Corporate Snippets on Nov 29
Ø With $78 bn, India highest overseas remittance receiver
Ø ABB India gets NCLT nod for demerger of power biz
Ø Assocham seeks intervention on impact of AGR ruling
Ø India sets 31,696-MW solar power generation target
Ø Government trying to revive BSNL, MTNL
Ø Karvy Stock Broking challenges Sebi order in SAT
Ø Govt appoints Deloitte as advisor for BPCL stake sale
Ø Govt. wants RBI to take over stressed assets of shadow banks:
Report
Ø Essar Steel lenders may get more than Rs 42,000 cr from
resolution process
Ø Examining financial irregularities by Indiabulls Group: Centre
to Delhi HC
Ø Moody's sees India Inc struggling for credit in 2020 as slowdown
weighs
Ø Aurobindo Pharma arm to buy certain biz assets of Profectus
BioSciences
Ø More worries for govt as Q2 GDP growth likely to be below 5%
Ø Govt. seeks ₹21,000 crore as supplementary grant
Ø Tata Steel begins talks with European Works Council on job cuts
Ø BPCL gets Cabinet approval for additional equity investment in
E&P arm, Mozambique LNG
Ø Deutsche Bank to complain against Bajaj Allianz’s move to annual
bonds
Ø Network18 denies reports on assets sale to Times Group
Ø Fiscal slippage woes spark FII sell-off in debt markets
Ø SEBI passes settlement order against ICICI Securities
Ø Government mulls more relief for real estate sector, NBFCs
Ø Manchester City owners buy majority stake in Mumbai City FC
Ø Finance panel tenure extended; award period now till FY26
Ø Paytm in talks to raise another $1 billion funding: Sources
Ø Jaypee lenders ask NBCC to sweeten land-debt swap deal
Ø NSE plans to digitise 50% regulatory processes
Ø Supplementary demand: Capital infusion into insurers, IDBI Bank
part of extra Rs 21,246 crore spend
Ø Govt. notifies WTO about intent to make gold hallmarking must
Ø Reliance Industries first Indian firm to hit Rs 10 lakh crore
market valuation
Ø Use telematics to price motor policies: IRDAI
Ø Cement demand fails to pick up on multiple woes
Ø Govt. mulls absorbing Rs. 50,000 crore Air India debt
Ø States' rising debt pose threat to India's fiscal deficit
target
Ø SEBI working on related-party transaction norms: SEBI chief
Tyagi
Ø No recession in Indian economy: Nirmala Sitharaman
Ø TRAI floats paper on transparent reporting of tariffs
Ø Govt. has no plans to reduce price for 5G spectrum
Ø Telecom sector records Rs 41k cr dip in gross revenue
Ø Plan ready for Rs 100-trn investment in infra, Rs 50-trn in
Railways: Goyal
Ø Investments in equity MFs rose 35% QoQ to Rs 24,000 cr in
Jul-Sep: Report
Ø BSE, NSE issue norms to list Commercial Papers, bring them under
SEBI
Ø Retail boost for logistics, warehousing: Investment rises by $7
bn in 2 yrs
Ø UPI transactions in July-Sep up 183% at 2.7 bn; value jumps to
Rs 4.6 trn
Ø Moody’s expects Centre’s fiscal deficit to rise to 3.7%
Ø Coal production in India up by 164.58 MT in 5 years
Ø US cuts funds for WTO Appellate Body drastically
Ø India seeks review of FTAs with ASEAN, Japan: Goyal
Ø JSW Cement to invest ₹2,875 cr to add 11 MTPA capacity
Ø Biocon, Mylan get USFDA nod for pegfilgrastim drug substance
licence
Ø PMC Bank scam: Mumbai court gives nod to sell jets, yacht of
Wadhawans
Ø Govt. to divest 100% stake in Air India, says aviation minister
Puri
Ø Jet Airways’ creditors extend date for submission of resolution
plan to 16 Dec
Ø SEBI lays guidelines for Listed REIT, InvIT on Preferential
Issue
Ø Two ex-directors at ZEEL resigned over management decisions
Ø Indian Textile Industry can reach $300 Billion by 2030: CII
Ø Cabinet approves extension of jute packaging norms for
foodgrains, sugar
Ø Government hikes authorised capital of FCI to Rs 10,000 crore
Ø JSW Cement defers IPO, sets new capacity target for 2023
Ø Crude steel production capacity on increase in country
