Corporate Snippets on Jan 3
Ø Rs 3.13L cr: Non-telcos face bigger AGR pain than telecom firms
Ø India can explore $82 bn export potential in China
Ø Bank credit grows 7.10% to Rs 99.47 lakh crore
Ø Revenue secy to hold meeting with officials on Jan 7
Ø HDFC get nod to pick majority stake in Apollo Munich
Ø India electricity supply down 1.1% in December
Ø NCLAT adjourns RoC plea on Tata Mistry case till Friday
Ø Govt. likely to miss disinvestment target, expects Rs 67,000-crore gap
Ø Hindustan Aeronautics, Wipro 3D join hands for 3D printing in aerospace
Ø ONGC gets all 7 oil, gas blocks in latest bid, adds 18,510 sq km of area
Ø SBI, Union Bank to sell NPAs of Rs 2,836 cr this month through e-auctions
Ø UK court extends remand of Nirav Modi, extradition trial from May 1
Ø At 78 lakh tonnes, India’s sugar output falls to lowest in five years
Ø TVS Motor, Hero MotoCorp sales down in December
Ø Royal Enfield sales down 13% at 50,416 units in December
Ø HAL, Wipro 3D sign MoU for metal 3D printing adoption in aerospace
Ø Shriram Transport Finance to raise up to Rs 1000 cr via NCDs
Ø NCLAT asks MCA what constitutes a private company in Tata-Mistry case
Ø MTNL starts ₹23,000 cr asset monetisation through DIPAM
Ø DoT to meet industry on 6 January on Budget-related issues
Ø Finance ministry caps expenditures of ministries in Q4 by 3-8%
Ø China suspends link between Shanghai, London stock exchanges
Ø RBI announces special OMO of Rs 10,000 crore on January 6
Ø Gujarat received Rs 24,012 crore FDI in first half of FY20
Ø JSW Energy inks pact to restructure Rs 752 crore debt on JPVL
Ø Jindal Steel reports strong Q3 steel production
Ø Samsung Electronics chip output at South Korea plant partly halted by blackout
Ø Central banks’ gold buy highest since 1970s
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CBDT from February 1, businesses will be fined Rs 5,000 per day if they fail to accept payments through digital payment facilities, CBDT said in a circular dated December 30. This will be applicable to companies with an annual turnover of over Rs 50 crore. The move is to encourage digital transactions and a ‘less-cash’ economy. A new section (Section 269SU) has been inserted in the Income Tax Act.
MCA has extended due date of filing CRA-4 (Cost Audit Report) for F.Y. 2018-19 without late fees to 29.02.2020. General Circular No.17/20
MCA has extended the due date of filing Form BEN-2 without late fees to 31/03/2020
Link: http://www.mca.gov.in/Ministry/pdf/Circular1_01012020.pdf
W.e.f 11.1.20, e-way bill will not be generated even if GSTR-1 is pending. File all pending GSTR-1 since Jul 17 to Nov 19 by 10.1.20 without late fee.
Gross GST revenue collected in month of Dec, 2019 is Rs. 1,03,184 cr of which CGST is Rs. 19,962 cr, SGST is Rs. 26,792 cr, IGST is Rs.48,099 cr and Cess is Rs. 8,331 cr.
RBI released the final guidelines on constitution of the board of management (BoM) of UCBs with deposit size of Rs 100 crore and above shall constitute BoMs. These guidelines provide special powers to BoMs for exercising oversight over the banking-related functions of UCBs.
ICAI-UDIN: All the Members of ICAI Please note. Time limit for UDIN Generation - 15 Days from 1st Jan 2020.
ICSI has extended the Date for generation of eCSIN from 31.12.2019 to 15.01.2020. Refer https://www.icsi.edu/media/webmodules/Extension_of_ECSIN.pdf
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👉 Union Government promulgated Insolvency and Bankruptcy Code (Amendment) Ordinance, 2019 on December 28, 2019. The Ordinance is effective at once. The Ordinance proposes to make amendments in the various provisions Insolvency and Bankruptcy Code, 2016; notably in Sections 5(12), 5(15), 7, 11, 14, 16(1), 21(2), 23(1), 29A, 227, 239, 240 in the Insolvency and Bankruptcy Code, 2016 and insert new section 32A in the code. In this article we shall examine the implications of the said amendments.
👉 Extend deadline for inter-creditor pacts: Banks to RBI - Banks are willing to make the additional 20% provision that breaching the deadline entails but want the window of resolution open until the March 31 financial year end to avoid the value destruction that they say would follow by taking the NCLT route as prescribed by the Insolvency and Bankruptcy Code (IBC).
👉 Reliance Retail shareholders may challenge RIL share swap at NCLT - Many brokers and retail shareholders from the unlisted market have decided to challenge Reliance Industries’ share swap offer for Reliance Retail (RRL) shareholders at the National Company Law Tribunal (NCLT)
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