15th May 2K20
Ø Significant advantages exist in RIL-Aramco deal: Report
Ø Clear picture of GST mop up in Apr to come by June-end
Ø Max Fin pays Rs 123.78 crore to settle tax dispute
Ø UK economy shrinks 2% in first quarter on coronavirus
Ø Venture investments decline to USD 881 million in April
Ø Over Rs 70,000 crore debt of NBFCs maturing in Q1
Ø PFC, REC to approach discoms; offer 7-10 year loans with moratorium
Ø FM has leveraged banks and PSUs to deliver the goods
Ø Fed Chair Powell warns of prolonged US recession after coronavirus
Ø Govt to buy goods and services locally for tenders below Rs 200 cr
Ø US senators introduce legislation to impose sanctions on China over Covid
Ø Details show direct fiscal costs of stimulus measures won't be large
Ø 21 States staring at ₹97,100-cr revenue hit in April: Ind-Ra
Ø Equalisation levy on e-commerce companies may be deferred to second half of FY
Ø Corporate Insolvency: NCLT makes ‘default record’ mandatory
Ø Maruti acquires Sumitomo’s stake in JJ Impex; to supply Brezza to Toyota
Ø US FDA closes audit, inspection for Dr Reddy’s formulation unit in AP
Ø FM’s announcements will help address supply side constraints feels industry
Ø Government provides further liquidity support to NBFCs, HFCs, microlenders
Ø Vedanta’s delisting plans may see minority investors feeling shortchanged
Ø Govt cuts EPF contribution to 20% for next three months
Ø Godrej Consumer Q4 net profit slips 75% to ₹230 crore on covid-19 impact
Ø At 10% of GDP, PM Modi’s Atma-nirbhar Bharat Abhiyan ranks among biggest in world
Ø BRICS’ New Development Bank provides $1 billion loan to India to fight COVID-19
Ø India up at 74th place on WEF’s global energy transition index
Ø Kotak Mahindra Bank Q4 profit down 4 per cent to Rs 1,952 cr
Ø IMF, World Bank urged to cancel debts of poor countries
Ø Ashok Leyland resumes production across India
Ø Sebi allows e-KYC using Aadhaar for 8 entities
Ø Top auto companies resume production after profit slumps on weak demand
Ø Fiscal deficit to balloon to 7.9% in FY21: Report
Ø 72% of outstanding bank credit in red zones: Report
Ø Gujarat government launches 'Rs 1 lakh loan at 2 per cent interest' scheme
Ø Centre to take up affordable rental housing for migrants
Ø FM unveil free foodgrains for 8 cr migrant workers
Ø COVID-19 to have significant deflationary impact: CEA
Ø Govt. suspends headline WPI release on inadequate data
Ø Tata group, Adani, CESC may join the race to buy BSES companies
Ø SEBI grants temporary relief to companies from public float norms
Ø Govt. to switch Rs 30,000 cr of bonds for longer tenure securities
Ø Salaried class excluded from TDS benefit to avoid tax burden: Govt.
Ø India's ultra mega solar parks offer $500-700 billion investment potential
Ø NCDEX to launch tradeable agri index to hedge risk in underlying commodity
Ø WPI food inflation declines in April to 3.60 per cent
Ø Teva moves US court against Aurobindo Pharma on cancer drug Bendeka
Ø Covid-19: NovaLead Pharma gets nod for clinical trials for its repurposed drug
Ø ONGC awards 49 marginal fields to seven bidders
Ø Steel units to gain as NMDC reduces iron ore prices
Ø Vedanta wants to delist at cyclical lows, but investors may not budge
Ø Cipla approaches ICMR to make ELISA antibody test kits
Ø Government outlays plan for credit boost to agriculture sector
Ø Fresh crisis looms for NBFCs after fund shuts
Ø 36 million have sought US unemployment aid since coronavirus hit
Ø UK facing significant recession, says Rishi Sunak
Ø Delisting of subsidiary to enhance Vedanta Resources’ financial flexibility: S&P
Ø CIL mandated to replace at least 100 MT of imports with domestic coal in FY21
Ø RBI may have to monetise around Rs 7 lakh cr of stimulus package: BofA
Ø Mphasis consolidated net profit rises 32.7% in the March 2020 quarter
Ø Accept loan repayment offer, close case against me: Vijay Mallya asks Govt.
Ø US weekly jobless benefits to stay elevated as coronavirus layoffs widen
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👉 Financial creditors moving the National Company Law Tribunal (NCLT) for initiation of insolvency process would have to henceforth mandatorily file ‘default record’ from information utility (IU). No new petition would be entertained without record of default under Section 7 of the Insolvency and Bankruptcy Code ( IBC), the NCLT has said in a new directive.
NCLT has also directed that authorised representatives/ parties in the cases pending for admission under Section 7 of IBC to file default record from an IU before next date of hearing.
An information utility is basically a repository of electronic evidence. It is an information network that stores financial data like borrowings, default and security interests among others of firms. In India, National e-Governance Services Limited ( NeSL) in mid-2017 became the first IU for bankruptcy cases under the insolvency and bankruptcy code (IBC).
