6th November 2K19
Economic Times
Ø Govt working with RBI to revive realty sector: FM
Ø China wants US to drop tariffs on $360 bn of imports
Ø BPCL stake sale may affect govt-oil cos linkages: IndRa
Ø Only 15% of cases under IBC resolved: Report
Ø MSCI may axe debt-laden companies from its indices
Ø NCLT okays Max India -Max healthcare assets merger
Ø PNB expects 10-12% operating profit growth in H2
Business Standard
Ø Govt considering one-time settlement option in drug overcharging cases
Ø Bourses should refrain from using their oligopolistic position: Sebi chief
Ø China presses US to drop tariffs on $360 bn of imports before trade deal
Ø Jindal Steel posts consolidated net loss of Rs 399.31 cr in Sep quarter
Ø NSE seeks cut in tax on capital market transactions to boost investment
Ø Sebi issues detailed circular on Aadhaar e-KYC for domestic investors
Business Line
Ø Metals sector lauds India’s withdrawal from RCEP
Ø Excess rain has damaged kharif crops: Skymet
Ø Sugar production estimated to be 260 lakh tonnes: ISMA
Ø Apollo Tyres net dives 43% on slowdown
Ø REC Q2 net down 26% to ₹ 1,306.76 crore
Ø Torrent Power net rises 83% to Rs 755 cr in Sept qtr
Mint
Ø Worst may be over for global economy amid signs of stabilization
Ø Holdings of gold-backed ETFs hit all-time high: WGC
Ø Tech Mahindra acquires BORN Group for $95 million
Ø Sebi revives eKYC procedure for mutual fund investors
Ø Suzuki’s Apr-Sep profit plunges 42% as sales slide in India, Japan
Financial Express
Ø Tech revolution: Blockchain can transform trading, says Sebi chief
Ø PNB clocks Q2 profit of Rs 507 cr as provision eases
Ø Bankers expect resolution to DHFL issue by December end
Ø Supreme Court stalls Tata Housing Project in Chandigarh
Deccan Chronicle
Ø Crude oil futures fall on low demand
Ø RCEP door is closed, but not forever: Govt
Ø IndiGo, Qatar Airways to announce strategic deal
Ø Rupee rises 8 paise against US dollar on forex inflows
Ø Withdrawal limit for PMC Bank depositors raised to Rs 50,000
Ø Bank loans to moderate to 25-year low in FY'20: Report
Ø RBI cracks the whip on poorly-performing private bank CEOs
Others
Ø SEBI issues clarifications on PIT Regulations
Ø 1L jobs at risk as vendors seek Rs 20,000 cr from BSNL
Ø NBFCs need better tools to detect liquidity strains: RBI
Ø TRAI defers implementation of new MNP rules indefinitely
Ø Bajaj Finance fixes QIP floor price at Rs 4,019.78
Ø RBI mandates 67% variable pay component for brass of private, foreign banks
Ø Acquisition of power plants to boost JSW Energy's growth prospects
Ø Rs 800 bn stuck in stalled realty projects; NBFC concerns overdone: Citi
Ø NBFCs will have to maintain liquidity coverage ratio, says RBI
Ø Bandhan Bank board okays increase in foreign investment to 49%
Ø India, Japan review situation in Indo-Pacific
Ø SEBI frames new diktat for credit rating agencies
Ø Infosys: No prima facie evidence to support allegations of whistleblower group
Ø Sundram Fasteners’ Q2 profit falls 36%
Ø ₹92,000 cr telecom fine may have a ripple effect on digital economy
Ø RBI extends rollout date for LCR norms to Dec next year
Ø Tata Power, Rockefeller Foundation plan 10,000 microgrids across rural India
Ø Current economic downturn seems self-inflicted through GST, note ban: Report
Ø Uber India allots shares worth ₹2,540 crore to Dutch group entity
Ø Tata Steel arm to sell entire stake in NSV for Rs 36 crore
Ø Vendors mull insolvency action against BSNL, MTNL for pending payments
Ø MSMEs attract 85% industry credit in September; monthly growth turns positive for 1st time in FY20
Ø Indian companies evade large part of CSR mandate; half of them don’t even report
Ø India's October gold imports drop 33 pc on weak festive demand: source
Ø Housing sales down 9 per cent, new units drop 24 per cent
Ø Cadila Healthcare’s Moraiya facility gets FDA warning letter
Ø Burger King India looks to raise Rs 400 crore from IPO
Ø Bank loans to moderate to 25-year low in FY'20: Report
Ø RBI cracks the whip on poorly-performing private bank CEOs
Ø Sebi issues clarifications on PIT Regulations
Ø 1L jobs at risk as vendors seek Rs 20,000 cr from BSNL
Ø NBFCs need better tools to detect liquidity strains: RBI
Ø Bajaj Finance fixes QIP floor price at Rs 4,019.78
Ø RBI mandates 67% variable pay component for brass of private, foreign banks
Ø Acquisition of power plants to boost JSW Energy's growth prospects
Ø Rs 800 bn stuck in stalled realty projects; NBFC concerns overdone: Citi
Ø Infosys: No prima facie evidence to support allegations of whistleblower group
Ø India, Japan review situation in Indo-Pacific
Ø RBI extends rollout date for LCR norms to Dec next year
Ø Tata Power, Rockefeller Foundation plan 10,000 microgrids across rural India
Ø Current economic downturn seems self-inflicted through GST, note ban: Report
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Can SEBI grant exemption for Open Offer to Acquirer under Takeover Regulations?