Ø Rupee settles 15 paise higher at 71.35 against US dollar
Ø Sical to sell or hive off businesses to pare debt
Ø Cement demand fails to pick up on multiple woes
Ø CreditAccess to acquire Madura MFI for Rs 876 crore
Ø IndiGo director asks US Court to revoke summons
Ø Govt. got Rs 4,973 cr revenue from auctioned coal mines
Ø Airtel, Jio bid for RCom telecom assets
Ø 12.23 lakh new jobs created in Sept: ESIC payroll data
Ø Govt. moves NCLT to reopen CG Power books
Ø FM introduces Bill in Lok Sabha to cut corporate tax
Ø Saudi Aramco IPO retail subscription at $5.8 billion, says lead
manager
Ø ICRA downgrades Bharti Airtel's long term rating from
"AA" to "AA-"
Ø Total loan portfolio of DHFL at Rs. 95,615 crore: Govt. to Lok
Sabha
Ø Foreign portfolio investors pour in $6 billion in the past two
months
Ø Oil prices hold above $63 a barrel on US-China trade talks
optimism
Ø Price-fixing charges: Sun Pharma in talks with US to end
anti-trust probe
Ø Ind-Ra downgrades long-term issuer rating of Texmaco
Ø Novartis to buy US biotech The Medicines Co for $9.7 billion
Ø Salcomp buys Nokia's Sriperumbudur plant to make Apple chargers
Ø LVMH to buy Tiffany for $16 billion in largest-ever luxury-goods
deal
Ø CG Power forays into EV bus segment
Ø PFRDA releases valuation norms for NPS pension funds
Ø Zee Entertainment board accepts Subhash Chandra's resignation as
chairman
Ø BSNL, MTNL VRS scheme: Over 92,000 employees opted so for
Ø Shut down 4,774 industries in residential areas immediately: NGT
Ø 10 states unequipped to ensure food safety: FSSAI
Ø SC notice to finance ministry, others on Adani plea seeking duty
parity
Ø Number of captive coal blocks slips to 11 so far from 17 in FY19
Ø Shuttl raises $18 million from SPARX Group, Toyota Tsusho
Corporation
Ø PSBs collect Rs 1,996 crore in minimum balance penalty in FY’19
Ø Paytm raises USD 1 billion in fresh funding
Ø SEBI to tighten rules for brokers after Karvy debacle
Ø Gold declines Rs. 166 on weak global trend
Ø 2.75 lakh houses will be ready by 2020
Ø JV plans: SAIL awaits ArcelorMittal response
Ø CAIT levels tax avoidance allegations on ecomm cos
Ø Aurobindo Pharma aims to become debt free in 3 yrs
Ø BPCL asked to submit valuation of company in 50 days
Ø NTPC likely to issue green bonds to raise funds
Ø SEBI plans to implement data analytics project
Ø ECL Finance's NCD Tranche II oversubscribed
Ø Govt. to amend IBC to ring-fence buyers of stressed assets from
prosecution
Ø Karvy group's liquidity to stay stretched over medium term:
CRISIL
Ø Airtel, RIL, three others may submit bids for RCom assets on Nov
25
Ø Govt's privatisation plan may end complex cross-holding in oil
PSUs
Ø RCom lenders reject resignation of Anil Ambani, 4 other
directors
Ø Key WTO body may become dysfunctional from Dec 11
Ø PSUs need roadmap for growth, exports: CII report
Ø Post Brexit, India can use Ireland as window to EU: Envoy
Ø Government to consider cut in reserve price of rice
Ø USFDA red flags Torrent Pharma’s US-based plant for
manufacturing violations
Ø India's PSUs should bid for international projects as
consortium: Report
Ø ETFs funds account for 82% of selloff proceeds: DIPAM
Ø FPIs pour ₹17,722 crore into Indian Markets in November so far
Ø After Jet's demise, Lufthansa plans to strengthen partnerships
with AI, Vistara
Ø India's gold imports dip 9% in April-October period
Ø Amar Ujala bets on healthcare; acquires majority stake in Cygnus
Medicare
Ø ISPAI seeks legal view on DoT’s demand for statutory dues; says
order unnecessarily imposed on USP
Ø Monetary Policy Committee to be split on rate cut decision
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# GST: New set of notifications applicable for persons having
place of business in J&K for GST return filing dates and certain impacts on
GST portal after making J&K and ladakh as UT.
