Corporate Snippets on Feb 12
Ø India out of US’ developing nations list for trade sops
Ø India Inc's foreign investment jumps 40% in January
Ø Power demand rises 3.7% in January over December
Ø Multiple errors in extradition order for Mallya, UK HC told
Ø Australia, USA, EU look at entering Indian wine market
Ø Moody’s lowers IndusInd Bank's outlook to 'negative'
Ø World's largest craft brewer BrewDog to enter India
Ø Govt seeks additional 270 days for IL&FS resolution
Ø Domestic firms eye defence sector with focus on import substitution
Ø FM-led group okays monetisation of BSNL, MTNL assets worth Rs 26,000 cr
Ø NSE adds 3 mn new investors in 2019, crosses 30 mn investors in Jan 2020
Ø M&M net profit plummets 85% in December quarter, future looks bleak
Ø Qatar Investment Authority completes Adani Electricity Mumbai deal
Ø SC stays extension of deadline for filing annual GST returns
Ø Cochin Shipyard Q3 net profit rises 32.40 per cent to ₹170 cr
Ø No plan to curb import of chemicals and petrochemicals: Govt
Ø Titan buys HUG Innovations to strengthen smart wearables play
Ø J B Chemicals gets EIR from USFDA for unit in Gujarat
Ø Marksans Pharma gets inspection report for New York unit.
Ø Hexaware Q4 net profit dips 8.6% at Rs167.7 crore
Ø Six bank CEOs under CBI, ED investigation: Government
Ø RBI notifies extension of MSME debt recast window
Ø Allahabad Bank Q3 net loss widens over 2-fold to ₹1,986 cr
Ø Coal India Q3 net profit slips 14% to ₹3,922 crore
Ø IDBI Bank Q3 results: Net loss widens to ₹5,763 crore as bad loans weigh
Ø Govt. proposal on DDT to adversely impact fund raising plans of NHAI, PowerGrid
Ø UK economy flat in fourth quarter of 2019: data
Ø Govt. has taken specific steps to boost exports, says FM Sitharaman
Ø NCDEX maintains leadership position in agri-derivatives
Ø India sugar output for 2019-20 unlikely to see big revision: ISMA
Ø Adani Transmission sells 25.1 pc stake in arm AEML to QIA for Rs 3,220 cr
Ø RBI publishes draft framework for new payment system
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Key Take-way of the decision of the Hon’ble Supreme Court (SC)
1. The Hon'ble SC has refused to interfere in the order as passed by the Hon’ble High Court of Rajasthan and accordingly confirmed that no late fees shall be levied during period 06.02.2020 to 12.02.2020. The Hon’ble SC after recording the statement of the Ld. Solicitor General (SG) held that no penal consequences shall be taken for delayed filing of Form GSTR-9 / 9C.
2. Further, during the arguments Ld. SG also confirmed for refund of late fees as charged during intermittent period i.e. 06.02.2020 to 12.02.2020. However, in case if late fees as charged not refunded then appropriate application to be moved before the Hon’ble High Court of Rajasthan.
3. It is imperative to note that late fees of INR 200 per day shall be levied for filing of Form GSTR-9 / 9C after 12.02.2020.
4. The Hon’ble SC has directed the Petitioner i.e. Union of India (Ministry of Finance) to upgrade the portal capacity/efficiency as soon as practicable.
5. Members should preserve the evidences of technical difficulties as faced by them on the common portal on daily basis and submit it to the Association so that the same can be used in further/final hearing of the case.
6. Hon’ble High Court is free to finally decide and give any relief on the basis of facts presented by both the parties and this order would not come in the way.
7. It is advisable to all the members to uploaded the requisite forms at earliest possible.
8. Conclusion - No extension beyond 12. No assurance of waiver of penalty beyond 12. No guess, When and what will be the final order? This litigation has achieved mere 5 to 7 days of extension. No timeline fixed for Revenue to respond to SC on the glitches. After 2 days matter would be buried.