In terms of Regulation 11(5) of the Takeover Regulations, SEBI has power to grant exemption to the Proposed Acquirer from complying with the requirements of Regulations 3, 4 and 5 of the Takeover Regulations.
Read full article at : https://dasgovernance.com/2019/11/06/can-sebi-grant-exemption-for-open-offer-to-acquirer-under-takeover-regulations/
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GST: NSE seeks cut in tax on capital market transactions to boost investment:
READ MORE- https://www.gststation.in/gst-nse-seeks-cut-in-tax-on-capital-market-transactions-to-boost-investment/
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Government working with RBI to revive real estate sector: Finance Minister Nirmala Sitharaman
READ MORE- https://www.gststation.in/government-working-with-rbi-to-revive-real-estate-sector-finance-minister-nirmala-sitharaman/
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👉🏻HC allows taxpayers to avail disputed pre-GST tax credits
(Punjab and Haryana High Court has paved the way for carry forward of CENVAT credit and VAT input credits to the GST regime for taxpayers who could not do so due to non-filing or incorrect filing of claims)
👇🏻 👇🏻 👇🏻
http://bit.ly/36HcWTc
👉🏻SEBI issues circular on Aadhaar e-KYC for investors
(SEBI issued a detailed circular regarding the process to be followed for Aadhaar-based electronic KYC exercise for domestic investors)
👇🏻 👇🏻 👇🏻
http://bit.ly/34CnCAi
👉🏻CBIC mandates quoting of DIN in all communications from 08.11.2019
(Generation and quoting of Document Identification Number (DIN) on any communication issued by CBIC to tax payers and other concerned persons)
👇🏻 👇🏻 👇🏻
http://bit.ly/2oMUfvY
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👉NCLT initiates insolvency proceedings against Flipkart for Rs 18 crore default.
👉SEBI directs listed companies, depositories and registrar and transfer agents (RTAs) to strengthen their due diligence process to augment the integrity of the system in processing of dematerialization request in respect of remaining physical shares.
👉NSE makes pitch to Finance Minister, SEBI to cut securities transaction costs.
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SECTION 69A OF THE INCOME-TAX ACT, 1961 - UNEXPLAINED MONEY
Loans : SLP dismissed against High Court ruling that where Assessing Officer accepted assessee's explanation that he was an NRI for over two years and made foreign remittances and his brother having successful business gave unsecured loan to assessee, revision order for making addition on account of these amounts received by assessee deserved to be set aside - Commissioner of Income Tax v. Kamal Galani - [2019] (SC)
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MCACMS is an online Compliance Monitoring System (MCACMS Portal) implemented the Ministry of Corporate Affairs for issuing show cause notices and submitting replies from companies / directors for non-compliance under provisions of Companies Act 2013.
Show cause notice from MCACMS Portal
MCACMS Portal started sending show cause notices for certain violations by email to the Company /Director / Company Secretary.
The Show cause notice will carry a CMS reference Number such as F.No. D/RCXXX/XXX/2019/XX/YY-YY.
The notice will carry details of non-compliances under which section the notice is issued for and the timelines for submitting the reply.
The Company is required to serve a copy of the said notice to the directors/KMPs and the notice will be treated as deemed to have been served upon every officers in default of the company in terms of the Companies Act. 2013.
The recipient of showcase notice has to submit reply at the portal referring the CMS Reference Number within 15 days from the date the notice. If no reply is filed by the Company / Director, it will be presumed that the company has nothing to say in the matter and the Register of Companies shall initiate penal action for violation of sections referred in the show cause notice.
How to file reply to MCACMS Show Cause Notice?
Logon to the Portal at MCACMS Portal and link Reply for Show Cause Notice.
You have to input CMS reference Number in the required column.
An OTP will be sent to the email where the notice is served. Add the OTP and proceed.
You will be directed to a page where you have to add a reply in not more than 500 words. If the reply is more than 500 words, it is advisable to print the same on Company letter head and authenticated by a Director / Company Secretary and attach the same to the portal as a separate file..
Also, you can attach the relevant supporting documents as separate files to the portal and submit the reply to MCACMS Show Cause Notice.
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Whether in a liquidation proceeding under I&B Code, the Scheme for Compromise and Arrangement can be made in terms of Sections 230 to 232 of the Companies Act?
The Appellate Tribunal state that in Liquidation proceeding under I&B Code, a petition under Section 230 to 232 of the Companies Act is maintainable.
Read full article at : https://dasgovernance.com/2019/11/05/whether-in-a-liquidation-proceeding-under-ib-code-the-scheme-for-compromise-and-arrangement-can-be-made-in-terms-of-sections-230-to-232-of-the-companies-act/
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Due dates for Compliances under GST in the month of November 2019:
10-11-2019- GSTR-8 (to be filed by the e-commerce operators required to deduct TDS under GST for the m/o Oct 2019.
