26th February 2K20
Economic Times
Ø Bandhan Bank gets relief from the RBI
Ø India-US ink three MoUs, elevate bilateral ties
Ø India's import of US oil jumps 10-fold to 2,50,000 bpd
Ø Slowdown in bank lending may bottom out soon: Crisil
Ø 12.67 lakh new jobs created in Dec: ESIC payroll data
Ø RBI MPC may consider virus impact on India: Report
Ø RBI announces two LTROs on March 2 and 9
Business Standard
Ø FPIs from Mauritius eligible for registration, after more scrutiny: Sebi
Ø NFRA to serve notice on Deloitte in IL&FS Financial Services case
Ø Sebi mulls larger role for debenture trustees, proposes new norms
Ø SBI Cards & Payment IPO price band fixed at Rs 750-755, opens on March 2
Ø Moody's downgrades corporate family rating of HPCL-Mittal Energy to 'Ba2'
Business Line
Ø Oil refiners push for extra pricing for supplying BS-VI fuel
Ø Navin Fluorine bags $410-million global contract
Ø SC upholds NCLT order in United Seamless Tubulaar case
Ø ‘Recalibrate NFE rules to draw investments to SEZ’
Ø Sugar mills yet to clear ₹2,400-cr dues to farmers
Mint
Ø Tariff hike by telcos results in wireless subscribers' exodus: Trai Dec report
Ø Govt implements EPFO's decision to restore pension commutation
Ø Retail opportunities at transport hubs may grow to $21.6 billion by 2030: Report
Ø Bank of Baroda moves Supreme Court against Calcutta HC order on bank guarantee
Financial Express
Ø HDFC Bank aims to be dominant, go-to bank for startups, says official
Ø Castor seed output likely to grow by 88%
Ø Fitch revises outlook on JSW Steel’s long-term IDR to ‘negative’
Deccan Chronicle
Ø India, US have finalised defence deals worth USD 3 billion: Trump on talks with Modi
Ø Govt may extend deadline to bid for Air India to March 17
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CARO reporting to be done by auditor has been amended..
Important changes are as follows:
1. Reporting on revaluation of Property, Plant and Equipments by company
2. Reporting of proceedings under the Benami Transactions (Prohibition) Act, 1988.
3. Reporting if the stock statements filed with banks are in line with books of accounts, if company was sanctioned working capital limits in excess of five crore rupees or more from banks or financial institutions.
4. Reporting of investments in or providing of any guarantee or security or granting any loans or advances.
5. Loans overdue for more than 90 days, evergreening of loans, reporting on any loan default, etc.
6. Reporting of compliances with RBI directives and the provisions the Companies Act with respect to deemed deposits.
7. Reporting with respect to transactions not recorded in the books of account but now surrendered or disclosed as income in the income tax proceedings.
8. Reporting on treatment by auditor of whistle-blower complaints received during the year by the company
9. Reporting on internal audit system
10. Reporting on cash losses
11. Reporting on resignation of the statutory auditors
12. Reporting on uncertainty of company capable of meeting its liabilities
13. Reporting transfer of unspent CSR amount to Fund specified in Schedule VII
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👉 Number of insolvency cases surged 30.29 per cent between October-December, 2019 - Nearly four years back when the Insolvency and Bankruptcy Code (IBC) came into effect, the perception was that the corporate defaults would come down drastically as the law enforces separation of the promoters from their bankrupt businesses.
Of the 3,312 companies admitted for insolvency resolution, the process is going on in 1,961 cases. The resolution process ended in 40.8 per cent of companies. In 17.2 per cent of companies, the resolution plan has been approved or went for review or the company has withdrawn the insolvency petition under Section 12 A. The liquidation process has started in 23.6 per cent (780 companies) of bankrupt companies.
👉 Bankruptcy code fetches creditors peanuts, get only Rs 96 cr out of Rs 9,900 cr - The closure of cases through liquidation under the Insolvency and Bankruptcy Code (IBC) has seen a massive value erosion of companies. This should worry the policymakers as large number of insolvency cases are being closed through the liquidation process.
According to data collated by the Insolvency and Bankruptcy Board of India (IBBI), of the 51 liquidation cases in which final reports have been submitted till 31 December 2019, only Rs 96 crore were recovered against Rs 9,870 crore claims admitted. Of the realised amount, Rs 92 crore has been disbursed among the creditors.
Of the 551 ongoing liquidation cases, whose data was available with the IBBI, the total claim amount is Rs 4.47 lakh crore, while the liquidation value is just Rs 21,147 crore.
Under IBC, if a resolution plan is not approved by the committee of creditors within the stipulated 270 days, the National Company Law Tribunal (NCLT) can order liquidation of the defaulting company. The liquidation process had to be completed two years earlier, but now it has been shortened to 12 months.
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👉🏻SEBI bans transfer of clients’ securities to broker accounts
(Markets regulator Sebi on banned transfer of clients' securities to demat accounts of trading and clearing members)
👇🏻 👇🏻 👇🏻
http://bit.ly/2VivsOm
👉🏻Companies (Auditor's Report) Order 2020
(Revised CARO 2020 Notified today by MCA with particular clause of Qualified Reporting by Auditors with Specific comments)
👇🏻 👇🏻 👇🏻
http://bit.ly/3calTHi
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Income Tax : About 70-80% of the direct tax disputes – nearly 5 lakh involving tax demands of Rs 9.5 lakh crore at last count and piling up – may get resolved in one stroke, as the government has decided to move the Supreme Court, pleading for definitive rulings on 20 issues identified by the tax department as being at the heart of these disputes.
GSTR 9 and 9C has opened for few but has following errors: 2A 3B and GSTR 1 summary not being fetched, ONly table 4 5 6 and 9 have data rest all are showing errors, Trans 1 credit is reappearing , No effect of table 10 11 12 13 of 17-18 in 18-19, Utillity of 18-19 awaited.
MCA: Revised CARO 2020 Notified with particular clause of Qualified Reporting by Auditors with Specific comments...
MCA revises the effective date of implementation of the revised Incorporation procedure through the Companies (Incorporation) Amendment Rules, 2020 to 23rd February, 2020.
Final Bank Branch Auditors Panel for the year 2019-20 has been hosted on https://app.meficai.org/panel. Please input your MEF code or your Firm Registration Number (FRN) to view the same.
Delhi High Court has held that the provision for filing written statements under section 8 of the Arbitration and Conciliation Act is governed by the law of limitation.
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👉 Live Webcast on MCA E- Form SPICEe+ - Compliance and other aspects on 26th February, 2020 from 4.00 pm – 6.00 pm by CL&CGC ICAI in association with MCA.
https://www.icai.org/new_event.html?event=5128
👉 Companies (Auditor's Report) Order, 2020Pdf(56 kB)
http://www.mca.gov.in/Ministry/pdf/Orders_25022020.pdf
👉 Empanelment of firms (Partnerships /Limited Liability Partnerships/Proprietary Concerns) of Practicing Chartered Accountants as Technical Reviewers(TRs)
http://www.mca.gov.in/Ministry/pdf/notices_11022020.pdf
👉 Banking Landscape in the 21st Century - Shri Shaktikanta Das, Governor, Reserve Bank of India - February 24, 2020 - at the Mint’s Annual Banking Conclave, 2020
https://www.rbi.org.in/Scripts/BS_SpeechesView.aspx?Id=1094
👉 RBI Working Paper No. 03/2020: Nowcasting Indian GDP growth using a Dynamic Factor Model
https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=49433
Thanks for reading
