066th March 2K20
Economic Times
Ø Crisis at YES Bank deepens, withdrawal capped at Rs 50,000
Ø RBI's $476-bn war chest to fight coronavirus
Ø Zydus gets nod for world's 1st drug to treat liver disease
Ø DLF plans to raise Rs 1,000 crore via issue of NCDs
Ø Govt may miss FY20 divestment target by Rs 15K cr
Ø JPMorgan cuts YES Bank target price to Re 1
Business Standard
Ø Nirav Modi asset auction fetches Rs 51 cr to ED
Ø EPFO reduces interest rate on employee provident fund to 8.5%
Ø Ruias plan comeback, say Essar to re-start investment in India and abroad
Ø Oil rises more than 1% on smaller-than-expected rise in crude stocks
Ø Bharat Electronics: Phase of earnings decline may be a thing of the past
Ø RCom lenders okay Rs 230 bn resolution plan; Chinese banks to get Rs 55 bn
Business Line
Ø India blocks first request by EU at WTO for dispute panel on ICT import duties
Ø GMR gets AP Cabinet nod to developgreenfield Bhogapuram airport
Ø ED detains former Jet Airways Chairman Naresh Goyal after questioning
Ø NRIs can control 100% shareholding in Air India
Ø White-Westinghouse plans to enter the Indian market this April
Mint
Ø ONGC has begun work on mega east coast project in Krishna Godavari block
Ø Centre set to move SC to ensure timely payments by discoms
Ø Wealth tax, STT, CTT disputes not covered under Vivad se Vishwas scheme
Ø Lupin launches generic arthritis relief tablet Vimovo in US
Ø SBI Cards $1.4 billion IPO braves virus turmoil, subscribed 22 times
Financial Express
Ø Govt announces one-time amnesty scheme for non-compliant LLPs
Ø IT dept detects TDS defaults of hundreds of crores; major telecom, hospital chains in list
Ø 8 state-owned banks announce share swap ratios for mergers
Ø Non-bank lenders defying caution, growing riskier unsecured loans: Report
Ø Chanda Kochhar's plea against employment termination dismissed
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👉 Sale Notice in the matter of M/s Mangla Cotex Ltd(in liqn)
http://www.mca.gov.in/Ministry/pdf/Sale_03032020.pdf
👉 Yes Bank Ltd. placed under Moratorium
https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=49476
👉 The taxpayers' charter needs strong execution
https://economictimes.indiatimes.com/news/economy/policy/view-govts-move-to-have-a-charter-of-taxpayers-is-welcome-but-it-needs-strong-execution/articleshow/74500215.cms
👉 YES Bank: Govt has restricted Yes Bank from making any payment to any depositor beyond Rs50,000/- (all accounts combined). This is applicable from March 5, 2020 to April 3, 2020.
Any amounts above this can be allowed only for following purposes with special permission from RBI:
1) Medical emergency
2) Payment for foreign education for a dependent
3) Marriage in the family.
👉 ICAI has arranged Cloud based All-in-One accounting’ softwarei.e. one Stop Solution for all Accounting, Compliance, Return Preparation and Filing needs of Chartered Accountants in Practice & CA Firms. The aforesaid software is free of cost for 3 years to CA Practitioners & Firms. Please visit the website http://bit.ly/HostBooksforCA.
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Vivad se Vishwas: CBDT vide Circular No. 7/2020 dated March-04-2020 has issued total 55 Clarifications in the Questions-Answers form w.r.t. it's Scope, Eligibility & Calculation of disputed amounts.
CBDT issued Clarifications in respect of filling-up of return forms for the Assessment Year 2019-20. As the ITR forms for the Assessment Year (A.Y.) 2019-20 were notified vide notification bearing G.S.R. 279(E) dated the O1st day of April, 2019. Subsequently; instructions for filing ITR forms were issued and the software utility for e-filing of all the ITR forms was also released.
