11th March 2K20
Economic Times
Ø Saudi, Russia raise stakes in oil standoff
Ø RBI to submit Yes Bank revival plan to cabinet soon
Ø India calls US move on duty probe relaxation unfair
Ø Maha Govt tells depts not to park money in private banks
Ø ITC to pace up product rollouts amid slowdown
Business Standard
Ø Mukesh Ambani no more Asia's richest man as recent oil slide erodes wealth
Ø Trump calls US Fed 'slow moving' and 'pathetic', calls for further rate cut
Ø USFDA accepts Biocon-Mylan's Avastin biosimilar application for review
Ø Falling crude oil price brings good tidings for India's FMCG sector
Financial Express
Ø RBI gets bids worth Rs 48,856 crore for Rs 25,000 crore LTRO
Ø India’s Mphasis wins partnership certification on Amazon Web Services
Ø TCS declares Rs 12 per share interim dividend
Ø FM Nirmala Sitharaman to meet heads of merging banks on Thursday
Ø Cairn expects arbitration award in retro tax case by this summer
Mint
Ø NPCI says minimal disruption to UPI due to Yes Bank's fall
Ø India 2019 thermal coal imports rise 12.6% to nearly 200 million tonnes
Ø Net inflows in equity MFs hit 11-month high, gold ETFs see 7 fold jump
Ø Jet Airways' creditors to meet on Thursday
Ø Oil jumps 10% after rout on stimulus hopes, Russian signal on OPEC talks
Ø Oil lobbyists call on Trump to buy the dip for strategic reserve
Business Line
Ø Even amid slowdown, India presents huge growth: CEO, Global Victoria
Ø Global corporate earnings to drop 10% in 2020: Citigroup
Ø UNCTAD warns of recessionary conditions as global economic growth seen falling below 2.5%
Ø Two Indian companies in race for vaccine against Covid-19
Deccan Chronicle
Ø Moody's Investors Service cut its growth forecast for India to 5.3 per cent
Ø Yes Bank won't be merged with SBI: Prashant Kumar
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Supreme Court of India in the Case Of Anand Social and Educational Trust Vs CIT & Anr. Has decided that New trust entitled for Section 12AA registration under Income Tax Act despite no activity.
MCA has released the clarifications on the Filing of forms in the Registry (MCA-21) by the Insolvency Professional (Interim Resolution Professional (IRP) or Resolution Professional (RP) or Liquidator) appointed under Insolvency Bankruptcy Code, 2016.
Government of India has made an Order of Moratorium in respect of Yes Bank Ltd. for the period from 5th day of March 2020 and up to and inclusive of the 3rd day of April 2020. In order to effect a restructuring of Yes Bank Ltd., the RBI has prepared a draft scheme of reconstruction.
ICAI vide announcement dated March 04, 2020 issued Guidance Note on Audit of Banks 2020 edition. Key takeaways are available on www.icai.org
ICAI has entered into an arrangement with Capital Market Publishers India Pvt. Ltd. on 21.12.2019 for 3 years to grant licenses of Capitaline corporate database to the practicing Chartered Accountants and CA firms at a special discounted offer.
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👉 Frequently Asked Questions on LLP Settlement Scheme, 2020 by CL&CGC ICAI
https://resource.cdn.icai.org/58719clcgc47796.pdf
👉 MCA has introduced LLP Settlement Scheme, 2020 to give a Onetime relaxation in additional fees to the defaulting LLPs.
https://www.icai.org/new_post.html?post_id=16365&c_id=240
👉 GST & Indirect Taxes Committee is organising Workshops/Conferences/Programmes on GST.
https://www.icai.org/new_post.html?post_id=13516
👉 Committee for Members in Practice, ICAI: Commencement of the Certificate Course on Preparation of Appeals, Drafting of Deed & Documents and Representation before Appellate Authorities and Statutory Bodies at Salem.
https://www.icai.org/post.html?post_id=16347
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👉 NCLT Chennai approves Cochin Shipyard's Resolution Plan To Acquire TSL- The Chennai Bench of NCLT has accepted the Resolution Plan (RP) filed by public sector company Cochin Shipyard Limited (CSL) to acquire Chennai based shipbuilding firm Tebma Shipyards Limited (TSL) under the Corporate Insolvency Resolution Process (CIRP) of the Insolvency and Bankruptcy Code, 2016 (IBC).
CSL's RP had proposed a paltry sum of Rs 65 crores which amounts to only 9.74% of pay out on admitted debt, as amount payable to all the stakeholders for 'full and final settlement' and discharge of all claims of the Corporate Debtor including the CIRP cost.
The RP had also offered sale of two "excluded ships", which were not required for continuing the current operations of the TSL and were occupying space at the Maple Yard of TSL, as an impediment for the revival of the company. CSL would sell both these ships and the Financial Creditors would be entitled to receive the net ES sale proceeds or net ES scrap proceeds inaddition to the amount provided in the plan.
TSL admitted debt stands at a whooping Rs 602.39 crores and the liquidation value of TSL was estimated at around Rs 89.09 crores.
👉 Resolution plan for RCom, RTL and Reliance Infratel filed with NCLT- he resolution plan of Reliance Communications (RCom), RTL and Reliance Infratel has been filed with the National Company Law Tribunal (NCLT).
In a regulatory filing with stock exchanges, Reliance Communications Limited (RCom) said that resolution professional of RCom has duly filed the resolution plan as approved by the committee of the creditor (CoC) on March 6 with the National Company Law Tribunal, Mumbai Bench.
This is being done in accordance with Section 30(6) of the Insolvency and Bankruptcy Code, 2016. (Reliance Communications Limited is under corporate insolvency resolution process pursuant to the provisions of the Insolvency and Bankruptcy Code, 2016.)
With effect from June 28, 2019, its affairs, business and assets are being managed by, and the powers of the board of directors are vested in, the Resolution Professional, Anish Niranjan Nanavaty, appointed by National Company Law Tribunal, Mumbai Bench.
The Committee of Creditors (COC) has approved the Reliance Communications (RCom ) resolution plan under which the lenders will receive 70 percent or Rs 23,000 crore of their total outstanding dues of Rs 33,000 crore.
This is the highest-ever recovery of dues by financial creditors in the telecom sector which has seen the exit or shut down of 11 out of 12 telcos since 2012.
The Resolution plans of Reliance Communication (RCom), Reliance Telecom (RTL), and Reliance Infratel (RITL) have been approved with an absolute majority (100 per cent) by the lenders at the COC meeting, as against the mandatory requirement of 66 per cent.
The 38 lenders of RCOM will recover over 70 percent or Rs 23,000 crore of their outstanding of Rs 33,000 crore of secured debt. Jio and UVARC were the highest bidders for RCOM assets at the COC meeting held on 13th January 2019.
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