4th March 2K20
Ø SBI board approves Rs 23,000-crore RCom resolution plan
Ø Vedanta's corporate family rating downgraded to B1
Ø RBI tells banks to prepare action plan against risks
Ø Banks, FIs report Rs 1.4L-cr frauds during April-Dec
Ø Airtel pays Rs 1,950 cr towards deferred spectrum dues
Ø Indian Railway Finance Corp gets nod for IPO
Ø NCLT approves ArcelorMittal's Rs 2,360 cr bid for OSPIL
Ø At $84 bn, India has 3rd highest illicit financial flow after China, Mexico
Ø Monitoring coronavirus impact on markets, ready to take action: RBI
Ø Banks to lend Rs 1.85 trn to housing, auto, MSMEs in next 6 months
Ø Tower firms stare at Rs 8,000-crore loss if Vodafone Idea shuts business
Ø Reliance Capital defaults on interest payments to HDFC, Axis Bank
Ø Grey prospects: Flattish demand growth for cement likely this fiscal
Ø Direct tax mop-up at ₹7.52-lakh cr in Apr-January
Ø India's electricity supply rises 7.1 per cent in February
Ø FDI inflow dips 1.4% to $ 10.67 bn in October-December
Ø Tata Motors cuts production as sales slow down
Ø Finance Commission to meet State Finance Ministers on March 13
Ø FM introduces Bill to amend Banking Regulation Act to avoid PMC-like crisis
Ø Amid spreading virus, US Fed cuts key interest rate by 50 bps to 1-1.25% range
Ø Trell raises $4 mn from Sequoia Surge, Fosun RZ Capital
Ø NBCC gets NCLT nod to acquire Jaypee Infratech
Ø Nabard infuses ₹1.46 lakh crore in rural banking system in 2019-20
Ø ArcelorMittal Nippon Steel completes acquisition of Bhander power plant in Hazira
Ø Govt confident of doubling farmers income by 2022
Ø Government plans South Asian power grid
Ø Life insurance companies may sell indemnity-based health plans again
Ø Manufacturing may get leg-up from China woes
Ø Coronavirus to have "substantial" impact on trade: WTO
Ø OECD lowers India's FY21 GDP growth to 5.1 pc
Ø Apple to pay up to $500 million to settle U.S. lawsuit
Ø Weak demand, virus bring down two-wheeler sale in Feb
Ø Rs 10.52 lakh cr of corporate debt at risk of default
Ø No unnecessary action against independent dirs: MCA
Ø BSE Star MF records transactions worth Rs 15,542 crore in Feb
Ø Govt's FY20 disinvestment target may fall short by Rs 10K Cr
Ø Tatas likely to take call on cash-strapped Air India bid this week
Ø Coke wants to make India third-biggest market, says CEO James Quincey
Ø Tata Power hits 13-yr low, falls 13% in 1 week
Ø TVS Motor domestic two-wheeler sales drops 27%, total exports rise 25%
Ø RBI nudges public sector banks to take steps to increase credit growth
Ø Virus impact: OECD warns of plunging global growth
Ø Kotak fund invests ₹500 crore in Jindal Stainless
Ø TVS Motor sales down 15% in February
Ø NTPC group adds 5,290 MW in fiscal 2019-2020
Ø Bajaj Auto shares fall over 3% on weak sales data
Ø Vodafone chief Nick Reed seeks meeting with Telecom Minister
Ø India’s growth could be the next casualty of the coronavirus outbreak
Ø After virus-inflicted seven-day rout, Dow rises 3% on hopes of Fed intervention
Ø M&M, Ford offer excess capacities to Chinese carmakers eyeing India
Ø Sun Pharma says shortage of hypertension drug in US
Ø Coronavirus impact: Oil at $50/barrel may cut India’s import bill by $17 billion in FY21
Ø RBI receives Rs 1.71 lakh crore in LTRO
Ø MASSA, NUSI demand to amend proposal to bring Indian seafarers under tax net
Ø GDR manipulation: Sebi levies Rs 10.75 crore fine on Aksh Optifibre, its directors
Ø India's February jobless rate rises to 7.78 pc, highest in 4 months: CMIE
Ø Manufacturing may get leg-up from China woes
Ø Coronavirus hits Indian auto companies hard
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👉🏻GST Deptt detect fake invoices, arrest 3 in Delhi
(GST department have arrested three persons involved in floating 17 fake firms and wrongfully availing credit on taxes paid on input worth Rs 436 crore by issuing fake invoices)
👇🏻 👇🏻 👇🏻
http://bit.ly/2VGIR34
👉🏻RBI raps PSU bank heads over poor credit growth
(Last week the RBI’s monetary policy committee had met against the backdrop of credit growth in the banking system slowing to 6.3% at Rs.99.68 trillion in the fortnight ended 14 February from Rs.93.78 trillion last year)
👇🏻 👇🏻 👇🏻
http://bit.ly/39oO6bG
👉🏻Provision for Quarterly Payment of GST by MSMEs
(The Small and Medium sector companies now get the benefit of the new return model under GST which ensures quarterly filing of returns for those taxpayers whose annual aggregate turnover in the preceding FY does not exceed Rs.5 Cr)
👇🏻 👇🏻 👇🏻
http://bit.ly/2Tyw67W
👉🏻CARO 2020 | Companies (Auditor's Report) Order, 2020
(CARO 2020 - Clause by Clause discussion on CARO 2020, Companies (Auditor's Report) Order, 2020 by CA. Anmol Rana.)
