✅Corporate Snippets on Nov 13✅
Ø India invites foreign firms to invest in oil sector
Ø Another whistleblower guns at Infosys CEO Parekh
Ø India's July-Sep quarter GDP numbers crucial: Report
Ø Tata Group is looking for a partner to help fix Jaguar business
Ø IL&FS gets banks' nod for sale of education biz
Ø Tata Motors global wholesales dip 19% in October
- UK jobs fall by most in over four years as election nears.
- *Financial Times picks first female editor Khalaf as Barber signs off.*
- Situation critical: Vodafone's future in India in doubt after court ruling.
- Brexit extension set to boost IRISH economy - finance minister.
- McDonald's workers sue over sexual harassment, 'toxic' work culture.
- Prosecutors seek charges against VW managers over labour bonuses.
- Thyssenkrupp elevator unit attracts at least three major bidders.
Ø JSW Steel output falls 13 per cent to 12.54 LT in Oct
Ø Stability, regulatory reforms to boost economic growth: BSE MD Chauhan
Ø India-Asean bilateral trade may double by 2025 to $300 billion: Study
Ø Govt. to consider TCS, Infosys offers to set up infotech SEZs on Nov 15
Ø Aurobindo consolidated Q2 profit before tax up 5.9% at Rs 904 crore
Ø UltraTech to sell stake in Bangladesh-based units to HeidelbergCement
Ø India can gain from US-China trade war: RBI study
Ø SBI's Economic Research team cuts India's FY20 GDP forecast to 5%
Ø Tata Motors’ India operations face acute challenges: Moody’s
Ø MMTC extends tender offer to sell 6% stake in ICEX till November
Ø States should scrap APMCs and move on to eNAM: FM
Ø Apple tops India premium segment with 51.3% market share in Q3, says IDC
Ø Moody’s downgrades Macrotech Developers (Lodha) to Caa1
Ø India, other BRICS members to strengthen cooperation in digital economy: Modi
Ø Embassy REIT to raise debt, equity to fund acquisitions
Ø Airbnb counts India among its top three fastest growing EMs
Ø India to cross 200 GW renewable energy capacity mark by 2022: Power Minister RK Singh
Ø Lodha group arranges $325 million fund to repay bonds maturing in March
Ø Ahead of meet with USTR, Piyush Goyal flags 'predatory pricing' in e-commerce
Ø Airtel submit bids for RCom spectrum; Jio seeks deadline extension by 10 days
Ø Coal India Q2 net profit up 14 pc to Rs 3,522 crore
Ø Solar installations drop 35 per cent in first half
Ø Oil tanker to become Asia’s refuelling hub
Ø Vodafone's future in India in doubt after latest setback
Ø Govt within its rights to hold spectrum auction: COAI
Ø Jindal Stainless reports Q2 profit at Rs 52 crore
.
==≠=======>
.
Whether the Directors of a Company, which in default of clauses (a) and (b) of Section 164(2) of the Act, are disqualified from being re-appointed as Directors in other non-defaulting companies?
No person who is or has been a director of company shall be eligible to be re-appointed as a director of ‘that company’ or appointed in any ‘other company’.
Read full article at https://dasgovernance.com/2019/11/12/whether-the-directors-of-a-company-which-in-default-of-clauses-a-and-b-of-section-1642-of-the-act-are-disqualified-from-being-re-appointed-as-directors-in-other-non-defaulting-companies/
.
==≠=======>
.
Lukewarm response to indirect tax legacy dispute resolution scheme:
READ MORE
https://www.gststation.in/lukewarm-response-to-indirect-tax-legacy-dispute-resolution-scheme/
.
==≠=======>
.
Businesses allowed self-assessment for claiming GST credits:
READ MORE-https://www.gststation.in/businesses-allowed-self-assessment-for-claiming-gst-credits/
.
==≠=======>
.
Over Rs 5,000 cr dues declared so far under Sabka Vishwas Scheme:
READ MORE- https://www.gststation.in/over-rs-5000-cr-dues-declared-so-far-under-sabka-vishwas-scheme/
.
==≠=======>
.
👉Insolvency regulator IBBI is considering the Group Insolvency laws framework. Group insolvency will attempt to club multiple entities of a group facing insolvency at a single court for resolution.
