Corporate Snippets on March 19
Ø NCLT gives Jet 90-day extension for insolvency process
Ø Govt liabilities at Rs 93.89 lakh crore at December-end
Ø No timeline fixed for release of ecomm policy: Goyal
Ø Govt's broadband plan to see Rs 7 lk cr investment
Ø RBI withdraws moratorium on Yes Bank, banking services restored
Ø CCI adjourns all matters listed for hearing
Ø RBI announces OMO purchase of Rs 10,000-cr Govt. dated securities
Ø India not obliged to accept WTO panel's report on export schemes: Govt
Ø TCS again becomes most valued firm by market capitalisation, beats RIL
Ø Brent crashes to 17-year low in global markets as analysts see free fall
Ø IndusInd Bank says it's 'well-capitalised, profitable' after market rumours
Ø Govt to mobilise ₹51,000 cr more via Treasury-Bills to bridge cash flow mismatch
Ø Moody’s lowers outlook for global base metals industry
Ø Moody’s cuts global shipping industry outlook to negative
Ø ArcelorMittal refinances $5.15-billion loan availed for Essar Steel buy
Ø ITC fixes dividend payout ratio at 80-85% of PAT
Ø MCA suspends rules for holding physical meetings till 30 June
Ø Karur Vysya Bank enters precious metals business for corporate customers
Ø Self-assessment of AGR dues by telcos falls ₹82k crore short of DoT estimate
Ø Rupee falls to near record low against the US dollar
Ø ADB announces $6.5 billion package for developing member countries
Ø Bank of America cuts March quarter growth forecast to 4% on Covid-19 lockdowns
Ø Self-assessment of dues by Bharti Airtel, Vodafone Idea, Tatas Rs 82,300 crore short of DoT’s AGR maths
Ø Sensex falls by 1,700 points to three-year low, Nifty below 8,500
Ø SC pulls up Centre, warns telecom firms of contempt of court
Ø Vodafone Idea shares crack over 40 pc
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👉 Forms required to submit for availing benefit under 'DIRECT TAX VIVAD SE VISHWAS' Scheme will be available in the e-Filing soon.
https://www.incometaxindiaefiling.gov.in/eFiling/Portal/StaticPDF_News/DTVSV_Act_2020.pdf
👉 MCA has invited Public Comments on Draft Companies (Corporate Social Responsibility Policy) Amendment Rules 2020 - (18-03-2020)
https://www.icai.org/new_post.html?post_id=16379&c_id=219
👉 Circular for engagement of Chartered Accountants in NFRA on Contractual basis
http://www.mca.gov.in/Ministry/pdf/NFRA_18032020.pdf
👉 Publication of notice u/s 75 of the LLP Act,2008 read with sub Rule 1 b read with Rules 372
http://www.mca.gov.in/Ministry/pdf/notice_18032020.pdf
👉 RBI Announces OMO Purchase of Government of India Dated Securities
https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=49534
👉 20-03-2020 – Monthly return on the basis of finalisation of details of outward supplies and inward supplies along with the payment of amount of tax – GSTR 3B for February
Return for Non-Resident foreign taxable person – GSTR 5 for February
👉 28-03-2020 – Details of Inward Supplies to be furnished by a person having UIN and claiming refund – GSR 11 for February.
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ITAT Delhi in the case of Arihant Technology Pvt. Ltd. Vs Pr. CIT states that Section 263 Jurisdiction cannot be assumed by Pr. CIT for making roving enquiries.
GST: Foreign airlines exempt from filing GSTR-9C. CA certified Statement of Receipts & Payments to be filed by 30 Sept of next Financial Year for each GSTIN.
MCA: Notice regarding Board meetings under the Companies Act, 2013 http://www.mca.gov.in/Ministry/pdf/Meeting_18032020.pdf
Government introduced the Companies (Amendment) Bill 2020 in the Lok Sabha. Introducing the Bill, Minister of State for Finance said that the proposed Bill will help in doing ethical and honest business in the country.
MCA is set to make major changes to the framework of statutory audits to ensure that managements cannot arm-twist or tempt auditors into overlooking governance lapses.
MCA has notified the Companies (Registration Offices and Fees) Second Amendment Rules, 2020 and the Companies (Incorporation) Second Amendment Rules, 2O20 which shall come into force on the date of their publication in the official Gazette i.e 12-03-2020.
MCA has provided further Relaxation of additional fees and extension of the last date for filing of forms MGT-7 (Annual Return) and AOC-4 (Financial Statement) under the Companies Act, 2013 for the companies having registered office in UT of J & K and UT of Ladakh upto 30.06.2020.
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👉 NCLT: The National Company Law Tribunal (NCLT) has, on March 18, granted grounded airline Jet Airways another 90 days for resolution under the Insolvency and Bankruptcy Code (IBC), CNBC-TV18 reported.
The previous 270-day deadline for Jet Airways ended on March 15. The 90-day extension from the NCLT Mumbai Bench has given the troubled carrier a total of 360 days for resolution. Notably, IBC norms allow for a maximum of 330 days’ time for the process.
On March 12, the Jet Airways' Committee of Creditors (CoC) sought a two-month extension of the deadline for submission of bids from the NCLT.
The CoC, with no potential bidder to come forward, believes it might not get the desired results if it were to go for liquidation of assets at this stage due to the ongoing coronavirus (COVID-19) concerns, sources said.
The cash-strapped airline, grounded in April 2019, owes more than Rs 8,000 crore to banks, with those from the public sector having significant exposure.
On June 20, 2019, The NCLT admitted the insolvency petition filed by the lenders' consortium led by State Bank of India (SBI) against Jet Airways. The tribunal has also appointed Ashish Chhauchharia of Grant Thornton as the resolution professional for the crippled airline.
👉 New Delhi: The newly constituted Chennai bench of the National Company Law Appellate Tribunal (NCLAT) will start taking matters from Wednesday from the premises of the Delhi-based Principal bench, the tribunal said.
The Chennai bench, which comprises judicial member Justice M Venugopal and Member (Technical) Kanthi Narahari, would start hearing of appeals filed from 18 March, 2020, from Delhi.
The bench would "admit, hear and dispose of such appeals as may be filed after constitution of Chennai Bench w.e.f. 18th March, 2020 in terms of Notification dated March 13, 2020 issued by the Ministry of Corporate Affairs," the NCLAT said in a notice.
Earlier, the NCLAT had informed that all filing related works for Chennai bench would also be handled at the Delhi-based Principal bench only as it would take around two months to create infrastructure there.
"...it is provided that since Infrastructure as also Human Resources is lacking and raising of the same is likely to consume not less than two months, all filings in respect of Chennai Bench Jurisdiction shall be done at the Principal Bench at New Delhi even after 18th March, 2020 i.e. the date of constitution of the Chennai Bench, till the Bench at Chennai is expected to become functional in all probability in the month of June, 2020," it said.
On 13 March, the government had notified the constitution of the National Company Law Appellate Tribunal, Chennai Bench.
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