CBIC has decided to extend the facility of automated clearance of Bills of Entry to all customs formations where the Customs EDI system is operational w.e.f. March 5, 2020.
MCA has clarified on the website of the Ministry that the 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.
Sebi is seeking to establish a real-time surveillance mechanism, harnessing artificial intelligence to build a platform that will capture and analyse data and flag suspicious transactions during trading hours. This development assumes significance as it will allow Sebi to intervene even in the mid-market hours.
Supreme Court set aside an RBI circular that imposed a blanket ban on banks and financial institutions from providing services to any individual or business dealing in digital currencies. As the SC had earlier refused to stay the circular issued in April 2018, the banks and bourses dealing with cryptocurrencies, including bitcoins, had closed down operations since July 6, 2018.
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👉 NCLT allows govt to reopen, recast CG Power’s accounts - The National Company Law Tribunal (NCLT) on Thursday allowed the ministry of corporate affairs (MCA) to reopen and recast the financial accounts of CG Power and Industrial Solutions Ltd.
The tribunal said the allegations made against former CG Power chairman Gautam Thapar, in particular, and other contesting respondents are very serious in nature.
“As it could be understood the seriousness with which the Union of India, ministry of corporate affairs, the applicant, is pursuing this matter, speaks volumes about the alleged irregularities," said the NCLT order.
MCA had sought restatement of the financial accounts of the manufacturing company, suspecting fraud, as the financials did not reflect the true picture of its accounts.
This is only the second time that MCA will reopen and recast the financial statements of a company. The first instance was in the case of debt-ridden.
👉 Jaiprakash Associates pays Rs 750 crore towards obligation of Jaypee Infratech: NCLT - he Rs 750-crore deposited by Jaypee Infratech's (JIL) parent firm Jaiprakash Associates with the Supreme Court registry was a payment towards obligation of the debt-ridden firm and should be treated as the asset of the corporate debtor, the NCLT has observed while approving the bid of NBCC for JIL.
The NCLT Delhi bench on Tuesday approved the bid of state-owned NBCC to acquire debt-laden JIL through an insolvency process and complete around 20,000 pending flats over the next three and half years.
The court also ordered that the Rs 750 crore deposited by Jaypee Infratech's parent firm Jaiprakash Associates Ltd (JAL) with the registry of the Supreme Court would be part of the resolution plan.
In the written order uploaded on its website on Thursday, the NCLT said that as JAL is not under further obligation to complete construction of homes, and it cannot be assumed that if this money returned then it would be utilised to settle the debt of creditors of Jaypee Infratech Ltd (JIL).
"Since JAL is not under further obligation to complete construction of homes, there is no occasion to assume that if this money go back to JAL, it would be utilised for the cause of the creditors of the corporate debtor, in view of thereof, we hereby dispose all CAs related to Rs 750 crore issue by holding that this money is to be treated as the asset of the corporate debtor," the NCLT order said
👉 CBDT issues FAQs on Direct Tax Vivad se Vishwas Scheme, 2020. These FAQs contain clarifications on scope/eligibility, calculation of disputed tax, procedure related to payment of disputed tax and consequential benefits to the declarant.
