Corporate Snippets on Nov 11
Ø Indian economy currently facing challenges, says FM
Ø IOCL to set up Rs 766-cr 2G ethanol plant in Panipat
Ø DoT directs to deal Airtel, Tata Tele as separate cos
Ø RIL cuts price for KG-D6 gas after customer protests
Ø 355 infra projects show cost overruns of Rs 3.88L cr
Ø Oil India Q2 net profit slips 27% to Rs 627 crore
Ø Red alert is flashing on bond traders' radar screen
Ø 100% FDI in coal mining will help India to reach 300 MT target: Deloitte
Ø Shipping ministry not opposed to strategic divestment of SCI: Official
Ø Saudi Aramco's record IPO starts November 17; offer size pending
Ø Shree Renuka Sugars posts net profit of Rs 2,739.6 crore for Sept quarter
Ø Maruti Suzuki production slashed 21% in Oct; cut for ninth month in a row
Ø OECD invites public inputs on Global Anti-Base Erosion proposal
Ø Moody’s changes India’s outlook to ‘negative’
Ø India, 16 others complain to WTO about EU’s residue limits for pesticides
Ø New Zealand sees big potential to cooperate with India in dairy sector
Ø IOCL gets Environment Ministry’s clearance to set up 2G ethanol plant in Panipat
Ø Norwegian financier NMI aims to raise the stakes in India
Ø Shareholders ask Fortis to act on IHH open offer
Ø Indian tech startups eyeing IPOs in US may face greater investor scrutiny
Ø No claimants for dormant Swiss bank accounts of Indians; may soon get liquidated
Ø Centre's sell-off yield at ₹12,995 crore, target ₹1.05 trillions
Ø Govt. may extend anti-dumping duty on imports of clear float glass
Ø SEPC urges govt to add services under export incentive scheme to promote sector overseas
Ø FPIs invest over Rs 12,000 cr in first week of November
Ø Weak consumer spend hits India Inc sales in July-September
Ø Services exhibition to be held from Nov 26-28 in Bengaluru to attract investment
Ø Bank fraud: ED attaches over Rs 56-cr assets of Ahmedabad company
Ø Lakshmi Vilas Bank Q2 net loss widens to Rs 357cr as bad loan soars
Ø Goyal to meet USTR to discuss trade issues on Wednesday
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1. CBIC will quote a computer-generated document identification number (DIN) for its communications with taxpayers starting Friday. The system, which is expected to bring transparency and shield taxpayers from harassment, has already been implemented by the direct tax department.
2. Reserve Bank Governor Shaktikanta Das said it is closely monitoring the situation at scam-hit PMC Bank and a forensic audit is underway. Punjab & Maharashtra Cooperative Bank (PMC Bank), among the top 10 urban cooperative banks in the country, was placed under an RBI administrator on September 23 for six months due to massive under-reporting of dud loans. "PMC Bank situation is being closely monitored. Forensic audit is underway in PMC Bank case," Das told reporters after a meeting of the Financial Stability and Development Council (FSDC) here.
3. SEBI Chairman Ajay Tyagi said on Friday that a probe on IT major Infosys was underway following a whistleblower complaint against the company's top executives last month. “Probe on Infosys is going on,” he told reporters on the sidelines of a CII event.
4. OECD unveiled for public consultation a proposal on taxation of digital companies. It seeks to use financial accounts as a starting point for determining the tax base and provide guidance on the extent to which an MNC can combine income and taxes from different sources in determining the effective tax rate on such income.
5. ICAI exam-9th Nov all examinations of the ICAI namely Foundation Paper 1, Final Paper 5, IRM Paper1, Intl taxation and DISA AT Paper scheduled for Saturday, November 9th 2019 on all India basis and abroad stand postponed to a later date which shall be announced separately.
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👉NCLT starts insolvency proceedings against Rolta India, appoints EY as RP.
👉The government is expected to amend the insolvency and bankruptcy law to mandate that only a majority of homebuyers or fixed deposit or bond holders can drag a real estate company for insolvency action, instead of the current provision where an individual homebuyer can approach the NCLT.
👉NCLAT Delhi, has stayed the liquidation process of the debt-strapped Hyderabad-based construction and infrastructure company IVRCL Ltd.
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For Section 34 application, cross-examination of persons swearing to the affidavits should not be allowed unless absolutely necessary
The legal position under Arbitration Act is clear that Section 34 application will not ordinarily require anything beyond the record that was before the arbitrator and that cross-examination of persons swearing in to the affidavits should not be allowed unless absolutely necessary.
Read full article at https://dasgovernance.com/2019/11/11/for-section-34-application-cross-examination-of-persons-swearing-to-the-affidavits-should-not-be-allowed-unless-absolutely-necessary/
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# ICAI’s Members and Student services have been made online, in digitized form on a new platform which works on a Self Service Mode on the Self Service portal (SSP). Application forms are available online now barring a few which will also be available shortly. ICAI has decided to *waive off condonation fees* for delay of all online application forms / documents of members and students with transaction dates from *01st April, 2019 to till date and filed on or before 30th November, 2019..
# ICAI published Quick Referencer on *Indian Accounting Standards*.https://icai.org/new_post.html?post_id=16094&c_id=240
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Multinational technology and digital companies may have to cough up a minimum level of corporate tax, bringing an end to the popular practice of lowering or avoiding taxes by setting up entities in low-tax jurisdictions.
Mandatory requirement for generating a computer generated Document Identification Number (DIN) by the GST Department on the body of any communication by any officer under the Board to a taxpayer or any other person on or after 8th day of November 2019 in the case of Search, authorization, summons, arrest memo, inspection notice and letters issued in the course of any enquiry.
Punjab & Haryana HC directed the respondents to permit the petitioners to file or revise where already filed incorrect TRAN-1 either electronically or manually statutory Form(s) TRAN-1 on or before 30th November 2019. The Respondents are at liberty to verify genuineness of claim of Petitioners but nobody shall be denied carrying forward legitimate claim of CENVAT / ITC on the ground of non-filing of TRAN-I by December 27, 2017.
Sebi extended till March 2020 the timeline for second phase implementation of the Unified Payments Interface (UPI) facility for retail investors applying for shares in public issues. The second phase was to be implemented from July 1, 2019.
ICAI Examination of Intermediate/ Intermediate (IPC), Paper-5, Advanced Accounting scheduled for 11th November 2019 at all examination centres across India and Overseas stand postponed to a future date. It is also clarified that the examinations scheduled from 13th November 2019 onwards shall continue as per the schedule.
ICAI’s Members and Student services have been made online, in digitized form on a new platform which works on a Self Service Mode on the Self Service portal (SSP). Application forms are available online now barring a few which will also be available shortly. Kindly visit e-services on www.icai.org.
ICAI Council has decided to waive off condonation fees for delay of all online application forms / documents of members and students with transaction dates from 01st April, 2019 to till date and filed on or before 30th November, 2019. If you have a login problem please email your details (SRN / MRN, DoB, Email Address, and Phone No.) to ssp.helpdesk@icai.in.
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👉NCLT directs to initiate insolvency proceedings against Delhi-based real estate firm AVP Buildtech Ltd by admitting a plea of a flat buyer claiming refund.
👉Aviva Life Insurance faces IBC trial for not meeting payment obligations to the Apeejay Group.
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