Corporate Snippets on Jan 1
Ø Fiscal Deficit hits 115% of Budget Estimate till Nov
Ø 'Don't allow Chinese Firm Huawei in 5G trials'
Ø DoT to use 5G trials to evaluate Security vulnerabilities
Ø Tata Motors eyes market out performance in FY-21
Ø CAD narrows to 0.9% of GDP in July-September: RBI
Ø One-fourth of Infra spending in Energy Sector alone
Ø FM Sitharaman unveils Rs 102 Trillion Infrastructure plan to boost growth
Ø Govt to fine firms with over Rs 50 Crore revenue for not accepting UPI, RuPay
Ø India's core sector growth contracts 1.5% in November: Govt data
Ø IRDAI slaps Rs 2.18 Crore fine on Hero Insurance Broking for violating norms
Ø Steel output to dip as coking coal imports fall by 14.52% to 3.61 MT
Ø India speeding up FTA talks with Switzerland, Norway, Iceland
Ø NTPC’s installed capacity crosses 58,000 MW
Ø No change in small savings Interest Rates
Ø Drug overpricing: DoP looking at new models for penalty recovery
Ø Thermax bags ₹431 Crore order for setting up FGD systems in Jharkhand
Ø RBI issues norms on setting up board of management in urban cooperative banks
Ø IL&FS to address major portion of outstanding debt by July, says Uday Kotak
Ø *Donald Trump says US-China Trade Deal will be signed on 15 January*
Ø Government extends Amnesty Scheme for pre-GST era taxes by 15 days
Ø Government cuts expenditure limit for March quarter on revenue concerns
Ø Government mulls single application form, investment clearance cell to woo investors
Ø Uber’s Profit up 63% in India even as expenses grew higher
Ø TRAI issues draft recommendations on network testing norms for wireline services
Ø SENSEX tanks 304 points on last day of 2019; Nifty drops below 12,200
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CBIC extends Sabka Vishwas (Legacy Dispute Resolution) Scheme
Read more at: https://www.taxscan.in/cbic-extends-sabka-vishwas-legacy-dispute-resolution-scheme/42238/
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ICAI proposes Twelve New Accounting Standards for Local Bodies
Read more at: https://www.taxscan.in/icai-twelve-new-accounting-standards-local-bodies/42234/
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GST applicable on Free Transfer of Assets to Landlord on Vacation of Leased Premises: AAR [Read Order]
Read more at: https://www.taxscan.in/gst-applicable-transfer-assets-landlord-vacation-leased-premises/42284/
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Supply of Accommodation Services to SEZ units is for Authorized Operations, Covered Under ‘Zero-Rated Supplies’: AAR [Read Order]
Read more at: https://www.taxscan.in/supply-accommodation-services-sez-units-zero-rated-supplies/42256/
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CBIC extends Sabka Vishwas (Legacy Dispute Resolution) Scheme
Read more at: https://www.taxscan.in/cbic-extends-sabka-vishwas-legacy-dispute-resolution-scheme/42238/
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ICAI proposes Twelve New Accounting Standards for Local Bodies
Read more at: https://www.taxscan.in/icai-twelve-new-accounting-standards-local-bodies/42234/
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GST applicable on Free Transfer of Assets to Landlord on Vacation of Leased Premises: AAR [Read Order]
Read more at: https://www.taxscan.in/gst-applicable-transfer-assets-landlord-vacation-leased-premises/42284/
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Supply of Accommodation Services to SEZ units is for Authorized Operations, Covered Under ‘Zero-Rated Supplies’: AAR [Read Order]
Read more at: https://www.taxscan.in/supply-accommodation-services-sez-units-zero-rated-supplies/42256/
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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)