A record of default is nothing but a statement of default on a particular loan and facility. With the latest NCLT move, the entirety of an IU as an integral part of the process to establish default and allow immediate admission before such a Tribunal is now complete, say experts.
It may be recalled that the Corporate Affairs Ministry (MCA) had about four months back internally taken a decision that there is a need to make IU evidence mandatory in insolvency admission matter. Today, NeSL —which started its journey in September 2017–has information of loan details of 100 per cent of corporates in India. It is sitting on data of Rs 76 lakh crore of corporate borrowing outstanding.
👉 The National Company Law Tribunal (NCLT) has transferred three more members to different benches across the country with immediate effect. On April 30, it had transferred eight members as part of an organisational reshuffle.
According to a notification issued by the NCLT Registrar on Tuesday, the new list comprises three judicial members.
"The members shall move to their new stations of posting, after lockdown restrictions on movement are withdrawn by the central government and the respective state governments," the notification said.
The tribunal has a strength of 23 judicial members including its Acting President. Besides, it has 25 technical members, as per NCLT website.
Last week, it cancelled the scheduled summer vacation for all its benches.
Presently, hearing of all NCLT benches is closed due to the lockdown. NCLT is hearing only urgent matters through video-conference.
Last month, the government extended the tenure of NCLT's Acting President BSV Prakash Kumar for another three months.
NCLT was set up under section 408 of the Companies Act, 2013 on June 1, 2016.
Besides the Principal Bench at New Delhi, it has 14 other benches in Ahmedabad, Allahabad, Bengaluru, Chandigarh, Chennai, Guwahati, Hyderabad, Kolkata, Mumbai, Cuttack, Jaipur, Kochi, Amravati, and Indore. KRH ANU ANU
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ICAI Announcement
The sudden developments in regard to corona virus pandemic in the country have resulted in an extended lockdown, since 22nd March 2020 by the Government of India. This lock down brought with it restrictions on physical mobility and availability of limited communication modes. This has resultantly led to situation wherein many of ICAI stakeholders were unable to complete the requirements of making the application complete in all respects for submission of Membership/COP fees and retrospective restoration for the year 2019-2020 by the last date of 31st March 2020.
To mitigate the hardships, the application(s) in Form 9 and Form 101 for retrospective restoration of membership / certificate of practice complete in all respects and applicable fee for the year 2019-2020 can now be submitted by filing until the midnight of 31st May 2020.
The system modification is underway to accommodate this window and is expected to be available in your SSP login profile on the 20th of May 2020.
Meanwhile, Members who have not registered themselves till now on the New Self Service Portal are requested to do their one-time registration immediately by visiting https://eservices.icai.org. The step by step procedure about the registration process can be referred at https://resource.cdn.icai.org/55774sspfaq-45144c.pdf
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SECOND TRANCHE OF ANNOUNCEMENTS FOCUS ON 9 MEASURES:
3 related to Migrant workers
• One Nation One Ration Card will be implemented- 67 crore beneficiaries in 23 states covering 83% of PDS population will be covered by national portability by August 2020.
• Free food grains supply to all migrants for the next 2 months. For non-card holders, they shall be given 5kg wheat/rice per person & 1 kg chana per family/month for 2 months. 8 crore migrants will benefit- Rs 3500 crores to be spent on this.
• already generated 14.62 crore person-days of work till 13th May, which is 40-50% more persons enrolled as compared to last May. Migrant workers going back to their states being actively enrolled.
• Govt has permitted state govts to utilise SDRF for setting up shelter for migrants & providing them food & water etc...
1 related to Street vendors
• Government to support nearly 50 lakh street vendors with Rs 5000 crore Special Credit Facility.
1 related to Small traders
• Government of India will provide interest subvention of 2% for prompt MUDRA-Shishu Loans payees for a period of 12 months; Relief of Rs 1500 crores to MUDRA-Shishu loan payees.
1 related to Self-employed people
• To create job opportunities for tribals /adivasis -plans worth Rs 6000 crores to be approved shortly under Compensatory Afforestation Management & Planning Authority (CAMPA) Funds.
• 12,000 self-help groups (SHGs) have produced more than 3 crore masks and 1.2 lakh litres of sanitizers during #COVID19 period. 7,200 new SHGs for urban poor have been formed during the last two months.
2 on Small farmers
• Rs 30,000 crores additional emergency working capital funding through NABARD; 3 crore farmers to benefit.
• Rs 2 lakh crore concessional credit boost to 2.5 crore farmers through Kisan Credit Cards.
• NABARD to extend additional re-finance support of Rs 30,000 crores for crop loan requirement of Rural Co-op banks and RRBs.
• Interest subvention and prompt repayment incentive on crop loans due from 1st March has been extended to 31st May
1 on housing
• Govt to launch a scheme for affordable rental housing for migrant workers/urban poor to provide ease of living by converting govt funded housing in cities into Affordable Rental Housing Complexes (ARHC) under PPP mode through concessionaire.Government to extend the Credit Linked Subsidy Scheme (CLSS) for middle income group (annual income Rs 6-18 lakhs) up to March 2021; 2.5 lakh middle income families to benefit during 2020-21.