👉Resolution of financial service providers possible under IBC according to IBBI chief M S Sahoo.
.
==≠=======>
.
GST Taxpayer: You need to be careful in filing November GST return after change of rule last month:
READ MORE- https://www.gststation.in/gst-taxpayer-you-need-to-be-careful-in-filing-november-gst-return-after-change-of-rule-last-month/
.
==≠=======>
.
Whether the provisions of Section 167(1)(a) of the Act are applicable in respect to offices of Directors, who have incurred the disqualification under Section 164(2) of the Act?
The Director would not demit their office on account of disqualifications incurred under Section 164 (2) of the Act by virtue of Section 167(1)(a) of the Act prior to the statutory amendments introduced with effect from 07.05.2018. However, if they suffer any of the disqualifications under Section 164(2) on or after 07.05.2018, the clear implication of the provisos to Section 164(2) and 167(1)(a) of the Act are that they would demit their office in all companies other than the defaulting company.
Read full article at https://dasgovernance.com/2019/11/13/whether-the-provisions-of-section-1671a-of-the-act-are-applicable-in-respect-to-offices-of-directors-who-have-incurred-the-disqualification-under-section-1642-of-the-act/
.
==≠=======>
.
TODAY'S CASE (INDIRECT TAX)
ST - Penalty cannot be imposed simultaneously u/s 76 and 78 of Finance Act, 1994: CESTAT
https://taxindiaonline.com/RC2/caseLawDet.php?QoPmnXyZ=MTU0MTA1
CX - Excess credit availed due to wrong computation of formula given in rule 3(7)(a) of CCR, 2004 - credit reversed on pointing out by Range officer - no penalty imposable: CESTAT by Majority
https://taxindiaonline.com/RC2/caseLawDet.php?QoPmnXyZ=MTU0MTA0
Cus - Issue sought to be raised by the appellant is not issue decided upon in O-I-O, hence no order can be passed on same: CESTAT
https://taxindiaonline.com/RC2/caseLawDet.php?QoPmnXyZ=MTU0MTAy
CX - AA has denied CENVAT credit on ground that assessee did not inform Department about receipt of duty paid final products back into factory - there is no such requirement u/r 16 of CER - order bad in law: CESTAT
https://taxindiaonline.com/RC2/caseLawDet.php?QoPmnXyZ=MTU0MTAz
.
==≠=======>
.
Whether the provisions of Section 167(1)(a) of the Act are applicable in respect to offices of Directors, who have incurred the disqualification under Section 164(2) of the Act?
The Director would not demit their office on account of disqualifications incurred under Section 164 (2) of the Act by virtue of Section 167(1)(a) of the Act prior to the statutory amendments introduced with effect from 07.05.2018. However, if they suffer any of the disqualifications under Section 164(2) on or after 07.05.2018, the clear implication of the provisos to Section 164(2) and 167(1)(a) of the Act are that they would demit their office in all companies other than the defaulting company.
Read full article at https://dasgovernance.com/2019/11/13/whether-the-provisions-of-section-1671a-of-the-act-are-applicable-in-respect-to-offices-of-directors-who-have-incurred-the-disqualification-under-section-1642-of-the-act/
.
==≠=======>
.
CBDT claimed that the Income Tax Department has busted a hawala racket worth Rs 3,300-crore and spread across multiple cities such as Delhi, Mumbai and Hyderabad with links to "leading corporate houses" in the infrastructure sector.
India’s share of tax from multinational digital companies like Google and Facebook, among others, would be substantially lower than the current mop-up under equalisation levy if the taxation formula suggested in the OECD consultative paper is applied. The OECD formula seeks to distribute ‘residual profit’ among jurisdictions where taxability is established.
The government has allowed businesses to do self-assessment while claiming credits for the Goods and Services Tax (GST) paid on raw materials and services in cases where their suppliers have not uploaded invoices.
Businesses can claim only 20% of the total tax credits due to them if suppliers have not uploaded invoices and not paid taxes to the government, as per rules notified in October. A Finance Ministry circular on Monday showed that the authorities have decided to allow businesses to do self-assessment while complying with this rule, rather than enforcing it through making software changes in GSTN, the portal for filing returns.