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👉 Live Webcast on “Audit Documentation and Reporting in Peer Review Process.” organised by Peer Review Board on 11th February, 2020 from 04:00 to 06:00 pm.
https://www.icai.org/new_event.html?event=5124
👉 Internal Audit Standards Board is organizing Seminar on Internal Audit for SMEs, being hosted by Yamuna Nagar Branch of NIRC of ICAI on February 15, 2020 at Hotel Madhu, Yamuna Nagar.
https://resource.cdn.icai.org/58233iasbicaiy.pdf
👉 Form AOC-4 NBFC(Ind AS) shall be available for filing as eForm w.e.f 11th February 2020. Stakeholders may please take note and plan accordingly.
👉 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 11th February, 2020.
Stakeholders are also advised to please note that any such Nidhi forms filed on or after 11th February, 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.
👉 Incentivising Bank Credit to Specific Sectors – Exemption from CRR Maintenance
https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=11807&Mode=0
👉 Draft Framework for authorisation of a pan-India New Umbrella Entity (NUE) for Retail Payment Systems
https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=49373
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GST: Centre will soon release another Rs 35,000 crore to states to compensate for the revenue loss on account of GST rollout. Under the GST law, states are guaranteed compensation for revenue loss for 5 years if their revenue does not increase 14 per cent on the base year of 2015-16.
GSTN has set up a consultation committee to provide feedback on new functionalities in the GST system. Suggestions will be related to policy and technology. The committee, which will include representatives from selected states recommended by the GST Council, member secretary of GSTN, representatives from the CBIC and independent experts, will provide suggestions related to policy and technology.
MCA has notified the Companies (lncorporation) Amendment Rules, 2020 which shall come into force with effect from the 15th February, 2020. The amendment in Rule 9 prescribes new procedure for reservation or change of name of the company.
SEBI has issued the SEBI (Issuing Observations on Draft Offer Documents Pending Regulatory Actions) Order, 2020 which shall come into force with immediate effect i.e 05-02-2020.
IBC: Supreme Court has directed Dewan Housing Finance Limited (DHFL) fixed depositors to approach the troubled financial service porvider's Committee of Creditors and its Administrator appointed under the Insolvency & Bankruptcy Code, 2016 for release of deposits.
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👉🏻MCA seeks opinion on proposed Audit curbs
(MCA has put out a paper seeking suggestions on issues dealing with auditor independence, corporate governance and audit regulations from stakeholders)
👇🏻 👇🏻 👇🏻
http://bit.ly/31EUwAl
👉🏻SC directs Centre to resolve technical difficulties In GST Portal
(SC directed the Central Government to resolve the technical glitches in the online filing of returns of GST)
👇🏻 👇🏻 👇🏻
http://bit.ly/39qlGxu
👉🏻Benami Transaction - What are Benami Transaction and its exclusions
(Benami Transaction - What are Benami Transaction and its exceptions / exclusions under The Prohibition of Benami Property Transactions Act, explained by Adv.(CA) Ashwani Taneja, EX Member - ITAT)
👇🏻 👇🏻 👇🏻
http://bit.ly/38gEZcv
👉🏻Canada broke another record by welcoming 341,000 immigrants in 2019
(India remains the main source country of newcomers to Canada. The approximately 86,000 Indians who became permanent residents in 2019 accounted for 25% of all newcomers to Canada)
👇🏻 👇🏻 👇🏻
http://bit.ly/37gbuWP
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👉 EPC lenders move NCLT against Mauritian bidder - In November 2019, the Mumbai bench of the NCLT approved a resolution plan by Mauritius-based Royale Partners for EPC Constructions to revive the company that was previously known as Essar Projects India. The foreign investor had offered to put in around Rs 900 crore to revive the company, which owed more than Rs 7,700 crore to its financial and operational creditors.
👉 The National Company Law Appellate Tribunal (NCLAT) has dismissed a plea challenging initiation of insolvency proceedings against realty developer RNA Corporation. The National Company Law Tribunal (NCLT) had in December passed an order to start insolvency proceedings against the Mumbai-based developer after admitting a plea by Bank of India (BoI) over term loan default.
The bank had filed the petition under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, which sought the resolution process claiming total dues worth Rs 80.73 crore.
