2nd March 2K20
Economic Times
Ø Slowdown could punch a Rs 2.5 lakh cr hole in banks' books
Ø Bank credit growth dips to 8.5 pc in January: RBI data
Ø DBT, GST acknowledged as silent revolutions: FM
Ø Maruti Suzuki sales dip 1 pc in Feb to 1,47,110 units
Ø Labour min keen to retain 8.65% PF rate for 2019-20
Ø M&M in talks with auto cos for electric powertrains
Business Standard
Ø India highest growing in Asia Pacific, Japan & China region in FY19: Cisco
Ø GST collections at Rs 1.05 trn in Feb, up 8% over the same month last year
Ø Tata Motors domestic sales drop 34% in Feb as coronavirus disrupts supplies
Ø Hyundai February sales dip 10% to 48,910 units; exports down 22%
Ø Mahindra & Mahindra sales skid 42% to 32,476 in February, exports down 40%
Business Line
Ø Aviation fuel prices drop by 10%, but airfares may not decline
Ø ICAR inks pact with Patanjali for farm research, training
Ø AirAsia India Oct-Dec loss narrows to ₹123 cr
Ø BPCL valuation high, evaluating bid: Anil Agarwal
Ø SEZ Board allows GAIL to exit Kochi SEZ after repaying duty benefits
Mint
Ø Banks have limited ability to impact credit growth, slump is linked to demand
Ø Tata Power’s tough stance on Mundra plant does nothing to power up stock
Ø Petrol, diesel prices today cut sharply, down at 6-month to 8-month lows
Ø Tata Motors admits impact of Coronavirus on India operations
Ø NPS pension payouts to become flexible
Financial Express
Ø Audit committees need to play more active role: CEPR
Ø AGR case: Airtel, Voda Idea, Tata likely to face DoT’s ‘test checks’ on dues assessment this week
Ø SBI pushes for uniformity in lending to gems and jewellery sector
Ø Ajay Tyagi to continue as Sebi chairman for six months more
Ø Free voice calls no excuse for poor service: Trai chief pulls up telecom operators
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✅ MCA - Independent Director databank Registration - Companies (Appointment and qualification of Directors) Amendment Rules, 2020
#Every individual who has been appointed as an independent director in a company on 1.12.2019 shall within a period of five months from such commencement apply online to the institute for inclusion of his name in the data bank of independent directors
✅ Final Bank Branch Auditors Panel for the year 2019-20 has been hosted. Check the Final Status of your MEF at https://app.meficai.org/panel
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👉🏻Canada to welcome over one million new immigrants between 2020-2022
(Canada will welcome over one million immigrants over the next three years, said Mendicino, as he noted that he will formally table Canada’s 2020-2022 Immigration Levels Plan in March)
👇🏻 👇🏻 👇🏻
http://bit.ly/389zI5F
👉🏻Extension of last date for Independent Director databank Registration - MCA
(Companies (Appointment and qualification of Directors) Amendment Rules, 2020 sub-rule (1), in clause (a), for the words ,,three months,, the words "five months" shall be substituted)
👇🏻 👇🏻 👇🏻
http://bit.ly/2I1R8qa
👉🏻Procedure for Integration of E-Way Bill with VAAHAN
(Procedure for Integration of E-Way Bill with VAAHAN explained by CA. Bhavesh Mittal)
👇🏻 👇🏻 👇🏻
http://bit.ly/2x00eS9
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👉 Companies (Appointment and qualification of Directors) Amendment Rules, 2020.Pdf(56 kB)
http://www.mca.gov.in/Ministry/pdf/rule_28022020.pdf
👉 In response to requests received from various quarters and stakeholders, the Ministry has decided to extend the last date for submission of public comments on the “consultation paper on enhancement of Audit Independence and Accountability” upto 15th March, 2020. It is requested that comments may please be forwarded at the earliest through email at audit.policy@mca.gov.in latest by 15th March, 2020 and no requests for further extension of the date would be considered.
👉 Mid and smallcaps cede their entire 2020 gains
https://economictimes.indiatimes.com/markets/stocks/news/mid-and-smallcaps-cede-their-entire-2020-gains/articleshow/74411133.cms
👉 GST: Method to claim Input Tax Credit answered
https://economictimes.indiatimes.com/small-biz/gst/gst-changes-and-method-to-claim-input-tax-credit-answered/articleshow/74383395.cms
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👉 Companies (Appointment and qualification of Directors) Amendment Rules, 2020.Pdf(56 kB)
http://www.mca.gov.in/Ministry/pdf/rule_28022020.pdf
👉 In response to requests received from various quarters and stakeholders, the Ministry has decided to extend the last date for submission of public comments on the “consultation paper on enhancement of Audit Independence and Accountability” upto 15th March, 2020. It is requested that comments may please be forwarded at the earliest through email at audit.policy@mca.gov.in latest by 15th March, 2020 and no requests for further extension of the date would be considered.