https://www.incometaxindiaefiling.gov.in/eFiling/Portal/StaticPDF_News/circular_no_7_2020.pdf
👉 ICAI Enters into An Arrangement for TP Corporate Database at a Concessional Rate. - (06-03-2020)
https://www.icai.org/new_post.html?post_id=16361&c_id=219
👉 Filing of forms in Registry MCA-21 by IRP or RP or LiquidatorPdf(55 kB)
http://www.mca.gov.in/Ministry/pdf/Circular8_06032020.pdf
👉 Extension of last of receipt of public comments on the Competition (Amendment) Bill, 2020. Pdf(36 kB)
http://www.mca.gov.in/Ministry/pdf/Amendement_06032020.pdf
👉 Constitution of High Level Committee for preparation of Investigation manual for Serious Fraud Investigation Office (SFIO)Pdf(3.14 MB)
http://www.mca.gov.in/Ministry/pdf/ConstitutionHighLvlCommitteeSFIO_06032020.pdf
👉 Micro, Small and Medium Enterprises: Challenges and Way Forward - Shri Shaktikanta Das, Governor, Reserve Bank of India - March 6, 2020 - at the 15th ASSOCHAM Annual Banking Summit
https://www.rbi.org.in/Scripts/BS_SpeechesView.aspx?Id=1095
👉 Yes Bank Ltd.: RBI announces Scheme of Reconstruction
https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=49479
👉 NCLAT asks NCLT to decide on liquidation of Lakshmi Cotsyn within 10 days - The National Company Law Appellate Tribunal (NCLAT) has asked the Allahabad bench of the NCLT to decide within 10 days on the liquidation of Kanpur-based textile manufacturer Lakshmi Cotsyn.
Having regard to the object of the statute and to protect the interests of all stakeholders, we request the Learned Adjudicating Authority (NCLT) to take up the liquidation application for disposal at the earliest and make all possible endeavours to pass appropriate orders thereon within 10 days
In June 2018, NCLT had directed to initiate insolvency proceedings against the firm on a plea filed by a consortium of about 10 lenders, led by Central Bank of India.
As a suitable buyers could not be found, the CoC of Lakshmi Cotsyn had approved liquidation of the company with 94.75 per cent votes.
👉 NCLT approves Cochin Shipyard’s Tebma plan - The Chennai bench of the National Company Law Tribunal (NCLT) has approved the ₹65-crore resolution plan submitted by Cochin Shipyard Limited for Tebma Shipyards Limited.
In September 2018, the bench had admitted the insolvency proceedings against Temba Shipyard in a case filed by Jotun India Private Limited.
As per the resolution plan, the banks would get ₹58.65 crore, or 9.74% of the admitted debt. Except Punjab National Bank, all other lenders voted in favour of the plan.
NCLT noted that the resolution plan value was lower than the liquidation value of about ₹89.09 crore. However, it said as held by the Supreme Court, there was no provision in the insolvency and bankruptcy code that stipulated that the resolution plan should match the liquidation value.
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GST: e-invoice Mandatory wef 1.4.2020 for Turnover above 100 cr. Invoice dt Apr 2 can be uploaded as e-invoice on Apr 2 or 3, not before or after that.
Supreme Court dismissed SLP filed by GST department against Punjab & Haryana High Court order which allowed assessee to file Tran-1. Union of India v. Adfert Technologies (P.) Ltd. - [2020] 115 taxmann.com 29 (SC)
Option for renewal of LUT for FY 2020-2021 is activated in GSTN. LUT obtained for FY 2019-2020 will expire on 31.3.2020. For executing export transactions (including supplies to SEZ) without payment of GST, LUT is mandatory (LUT to be obtained prior to supply)
MCA: The Union Cabinet, chaired by the Prime Minister, Shri Narendra Modi has approved the Companies (Second Amendment) Bill, 2019 to amend the Companies Act, 2013. The Bill would remove criminality under the Act in case of defaults which can be determined objectively and which, otherwise, lack the element of fraud or do not involve larger public interest.
MCA: Extension of last date of filing of Form NFRA http://lnk.icsi.edu/gtrack?clientid=83928&ul=UVIGVw4dBBoUUFJWWQUTX1NQUXICDlVeDxtQWgweRA==&ml=VVYJXURRSVVQAAFJ&sl=Jh5yGG0ySTUrZURZXw9KWlFAWRwAB0FLUw==&pp=0&
Under LLP Settlement Scheme 2020, pay between 16-3-20 & 13-6-20, Rs 10 per day (Maximum 5000 per doc) for delay in filing of Form 3,4,8,11 due upto 31.10.19.
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