# ICAI DISA exam link.
http://isaat.icaiexam.icai.org/dec19/instruction.aspx
# ICAI Membership Fees: Last date of payment 30th November, 2019.
Use this link to pay (Annual Membership Fees (2019-2020)
https://www.icai.org/new_post.html?post_id=15946
# ROC Annual Return Filing extended due Date
-e-forms AOC-4, AOC (CFS) AOC-4 XBRL upto 30.11.2019 and
-e-form MGT-7 upto 31.12.2019,
by companies without levy of additional fee.
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👉🏻GST
authorities unearth racket involving Rs 140 Cr tax fraud
(GST authorities have unearthed a tax racket and arrested one
person for allegedly defrauding the government to the tune of about Rs 140
crore through fraudulent means)
👇🏻
👇🏻 👇🏻
http://bit.ly/2Dj8z2S
👉🏻21
Income Tax officers accused of corruption asked to retire
(Govt has ordered compulsory retirement of 21 income tax officers
in the fifth tranche of its crackdown on officials accused of corruption and
other malpractices.)
👇🏻
👇🏻 👇🏻
http://bit.ly/2ONAn4V
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👉MCA on
NFRA-2 : Extension of the last date of filing of Form NFRA-2-reg:
time limit for filing Form NFRA-2 will be 90 days from the date of
deployment of this formon the website of
National Financial Reporting Authority_
Link: http://www.mca.gov.in/Ministry/pdf/NFRA_27112019.pdf
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NCLT directs Department of Telecommunications(DoT) not to suspend
Aircel’s spectrum license.
Aviva Life settles insolvency case in NCLT. Earlier this month,
the NCLT had ordered to initiate insolvency proceedings against Aviva Life
Insurance in a case filed by Apeejay Trust.
NCLAT has held that non-renewal of a dealership agreement after
its expiry would not amount to an abuse of dominant position in terms of
Section 4 of the Competition Act, 2002.
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GST e-invoicing must for businesses with Rs 100-cr turnover from
April 1:
READ MORE-
https://www.gststation.in/gst-e-invoicing-must-for-businesses-with-rs-100-cr-turnover-from-april-1/
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👉NCLT
has ordered the liquidation of the Nagaon and Cachar paper mills after the
central government refused to release Rs 98 lakh that Hindustan Paper
Corporation Limited (HPCL) owed to Allow & Metals as payment for raw
materials the latter supplied to the two paper mills.
👉The
Bengaluru Bench of NCLT approves demerger of ABB India Ltd’s power grid
business to ABB Power Products and Systems’s India Ltd.
👉Lenders
to refer more cases to NCLT. They need to come up with a plan by Jan 7,failing
which they would be required to make 20% provisions or refer the cases to court
under IBC within 30 days, under the new RBI rule.
👉Following
the recent Supreme Court ruling on Essar Steel resolution plan of
ArcelorMittal, the lenders are expecting their money to start flowing in from
the Lakshmi Mittal-led company next month.
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👉🏻Govt
sets timeline for GST e-invoicing, trial to start January 1, 2020
(Govt. has come out with the timeline for the new e-invoicing
system under GST and the limit of application for each category)
👇🏻
👇🏻 👇🏻
http://bit.ly/2OY8KWQ
👉🏻New
Express Entry draw produces 3,600 invitations to apply for Canadian PR
(The Government of Canada issued 3,600 invitations to apply for
Canadian permanent residence to Express Entry candidates in a new draw held Nov
27.)
Http://bit.ly/2OtgiSs
👉🏻Vijaya
Bank, Dena bank removed from second schedule of RBI Act
(RBI on November 28 said it has excluded Vijaya Bank and Dena Bank
from the second schedule of the RBI Act, with effect from April 1, 2019.)
👇🏻
👇🏻 👇🏻
http://bit.ly/2rxofgC
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Government is going to take several steps to stop GST theft and
has decided to take a decisive step. The government can cancel more than 11
lakh GST registrations which have not filled GST Return 6 times or more than 6
times. In fact, the GST thieves have chosen the government for @ 10,000 crores.
Claims of GST being foolproof due to modus operandi VAT and excise
regime like claiming credit without supply are also being questioned. It is
also feared that the cases being caught are only 10-15% of the actual fraud.
Fake billing was done through GST registration, fake invoicing was done through
which input tax credit was obtained.
