24nd October 2K19
Economic Times
Ø Oil industry issued advisory to avoid Malaysian palm oil
Ø Household wealth more than doubles to $12.6 tn in 2019
Ø China seeks WTO okay for $2.4 bn tariffs on US goods
Ø Drug companies reach settlement ahead of landmark US
opioids trial
Ø Infosys responds to whistleblower 'expose'
Ø No another vote on Brexit deal: UK speaker
Ø Broadband India Forum backs Jio, asks Trai to scrap IUC
Ø Sebi issues framework for
listing of commercial paper
Ø US law firm preparing
class action suit against Infy
Ø Audit confirms fund
diversion, endgame near for DHFL
Ø India Inc's deal activity
falls in July-Sept quarter
Ø Ujjivan Small Fin Bank
gets Sebi's nod for IPO
Ø India weighs trade curbs
on Turkey, Malaysia
Business Standard
Ø Govt likely to extend benefits to exporters under MEIS
till 31 March
Ø India contributes 7% to global wealth rise, says Credit
Suisse report
Ø Piramal Enterprises profit before tax rises 29% to Rs 733
crore in Q2
Ø Adani, GMR in fray to commercially redevelop Chandigarh
railway station
Ø Bharti Infratel posts 61% jump in net profit at Rs 964
crore in Q2FY20
Ø RBI steps in to raise deposit insurance cover for
customers from Rs 100,000
Ø Sebi challenges SAT
ruling in PwC-Satyam case
Ø Banks to face capital
crunch of Rs 3.5 trillion if NBFC mess drags: Fitch
Ø RBL Bank's Q2 profit
before tax plunges 67% as provisions jump three-fold
Ø Half the world's banks
are too weak to survive a downturn: McKinsey
Ø Jio, Vodafone Idea,
Airtel pay govt over Rs 4500 crore in spectrum dues
Ø Alembic Pharma gets USFDA
nod for ointment to treat various skin disease
Business Line
Ø UltraTech Cement net up 63 per cent on lower cost, higher
realisation
Ø Adani, Tata Power plants among those seeking coal linkages
without curbs
Ø Hotels, travel aggregators start refunding GST
Ø Rane (Madras) Q2 net plunges 80% on sluggish demand
Ø Shree Cement July-September profit jumps five-fold to Rs
313 crore
Ø Adani commissions 50 MW wind energy plant
Ø Steel prices drop below
dumping duty levels on muted demand
Ø BSNL’s revival plan hangs
in balance as FinMin bides its time
Ø Lincoln Pharma secures
patent for Diclofenac Rectal Spray
Ø Grasim forms new joint venture
for composite hollow core insulators
Ø 63 moons damage suit:
Bombay HC asks Chidambaram, others to respond in 8 weeks
Mint
Ø Piramal Capital and Housing Finance net revenue grows 13%
to ₹1,954 crore in Q2
Ø Centre may allow consumers to choose electricity supplier
offering lowest tariff
Ø Bharti Infratel, Indus Towers merger gets delayed; new
panel to explore options
Ø Embassy Office Parks, Actis, others bid for Mapletree’s
tech park
Ø Centre’s EPFO dues surge to ₹9,115 crore amid fiscal
pressure
Ø 25 DHFL group firms with
₹1 lakh avg profit took ₹14,000 cr loans
Ø 'Reduce Centre's stake
below 51%': Abhijit Banerjee's remedy to banking crisis
Ø PMC Bank despositors'
woes mount as RBI Governor abroad
Ø Oriental Bank of Commerce
posts Rs125.9 crore profit in Q2
Ø Investors eye social
e-comm startups to target new users
Financial Express
Ø Reliance on short-term funding poses risk to vehicle
finance companies: Moody's
Ø Japan has huge export potential in pharma, gems and
jewellery sectors: FIEO
Ø Govt’s stringent commitment to low inflation hurting farm
sector: Nobel laureate Abhijit Banerjee
Ø Piyush Goyal says differences resolved with US over trade
deal
Ø India turns refined copper importer after 18 years: Care
Ø PM Modi likely to visit
Saudi Arabia on October 29 for investment summit
Ø SoftBank set to take
control of WeWork with $1.7 billion payout for ousted CEO
Ø Axis Bank posts
standalone net loss of Rs 112 crore in Q2 on one-time tax impact
Ø FMCG cos are top 10 TV
