Corporate Snippets on Feb 11
Ø IHH Healthcare's $1.3 bn offer for Fortis under SFIO lens
Ø MSME restructuring: Fitch points out RBI's shift in stance
Ø Bad loans of PSBs fall to Rs 7.27L cr at end of Sept 2019
Ø UK HC to hear Mallya's appeal against extradition
Ø FM discusses direct tax dispute resolution scheme
Ø GIC Re reports loss of Rs 1,557 crore for Apr-Dec
Ø SEBI levies over Rs 12 crore fine on Tarini International, officials for flouting IPO norms
Ø Banks to get 5-year CRR relief for lending to auto, housing, MSMEs
Ø Lending from Cash Reserve Ratio buffer to get 5-year exemption: RBI
Ø Union Bank Q3 PBT up over three fold to Rs 582 cr on dip in NPA provision
Ø SEBI considers penalty hike on rating agencies for lapses in IL&FS case
Ø Apparel exporters facing liquidity crunch as funds are blocked: FIEO
Ø IOB Q3 net loss widens to Rs 6,075 cr on higher bad loan provisioning
Ø BSNL, Air India, MTNL highest loss-making PSUs in FY19; ONGC most profitable: Survey
Ø Oil India Q3 profit halves to ₹709 crore
Ø GAIL reports ₹2,029.50 cr net profit in third quarter
Ø MRF commissions phase-I of ₹4,500-cr Gujarat unit
Ø India coal imports rise in November 2019
Ø Balrampur Chini Q3 profit drops 40 per cent
Ø SEBI shortlists IBM India, Infy, Wipro, others for data analytics project
Ø CCI approves formation of JV between Mahindra & Mahindra and Ford Motor
Ø Bharat Forge Q3 profit slumps 81% at Rs. 40.44 crore
Ø GMR Airports will build and operate new airport in Greece
Ø FM holds meeting with industry on direct tax dispute resolution scheme
Ø Ashok Leyland unit Optare to supply 37 electric double-decker buses in London
Ø Deloitte optimistic about India's future, to create 75,000 jobs in 3 years: CEO
Ø Govt. clocks Rs 40,000 crore in public procurement transactions through GeM portal
Ø Australia, Indonesia announce 100-day plan to implement trade deal
Ø SAIL not to shut down 3 loss-making steel units: chairman
Ø Coal imports rise in November after three months of decline
Ø Govt. clocks Rs 40,000 cr in public procurement transactions through GeM portal
Ø Indian inflation likely hit a near six-year high in January: report
Ø Laid foundation for $5 trillion economy in budget: FM
Ø MCA seeks opinion on proposed audit curbs
Ø Homebuyers object to Insolvency code amendment
Ø Govt plans to sell 5% stake in SAIL via OFS
Ø SEBI wants 'difficult to recover' tag for defaulters
Ø MNCs with permanent establishment to pay tax on pre-negotiated income
Ø RBI 'reminds' banks on need to make additional provisioning for telco loans
Ø SoftBank in talks to pick up minority stake in Mahindra Electric Mobility
Ø Patented and in-licensed drugs post robust growth in Indian market
Ø CII recommends 12 urgent ways to decriminalise business offences
Ø GDP will reach new heights: NITI Ayog official
Ø Demonetisation was a good move: Mohandas Pai
Ø Nirmala Sitharaman bats for rationalisation of GST rates
Ø Whirlpool India Q3 net up 23 per cent
Ø BPCL starts export of very low sulphur oil from Kochi Port
Ø Marine exports get quality push as MPEDA sets up new microbiology lab
Ø Covea is in talks to buy Agnellis’ PartnerRe for $9 billion
Ø Falcon Edge Capital in talks for $250 million fund focused on India
Ø IL&FS: SEBI looks to levy higher penalties on three rating agencies
Ø FIIs’ equity holdings climb to a 13-quarter high during Oct-Dec
Ø Bitcoin breaches $10,000 to hit highest level since October
Ø Government may impose antidumping on a chemical imported from 4 countries
Ø Govt. to release Rs 35,000 crore to states to compensate for revenue loss
Ø Govt. open to further consolidation of banks depending on need: Anurag Thakur
Ø Argentina to repay IMF debts after recession ends
Ø Airbus SE, Boeing Co eye multi-billion dollar deals with India
Ø Israel drawing up map for West Bank annexations
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👉🏻GST Tran-01 date extended to 31st March 2020
(CBIC extended the time limit for submitting Tran-01 till 31st March 2020)
👇🏻 👇🏻 👇🏻
https://youtu.be/FUdm8neYCvw
👉🏻GST on Notice Pay Recovery.