Sebi will make it easier for unlisted companies looking to raise
funds by selling debt securities on the stock exchange platform. The focus is
on companies that have not listed their shares but want to list only their debt
instruments, said two people privy to the development. Many firms have shied
away from listing their debt securities as they had to comply with rules
similar to equity listings on the exchanges.
MCA has ordered an investigation by serious fraud investigation
office (SFIO) into affairs of Dewan Housing Finance Corp Ltd (DHFL) and five
other companies, says Anurag Singh Thakur, minister of state for finance and
corporate affairs.
Relaxation of additional fees and extension of last date of filing
of e-Form MGT-7 (Annual Return) and AOC-4 (Financial Statement) under the
Companies Act, 2013 for UT of J&K and UT of Ladakh.
Reserve Bank of India’s efforts to support the flagging economy
are turning out to be a bane for the rupee. The currency is the worst performer
in emerging Asia this quarter, and analysts say that’s because the central bank
is mopping up dollars gushing into local stocks and bonds.
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Firm owner evading Rs 5.74
crore GST payment held:
READ MORE-
https://www.gststation.in/firm-owner-evading-rs-5-74-crore-gst-payment-held/
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Regulatory Authority directs developer to return seven percent
excess GST to homebuyer:
READ MORE-
https://www.gststation.in/tamil-nadu-real-estate-regulatory-authority-directs-developer-to-return-seven-percent-excess-gst-to-homebuyer/
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Haryana registers 30.54% growth in GST collection from July to
Oct:
READ MORE- https://www.gststation.in/haryana-registers-30-54-growth-in-gst-collection-from-july-to-oct/
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Tax sleuths wake up to fake invoice GST racket:
READ MORE-
https://www.gststation.in/tax-sleuths-wake-up-to-fake-invoice-gst-racket/
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Income Tax collections across the country with many states faring
poorly. the all-India collections made by Income Tax department (from April 1
up to Nov. 23) for financial year 2019-2020 stand at a little over Rs 5.44 lakh
crore, registering an all-India growth of 0.6%.
Income Tax Addition of bogus share capital u/s 68 and bogus
purchases u/s 69 cannot be made in absence of incriminating material with AO.
Agson Global Pvt. Ltd Vs ACIT (ITAT Delhi).
Condonation of delay of 1754 days: If the stand of the Applicant
in the Affidavit that he had no knowledge about the passing of the order is not
expressly refuted by the Respondent, the question of disbelieving the stand of
the Applicant cannot arise. Senior Bhosale Estate (HUF) vs. ACIT (Supreme
Court),
Maharashtra Appellate Authority for Advance Ruling (AAAR) had held
in a ruling in February that back-office support services did not qualify as
“export of service” and were in the nature of arranging or facilitating supply of
goods or services.
States will need to be compensated for their revenue shortfall
under goods and services tax (GST) even after 2022 — the sunset year for
compensation under the law — because of slow revenue growth, a report
commissioned by the 15th Finance Commission (FC) has noted.
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👉Mumbai
bench of the NCLT approves a resolution plan for Ricoh India Ltd. that was
submitted by a consortium of two investors.
👉Bombay
high court has set aside an order of the NCLT, Mumbai, by which it had admitted
an insolvency petition against Rolta India and had appointed an IRP.
👉DHFL
becomes first financial services firm to be taken to NCLT.
👉IBBI
Amends Insolvency and Bankruptcy Board of India Regulations.
.
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CBDT in a clarification, said companies opting for
lower tax rate of 22 per cent will not be allowed to claim any deduction or
exemption towards additional depreciation and Minimum Alternative Tax (MAT)
credits against regular taxes. There is no timeline within which the option
under newly inserted 115BAA in the Income Tax Act can be exercised, it added.
Under Section 115BAA,
GSTR-9 and GSTR-9A for the financial year 2017-18. For GSTR-9C,
some changes are required in the offline tool and online which is under
development and is likely to made available by 10th December, 2019.
GST e-invoicing:
From April 1 next year, electronic invoicing (e-invoicing) will be
mandatory for businesses with a turnover of Rs 100 crore, the government said.
This will help curb goods and services tax (GST) evasion and make compliance
easier
Sebi allowed clearing corporations to make investments in
overnight funds. Overnight funds are open-ended debt mutual fund schemes that
invest in securities with a maturity of one day. However, the combined
investments made by clearing corporations in liquid funds and overnight funds
should not exceed a limit of 10 per cent of the total investible resources held
by them.