advertisers amid festive season; HUL leads the pack
Ø Kotak Mahindra Bank beats
estimates; quarterly profit surges 51 per cent
Deccan Chronicle
Ø New foreign trade policy may have simpler export promotion
schemes
Ø Whistleblower complaint placed before audit committee:
Infosys
Ø FPIs pour in Rs 5,072 cr into Indian capital markets in
October so far
Ø Share of ready housing units rises to 12 per cent in
September quarter
Ø Pension beneficiaries’ bank accounts to be linked to
Aadhaar
Ø Walmart chief seeks
stable business environment from Modi: Report
Ø Sensex plunges 335
points; Infosys sinks 16 per cent
Ø Thomas Cook India in
talks for buying out brand
Ø Crude oil futures plunge
on subdued global cues
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Digital India should be
leveraged to transform rural areas: Ravi Shankar Prasad
READ MORE-
https://www.gststation.in/digital-india-should-be-leveraged-to-transform-rural-areas-ravi-shankar-prasad/
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👉Sebi
fines four firms a total amount of Rs 20.4 lakh for carrying out fraudulent
trading in the illiquid stock options segment of the BSE.
👉Banks
will likely have window to scout for prospective buyers of stressed assets for
their expeditious resolution even before the bankruptcy process is initiated.
This facility is set to be in place as part of a host of amendments being
planned for the Insolvency and Bankruptcy Code (IBC).
👉The
Directorate General of Foreign Trade (DGFT) says that the firms or companies,
under the adjudication proceedings before the NCLT, should inform the concerned
authority as well as the NCLT of any outstanding export obligations or
liabilities under any of the schemes under Foreign Trade Policy.
👉Indian
drugmaker Morepen Laboratories approaches NCLT to recover money that Wockhardt
owes it. Wockhardt is taken to NCLT over unpaid dues worth Rs 1.55 crore.
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Government needs to lower taxes on Indian aviation sector, make it
more competitive: SpiceJet chief
READ MORE-
https://www.gststation.in/government-needs-to-lower-taxes-on-indian-aviation-sector-make-it-more-competitive-spicejet-chief/
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MCA has notified the Companies (Incorporation) Eighth Amendment
Rules, 2019 and amends Rule 8A, Rule25A and Rule 28 of Companies
(Incorporation) Rules, 2014 which shall come into force from the date of
publication in the Official Gazette i.e 16-10-2019.
Foreign portfolio investors (FPIs) have infused a net sum of Rs
5,072 crore into the Indian capital markets in October so far amid the
government's efforts to revive domestic demand. In the preceding month, FPIs
had invested a net Rs 6,557.8 crore in the domestic capital markets (both
equity and debt).
Emerging investment instruments -- REITs and InvITs --seem to be
finally catching on with investors as mutual funds have invested nearly Rs
9,000 crore in such units in the first nine months of the year. Fund managers
have infused Rs 451 crore in real estate investment trusts (REITs) and Rs 8,528
crore in infrastructure investment trusts (InvITs), according to SEBI.
DGFT has Incorporated a new provision in the Foreign Trade Policy
2015-20 about cases referred to National Company Law Tribunal (NCLT), under the
provisions of the Insolvency & Bankruptcy Code,2016.
SEBI issues guideline for Resignation of statutory auditors from
listed entities and their material subsidiaries under Regulation
36(5) of the SEBI LODR Regulations
lays down certain disclosures to be made part of the notice to the
shareholders for an AGM, where the statutory auditors
are proposed to be appointed/re-appointed, including
their terms of appointment.
