply of goods.
👉SEBI may ease foreign fundraising for unlisted firms. SEBI may soon allow Unlisted Indian companies to issue Depository Receipts, a move that will make it easier for them and startups to raise capital. It is also considering relaxing norms related to two-way fungibility – conversion of shares to depository receipts and vice-versa.