Industrial Relations Code tabled in Lok Sabha on turned out to be
doing much less than expected to reform the country’s labour laws to improve
the ease of doing business in the country or reducing the cost of labour for
Indian industry to make it globally competitive. In its attempt to please all,
the government seems to have lost a precious opportunity to position India as
an alternative to China in manufacturing.
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GST based bill discounting can provide immediate relief to MSMEs,
says experts:
READ MORE- https://www.gststation.in/gst-based-bill-discounting-can-provide-immediate-relief-to-msmes-says-experts/
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Ekal Vidhyalaya East Delhi chapter is arranging a meeting Followed
by Breakfast on Sunday 22nd December 2019 at 09:30 AM to 11AM at JP hotel
& Resort, 6B, Patparganj, I.P. Extension, NH- 24, Behind CNG Petrol Pump,
Delhi-110092.
Ekal Vidyalaya is a Movement involved in integrated & amp;
holistic development of rural & amp; tribal India and Nepal. The main
activity undertaken in this movement is to run one-teacher schools (known as
Ekal Vidyalayas) all over India, in the remotest rural & tribal
villages to take the education to every child.
The overriding philosophy of Ekal Vidyalaya Movement is to take a
holistic approach of social and economic development to Tribal & Rural
India that is Bharat and Nepal. With the participation of numerous trusts and
non-profit organizations, this movement has become the largest grassroots level
non-governmental education & development movement that operates in the
remote villages of India and Nepal.
The Ekal movement aims to help eradicate illiteracy from rural and
tribal India and Nepal following the philosophy of rural development based on
the criteria of equality & inclusiveness across all the sections of the
society.
The individual donors are from major metros cities in India and
also spread across the globe in 18 countries. At present Ekal Donors are
present in India, USA, Gulf, Canada, Australia, and many more countries. One
donor supports one school and will get a direct access to that village thereby
creating a direct link between the donor families with the village where Ekal
School is operating.Apart from individual donors,
Ekal is also supported by business houses under CSR and by
different charitable foundations across the globe to carry forward their
objective of taking education at grass-roots. Ekal invite individual donors,
Charitable Foundations, Companies for CSR and Govt. agencies to join this movement
of empowering the last man in the last row. Currently Ekal running 99209
vidyalaya all over India and total beneficiaries are 2689211.
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Hindustan Lever Limited v. R.B. Wadkar, ACIT (2004) 268 ITR 332
(Bom.)., a Division Bench has opined the followings with respect to recording
of reasons which should form the unimpeachable code for the Assessing Officers:
1. The reasons are required to be read as they were recorded by
the Assessing Officer;
2. No substitution or deletion is permissible;
3. No additions can be made to those reasons;
4. It is for the Assessing Officer to disclose and open his mind
through reasons recorded by him,
5. It is for the Assessing Officer to reach to the conclusion as
to whether there was failure on the part of the assessee to disclose fully and
truly all material facts necessary for his assessment for the concerned
assessment year:
6. The reasons recorded should be clear and unambiguous and should
not suffer from any vagueness;
7. The reasons recorded should be self explanatory and should not
keep the assessee guessing for the reasons;
8. Reasons provide the link between conclusion and evidence;
9. The reasons must be based on evidence;
10. The Assessing Officer, in the event of challenge to the
reasons must be able to justify the same based on material available on record;
11. He must disclose in the reasons as to which fact or material
was not disclosed by the assessee fully and truly necessary for assessment of
that assessment year, so as to establish the vital link between the reasons and
evidence;
12. That vital link is the safeguard against arbitrary reopening
of the concluded assessment;
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Capital market updates
+ Reliance Jio plans to hike tariffs, which would boost its
profitability further. Reliance Industries to get re-rated soon. Buy.
+ Sequent Scientific, which posted a 58% jump in Q2 PAT, is optimistic
about the current quarter as well. Accumulate.
+ HDFC Asset Management Co. is being accumulated by knowledgeable
circles and is likely to contribute significantly to the next market rally.
Accumulate.
+ ONGC plans to raise about $500 million via dollar bond sale to
refinance part of its debt through cheaper funds. A positive for the company.
Buy for the long term.
+ The Indian insurance industry is set for a big boom. Buy
Reliance Nippon Life Asset Management with a one-year investment horizon.
+ State Bank of India raised Rs.3800 crore via perpetual bonds
sale to fund its Tier I capital. A big positive for the bank. Buy for the long
term.