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👉 Arrangement for Tally Accounting software Practitioners & CA Firms: An initiative of the Committee for Capacity Building Members in Practice (CCBMP), ICAI - (12-02-2020)
https://cmpbenefits.icai.org/tally-Software-Solutions/
👉 Arrangement All-in-One accounting’ software: An initiative of the Committee for Capacity Building Members in Practice (CCBMP), ICAI - (11-02-2020)
https://www.icai.org/new_post.html?post_id=16295&c_id=240
👉 Arrangement GST Annual Return Software for Members in Practice/CA Firms: An initiative of the Committee for Capacity Building Members in Practice (CCBMP), ICAI - (11-02-2020)
https://resource.cdn.icai.org/58288ccbmp47546.pdf
👉 Arrangement for XBRL software Practitioners & CA Firms: An initiative of the Committee for Capacity Building Members in Practice (CCBMP), ICAI - (11-02-2020)
https://resource.cdn.icai.org/58289ccbmp47547.pdf
👉 Exposure Draft of Guidance Note on Audit of Banks, 2020 edition issued by the Auditing and Assurance Standards Board - (11-02-2020)
https://resource.cdn.icai.org/58285aasb47553.pdf
👉 Committee for Capacity Building of Members in Practice (CCBMP), ICAI is organising 12 CPE hours two days RRC Workshop on Goods and Services Taxes (GST) on 14th & 15th February, 2020 at Chilk.
https://resource.cdn.icai.org/58291ccbmp47550.pdf
👉 Empanelment of firms (Partnerships /Limited Liability Partnerships/Proprietary Concerns) of Practicing Chartered Accountants as Technical Reviewers(TRs)Pdf1.8 MB)
http://www.mca.gov.in/Ministry/pdf/notices_11022020.pdf
👉 Monthly Bulletin for February 2020
https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=49381
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👉 PNB-Essar Shipping case shifted to NCLT Mumbai - A case between Punjab National Bank and Essar Shipping Limited has been transferred by the Ahmedabad bench of National Company Law Tribunal to the Mumbai bench. The PNB has initiated Corporate Insolvency Resolution Process (CIRP) against ESL, which is the corporate guarantor for Essar Oilfield Services Limited. EOSL is the principal borrower who has defaulted payment of Rs 253.50 crore.
👉 ICICI moves NCLT to get dues from Mercator - ICICI Bank has moved the National Company Law Tribunal (NCLT) to initiate insolvency proceedings against Mercator Limited for recovering dues. Mercator, once the second-largest priivate shipping company in India, owes over Rs 50 crore to the banking giant. However, Bank of Baroda and Axis Trusteeship have sought intervention to protect their rights over Mercator’s subsidiary as its assets are pledged to them. The subsidiary owes more than Rs 200 crore to the two financial majors. NCLT will hear the matter on Wednesday.
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Bombay High Court in a significant order, held recently that TDS provisions under section 194H of the income tax Act, 1961 are not attracted on discounts given by telecom service providers to the distributors of prepaid SIM cards.
MCA has given a public notice on the website of the MCA, to inform all the Stakeholders that Nidhi Company related Forms NDH-1 (Return of Statutory Compliances), Form NDH-2 (Application for Extension of Time) and Form NDH-3 (Half Yearly Return) shall have to be filed only as e-forms, with effect from 11th February, 2020 onwards.
SEBI is waiting for forensic audit reports on credit rating agencies which will give a clearer picture of wrongdoings. The forensic audit or investigation report from Care, ICRA and India Rating may come out in a month's time.
ICAI Empanelment of Members to Act as Observers at the Examination Centres for The CA Exam May, 2020. Opening of Portal
10th Feb 2020. Closing of Portal 15th March 2020.
ICAI Tie-Up Announced:
Arrangement GST Annual Return Software for Members in Practice/CA Firms https://resource.cdn.icai.org/58288ccbmp47546.pdf
ICAI Arrangement for XBRL Software Practitioners & CA Firms
https://resource.cdn.icai.org/58289ccbmp47547.pdf
ICAI Arrangement All-in-One Accounting’ Software
https://www.icai.org/new_post.html?post_id=16295&c_id=240
Online applications are invited from firms of Practicing Chartered Accountants for empanelment as Technical Reviewers (TRs) with the National Financial Reporting Authority (NFRA) as per details given on its website: https://nfra.gov.in/sites/default/files/Tender%20Document_0.pdf.
Thanks for reading