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👉 In wake of the COVID-19 outbreak and subsequent lockdown, the National Company Law Tribunal (NCLT) has released a notice dated April 7, 2020, wherein the Tribunal has made an appeal to litigants and stakeholders involved in matters under Companies Act, 2013 and Insolvency and Bankruptcy Code, 2016 to file Joint Memo of Written Submissions. The NCLT's notification urging filing of Joint Memo of Written Submissions has been made in order to expedite the hearings pending with the Tribunal and to see to it that justice is not delayed in matters of urgent nature.
The NCLT has stated in the notice that litigants should avoid filing of reply and rejoinder and the Memo will now be a user-friendly document which will enable the Tribunal to arrive at a decision quickly.
Instructions for filing Joint memo of written submissions:
The Applicants shall state all facts and reliefs in five to ten lines and the same shall be served upon the Opposite Party along with its application.
The Opposite Party, in response, shall brief their defence in five to ten lines and serve the same upon the Applicants within 24 to 48 hours.
Upon exchange of brief facts, both the parties shall jointly draft the points for determination by NCLT.
Based on the points for determination, both the parties shall separately set out reasons in support of their respective stands in two to three lines on each of the points for determination.
Relevant Material Papers, if any, for determination of the points from either side, shall be annexed with the Joint Memo of Written Submissions which shall capsule all the above steps in two to three pages.
After being signed by both the parties, this Joint Memo shall be filed one day before the date of hearing or at least six hours before hearing.
If the opposite party does not appear even after service is affected upon him/them, the Applicant shall place brief facts, reliefs, relevant material papers and reasons for seeking reliefs in the form of this Memo one day before or six hours before the hearing date.
The notice further clarified that in the event situation demands grant of ad-interim relief by NCLT even before filing this Memo, non-filing of this Memo will not become hindrance to NCLT in granting such relief.
This procedure will avoid delays, avoid filing reply and rejoinder and this memo will be user friendly (all in one) to arrive to decisions quickly.
👉 The district administration has given conditional permission for the resumption of construction work of National Company Law Tribunal (NCLT) building and Inter-State Bus Terminal (ISBT), along with some other projects. Construction work of these crucial projects was put on hold following the lockdown.
With this, the work of interior decoration of the NCLT office, located at Anandvan Phase-2 building of IDA in Pipliyahana area, will resume.
Similarly, the district administration allowed IDA to resume the construction work of Inter-State Bus Terminal at Super Corridor.
Officials said according to the revised guide received from Government of India, pre-approved construction works can be started. However, all precautions necessary for preventing the spread of coronavirus would have to be maintained. The precautions include thermal screening, social distancing, use of sanitisers, using Arogya Setu App, a gap of one hour between two shifts, ban of large meetings, etc. Also, none of the workers should be from COVID-19 containment areas. The contractor would have to ensure all the guidelines are followed.
For construction work in the city, labourers will have to be kept in a camp near the construction site and there will be no movement of labour. It will be the personal responsibility of CEO of IDA Vivek Shrotriya to ensure the health of the workers during the construction period.
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Indian Staffing Federation demands abolition of 18% GST:
The Indian Staffing Federation (ISF), the apex body of temporary workers industry in the country, has demanded the Union government to categorise its services as ‘Merit Services’’ and therefore reduce the GST on such services to 5% from 18% currently with immediate effect.
READ MORE- https://www.gststation.in/indian-staffing-federation-demands-abolition-of-18-gst/
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FM reliefs: 1) Due date for all income tax returns has been extended to 30 November from 31 July. 2) TDS, TCS rate for non-salaried payments for period up to March 31, 2021 has been slashed by 25%, a move that will release Rs.50,000 crore into the system.
If date of deduction is 14.5.20 to 31.3.21, TDS @ 75% of normal rates to deducted on non- salary payments to residents. Source CBDT Press release of 13.5.2020.
The income tax return filing deadline for FY19-20 has been extended to November 30. The FM said, “Due date for all income-tax return for FY 2019-20 will be extended from 31 July 2020 to 30th November 2020 and tax audit from 30th September 2020 to 31st October 2020.
Finance Ministry is considering the deferment of the ‘Google Tax’ (technically known as equalisation levy) on e-commerce companies by up to six months during the current fiscal. This levy came into effect from April 1. The Finance Ministry has received several representations seeking relief from this levy.
GST: Anti-Profiteering has issued Order that No profiteering if no change in Tax Rate vide No. 05/2020 dated 10th February, 2020 in case of Shri Rahul Sharma (Applicant) Vs. Xiaomi Technology India Pvt. Ltd. (Respondent).
SEBI given Relaxation to the Banking or Insurance Companies to submit Consolidated Financial Results for June 2020 quarter vide Circular dated May 12, 2020 provided additional relaxations to compliance with LODR Requirements.
ICAI has issued Auditing Guidance on Physical Inventory Verification that is key audit consideration amid COVID 19. The COVID-19 outbreak could create several potential challenges for management of an entity to conduct physical inventory counting and for the auditors to attend these counts.
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