+ The merger with Gruh Finance will help Bandhan Bank diversify
its business. A positive for the company. An attractive buy.
+ China has terminated the 17.6% anti-dumping duty on imported
pyridine originating in India. A big positive for Jubilant Life Sciences. Buy.
+ The government mulls strategic divestment in BPCL, Shipping
Corporation of India, Container Corporation of India and two other unlisted
companies. Accumulate these stocks for the long term.
+ Infosys claims to have complied with rules by India’s markets
regulator and its internal guidelines on a whistle-blower complaint. A good
time to accumulate.
+ RBI has taken over the reins of DHFL. For investors with a risk
appetite, it may be a good idea to buy NCDs at throwaway prices.
+ Although Britannia Industries has decided to hold back new
product launches until demand revives, it is still a good investment bet.
+ The current turbulence in the stock market offers a good
opportunity to accumulate quality mid-cap stocks like Biocon, Polycab India and
Container Corporation of India at attractive valuations.
+ J.K. Cement’s Q2 results (net up 60% YoY) indicate that the
cement industry is headed for a boom. Accumulate.
+ Jyothy Labs expects H2FY20 to be much better than H1. A good
opportunity to accumulate this share.
+ Although Bank of Baroda is struggling to resolve its stressed
loan accounts, its provisions are likely to decline in view of better asset
management. Accumulate.
+ Asian Infrastructure Investment Bank plans to invest $2.5
billion in India’s infrastructure industry. Sobha Ltd and Sadbhav
Infrastructure Project could be major beneficiaries.
+ The Q2 results of Ester Industries indicate a continuous rise in
profitability. It may be prudent to accumulate this small-cap company.
+ Shree Renuka Sugars posted a profit of Rs.2740 crore in Q2FY20
v/s a loss of Rs.433 crore in Q2FY19. The sharp turnaround in profitability
indicates turning times for the sugar industry and this company in particular.
Accumulate.
+ Steel pipes major APL Apollo Tubes posted sanguine results for
Q2FY20 with an EPS of Rs.25 v/s Rs.11 in Q2FY19. Accumulate.
+ It may be prudent to buy Mahindra & Mahindra Financial
Services on the back of improved performance and re-rating by some renowned
analysts.
+ Going by its H1FY20 results, Polyplex Corporation is likely to
notch an EPS of Rs.130 for FY20. The stock is likely to cross Rs.650 on a
conservative P/E of 5x.
+ Vindhya Telelinks is likely to notch an EPS of Rs.225 for FY20
on a small equity of Rs.11.8 crore. The stock trades at a forward P/E of 3.7x
and has the potential to double from the current level.
+ Going by its H1FY20 EPS of Rs.12.7, Refex Industries is set to
notch an EPS of Rs.25-27 for FY20. Its prospects look bright. Accumulate.
+ Pitti Engineering is likely to notch an EPS of Rs.10 for FY20
once the full effects of expansion become visible. It recently received a
~Rs.500 crore order from GE India. Buy for over 50% returns in the medium term.
+ Going by its H1FY20 results, Jindal Poly Films is likely to
notch a consolidated EPS of Rs.50-55 for FY20. The stock is poised to touch
Rs.350.
+ Going by its Q2FY20 results, Jindal Stainless (Hisar) is likely
to notch an EPS of Rs.13 for FY20. Accumulate on dips for good returns.
+ An Ahmedabad-based analyst recommends Cochin Shipyard and Monte
Carlo Fashions
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Why NCLT ordered impleadment of Ministry of Corporate Affairs as a
party to Insolvency and Bankruptcy cases?
Ministry of Corporate Affairs being a party would facilitate the
availability of authentic record for the proper appreciation of the matters
being contested before it._
Read full article at : https://dasgovernance.com/2019/11/25/why-nclt-ordered-impleadment-of-ministry-of-corporate-affairs-as-a-party-to-insolvency-and-bankruptcy-cases/
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GST system redesign neither desirable nor feasible, say tax
experts:
READ MORE-
https://www.gststation.in/gst-system-redesign-neither-desirable-nor-feasible-say-tax-experts/
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CAIT seeks probe into alleged avoidance of tax liability by
Amazon, Flipkart:
READ MORE-
https://www.gststation.in/cait-seeks-probe-into-alleged-avoidance-of-tax-liability-by-amazon-flipkart/
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👉NCLAT
has held a petition filed by Pankaj Oswal alleging "oppression and
mismanagement" into the affairs of Oswal Agro Mills Ltd at the NCLT as
"maintainable" under the Companies Act.
