©orporate Updates on 6.9.2019
Ø SEBI orders forensic audit of Sun Pharma's books
Ø Banks unlikely to trim lending rates despite new norms
Ø Auto sector slowdown may wipe out a million jobs: SIAM
Ø Reliance targets more retail acquisitions abroad
Ø M&M defers Rs 1,000-cr capex plan amid slowdown
Ø India to give $1bn line of credit for Russia's Far East
Ø PNB board approves merger with OBC, United Bank
Ø RBI deputy governor B P Kanungo fears risk of dwindling bond supply
Ø Discoms may be asked to pay 50% advance payments to power companies
Ø Govt. launches updated Credit linked Capital Subsidy Scheme for MSMEs
Ø Aditya Birla Capital to raise Rs 2,100 crore from promoter, PE firms
Ø JSW gets NCLT nod to acquire Bhushan Power and Steel for Rs 19,700 crore
Ø PowerGrid declares ₹4,356-cr dividend
Ø Indian auto industry growth story about to collapse: Tata Motors MD
Ø *Solar installations in first half of 2019 at 3.2 GW, down 35 per cent*
Ø India’s per capita water availability to decline further: ICAR
Ø US Dept of Justice rejects Hindalco arm Novelis’ deal to buy Aleris
Ø Dr Reddy’s launches generic version of Zyban tablets in US
Ø Maruti Suzuki bats for separate platform for making regulation on auto industry
Ø FinMin to meet heads of CPSEs for capital expenditure push
Ø NCDRC directs Unitech to pay compensation to home buyers at 8% rate
Ø ED issues show cause notice to Amnesty Intl for FEMA violation of over ₹51 cr
Ø Birla Estates enters Bengaluru market with two projects
Ø Ashok Leyland sees demand pull for MHCVs soon
Ø Lenders optimistic of supporting the resolution plan: DHFL
Ø *Big firms grab most bank funds: Less than 1% companies have 50% of bank loans*
Ø Import of 215 iron, steel items need compulsory registration under SIMS
Ø Heavy foreign investment in telecom sector; 25% of total FDI in India in Q1
Ø SENSEX rises over 100 points; oil and gas, metal stocks rally
Ø Bajaj Finance plans $1 billion share sale
Ø Hindalco bid to buy US aluminium firm Aleris faces anti-trust hurdle
Ø Gold imports drop 73 per cent in August
.
=======>
.
CBDT issues guidelines for manual selection of returns for complete scrutiny on 5th September 2019.
CBDT said it has signed 26 advance pricing agreements (APAs) in the April-August period. The total APAs entered into by the board now stands at 297, which includes 32 bilateral APAs (BAPAs). APAs were introduced in 2012 by the government to provide tax certainty to those multinational corporations that agree to certain principles relating to the valuation of their cross-border transactions.
SEBI has said that with effect from November 1, brokers will not be able to keep ‘unpaid shares’ in various accounts or even pledge them. Small and mid-cap stocks worth thousands of crores that are lying with the stock brokers because clients have not paid full amount for purchasing them, could come for selling in the market as a consequence of a recent SEBI circular.
RBI bonanza appears to be a "one-time" measure and does not necessarily bode well in the medium term from a fiscal stand point. "It would be crucial for the government to meet or outdo divestment targets amid falling tax revenues." The government's revenue was dollar 24 billion short of its target last year.
Bombay HIgh Court grants temporary relief to KPMG firm BSR against proceedings in IL&FS case and stayed the proceedings against the audit firm in the Mumbai bench of the National Company Law Tribunal (NCLT) until further order.
.
=======>
.
👉The upcoming GST Council Meeting on September 20 is likely to approve the mechanism to allow a Single Authority — State or Central — to sanction and process GST refunds for exporters in a faster and simpler manner. Refunds of around Rs 10,000 crore have piled up.
👉CBDT issues a Consolidated Circular reiterating Clarifications issued so far on taxation issues hurting Startups, including the so-called Angel Tax. Taxmen will not approach startups for any Outstanding Income Tax Demand unless it has been confirmed by the Appellate Tribunal.
👉Govt launches updated Credit linked Capital Subsidy Scheme (CLCSS) to allow MSMEs access to capital.
👉NCLT approves JSW Steel's Rs 19,700-Crore Bid for Bhushan Power & Steel. NCLT Bench, while approving the Resolution Plan submitted by JSW Steel, said the CoC and the Resolution Professional (RP) of the Corporate Debtor shall continue to function as monitoring agency for now.
👉SEBI orders Forensic Audit of Sun Pharmaceutical Industries as part of the ongoing investigation of the company on a whistleblower complaint in October last year.
