Corporate Snippets on Nov 19
Ø RBI can now seek resolution of NBFCs having assets
Ø Air India extends bridge-loan bids for Boeing purchase
Ø GoAir inks pact with Emirates National Oil Co for fuel
Ø Surplus transfer from RBI to depend on income: FM
Ø RBI working on strengthening its supervisory skills
Ø Advent set to buy controlling stake in Bharat Serum
Ø Govt. approves strategic stake sales in 28 PSUs
Ø YES Bank begins talks to extend November 30 binding offer deadline
Ø India committed to becoming a $26-bn defence industry by 2025: Rajnath
Ø NHAI to focus on execution, not on awarding new road projects: CRISIL
Ø ArcelorMittal hopes to complete Essar acquisition by December end
Ø Edelweiss to transfer wholesale loans worth Rs 2,000 crore to AIF
Ø Company Law Committee bats for de criminalising 46 penal provisions
Ø HeidelbergCement mulls acquisitions, brand push
Ø Global PE firm Advent picks up majority stake in Daftary’s BSV
Ø Nissan recalls nearly 400,00 vehicles over braking system defect
Ø Synergy Group seeks time to bid for Jet Airways
Ø *Aditya Birla Idea Payments Bank headed for liquidation*
Ø Urban Ladder swings to profitability after battling losses, exits
Ø Government Panel recommends review of disciplinary rules on Directors, Auditors
Ø Tata Motors to supply 500 electric cars to Lithium Urban Technologies
Ø Shree Cement seeks to raise over ₹2,000 crore via QIP
Ø ICICI Bank plans ₹20,000 cr capital boost via QIP
Ø PNB, Union Bank get in-principal nod from govt for proposed merger
Ø Govt mulling to reduce upfront payment for larger coal blocks to attract investors
Ø World goods trade may remain below trend in Q4 2019: WTO
Ø Government notifies Steel Scrap Recycling Policy: Dharmendra Pradhan
Ø TRAI hopes to finalise views on call connect charges by Nov-end: Official
Ø Frequent FDA visits slow down pharma exports: GV Prasad
Ø Major recovery for SBI, ICICI from Essar verdict
Ø NBCC, Suraksha Realty submit revised bids for Jaypee Infra
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# Circular 125/44/2019 dated 18oct2019
GST: Fully electronic refund process through FORM GST RFD-01 and single disbursement. Long awaited Master Circular on Refunds superceding earlier Refund circulars.
# Circular 124/43/2019 dated 18oct2019
Clarification regarding optional filing of annual return under notification No. 47/2019 Central Tax dated 9th October, 2019 - if annual returns remains unfiled then portal won’t allow filing of annual returns beyond due dates.
# Due date: Simple GSTR return for the month of October, 2019 - GSTR-3B - 20-11-2019
# MCA notifications Dated 18.11.2019;
1. Companies Meeting of Board And Its Powers Second Amendment Dated 18 Nov 2019
http://www.mca.gov.in/Ministry/pdf/Comp2Amndt_18112019.pdf
2. Notification of Categories of Financial Service Providers
http://www.mca.gov.in/Ministry/pdf/NotificationFSPs_18112019.pdf
3. Notification - For personal Guarantor to Corporate Debator
http://www.mca.gov.in/Ministry/pdf/Notification_18112019.pdf
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👉🏻SC stays SAT's order holding that SEBI lacks power to bar Auditors
( Supreme Court stayed an order of the Securities Appellate Tribunal (SAT) which had held that markets' watchdog SEBI does not have the power to bar auditors)
👇🏻 👇🏻 👇🏻
http://bit.ly/32ZnlGD
👉🏻Company Law Committee submits its report to Finance Minister
(The Committee took note of the progress made consequent to the Companies (Amendment) Act, 2019, which had resulted in de-criminalisation of 16 minor procedural/technical lapses under the Companies Act, 2013)
👇🏻 👇🏻 👇🏻
http://bit.ly/2QCJs3f
👉🏻NBFCs can go for insolvency resolution post MCA notification
(RBI can now direct resolution of non-banking financial companies NBFCsfor with assets worth at least Rs 500 crore under the insolvency law to help in addressing defaulting cases)
👇🏻 👇🏻 👇🏻
http://bit.ly/2KuaOEL
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👉NCLT directs Synergy Group to present resolution plan by Dec 3 in the matter of Jet Airways insolvency.
👉The Supreme Court asks NCLT to consider afresh a plea by a serving Air India (AI) pilot who has sought to initiate insolvency proceedings against the airline for failing to pay his past dues.
👉Banks are expected to take companies to NCLT in cases where resolution is still not in sight despite having signed Inter-Creditor Agreements (ICAs).
👉NCLAT asks promoters of Sterling Biotech to pay Rs 3,100 crore in a month that they had settled with the lenders to regain control of the insolvent firm. Or else, the company will go for liquidation.