👉NCLT,
Principal Bench directs that Secretary, MCA, Govt. of India shall be made a
party to all the cases under the IBC as well as the Company petitions before
the Tribunals.
👉The
Bombay High Court will decide whether an order pronounced by the NCLT is valid,
if not pronounced in an Open Court.
👉NCLAT
has held that the creditor facing PMLA investigation cannot be part of
Committee of Creditors.
👉The
Supreme Court ruling in Essar Steel matter is a "watershed moment"
for the insolvency jurisprudence and takes away excuses of parties to halt
resolution process midway, according to IBBI Chairperson M S Sahoo.
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👉🏻Job
Vacancies remain at historic highs in Canada
(The Canadian Federation of Independent Business latest Help
Wanted Report shows that roughly 433,000 private-sector jobs went unfulfilled
this past quarter)
👇🏻
👇🏻 👇🏻
http://bit.ly/34tMvys
👉🏻Govt
plans to amend IBC to provide immunity to buyers of stressed assets from
prosecution
(Govt plans to amend the Insolvency and Bankruptcy Code (IBC) to
provide immunity to companies taking over stressed assets from prosecution for
financial crimes committed by erstwhile promoters)
👇🏻
👇🏻 👇🏻
http://bit.ly/35tE9an
👉🏻Empanelment
as Internal Auditors for NTPC Limited
(NTPC Limited invites EOI from reputed Indian Chartered / Cost
Accountants firms for empanelment as Internal Auditors for the financial year
2020-21, 2021-22 and 2022-23)
👇🏻
👇🏻 👇🏻
http://bit.ly/2XHzEWU
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Amarinder Singh expresses shock over delay in Rs 4,100 cr GST
compensation:
READ MORE-
https://www.gststation.in/amarinder-singh-expresses-shock-over-delay-in-rs-4100-cr-gst-compensation/
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DeMo, GST has destroyed my 32-year-old business:
READ MORE-
https://www.gststation.in/demo-gst-has-destroyed-my-32-year-old-business/
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MSMEs in Kashmir valley struggle to file GST with no internet:
READ MORE-
https://www.gststation.in/msmes-in-kashmir-valley-struggle-to-file-gst-with-no-internet/
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Falling investment, GST collection: This veteran fund manager has
key suggestions for govt:
READ MORE-
https://www.gststation.in/falling-investment-gst-collection-this-veteran-fund-manager-has-key-suggestions-for-govt/
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Section 167(1)(a) of Companies Act 2013 has prospective or
retrospective effect?
Proviso to Section 167(1)(a) of the Act having a prospective
operation would affect only those directors who are disqualified on or after
7th May 2018 insofar as vacating office of director other than the defaulting
company is concerned._
Read full article at :
https://dasgovernance.com/2019/11/26/section-1671a-of-companies-act-2013-has-prospective-or-retrospective-effect/
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👉NCLT
gave a go-ahead to the resolution plan of Royale Partners after the Committee
of Creditors accepted its Rs 900-crore bid. Royale Partners Investment Fund
Limited, a Mauritius-based investor, has successfully bid for EPC Construction
India Ltd under IBC.
👉NCLT
issues notices to the CEOs of Axis Bank and Standard Chartered Bank, asking
them to personally appear in the contempt proceedings against them for
violating the tribunal’s order.
👉Lenders
take forward their resolution plan for McLeod Russel outside NCLT.
👉Delhi
HC directs Bhushan Power and Steel CoC to deposit legal fee paid during CIRP.
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Notification No. 57/2019-Central Tax ,dt. 26-11-2019- Seeks to extend
the due date for furnishing of return in FORM GSTR-1 for registered persons in
Jammu and Kashmir having aggregate turnover more than 1.5 crore rupees for the
months of July, 2019 to September, 2019
Notification No. 58/2019-Central Tax ,dt. 26-11-2019- Seeks to
extend the due date for furnishing of return in FORM GSTR-1 for registered
persons in Jammu and Kashmir having aggregate turnover more than 1.5 crore
rupees for the month of October, 2019
Notification no. 59/2019-Central Tax ,dt. 26-11-2019-Seeks to
extend the due date for furnishing of return in FORM GSTR-7 for registered
persons in Jammu and Kashmir for the months of July, 2019 to October, 2019
Notification No. 60/2019-Central Tax ,dt. 26-11-2019- Seeks to
extend the due date for furnishing of return in FORM GSTR-3B for registered
persons in Jammu and Kashmir for the months of July, 2019 to September, 2019
Notification No.61/2019-Central Tax ,dt. 26-11-2019- Seeks to
extend the due date for furnishing of return in FORM GSTR-3B for registered persons
in Jammu and Kashmir for the month of October, 2019
Notification No. 62/2019- Central Tax ,dt. 26-11-2019- Seeks to
notify the transition plan with respect to J&K reorganization w.e.f.
