Corporate Snippets on Jan 19
Ø UN expects India growth to pick up in 2020
Ø IL&FS: NCLAT to distribute proceeds among creditors
Ø RECP offers $125 billion market for domestic companies
Ø Thomson gets Android license, to make TVs in India
Ø Deutsche Bank-led group a step closer to Jindal deal
Ø *IBBI amends voluntary liquidation process regulations*
Ø CBI books Adani Enterprises, 2 ex-NCCF officers
Ø SEBI's proposal to put cap on fee to put investment advisers in a lurch
Ø NSE colocation case: Sebi acquits Ravi Narain, 8 other exchange officials
Ø Nestle to invest $2.1 bn in 5 yrs to switch to food-grade recycled plastics
Ø Govt. plans increase in thickness of polyethylene bags to 125 microns
Ø Moody's places YES Bank's long-term foreign currency rating under review
Ø Edible oil industry seeks restrictions on import licences
Ø Amazon not doing a favour by investing additional $1 billion in India, says Goyal
Ø Gold sentiment to remain soft in India in 2020, says world body
Ø Wockhardt gets DCGI nod for two novel antibiotic drugs
Ø CCI to probe JSW Paints’ complaint against Asian Paints
Ø ‘Centre is taking steps to revive consumption, growth’
Ø Airtel, Vodafone Idea mull curative plea to stall ₹1.47 lk cr dues on telcos
Ø Iran expects India to source its oil, devise new barter trade: Iranian minister
Ø Vodafone Idea loses 36 million subscribers in November: TRAI
Ø After a turbulent Q2, IndiGo and SpiceJet are poised to take off in Q3
Ø FinMin exempts mutual funds from being categorized as foreign investors
Ø India not contemplating any import curbs for Malaysia, Turkey: Piyush Goyal
Ø TRAI to telcos: Deposit unclaimed subscriber money to telecom consumer education fund
Ø GAIL board approves raising Rs 1,500 crore in debt
Ø Yes Bank acquires 10.25 per cent stake in Sical Logistics
Ø GMR Infra to sell 49 pc stake in airport business to Tata Group entity
Ø IOC to decide on bidding for BPCL after Govt. lays out rules: Chairman
Ø SEBI proposes stricter norms to rein in investment advisors
Ø Lack of transparency in China’s Belt and Road projects: EU firms
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👉🏻HC clears confusion over contentious issue of composite supply under GST
(The Kerala high court has tried to clear the air over the contentious issue of composite supplies under the GST which experts say may become guiding principles to decide cases in litigation.
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http://bit.ly/2TkyZL4
👉🏻Budget may make faking input tax non-bailable crime for buyers too
(Govt is likely to make fraudulent claims for input tax credit a non-bailable offence in the hands of recipients of goods and services in the February 1 budget by tightening the GST law)
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http://bit.ly/35ZEa5X
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Kerala high court has tried to clear the air over the contentious issue of composite supplies under the Goods and Services Tax (GST) which experts say may become guiding principles to decide cases in litigation. If more than one good or service are supplied by a company, these could be considered composite or mixed under the GST system.
Ministry of Corporate Affairs is set to notify new rules for the treatment of third party assets of a stressed financial company under the Insolvency and Bankruptcy Code.
Government appointed Michael Debaprata Patra as the deputy governor of the Reserve Bank of India (RBI). The appointment of Patra, who is currently an executive director at the central bank, comes nearly six months after former deputy governor Viral Acharya’s pre-mature resignation.
Securities Appellate Tribunal (SAT) on January 14 upheld the fine of over Rs 2,423 crore levied by markets regulator SEBI on four directors of PACL Ltd for illegal fund mobilisation through various schemes from public.
Bombay High Court has appointed a committee for speedy disposal of assets of Housing Development and Infrastructure Ltd.—a borrower to crisis-hit Punjab and Maharashtra Cooperative Bank. The three-member committee will determine how proceeds from the sale of the properties will be used.
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👉🏻SEBI comes out with disclosure format for listed debt securities
(In cases where the listed entity is not required to have an audit committee, the word 'audit committee' needs to be replaced with board of directors)
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http://bit.ly/2R2jDJB
👉🏻High Court Decision on Communication or NOC from Previous Auditor
(Delhi High Court Decision on Communication or NOC from Previous Auditor explained by CA.(Adv) S.S.Sharma.)
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https://youtu.be/p5msbZ_RZuI
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👉A liquidator will have to deposit unclaimed dividends and undistributed proceeds in a separate account before seeking dissolution of a corporate debtor under the voluntary liquidation process, according to the IBBI. The Insolvency and Bankruptcy Board of India (IBBI) has notified changes to the voluntary liquidation process regulations.
With the amendments, a liquidator has to deposit unclaimed dividends and undistributed proceeds in a liquidation process along with any income earned thereon into the Corporate Voluntary Liquidation Account before submission of an application for dissolution of the corporate person, a release said on Thursday.
The amendments also provide a process for a stakeholder to seek withdrawal from the Corporate Voluntary Liquidation Account
👉 There is a fresh twist to the resolution of Odisha Slurry Pipeline Infrastructure (OSPIL).ArcelorMittal’s resolution plan approved by the committee of creditors (CoC) has been challenged by the unsuccessful resolution applicant, Thriveni Earthmovers as well as Srei Infrastructure Finance, a lender.
👉Promoters or related parties disqualified from taking part in the insolvency resolution will now be debarred from participating in the liquidation process, according to a notification issued by the Insolvency and Bankruptcy Board of India (IBBI) on Tuesday.
Such persons will also not be eligible to enter into any settlement or arrangement with the creditors of the insolvent company under Section 230 of the Companies Act, the IBBI has clarified. The notification for the Liquidation Process (Amendment) Regulations, 2020, comes into effect from January 6.