👇🏻 👇🏻 👇🏻
http://bit.ly/2VE3jRZ
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👉 Due dates of filing Form GSTR 3B, for the month of February, 2020
https://www.gst.gov.in/newsandupdates/read/359
👉 Exemptions to Government Companies under section 462 of the CA 2013,notification dated 02.03.2020Pdf(86 kB)
http://www.mca.gov.in/Ministry/pdf/Notification_02032020.pdf
👉 Corrigendum Notification dated 02.03.2020Pdf(36 kB)
http://www.mca.gov.in/Ministry/pdf/rule_02032020.pdf
👉 SBI Card IPO: Who can apply for how much shares; how many up for grabs
https://economictimes.indiatimes.com/markets/ipos/fpos/sbi-card-ipo-who-can-apply-for-how-much-shares-how-many-up-for-grabs/articleshow/74432671.cms
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👉 A fourth of IBC cases have gone into liquidation - Nearly a quarter of the cases admitted under the Insolvency and Bankruptcy Code (IBC) till January 31, 2020, have gone into liquidation, fetching a liquidation value as low as 6.67 per cent.
According to Navrang Saini, Whole Time Member, Insolvency & Bankruptcy Board of India (IBBI), 3,455 cases were admitted under IBC till January 31. Of these, 265 were settled, 141 cases were withdrawn under Section 12 A, and 198 were approved. As many as 826 cases went into liquidation, accounting for nearly 24 per cent of the number of cases admitted. Close to 2,028 cases are still going on.
“Out of the 826 cases under liquidation, 571 cases were either with the BIFR (Board for Industrial and Financial Reconstruction) or not going concerns. In liquidation, the average time taken is 311 days, compared to the earlier regime, when it would take much longer (nearly 8-10 years),” Saini told BusinessLine on the sidelines of a seminar on IBC organised by the Confederation of Indian Industry here recently.
👉 Rs 6.5 lakh crore haircut, 1.1 million job losses; is IBC really a success? - Out of Rs 9,870 crore worth of claims, the creditors have received a princely sum of Rs 96 crore - that is right. Less than 1% after more than one year of running around, which will not compensate even the expenses incurred by the creditors.
For 970 cases which have been closed through the IBC Process so far, 780 cases were liquidated. Put it differently, 80% Mortality rate in the 'Saving life" process. We will come to the Post- Mortem report too in a while
The 7 cases are, Electro steel, Bhusan Steel, Monnet Ispat, Essar Steel, Alok Industries, Bhusan Power & Steel, Jyoti Structures. These 7 cases out of the total 780 cases closed so far are 1% by number but contribute 65% of total amount realisable and distort the correct picture of recovery under IBC in general. Excluding these 7 cases, IBC recovery so far is only 10%. That is where "Value Maximisation" stands.
Now, we focus on post mortem of Liquidated cases
Only 51 liquidations have reached the final stage. Out of Rs 9,870 crore worth of claims, the creditors have received a princely sum of Rs 96 crore- that is right. Less than 1% after more than one year of running around, which will not compensate even the expenses incurred by the creditors.