31.10.2019
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1. AAR allowed applicant to withdraw its Advance Ruling
application
Office Official Liquidator, In re - [2019] 111 taxmann.com 255
(AAR - KARNATAKA)
The applicant is an official liquidator and has sold an aircraft
to the successful bidder through global e-auction. The applicant has sought an
advance ruling on whether sale of the aircraft to the buyer located outside
India is to be treated as ‘exports’ under GST, what is the place of supply,
what is classification and GST rate on such transaction?
However, the Applicant later on requested to withdraw the
application filed for advance ruling as the questions raised in the application
were based on ‘Place of Supply’. However, sale and shipment of the aircraft was
already completed.
The Authority for Advance Rulings allowed the applicant to
withdraw its Advance Ruling application, and, hence, disposed off the said
application as withdrawn
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Power to appoint a sole arbitrator by an interested person
A person having an interest in the dispute or in the outcome or
decision thereof, must not only be ineligible to act as an arbitrator but must
also not be eligible to appoint anyone else as an arbitrator. Naturally, the
person who has an interest in the outcome or decision of the dispute must not
have the power to appoint a sole arbitrator._
Read full article at :
https://dasgovernance.com/2019/11/27/power-to-appoint-a-sole-arbitrator-by-an-interested-person/
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👉🏻GST
authorities unearth racket involving Rs 140 Cr tax fraud
(GST authorities have unearthed a tax racket and arrested one
person for allegedly defrauding the government to the tune of about Rs 140
crore through fraudulent means)
👇🏻
👇🏻 👇🏻
http://bit.ly/2Dj8z2S
👉🏻21
Income Tax officers accused of corruption asked to retire
(Govt has ordered compulsory retirement of 21 income tax officers
in the fifth tranche of its crackdown on officials accused of corruption and
other malpractices.)
👇🏻
👇🏻 👇🏻
http://bit.ly/2ONAn4V
👉🏻Appointment
of Portfolio and Investment Advisor for the Investment of Surplus Funds of
ICAI
(Appointment of Portfolio and Investment Advisor for the
Investment of Surplus Funds of Institute Of Chartered Accountants Of India
(ICAI)
👇🏻
👇🏻 👇🏻
http://bit.ly/2QRGKGU
.
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👉Suzlon
Energy may head to NCLT. The lenders have signed an inter-creditor agreement
and have time till January 2020 to implement a resolution plan.
👉IBC is
likely to undergo further changes, as sources say MCA would soon move
amendments to the code, including protection for new buyers and tighter norms
for home buyers in terms of taking developers to NCLT.
👉The
Forum for People’s Collective Efforts (FPCE) have started a social media
campaign urging the Prime Minister to not allow dilution of the IBC to protect
homebuyer’s interest.
👉Global
rating agency Moody’s Investors Service in its latest report has said that the
inclusion of NBFCs into the IBC is credit positive for banks because IBC
provides for the orderly resolution of a stressed NBFC company.
.
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.
Latest update on penny stock from Supreme Court
Special Leave Petition filed by the assessee (titled Suman Poddar)
vide SLP(C) no. 26864/2019 challenging the addition made on account of Bogus
LTCG from penny stock (in this case, Cresanda Solutions) has been dismissed on
22/11/2019 by the Hon’ble Supreme Court of India.
The link to the dismissal of SLP is as under:
https://main.sci.gov.in/supremecourt/2019/39588/39588_2019_4_18_18422_Order_22-Nov-2019.pdf
Further in this case appeal titled Suman Poddar vs. ITO [ITA
841/2019, dated 17/09/2019] was dismissed by the Hon’ble Delhi HC.
Also the appeal titled Suman Poddar vs. ITO [ITA No.
1006/Del/2019, dated 25/07/2019] was dismissed by the ITAT Delhi Bench
The link to orders of Hon’ble Delhi HC and ITAT Delhi are as
under:
Thanks for reading