👉 Mid and smallcaps cede their entire 2020 gains
https://economictimes.indiatimes.com/markets/stocks/news/mid-and-smallcaps-cede-their-entire-2020-gains/articleshow/74411133.cms
👉 GST: Method to claim Input Tax Credit answered
https://economictimes.indiatimes.com/small-biz/gst/gst-changes-and-method-to-claim-input-tax-credit-answered/articleshow/74383395.cms
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👉🏻Govt planning to launch lottery offer under the GST from 1 April
(Govt is planning to launch lottery offer under the GST from April 1 by conducting lucky draws every month for invoices of all business to customer (B2C) transactions)
👇🏻 👇🏻 👇🏻
http://bit.ly/3cjQ92l
👉🏻Audit committees need to play more active role - CEPR
(Audit committees of boards of companies need to play a more active role for stronger checks against all financial and governance related wrongdoings, right-leaning think tank Centre for Economic Policy Research (CEPR) has said)
👇🏻 👇🏻 👇🏻
http://bit.ly/3ch5ot3
👉🏻GST Revenue collection for February, 2020 Rs.1,05,366 Cr
(The gross GST revenue collected in the month of February, 2020 is Rs. 1,05,366crore of which CGST is Rs. 20,569 Cr, SGST is Rs. 27,348 Cr, IGST is Rs. 48,503 Cr and Cess is Rs. 8,947 Cr.)
👇🏻 👇🏻 👇🏻
http://bit.ly/2PDoG1Y
👉🏻Guidelines for Appointment of IPs under SEBI Regulations
(Guidelines for Appointment of Insolvency Professionals as Administrators under the Securities and Exchange Board of India (Appointment of Administrator and Procedure for Refunding to the Investors) Regulations, 2018)
👇🏻 👇🏻 👇🏻
http://bit.ly/2vlqXIn
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👉 President's Message - March 2020 - (01-03-2020)
https://www.icai.org/new_post.html?post_id=7027&c_id=240
👉 New companies incorporated through SPICe+ and thereby have obtained EPFO/ESI numbers will have to file statutory returns only when they cross thresholds prescribed under the relevant Acts.
👉 Before SBI Card IPO opens, the stock has a ‘buy’ call
https://economictimes.indiatimes.com/markets/ipos/fpos/before-sbi-card-ipo-opens-the-stock-has-a-buy-call-with-a-price-target-of-rs-1191/articleshow/74433592.cms
👉 GST collection stays above Rs 1 lakh crore
https://economictimes.indiatimes.com/news/economy/indicators/february-gst-collection-crosses-rs-1-lakh-crore-mark-for-the-fourth-consecutive-month/articleshow/74427983.cms
👉 GST: The regular taxpayers wishing to switch to Composition Scheme u/s 10 for the FY 2020-21 can now apply in the GST Portal.
👉 The extended last date for filing/submission of online Application form for Empanelment with CAG for the year 2020-21 for audit of PSUs is TODAY 2nd March, 2020. Last date for receipt of documents at CAG office is 6th March, 2020, which would not be extended.
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👉 Division within divisions at city bench of NCLT - Two members of ANCLTPA, formed to represent rights of practitioners at city bench of NCLT, resign over ‘not being shownconstitution’ The much-talked about associations formed by two groups - one by lawyers and the other by CAs, CS and lawyers - to represent their rights at the National Company LawTribunal Practitioners Association (ANCLTPA) have resigned citing "preoccupation" in their practice.
National Company Law Tribunal Association (NCLTA) was floated by Gujarat High Court Advocates' Association (GHAA) to represent rights of lawyers, while ANCLTPA was floated by lawyers as well as CAs and CS. Both the bodies are yet to get therecognition from the NCLT's Principal Bench at New Delhi.
👉 NCLAT dismisses Flipkart insolvency proceedings - The National Company Law Appellate Tribunal (NCLAT) has dismissed an order of the dedicated bankruptcy court initiating insolvency proceedings against ecommerce major Flipkart.
A three-member bench of the NCLAT has directed the interim resolution professional (IRP) appointed by the Bengaluru bench of the National Company Law Tribunal (NCLT) to hand over the records as well as the assets of the company back to its promoter immediately.
Cloudwalker Streaming Technologies Pvt Ltd, an operational creditor of Flipkart that used to supply the ecommerce major imported LED TVs, had filed a petition before NCLT contending that Flipkart defaulted for an amount of ?26.95 crore.
NCLT had issued its insolvency order against Flipkart on October 24, 2019. The ecommerce firm challenged it before the appellate tribunal.