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👉 Clarification on prosecutions filed or internal adjudication proceedings initiated Independent Directors,non-promoters and non-KMP non-executive directorsPdf(36 kB)
http://www.mca.gov.in/Ministry/pdf/Circular_03032020.pdf
👉 Recent Developments in Financial Markets
https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=49465
👉 ICAI: Empanelment of Firms (Partnership /Limited Liability Partnership/Proprietary
Concern) of Practicing Chartered Accountants as Technical Reviewers (TRs)
https://resource.cdn.icai.org/58384icaihrd47592.pdf
👉 ICAI issued Exposure Drafts Comments to be received by March 29, 2020
Visit icai.org
- Standard on Internal Audit (SIA) 140, Governance
- Standard on Internal Audit (SIA) 150, Compliance with Laws and Regulations
- Standard on Internal Audit (SIA) 250, Communication with Those Charged with Governance
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👉🏻Major Racket of Fake Invoicing of Rs.7896 Cr Busted Involving Network of 23 Shell Company
(The officers of Anti Evasion wing of Central Tax, Delhi West Commissionerate have busted a major racket of fake invoicing of Rs.7896 Cr involving fraudulent ITC of Rs.1709 Cr, using a network of 23 shell companies)
👇🏻 👇🏻 👇🏻
http://bit.ly/2x8FMhS
Ajay Bhushan Pandey appointed as the new Finance Secretary
(Government of India appointed the current Revenue Secretary Ajay Bhushan Pandey as the new Finance Secretary.)
👇🏻 👇🏻 👇🏻
http://bit.ly/2If6G9V
👉🏻Webinar on Vivad Se Vishwas Scheme
CA Sansaar is going to organise Webinar on Vivad Se Vishwas Scheme on Friday, 06th March, 2020 from 04:30 PM to 06:30 PM by CA. (Adv) Kapil Goel.
👇🏻 👇🏻 👇🏻
http://bit.ly/2uSktjS
👉🏻Appointment of Direct Tax Consultant / GST Auditor for DICGC
(Appointment of Chartered Accountant / Cost Accountant firm for carrying out GST audit of the Deposit Insurance and Credit Guarantee Corporation)
👇🏻 👇🏻 👇🏻
http://bit.ly/2IgPyAH
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👉 NCLT Approves NBCC’s Bid To Acquire Jaypee Infratech But With Modifications - The National Company Law Tribunal approved NBCC (India) Ltd.’s bid to acquire Jaypee Infratech Ltd., paving the way for completion of apartments for more than 22,000 homebuyers. The tribunal, however, modified the resolution plan, saying the Rs 750 crore deposited by Jaiprakash Associates—parent of the debt-laden real estate developer—in the Supreme Court will be part of the plan, among others.
The state-owned company’s resolution plan had initially proposed to complete the under-construction housing projects of Jaypee Infratech in three and a half years and repay institutional financial creditors in full. In January, NBCC had won 97.36 percent of the votes of the committee of creditors. The other bid on offer was by Suraksha Realty. Homebuyers, according to regulatory disclosures, constituted nearly 57.8 percent of the vote in the committee of creditors and the winning bid needed at least 66 percent of the votes.
👉 NCLT approves ArcelorMittal''s Rs 2,360 cr bid for Odisha Slurry Pipeline - The National Company Law Tribunal (NCLT) has approved a Rs 2,359-crore bid of ArcelorMittal India for debt-ridden Odisha Slurry Pipeline Infrastructure Ltd (OSPIL).
The tribunal observed that the plan provides repayment of the principal dues to all financial creditors of OSPIL, which is indeed "fair and equitable" and has taken care of the interests of all stakeholders.
"The Resolution Plan submitted by ArcelorMittal India, the Resolution Applicant, approved by 100 per cent of voting in the 8th Committee of Creditor''s Meeting held on December 6, 2019 is approved as per Section 31 (l) of the Insolvency and Bankruptcy Code," said NCLT.
The two-member bench, which comprised Satya Ranjan Prasad and Sucharitha R also said that the order would be "binding on employees, members, creditors" and other stakeholders.
OSPIL owns and operates a 253-km pipeline that connects iron ore mines in Dabuna, Odisha, to a pelletisation plant in Paradip.
It connects ArcelorMittal Nippon Steel India (formerly Essar Steel) iron ore beneficiation plant in Dabuna to its pellet plant in Paradip in the state of Odisha.
Thanks for reading