The decision was taken as it was a new rule meant to improve compliance. Wrongful claim of tax credits is a big area of tax evasion that the government wants to address but it prefers to tighten rules only gradually to avoid a backlash.
A set of clarifications issued by the Finance Ministry on Monday said that it was the responsibility of the taxpayer to ensure that credit is availed of as per rules, adding that it shall be done on self-assessment basis by them.
Reserve Bank of India has withdrawn some exemptions granted to mortgage finance companies in terms of complying with regulations such as provisions and creation of reserve fund that would put them on par with other non-banking finance companies. This has followed the shift of regulation of housing finance companies to the Mint Street from the National Housing Bank.
Economic Offences Wing (EOW) arrested two auditors in connection with PMC Bank scam and will produce them in Court today seeking their police remand. Earlier five accused have been arrested in the case.
.
==≠=======>
.
👉NCLAT has set aside the insolvency proceedings initiated against Apeejay Surrendra group firm Apeejay Tea and directed to hand over the management back to its Board Of Directors.
👉NCLT extends time for Ind-Barath’s insolvency process.
👉Insolvency regulator IBBI has asked registered insolvency professionals to furnish details of all ongoing CIRP, which is not completed within 330 days.
.
==≠=======>
.
.
==≠=======>
.
.
==≠=======>
.
Explanation of Section 12 of IBC Code 2016 : Section 12 of the Code thus mandates that the CIRP of a CD must conclude within 330 days from the insolvency commencement date. This period of 330 days includes (a) normal CIRP period of 180 days, (b) one-time extension, if any, up to 90 days of such CIRP period granted by the Adjudicating Authority, and (c) the time taken in legal proceedings in relation to the CIRP of the CD. It also mandates that a CIRP which was pending and not completed within the aforementioned period of 330 days as on the date of commencement of the Amendment Act, that is, 16th August, 2019, shall be completed within a further period of 90 days from such date, that is, by 14th November, 2019. It, therefore, amounts to contravention of section 12 of the Code (a) where the CIRP is not completed within 330 days from the insolvency commencement date, or (b) where a CIRP, which was not complete as on 16th August, 2019 even after expiry of 330 days, is not completed by 14th November, 2019.
.
==≠=======>
.
DEEMED DIVIDEND
Loans or advances from shareholders : Advance received by assessee-holding company from its subsidiary company for making strategic investments in real estate projects being purely of nature of trade advance received in ordinary course of business as per agreed Memorandum of Understanding, was a commercial transaction, hence, not deemed dividend under section 2(22)(e) - Asian Business Connections (P.) Ltd. v. Deputy Commissioner of Income Tax - [2019] (Indore - Trib.)
.
==≠=======>
.
✍️RBI circular regarding Age Limit for Concurrent Audit Staff🍎
As per RBI Circular - DBS.CO.ARS.No.BC. 01 / 08.91.021/2019-20 dated 18-09-2019
RBI Circular regarding change in Audit System:-
RBI has issued fresh guidelines regarding Concurrent Audit System. As per the same, the age limit of retired staff engaged as concurrent auditors is required to be capped at 70 years. Accordingly, you are hereby instructed to follow the said guideline and ensure that none of the retired staff engaged as concurrent auditor is above 70 years of age.
Based on that many Banks may quit Retired Staff of the same bank appointed as Concurrent Auditor. Many CAs have good time to get new appointments.
.
==≠=======>
.
The SC has held that the office of CJI is public authority under transparency law, Right to Information Act
SC cautions that RTI cannot be used as tool of surveillance
Judicial independence has to be kept in mind while dealing with transparency: SC
The Supreme Court has held that office of the Chief Justice of India is a public authority under the transparency law, the Right to Information Act.
"Transparency doesn’t undermine judicial independence," the Supreme Court said in a unanimous verdict on Wednesday as it upheld the Delhi High Court judgment which ruled that office of the Chief Justice comes under the purview of RTI.
The five-judge constitution bench, headed by Chief Justice Ranjan Gogoi who retires on November 17, also dismissed the three appeals filed by secretary general of the SC and the Central Public Information officer of the apex court. Other members of the bench included Justices NV Ramana, DY Chandrachud, Deepak Gupta and Sanjiv Khanna.
Thanks for reading