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Hotels, travel aggregators start refunding GST:
READ MORE-
https://www.gststation.in/hotels-travel-aggregators-start-refunding-gst/
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👉🏻MCA
amends rules to allow Companies to comply with KYC norms
(MCA has amended what is called the Rule 25A related to the Active
Company Tagging Identities and Verification (ACTIVE). A non-compliant company
can now file Form DIR-12 to update details on its directors)
👇🏻
👇🏻 👇🏻
http://bit.ly/35Uw8fO
👉🏻GSTN
to release improved version 3 of GST return filing interface
(GSTN provides the IT infrastructure and services for the
implementation of the GST, will on October 22 release the version 3 of GST
return filing interface.)
👇🏻
👇🏻 👇🏻
http://bit.ly/2W9EETG
👉🏻SC
Issues non-bailable warrants against MD of 32 Companies for Ignoring Order
(The Supreme Court has issued non-bailable warrants against
managing directors of 32 Companies for not complying with its order)
👇🏻
👇🏻 👇🏻
http://bit.ly/35Vcj80
👉🏻ePayments
mandatory for businesses over Rs 50 Cr from Nov 1 - CBDT
(Govt has asked businesses with turnover exceeding Rs 50 crore to
mandatorily provide electronic modes of payment from November 1)
👇🏻
👇🏻 👇🏻
http://bit.ly/2oQAdRv
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GST: Bombay High Court sets aside profiteering order against
McDonald’s Master Franchisee:
READ MORE-
https://www.gststation.in/gst-bombay-high-court-sets-aside-profiteering-order-against-mcdonalds-master-franchisee/
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Financial software companies ramp up investments for GST 2.0:
READ MORE-
https://www.gststation.in/financial-software-companies-ramp-up-investments-for-gst-2-0/
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Businesses must keep in mind for filing the monthly return GSTR-3B
for the month of September: So far, the businesses are availing full ITC on the
invoices received by them from the suppliers even if the suppliers have not uploaded
the same on the GST portal and therefore, not reflecting in GSTR-2A. This is
for the reason the matching mechanism has been kept in abeyance.
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# Resignation of statutory auditors from listed entities and their
material subsidiaries - SEBI vide circular dated October 18, 2019 has tightened
norms with regard to resignation of Auditor from listed companies. Earlier,
SEBI had issued consultative paper in this regard for seeking public comments
to deal with menace of abrupt resignation by auditors in listed companies
citing reasons such as pre-occupancy, non-receipt of required information, etc.
Now SEBI vide circular has framed stringent norms for listed companies and
auditors to ensure issuance of reports by auditors before tendering their
resignation.
# E-Payments mandatory for businesses over Rs 50 Cr from Nov 1 -
CBDT.
(Govt has asked businesses with turnover exceeding Rs 50 crore to
mandatorily provide electronic modes of payment from November 1, 2019
# Companies (Appointment and Qualification of Directors) Fifth
Amendment Rules, 2019
http://www.mca.gov.in/Ministry/pdf/CmpFifthAmndtRules_22102019.pdf
# Companies (Creation and Maintenance of Databank of Independent
Directors) Rules, 2019
http://www.mca.gov.in/Ministry/pdf/CmpInpdtDirectorsRules_22102019.pdf
# Companies( Accounts) Amendment Rules, 2019
http://www.mca.gov.in/Ministry/pdf/CmpAccAmndtRules_22102019.pdf
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Gujarat high court orders release of truck, goods seized by CGST
department:
READ MORE-
https://www.gststation.in/gujarat-high-court-orders-release-of-truck-goods-seized-by-cgst-department/
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MCA has amended rules to allow companies to make a filing about
their directors and become compliant. The MCA has amended what is called the
Rule 25A related to the Active Company Tagging Identities and Verification
(ACTIVE).
MCA has notified the Companies (Cost Records and Audit)
Amendment Rules 2019 which shall be deemed to come into force on the 1st day of
April, 2018.
