6 February 2020
Ø Oil minister moves Cabinet note for splitting GAIL
Ø FDI at USD 34.90 bn till Nov of FY'20: Govt.
Ø 10% TDS applicable only on MF dividends, clarifies government
Ø Airtel Q3 results: Telco reports loss of Rs 1,035 cr
Ø FM exhorts industry to make investments to drive growth
Ø Ind-Ra has negative outlook on auto ancillaries in FY21
Ø Government may allow 100% FDI in Air India
Ø Indian Oil Corp, Israel's Phinergy sign JV to produce metal-air batteries
Ø SEBI directs comexes to do performance review of commodity contracts
Ø USFDA completes inspection of Cadila Healthcare's Ahmedabad facility
Ø NSE launches request-for-quote platform in debt securities
Ø Piramal Enterprises Q3 pre-tax profit up 6.6% to Rs 954 cr
Ø SEBI planning to modify its policy on 'difficult to recover' cases
Ø Tatas moving closer to a decision to bid for Air India
Ø Decline in volume pulls down TVS Motor profit down 32%
Ø Bajaj Electricals Q3 net dips 85%
Ø Air India Transport Services Ltd. divestment cancelled
Ø Recruiters indicate positive hiring outlook for H1 2020: Survey
Ø JSW Energy Q3 net profit jumps more than two-fold to ₹394 cr
Ø India may issue $5-bn bonds in FY21 with no foreign investment cap: Report
Ø Adani Transmission raises $310 million debt through US private placement
Ø Punjab National Bank incurs ₹492 crore loss in Q3 on higher provisioning
Ø Investors got richer by a whopping ₹3.57 trillion in two days of market rally
Ø Moody’s says India FY21 fiscal deficit target a challenge
Ø Commerce ministry preparing district export plan to boost shipments
Ø Nearly 6,900 cases of online banking frauds registered in 2017-18: Govt.
Ø Jindal Steel starts transportation of iron ore from Odisha’s mines
Ø LIC staff union to hold walk-out strike to protest against IPO
Ø Indian SaaS start-ups revolutionizing 4 key industries
Ø Apple supplier Wistron to assemble key iPhone component in new India plant
Ø Fitch predicts India's FY21 GDP Growth at 5.6%
Ø Disinvestment Proceeds to be used for creating Infra: FM
Ø Govt now wants to lighten its Bad Loan Burden
Ø Focus is still on prudent Fiscal Management: FM
Ø Ind-Ra revises steel Sector to 'stable-to-negative'
Ø No reference from DoT on 26 GHz band yet, says TRAI
Ø Banks Credit grows by 7.21%, Deposits by 9.51%: RBI Data
Ø India's Fiscal Slippage announced in Budget for FY21 is modest: Fitch
Ø India's Electricity Supply rises 3.25% in Jan after 5 Months of decline
Ø IDBI Bank raises Capital worth Rs 745 Crore via tier-II bonds after 2 years
Ø Centre looks to issue G-secs without foreign limits in first half of FY21
Ø NTPC raises Asia's Largest Japanese yen loan of $750 million
Ø At 55.3, Manufacturing PMI hits eight-year high in January
Ø IRFC likely to be listed mid-March; Railways borrowing target up 18%
Ø US industry hopeful of FDI relaxation in Insurance
Ø Royal Enfield Sales drop 13 per cent in January
Ø ONGC, IOC, other oil PSUs to invest Rs 98,521 Crore in FY21
Ø Sugar mills produce 141 Lakh Tonnes till January
Ø D1/D3 gas field in RIL's KG-D6 block ceases to produce; field shuts down
Ø NPAs of public sector banks stand at ₹7.27 Lakh Crore as on H1FY20: Govt.