(GST on Notice Pay Recovery explained by CA. Bhavesh Mittal)
👇🏻 👇🏻 👇🏻
https://youtu.be/XMcm1wy0qn8
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# ICAI: Date of payment of membership fees /COP fees for the year 2019-20 is further extended to 29th February, 2020.
https://www.icai.org/new_post.html?post_id=15946
# CAG: Empanelment of CA firms/LLPs for the year 2020-2021. The online application along with detailed instructions in this regard will be available on our website www.cag.gov.in from 1 January 2020 to 14 February 2020.
# MCA - NOTICE INVITING COMMENTS ON THE CONSULTATION PAPER TO EXAMINE THE EXISTING PROVISIONS OF LAW AND MAKE SUITABLE AMENDMENTS THEREIN TO ENHANCE AUDIT INDEPENDENCE AND ACCOUNTABILITY Dated the 6th February, 2020
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👉 Homebuyers object to Insolvency code amendment, approach parliamentary committee - In December 2019, the government had passed an ordinance to amend the code, with the result that a threshold of minimum 100 homebuyers or 10% of total homebuyers in a project, whichever is less, is required to take the builder to an insolvency court.
👉 Punj Lloyd founder Atul Punj has made an offer to banks to reclaim his company from ongoing insolvency proceedings at the National Company Law Tribunal (NCLT), according to four people aware of the matter.
The move comes after banks’ attempts to attract a bidder yielded no results in the past nine months.
Punj has proposed to settle part of the banks' dues over 10 years and offered to pay a ‘small’ upfront sum in return for transfer of the management back to him, according to these people.
The settlement offer also includes handing over some fixed assets to the company’s bankers.
The company’s resolution professional Ashwini Mehra recently approached NCLT to seek a 60-day extension for the insolvency process to buy time for banks to consider the offer.
👉 Advanced ICITSS is Scheduled on Sundays, the 15th March, 2020 and 12th April, 2020 from 10.30 AM to 12.30 PM (IST). - (06-02-2020)
https://resource.cdn.icai.org/58197exam47492.pdf
👉 Liquidity facilities under revised Liquidity Management Framework
https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=49352
👉 Long Term Repo Operations (LTROs)
https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=49360
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GST: CBIC vide Order No. 01/2020–GST dated 07.02.2020, extends the time limit for submitting Tran 01 till 31.03.2020 for registered person who could not submit the form due to technical difficulties.
GST: Penalty for Fake Input Tax Credit as per Finance Bill , 2020: if the invoices are found to be issued by racketeers who helps for fake bill, new provision in the Act to provide for a levy of penalty on that person too as well as the issuer.
IBC: Supreme Court in its recent order allowed an aggrieved creditor to revive its Section 7 petition under IBC after a settlement between the corporate debtor and another financial creditor.
Union Bank Of India Invites Applications From The Eligible/Interested Partnership Firms For Empanelment As Concurrent Auditors For Conducting Concurrent Audit In The Identified Branches / Offices For The Period From 01.04.2020 To 31.03.2021.
ICAI Date for Payment of Membership/ COP fee for the year 2019-20 is further extended to 29th February, 2020. Online fee payment facility is being open at SSP shortly. This facility is being extended to Active Members who do not have Username and Password on the SSP Portal.
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Nidhi Companies
Stakeholders are hereby informed that Nidhi Company related forms NDH-1, NDH-2 and NDH-3 shall have to be filed only as e-forms, with effect from 11th February, 2020 onwards.
Accordingly, the e-forms shall be available on the MCA-21 portal on 11/02/2020.
Stakeholders are also advised to please note that any such Nidhi forms filed on or after 11/02/2020 as attachments to GNL-2 e-form and RD-1 e-form shall not be processed by ROCs and RDs and shall be rejected.
Stakeholders are advised to note and plan accordingly.’'
NBFC Annual Filing
Form AOC-4 NBFC (Ind AS) shall be available for filing as e-Form w.e.f 11/02/2020.
Stakeholders may please take note and plan accordingly