Corporate Snippets on Nov 17
Ø Govt plans to cut stake in IOC to below 51%
Ø ONGC Q2 profit slumps 24%; misses Street estimates
Ø Airtel flags ‘going concern’ risk after big Q2 loss
Ø GST return forms simplified, filing dates extended
Ø India resumes buying Malaysian palm oil
Ø Alstom to deliver 10 electric locomotives to rlys this fiscal
Ø L&T Cap likely to sell Dubai Wealth business
Ø At Rs. 6 trn, CBDT's direct-tax mop-up so far less than 50% of FY20 target
Ø 56% UK companies upbeat about doing business in India: UKIBC Report
Ø SEBI allows exchanges to modify commodity derivatives contracts
Ø Glenmark Pharma net declines 38% to Rs 255.54 cr in September quarter
Ø Grasim Industries Q2 net jumps to Rs 1,473 cr on good show by subsidiaries
Ø Steel companies hike prices by Rs. 500-750 a tonne for the first time this fiscal
Ø UK companies say business with India may increase after Brexit
Ø Q2 results: NBCC reports net loss of Rs 90.91 crore
Ø Vedanta Q2 profit rises 61% to Rs 2,158 cr
Ø Several wind power projects miss completion deadlines
Ø GVK Power’s Q2 loss widens to Rs. 159 cr
Ø PNB bank fraud: CBI set to file fresh charges in $2 billion scam, says report
Ø Union Bank of India posts Q2 net loss at Rs. 1,194 crore
Ø Malvinder Singh, former Fortis Healthcare promoter, arrested
Ø Moody's affirms RIL's Baa2 ratings with a stable outlook
Ø CCI approves Adani's 23.5% stake-buy in Mumbai International Airport
Ø India resumes buying Malaysian palm oil as Kuala Lumpur offers discount
Ø US-China trade war is good news for India’s this export business
Ø Walmart Q3 earnings surge to $3.3 billion, beating expectations
Ø Downgrade: Now, Moody's cuts India GDP forecast for 2019 to 5.6%
Ø Govt may hive off India Post's Life Insurance biz into separate company
Ø Wholesale price index eases to 0.16 per cent in October
Ø SENSEX ends 170 points higher; bank, IT stocks save the day
Ø 'RBI to cut rates by 40 bps by Feb despite high inflation
Ø Aurobindo Pharma Ltd. unit gets 14 observations
Ø Gold supply by domestic refineries dips by one-third
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👉🏻CBIC simplifies Form GST RFD-01, GSTR-9 and GSTR-9C
(CBIC notified the amendments via Notification No. 56/2019 – Central Tax, regarding the simplification of Form GST RFD-01, GSTR-9 and GSTR-9C)
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http://bit.ly/2q5XTC2
👉🏻Four-year-old Bandhan Bank makes more profit than 17 PSU banks combined
(The aggregate profit of 17 public-sector banks was lower than the net profit of private-sector lender Bandhan Bank Ltd alone in the September quarter of the current financial year)
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http://bit.ly/34Z6B3u
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Simplifications/ relaxations provided in Form GSTR-9 (Applicable for FY 2017-18 & FY 2018-19):
1. Option to fill Table-4B to Table-4E (related to supplies on which tax is payable) net of Credit Notes/ Debit Notes/ Amendments
2. Option to fill Table-5A to Table-5F (related to supplies on which tax is not payable) net of Credit Notes/ Debit Notes/ Amendments
3. Option to report Exempted, Nil rated and Non GST Supplies (Table-5D to 5F) on consolidated basis in the “exempted” row only i.e. in Table-5D
4. In Table-6B to 6E, Option to report ITC on Inputs, Capital Goods and Input Services on consolidated basis under “Inputs” row only
5. Option to Report RCM ITC on Inward supplies from registered persons (Table-6D) and unregistered person (Table-6C) on consolidated basis in Table-6D
6. Option to report the entire amount of reversal (From Table-7A to 7E) under Table 7H only
7. Option to upload the details for the entries in Table 8A to 8D in duly signed PDF format in FORM GSTR-9C (without the CA certification)
8. Option to not fill Table-12 (Reversal of ITC availed during preceding year) & Table-13 (ITC Availed for the preceding year)
9. Option to not fill Particulars of Demands and Refund (Table- 15A to 15G)
10. Option to not provide Information on supplies received from composition taxpayers, deemed supply under section 143 and goods sent on approval basis (Table- 16A to 16C)
11. Option to not provide HSN Wise Summary of Outward & Inward supplies (Table-17 & 18)
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👉The Supreme Court to deliver judgements on 2 crucial corporate cases- one involving Fortis & the other involving Essar Steel.
👉NCLAT cancels the sale of Orchid Pharma to Dhanuka Laboratories citing that the resolution plan submitted by the buyer was lower than the liquidation value.
👉The cumulative share of Operational Creditors in companies admitted under Insolvency and Bankruptcy Code (IBC) has reduced to 48% at the end of Q2 from 50% in Q1 of FY20. Correspondingly, the share of Financial Creditors has risen from 40% to 43% in the same period.
👉Bank moves NCLT to initiate insolvency proceedings against McLeod Russel India Ltd, an Indian tea company.
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# MCA notified the Insolvency and Bankruptcy (Insolvency and Liquidation Proceedings* of Financial Service Providers and Application to Adjudicating Authority) Rules, 2019.
# Personal Guarantor Insolvency under IBC 2016 notified from 01.12.2019 w.r.t. PART III on Insolvency Resolution and Bankruptcy for Individuals and Partnership Firms under Section 78 notified alongwith Section 94 to 187.
# Press Release dated 15th November clarifying that *no GST is applicable on Staff Payments to CEO and Directors of the company. clarification issued
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Personal Guarantor Insolvency under IBC 2016 notified from 1.12.2019 w.r.t. PART III on Insolvency Resolution and Bankruptcy for Individuals and Partnership Firms under Section 78 notified alongwith Section 94 to 187.
But, all are applicable to the extent of personal guarantor to corporate debtor alone.
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👉NCLT directs the lenders of Kwality Ltd to reconsider the revised Rs. 145 crore offer by Haldiram Snacks to acquire the debt-ridden dairy firm. Delhi-based bench of the tribunal also extends the Corporate Insolvency Resolution period by 3 weeks.
👉The Supreme Court allows the plea of Committee of Creditors of Essar Steel India and set aside the NCLAT order on insolvency proceedings against the steel giant.
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👉🏻Racket of issuance of fake invoices involving GST of Rs 22 Cr busted
(The revenue department said it has unearthed a racket involving issuances of fake invoices for availing tax benefits worth Rs 22 crore under GST and arrested two persons in this regard.)
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http://bit.ly/37cZ82I
👉🏻New Express Entry draw invites 3,600 candidates to apply for Canadian PR*l
(Nov 13’s draw brings the total number of invitations to apply (ITAs) issued so far this year through Canada’s Express Entry system to 75,300)
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http://bit.ly/32JYmqE
👉🏻Supreme Court sets aside NCLAT judgement, gives upper hand to banks
(Supreme Court set aside NCLAT judgement and said that the ultimate discretion on distribution of funds was with the Committee of creditors)
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http://bit.ly/2qWuf1Z