Ø Banks, select institutions report frauds worth ₹1.13 lakh crore in 6 months
Ø Godrej Properties Q3 net profit up 9% at ₹45 Crore
Ø SEBI makes accommodation for delay in open offers due to disputes
Ø RBI to come out with last monetary policy for FY20 on Thursday
Ø Economic slowdown: Global demand comes to rescue; manufacturing PMI near 8-year high
Ø BHEL bags second hydroelectric project order in Nepal
Ø Corporate downgrades more than double in first 3 Quarters: Report
Ø Ashok Leyland sales down 40 pc at 11,850 units in Jan
Ø Small savings rate may see moderation next quarter: DEA secy
Ø Panasonic third-quarter profit rises 3 per cent, beating estimates
Ø China virus causes scare for India's smartphone makers
Ø Oil PSUs to invest Rs 98,521 crore in FY21
Ø Govt provides 30% higher allocation for agriculture
Ø Penalties for fake invoicing: IT Act to be amended
Ø Budget will attract more FDI: US industry leaders
Ø Infra development via PPP to spur growth, create jobs
Ø LIC listing could come in second half of FY21, says Finance Secretary
Ø China to inject $174-bn liquidity as markets reopen amid coronavirus crisis
Ø Cochin Shipyard acquires 100% stake in two dry docks of West Bengal
Ø Strict provisions across Customs rules to tighten the screws on imports
Ø Govt plans to impose penalty for fake invoices used to claim input tax credit
Ø No intention to tax global income of NRIs in India, says FM
Ø ONGC, IOC, other oil PSUs to invest Rs 98,521 cr in FY21
Ø Tobacco Institute of India raises concerns on hiked NCCD on cigarettes
Ø Centrum Housing Finance raises ₹190 crore from Morgan Stanley’s PE arm
Ø Second tranche of Bharat Bond ETF within this quarter, says Nirmala Sitharaman
Ø Britain to seek Canada-style free trade deal with European Union
Ø BPCL stakes sale: Govt. to issue expression of interest in next few days
Ø JSW Steel bags two iron ore mines in Odisha
Ø Data Centre Parks to come up across the country soon
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👉 70th Annual Function & CPE Program on Highlights of Union Budget 2020 - 4 PM onwards - 7th February, 2020 @ The Ashok Hotel, New Delhi – Members are cordially invited to attend.
https://www.icai.org/new_post.html?post_id=16264&c_id=240
👉 Special Examinations - MRA / MOU, June 2020 - (02-02-2020)
https://resource.cdn.icai.org/58121exam47449.pdf
👉 Notice for extension of last date upto 16.02.2020 for filling up post of PS on deputation /ISTC basis(revised vacancies) in SFIOPdf(62 KB)
http://www.mca.gov.in/Ministry/pdf/Notice_31012020.pdf
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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.
👉 State Bank of India, one of the financial creditors to Uttam Galva Steels, on Thursday submitted its suggestion for an insolvency resolution professional (IRP) for the company to the National Company Law Tribunal.
Uttam Galva Steels was among the companies in the Reserve Bank of India’s second list of loan defaulters and had been directed to come up with immediate corrective action. The lenders took the company to the tribunal to come up with a resolution plan.
👉 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.
👉 State Bank of India, one of the financial creditors to Uttam Galva Steels, on Thursday submitted its suggestion for an insolvency resolution professional (IRP) for the company to the National Company Law Tribunal.
Uttam Galva Steels was among the companies in the Reserve Bank of India’s second list of loan defaulters and had been directed to come up with immediate corrective action. The lenders took the company to the tribunal to come up with a resolution plan.
👉 The monitoring agency of EPC Constructions India has approached the bankruptcy court against successful bidder Mauritius-based Royale Partners Investment Fund for not depositing the required amount after agreeing to pay.
In November 2019, the Mumbai bench of the National Company Law Tribunal (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.
