24th April 2K20
Ø Govt suspends insolvency provisions from IBC for 1 year
Ø RBI's liquidity plan for non-bank lenders falters
Ø Indian economy in its worst quarter since mid-1990s
Ø Europe on course for unprecedented recessions
Ø 26 million have sought US jobless aid since virus hit
Ø Govt working to reimburse MSME's dues: Gadkari
Ø India’s crude oil production falls 6% in FY20
Ø No country should have any concern over India's new FDI policy: Govt
Ø CII sees Covid-19 shrinking FY21 GDP by 0.9% in worst-case scenario
Ø MCX asks software vendor to enable negative price trading after broker ire
Ø Sebi halves post-buyback cooling off period for firms to six months
Ø PM Modi, Sitharaman to meet on Friday to finalise second stimulus package
Ø Housing sales fall 26% in Jan-March, new supply dips 51%: Report
Ø Covid-19: Centre considering allowing industry use ESI scheme funds for wage payments
Ø ArcelorMittal Nippon Steel India logs record output of 7.23 mt in FY20
Ø Refiners stare at Rs 25,000-cr inventory loss
Ø Railways offers incentives to freight customers
Ø As government wields stick, EXIM logistics players fall in line
Ø Coal India’s 2020-21 production target set at 710 million tonnes
Ø Bharti Infratel posts Q4 profit of Rs 650 cr
Ø Govt to suspend insolvency provisions from IBC for up to 1 year: Report
Ø Jeff Bezos, Elon Musk among billionaires gaining net worth in pandemic: Report
Ø ITC says manufacturing capacities currently between 20% to 60%
Ø Tata Motors' JLR to restart some production in Europe from May 18
Ø Lockdown delays Bharti Infratel-Indus Towers merger, deal postponed for 4th time
Ø TLTRO round one: India Inc raises nearly ₹52,000 crore
Ø RBI measures to ease concerns of NBFCs, provide relief to banks, borrowers
Ø DIPAM may look at sale of smaller CPSEs to larger counterparts to meet FY21 disinvestment target
Ø Reliance cuts crude processing at Jamnagar SEZ refinery by 24 per cent
Ø India's remittances likely to decline by 23% due to coronavirus: World Bank
Ø Finance Ministry notifies changes in FDI policy under FEMA law
Ø Donald Trump signs immigration order curbing green cards
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Central Government is considering another excise duty hike on petrol and diesel. The hike could be notified after the resumption of economic activity once the nationwide lockdown is broadly lifted. “There may be marginal hike in excise duty to offset revenue loss due to lack of demand.
Sebi proposed easier pricing norms, as well as exemptions from open offers, for investments made through the preferential route in stressed listed companies. According to the regulator, the existing pricing guidelines for buying via the preferential route are too onerous for any financial investor to consider investments in a stressed company.
Bombay High Court To Forego Summer Vacation And Work Longer Hours To Compensate For Loss Due To Covid-19 Pandemic.
Ministry of shipping has issued a letter dated April 21, 2020 regarding relief measures taken to support and rebuild the logistics. Like Storage Charges: Ports shall allow free storage time to all port users for the Lock-down Period.
Union Cabinet approved the promulgation of an Ordinance to amend the Epidemic Diseases Act 1897 to provide stricter punishments for attacks against health workers. The amendment was necessitated in view of reports of incidents of attack and harassment against doctors, nurses, para-medics and Asha workers.
Central government is likely to clear a relief package worth Rs 20,000 crore, which will be divided in two separate funds, to help Micro, Small and Medium Enterprises (MSMEs) restart economic activities. The Expenditure Finance Committee or EFC, headed by finance minister Nirmala Sitaraman has cleared and forwarded two proposals for govt allocating nearly Rs 20,000 crore for helping MSME.
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👉🏻Clarifications on provisions of the Direct Tax Vivad se Vishwas Act, 2020
(CBDT has modified answer to question in relation to prosecution cases with a view to "reflect the correct intent of law")
👇🏻 👇🏻 👇🏻
https://bit.ly/2VyHwLf
👉🏻MCA allows companies to hold first AGM before September 30
(allowed companies whose financial year ended in December, to hold their first AGMs within the first nine months of their current fiscal or Sept. 30)
👇🏻 👇🏻 👇🏻
https://bit.ly/3eMqWPh
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CBDT issued Circular No. 9 of 2020 dated April-22-2020 whereby certain replies to 55 FAQs; answered on March-04-2020 have been modified or consequentially amended. With this, Circular No. 7 of 2020 dated March-04-2020 has been Withdrawn.