SEBI vide circular dated 18.10.2019, imposed certain obligations
on the Statutory Auditors, listed entities and the material subsidiaries
w.r.t., Resignation of Statutory Auditors.
Household wealth more than doubled USD 12.6 trillion in the
calendar year 2019. Total wealth held by the households in the country had
stood at USD 5.972 trillion in 2018, according to a report by Swiss bank Credit
Suisse.
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SEBI issues guideline for Resignation of statutory auditors from
listed entities and their material subsidiaries under Regulation
36(5) of the SEBI LODR Regulations
lays down certain disclosures to be made part of the notice to the
shareholders for an AGM, where the statutory auditors
are proposed to be appointed/re-appointed, including
their terms of appointment.
Companies that are under the adjudication proceedings before the
NCLT have been directed to inform the Directorate General of Foreign Trade
(DGFT) about their outstanding export obligations and liabilities.
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👉🏻Online
proficiency self-assessment test for independent directors from Dec
(All independent directors will soon have to take an “online
proficiency self-assessment test” before they are appointed to company boards,
according to an amendment to the Companies Act)
👇🏻
👇🏻 👇🏻
http://bit.ly/2PdSlPU
👉🏻SEBI
moves SC against SAT's order in PwC case
(Many believe the SAT order has cast doubt over Sebi’s regulatory
turf and whether it has the power to impose strictures against auditors, who
are regulated by the ICAI)
👇🏻
👇🏻 👇🏻
http://bit.ly/2Wa1H0r
👉🏻RBI
bans use of agents to chase loans
(RBI has banned the use of direct selling agents (DSAs) to source
retail loans and carry out physical verification of documents of
borrowers)
👇🏻
👇🏻 👇🏻
http://bit.ly/2JgnxtZ
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Excise dept yet to get FIR lodged in Rs 70 crore fake GST bill
scam:
READ MORE- https://www.gststation.in/excise-dept-yet-to-get-fir-lodged-in-rs-70-crore-fake-gst-bill-scam/
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👉RBI
bans the use of Direct Selling Agents (DSAs) to source retail loans and carry
out physical verification of documents of borrowers.
👉SEBI
issues a framework for listing of commercial papers on stock exchanges in order
to broaden investor participation in such securities
👉SEBI
challenges Securities Appellate Tribunal's (SAT’s) decision to quash a 2-year
ban that was imposed on Price Waterhouse (PwC) in connection with the Rs
7,800 crore Satyam fraud.
👉I-T
dept scans 30,000 individuals for remitting money abroad via RBI scheme, i.e,
Liberalised Remittance Scheme (LRS) . LRS is a scheme of the RBI, meant to
allow individuals who reside here to remit money up to a specified limit during
a FY to another country for investment and expenditure.
👉Apeejay
Tea, the tea firm of Apeejay Surrendra Group, has admitted to NCLT following
hearing on a petition filed by an operational creditor. NCLT has given its
approval to start insolvency proceedings against Apeejay Tea for a “payment
default”.
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Gujarat High Court issues notice to GST department over
harassment:
READ MORE- https://www.gststation.in/gujarat-high-court-issues-notice-to-gst-department-over-harassment/
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MCA has amended rules to allow companies to make a filing about
their directors and become compliant. The MCA has amended what is called the
Rule 25A related to the Active Company Tagging Identities and Verification
(ACTIVE).
MCA has notified the Companies (Cost Records and Audit) Amendment
Rules 2019 which shall be deemed to come into force on the 1st day of April,
2018.
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GST: Gold slips Rs 15 to Rs 38,315 per 10 grams; futures trading
in green:
READ MORE-
https://www.gststation.in/gst-gold-slips-rs-15-to-rs-38315-per-10-grams-futures-trading-in-green/
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The ‘landmark’ Calcutta Club verdict changes GST norms for clubs:
READ MORE- https://www.gststation.in/the-landmark-calcutta-club-verdict-changes-gst-norms-for-clubs/