👉 We have got so far Rs 42 crore from the successful resolution applicant (Royale Partners), which is 10% of total infusion of Rs 420 crore by the bidder, but they have failed to pay the remaining amount as per schedule,” said Pradeep Sancheti, senior counsel, who appeared for the monitoring agency along with an advocate Pulkit Sharma. “The bidder was supposed to invest Rs 480 crore by way of issuance of the non-convertible debentures (NCDs).”
👉 The monitoring agency was identified by the lenders in consultation with the successful bidder and appointed to look after the affairs of the firm until the transition. Abhijit Guhathakurta, the resolution professional managing the company’s bankruptcy process, is heading the monitoring agency.
“As per the approved plan, the amount to be paid by the resolution applicant was due in two instalments. However, due to the non-compliance of the order dated November 25 of the NCLT by RP, the first instalment was not paid as promised in the resolution plan,” said Mayur Ghule, managing director, RPMG Investments. “There are various other reasons for the non-payment of the upfront payment as the compliance of the order issued by the NCLT on November 25, 2019 is not complete.
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👉🏻Govt likely to introduce lottery system to boost GST compliance soon
(In a bid to encourage customers to ask for bills while making a purchase, the Govt is planning to introduce a lottery system, offering between Rs 10 lakh-one crore under GST)
👇🏻 👇🏻 👇🏻
http://bit.ly/2UsOBN0
👉🏻FM to table Vivad se Vishwas Bill in Lok Sabha today
( The Direct Tax Vivad Se Vishwas Bill, 2020 is expected to be tabled in Lok Sabha today. The bill aims at reducing litigations in the direct taxes payments)
👇🏻 👇🏻 👇🏻
http://bit.ly/2Opiav6
👉🏻Number of Indians shifting to Canada has doubled
(The number of Indians migrating to Canada has doubled in 2019, according to an American think tank)
👇🏻 👇🏻 👇🏻
http://bit.ly/2RZrnwp
👉 Accounting and Billing Software Providers can enrol with GSTN to receive regular updates on e-invoice
https://www.gst.gov.in/newsandupdates/read/354
👉 President's Message - February 2020 - (04-02-2020)
https://www.icai.org/new_post.html?post_id=7027&c_id=240
👉 Companies (Compromises, Arrangements and Amalgamations)Amendment Rules,2020.Pdf(66 KB)
http://www.mca.gov.in/Ministry/pdf/Rules1_04022020.pdf
👉 NIDHI (Amendment) Rules 2020Pdf(76 KB)
http://www.mca.gov.in/Ministry/pdf/Rules2_04022020.pdf
👉 NCLT (Amendment)Rules 2020Pdf(64 KB)
http://www.mca.gov.in/Ministry/pdf/Rules3_04022020.pdf
👉 Commencement notification dated 03.02.2020Pdf(69 KB)
http://www.mca.gov.in/Ministry/pdf/Notification_04022020.pdf
👉 Draft National Company Law Appellate Tribunal (Recruitment, Salary and other Terms and Conditions of Service of Staff Car Drivers) Rules, 2020 for comments. Pdf formatNew link image
http://www.mca.gov.in/Ministry/pdf/NCLATRuleDraft2020_04022020.pdf
👉 Public lender Punjab National Bank on Tuesday reported a surprise standalone loss of Rs 492.28 crore for the December quarter compared with a profit of Rs 246.51 crore in the same period last year.
Analysts were expecting a spike in the profit number on account of recovering from an NCLT account.
👉 NCLT Gives Nod To Merger Of Vedanta’s VSL With Electrosteel Steels - Vedanta Ltd. on Tuesday said the National Company Law Tribunal, Kolkata Bench, has approved the scheme of amalgamation of its arm Vedanta Star Ltd. with Electrosteel Steels Ltd. Post the amalgamation becoming effective, Vedanta will directly hold 95.48 percent in ESL. Vedanta had acquired ESL, after its resolution plan was approved by National Company Law Tribunal, Kolkata bench, through its wholly-owned subsidiary VSL, the company said in a regulatory filing to the BSE.
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