Central Board of Indirect Taxes and Customs (CBIC) on extended the deadline to import and export goods without furnishing bonds to the Customs authorities by a fortnight till May 15, a move aimed at facilitating trade during the COVID-19 lockdown. In a circular, the CBIC said businesses will, however, have to furnish proper bond to the Customs authorities by May 30 for import and exports done through undertaking till May 15.
GST: Now use PMT-09 to transfer Balance in Cash Ledger of one head of GST to other i.e. IGST to SGST/CGST etc. Also transfer from tax to interest etc.
Reserve Bank of India will now get 45 days to deploy money drawn under Targeted Long term Repo Operations 2.0 (TLTRO 2.0) as against the previous limit of 30 days. The extension has been granted based on the feedback received from banks and taking into account the disruptions caused by Covid-19.
Bombay High Court quashed criminal complaints filed by the Serious Fraud Investigation Office against the erstwhile auditors of Infrastructure Leasing and Financial Services Ltd. and its non-bank lending arm for alleged collusion in falsifying books.
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👉 State-run NBCC has moved the National Company Law Appellate Tribunal (NCLAT) challenging the March 3 order of the National Company Law Tribunal (NCLT) that approved its resolution plan for debt-laden Jaypee Infratech (JIL). Hearing the NBCC’s ‘urgent’ plea on Wednesday, the two-member NCLAT bench, headed by its acting chairperson justice Bansi Lal Bhat, directed, “Meanwhile, till further orders, the approved ‘resolution plan’ may be implemented subject to outcome of this Appeal.” NCLAT has scheduled the matter for further hearing on May 15.
NBCC’s resolution plan includes handing over close to 21,800 homebuyers their units in phases over a period of three and a half years and paying off financial creditors their entire admitted claim of Rs 9,783 crore.
In its appeal to the NCLAT, NBCC alleged that the tribunal, in its order, made unilateral and arbitrary modifications of its resolution plan by allowing objections raised by dissenting creditor ICICI Bank and Yamuna Expressway Industrial Development Authority (YEIDA) even as the plan was approved by a majority of 97.36% vote in the Committee of Creditors (CoC).
In its appeal to the NCLAT, NBCC said the modifications made in the approved plan were inconsistent with the provision of the Insolvency and Bankruptcy Code (IBC). CoC had approved NBCC’s bid on December 9, 2019.
In its order, NCLT had asked NBCC to pay ICICI Bank its due in cash in 12 equal monthly instalments within 18 months, starting from six months from the approval of the resolution plan. NBCC said such a direction was “arbitrary” and on unreasonable grounds that dissenting financial creditors are entitled to payment in cash under the provisions of the code.
“The NCLT has dealt with the two issues raised by YEIDA against the resolution plan by amending the resolution plan to provide that any additional compensation will have to be paid by the SPVs, and, with respect to the additional compensation in relation to Expressway, parties can approach appropriate forum of law regarding the same,” the state-run firm said in its application.
👉 New Delhi, Apr 22 (PTI) The National Company Law Appellate Tribunal (NCLAT) on Wednesday asked state-owned-NBCC to implement its proposal to acquire debt ridden Jaypee Infratech and complete over 20,000 pending flats, but said the direction is subject to its final order.
The NCLAT''s direction came over an urgent petition moved by the NBCC, which won the bid to acquire Jaypee Infratech. The NBCC''s resolution plan has already been approved by the National Company Law Tribunal (NCLT), but appeals have been filed by the Jaypee Group as well as the NBCC.
The appellate tribunal also directed Jaypee Infratech''s Interim Resolution Professional (IRP) Anuj Jain to constitute an interim monitoring committee, comprising representatives of the NBCC and its three main lenders IDBI Bank, IIFCL and LIC.
While hearing petition during the extended lockdown period, a two-member bench headed by NCLAT Acting Chairperson Justice B L Bhat said the IRP would be part of the interim monitoring committee and continue to be paid.
“Meanwhile, till further orders, the approved resolution plan may be implemented subject to outcome of this appeal,†said the NCLAT.
†The IRP may constitute an interim monitoring committee comprising the successful resolution applicant, i.e., the appellant and the three major institutional financial creditors, who were Members of the ''committee of creditors," it said.
The appellate tribunal issued notices to ICICI Bank, IDBI Bank and others directing them to file reply in two weeks and listed the matter on May 15 for the next hearing.
“List the matter for ‘admission after notice’️ on May 15, 2020,†said the NCLAT.