13th February 2K20
Economic Times
Ø Retail inflation hits a near 6-year high of 7.59%
Ø MFIs reporting loan data daily to prevent default
Ø CCI drops unfair biz practices' complaint against telcos
Ø Govt to infuse Rs 2,500 cr into 3 state-run insurers
Ø Trai defends recommendations on spectrum pricing
Ø Cabinet okays Bill for faster resolution in tax dispute
Business Standard
Ø YES Bank gets a nod from four investors
Ø Telecom dept may send AGR demand letters to Airtel, Voda-Idea next week
Ø India Ratings downgrades Yes Bank issuer rating from 'A' to 'A-'
Ø Tata Sons to hike Tata Chemicals stake by acquiring shares from group firms
Ø BHEL signs pact with Russian firm to undertake joint defence projects
Ø Wockhardt sells part of branded biz to Dr Reddy's for Rs 1850 crore
Ø Govt to scrap registration fees for buying electric vehicles: Javadekar
Business Line
Ø Ashok Leyland’s Q3 profit plunges 93% to ₹28 crore on commercial vehicles slump
Ø Industrial production declines 0.3 per cent in December
Ø FASTag to be available free of charge till February 29
Ø Great Eastern Shipping posts ₹331-crore profit in Q3
Ø NCDEX to raise ₹500 crore via IPO, offer for sale
Ø Ceat opens ₹1,400-crore radial tyre factory near Chennai
Ø OPEC chops global oil demand growth forecast over China virus
Mint
Ø IT sector revenue to grow 7.7% in FY20 to $191 billion: Nasscom
Ø S&P says Airtel ratings could be affirmed if debt improves beyond 20%
Ø Hindalco Industries Q3 consolidated net profit dips 24%
Ø Zombie Crypto coins beat Bitcoin during this year’s resurgence
Financial Express
Ø India beckons: FPIs snap up $2-billion bonds in 5 sessions
Ø Nasscom pegs FY20 revenue growth at 7.7% at $191 billion
Ø Govt focussing on khadi, village industries to boost job creation, says Nitin Gadkari
Ø Nissan seeks USD 91 mn in damages from Ghosn over financial misconduct charges
Ø India readying USD 2.6 billion US naval helicopter deal ahead of Trump trip
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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.
👉 DHFL's former directors move NCLT seeking participation in CoC meetings - Former directors of Dewan Housing Finance Corporation Ltd on Wednesday filed an application in the National Company Law Tribunal seeking participation in the committee of creditors' (CoC) meetings.
The DHFL former directors were denied participation in the CoC meetings as its board was superseded by the Reserve Bank of India (RBI) in November 2019.
The participation in the CoC meetings cannot be allowed as the insolvency process was initiated by the RBI, the counsel representing the administrator said.
👉 Include Videocon foreign arms in insolvency process - The National Company Law Tribunal (NCLT) has ordered the inclusion of Videocon’s oil businesses in Brazil and Indonesia as part of insolvency proceedings being conducted in India, according to two people aware of the matter. The order is the first instance of overseas incorporated subsidiaries being brought under the ambit of local insolvency laws.
The assets include stakes in overseas oil blocks held through Videocon arms incorporated in the Cayman Islands and British Virgin Islands. These were purchased after Videocon entered an agreement with state-run Bharat Petroleum Corporation Ltd 14 years ago to search for foreign investment opportunities jointly. The two partners reportedly invested over $2 billion in development of the assets over the past six to eight years.
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CBDT and SEBI would enter into a Memorandum of Understanding, which inter-alia would include modalities of / exchange of data, maintenance of confidentiality, a mechanism for safe preservation of data, weeding out after usage, etc. about the Assessees.
Supreme Court has stayed the Rajasthan High Court order that extended the deadline for filing of Form GSTR-9 (annual return) and Form GSTR-9C (reconciliation statement) without fine by up to a week to February 12, 2020 on a plea by the Centre that the move could undermine its efforts to boost GST compliance.
RBI issued a draft framework for authorization of a pan-India new umbrella entity (NUE) for retail payment systems. At present, only the National Payments Corporation of India (NPCI), a not-for-profit company, performs this role. The NUE could choose to be a for-profit entity or a not-for-profit as defined under Section 8 of the Companies Act.
RBI has come up with some changes in operational guidelines for the captioned scheme contained in circular on 'Interest Subvention Scheme for MSMEs'. Under the changes, it has been allowed to submit statutory auditor certificate by June 30, 2020 and in the meantime, to settle claims based on internal/concurrent auditor certificate.
Congratulations: CA Atul Gupta Ji has been declared as President of ICAI for 2020-21.
CA Nihar Jhambusaria Ji (CIRC) has been declared as VP of ICAI for 2020-21.
Last date of online application for CAG empanelment for year 2020-21 has been extended to 2nd March 2020 from 14th February 2020 Hard copy can be filed upto 6th March 2020.
👉 ICAI elects New Torchbearers for the year 2020-21 - (12-02-2020)
https://www.icai.org/new_post.html?post_id=16305&c_id=240
👉 Address by Hon’ble President of India at NIBM Golden Jubilee Celebrations
https://www.rbi.org.in/Scripts/BS_SpeechesView.aspx?Id=1093
👉 Stocks in news: YES Bank, IRCTC, DMart, Chalet
👉 Funds buy small- & midcaps. Do you own these stocks?
https://economictimes.indiatimes.com/markets/stocks/news/funds-buy-small-midcaps-do-you-own-these-stocks/articleshow/74109331.cms