10-11-2019- GSTR-7 (to be filed by the by the person who is required to deduct TDS under GST under GST for the m/o Oct 2019.
11-11-2019- GSTR-1 for m/o Oct 19 (Applicable for taxpayers with Annual Aggregate turnover Above Rs. 1.50/- Crore or opted to file monthly Return Rs. 1.50/- crore)
13-11-2019- GSTR-6 (to be filed by Input Service Distributor for m/o Oct 19.
20-11-2019- GSTR-5 & 5A (to be filed by the Non-Resident taxable person & OIDAR for the m/o Oct 19.
20-11-2019- GSTR-3B for the m/o Oct 19. Pay due Tax till this date.
30-11-2019 – GSTR 9, Annual Return/Statement for FY 17-18 by ALL registered persons having an aggregate turnover of more than Rs. 2 Crores or opted to file Annual Return.
30-11-2019 – GSTR-9C, Annual Return for FY 17-18 by registered person whose Annual Turnover for FY 17-18 is above Rs. 2 Cores (Annual Return + Audited Annual Accounts + Reconciliation Statement in GSTR-9C)
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Prime Minister Narendra Modi said, as Asia’s third-largest economy seeks to attract more overseas investment to spur growth. The government has cut corporate tax rates and introduced a nationwide goods-and-services charge to integrate the nation’s economy. We want to work toward making it even more people friendly,” he said. India is considering tax relief for individuals as it looks at measures to accelerate consumer demand.
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👉🏻Over 3,400 branches of 26 public sector banks closed or merged in last 5 years
(Over 3,400 branches of 26 public sector banks (PSBs) have been either closed or merged during the last five financial years due to merger under the consolidation exercise in the banking space)
👇🏻 👇🏻 👇🏻
https://bit.ly/32gpmOj
👉🏻SEBI issues clarifications on prohibition of insider trade regulations
(Listed Indian firms' employees, including foreign nationals, are required to follow the code of conduct while trading in American Depositories Receipts and Global Depositories Receipts)
👇🏻 👇🏻 👇🏻
https://bit.ly/2Nzj9re
👉🏻Income Tax department to issue PAN instantly online
(The income tax department is set to launch a facility to instantly issue permanent account number (PAN) online, using details available in the Aadhaar database, helping end the wait time for applicants)
👇🏻 👇🏻 👇🏻
https://bit.ly/2PM01Jn
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Realtors in bankruptcy court double in past year
The number of property developers who have been dragged to to the bankruptcy court has more than a year as a prolonged slump in sales and the ongoing liquidity crisis make things tough for many in the country.
For the period ended June 30, as many as 421 realtors were under the corporate insolvency resolution process (CIRP), up from 209 as of September 30 last year, data from Insolvencyand Bankruptcy Board of India show.
Small businesses’ new weapon against big firms: IBC gives MSMEs this power to collect dues
To help MSMEs tide over their problem of delayed payments by large businesses, the Insolvency and Bankruptcy Board of India (IBBI) has now made it compulsory for the buyers of MSME products to confirm the pending invoices from their operational creditors based on the queries received by information utility (IU) companies.
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While carrying out succession planning, it is important to note that Nomination may not really serve the purpose as the Nominee will only act as a Trustee for and on behalf of the legal heirs of the Nominator. Nomination does not really serve the purpose for the Nominator in fact it helps the organisation (i.e. Bank, Mutual Fund, Insurance, etc.) as in case a Nomination has been effected, the organisation merely confers the right on the Nominee so that does not have to hunt / search for the legal heirs of the deceased. The assets of the Nominator irrespective of Nomination will devolve upon the beneficiaries in case of a Will and upon the legal heirs in the absence of a Will as per the respective laws of succession.
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MCA cautions Defaulters of Non-Filing of Financial Statement or Annual Return for Continuous period of Three Financial Year
The Ministry of Corporate Affairs ( MCA ) has cautioned defaulters of non-filing of financial statement or annual return for a continuous period of three years. The MCA said that, the Registrars of Companies (ROCs) are in process of identification and flagging of directors disqualified under section 164(2)(a) of Companies Act, 2013 for their default of non-filing of financial statement or annual return for continuous period of three financial years i.e. 2015-16, 2016-17 and 2017-18. The MCA also said that, The defaulting directors are cautioned to find the pending statutory returns and do necessary compliance as per provisions of law, otherwise action will be initiated under Section 164 of the Companies Act, 2013 and Rules made thereunder. The DINs of such directors are not allowed to be used for filing any e-forms on MCA21 portal, the MCA also added. According to Section 164 of the Companies Act 2013 deals with disqualification of Directors, Once a person is disqualified as a Director, he/she will not be eligible for being appointed as Director of that company or any other company for a period of 5 years from the date on which the company failed to file annual compliance.
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Petroleum and Natural Gas Regulatory Board bats for bringing natural gas under GST:
READ MORE- https://www.gststation.in/petroleum-and-natural-gas-regulatory-board-bats-for-bringing-natural-gas-under-gst/
Thanks for reading
