👉 Alert to Taxpayers on fakemessages on GST Refund
https://www.gst.gov.in/newsandupdates/read/376
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Finance minister, Nirmala Sitharaman unveiled second tranche of the mega economic stimulus package
The Day 3 of #AtmaNirbharBharatAbhiyanPackage focused on Agriculture & allied activities. Here are the key highlights of Announcements:
1. A new scheme has been launched for interest subvention @ 2% per annum to dairy cooperatives for 2020-21 aimed at unlocking Rs 5000 Crores additional liquidity, benefitting 2 Crore farmers,
2. To help Fisheries sector, operations of Marine Capture Fisheries and Aquaculture has been relaxed to cover Inland Fisheries.
3. In a move to strengthen infrastructure in agriculture, financing facility of Rs. 1 lakh Crore will be provided for funding Agriculture Infrastructure Projects at farm-gate & aggregation points.
4. Aiming to implement PM's vision of ‘Vocal for Local with Global outreach’, a scheme will be launched to help 2 lakh Micro Food Enterprises; Improved health and safety standards, integration with retail markets and improved incomes to be key focus areas.
5. Government to launch Pradhan Mantri Matsya Sampada Yojana for integrated, sustainable, inclusive development of marine and inland fisheries to plug critical gaps in fisheries value chain; move will provide employment to over 55 lakh persons & double exports to Rs 1 lakh Crore.
6. National Animal Disease Control Programme has been launched with total outlay of Rs. 13,343 Crores for 100% vaccination of cattle, buffalo, sheep, goat and pig population in India.
7. Government announces an Animal Husbandry Infrastructure Development Fund worth Rs. 15,000 Crore to support private investment in Dairy Processing, value addition and cattle feed infrastructure.
8. To promote Herbal Cultivation in India Government commits Rs 4000 Crore; move aims to cover 10 lakh hectare under herbal cultivation in 2 years; corridor of medicinal plants to come up across banks of Ganga.
9. Government to implement a scheme for infrastructure development related to Beekeeping; aims to increase income for 2 lakh beekeepers with special thrust on capacity building of women.
10. Government extends Operation Greens from Tomatoes, Onion and Potatoes (TOP) to ALL fruits and vegetables.
11. Government will amend Essential Commodities Act to enable better price realisation for farmers; Agriculture food stuffs including cereals, edible oils, oilseeds, pulses, onions and potato will be deregulated.
12. Government to bring in law to implement agriculture marketing reforms to provide marketing choices to farmers; law will provide adequate choices to farmer to sell produce at attractive price.
13. To provide assurance to farmer on Agriculture Produce Price and Quality, facilitative legal framework will be created to enable farmers for engaging with processors, aggregators, large retailers, exporters etc. in fair and transparent manner.
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👉 Jaiprakash Associates (JAL), the parent firm of Jaypee Infratech (JIL), has moved the National Company Law Appellate Tribunal (NCLAT) challenging the March 3 order of the National Company Law Tribunal (NCLT), which made the Rs 750 crore it deposited with the registry of the Supreme Court a part of the approved bidder NBCC’s resolution plan for JIL.
NBCC had, in its resolution plan, said that it might withdraw its resolution plan in case the amount, along with interest, was not made available with it. The NCLT approved state-run NBCC’s resolution plan for JIL on March 3, 2020. Directed by the Supreme Court, JAL had deposited the fund towards refund of homebuyers’ money. The apex court had on August 9, 2018 directed the NCLT to decide on the fund.
“Promoters of JIL have challenged the NCLT order, arguing that the money should not be given to NBCC,” said advocate Bishwajit Dubey, who appeared on behalf of lead banker IDBI in the NCLAT on Friday.
Advocate Sumant Batra, who appeared on behalf of the resolution professional, said that the NCLT was asked by the Supreme Court to decide on the fund deposited with the apex court’s registry by the JIL’s promoters.
Batra said the two-member NCLAT bench, headed by its acting chairperson justice Bansi Lal Bhat, has directed IDBI, IRP, NBCC and others to file their responses on the JIL’s promoters’ plea within two weeks and posted the matter for further hearing on June 19.
👉 Sumant Batra, counsel for Interim Resolution Professional (IRP) for Jaypee Infratechon Friday informed the National Company Law Appellate Tribunal (NCLAT) that the Interim Monitoring Committee in terms of order dated April 22, 2020 has been constituted.
The IRP wil file a status report with regard to implementation of the approved resolution plan soon.
The NCLAT on Friday accepted plea Jaiprakash Associates and issued notices to NBCC India, ICICI Bank, IDBI Bank and home buyers association. They have to file their reply affidavits within two weeks. Rejoinders, if any be filed within one week thereof.
In NBCC India appeal, NCLAT directed registry to issue fresh notices. NBCC had appealed against the order of National Company Law Tribunal (NCLT) on March 20, 2020 because of the modifications made by the adjudicating authority in the ‘Resolution Plan’ submitted by it and as approved by the committee of creditors to the extent it allows objections of ICICI Bank and Yamuna Expressway Industrial Development Authority (YEIDA) and directs payment to unclaimed Fixed Deposit Holders.
"Home buyers should be happy as no stay has been granted by the court and order passed by NCLT is in force and NBCC has to work accordingly," said Ashwarya Sinha, an advocate representing home buyers.
The company in its appeal had said that the adjudicating authority could not intercede the business decision of the committee of creditors taken by the prescribed voting shares and it exceeded its jurisdiction in making such modifications.
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👉🏻SC says no action against employers who don't pay full wages during lockdown
( Supreme Court asked authorities not to take coercive action against firms which could not comply with the union home ministry's order asking employers to pay full wages to their workers during the lockdown)
👇🏻 👇🏻 👇🏻
https://bit.ly/3g3xZ74
👉🏻Major Changes in ICAI Code of Ethics 2019
(Major Changes in ICAI Code of Ethics 2019 which are going to be applicable wef 01st July 2020)
👇🏻 👇🏻 👇🏻
https://bit.ly/2Z4Q3HT
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MSME- UDYOG AADHAR REGISTRATION PROCESS FOR BUSINESS
1. Please keep on hand, the Business owner’s individual aadhar card copy
(in case of sole propx, the sole proprietor’s aadhar card, for partnerships one of the partner’s aadhar. For companies one of the promoters’.
2. The mobile number linked with this aadhar card should be accessible, in that mobile 3 times OTP will come for submission. (The website will be slow and hence OTP will come little late)
3. Please keep on hand the Nature of Business, Nature of services provided (for one business maximum 5 rows of business/ services could be submitted)
4. Bank account number, ifsc code of the sole proprietor, partner, company promoter is required. Initially the owner’s individual bank account details could be given. Need not be Business current account
5. Keep on hand Investments of the business details. Investments could be on Land, machinery, Building, other assets. But later stage ensure that this investment detail matches with Income tax return investment details, Banks projection CMA details…
6. If the owner is SC/ST/few subsidies are available, Please take care that aspect also.
7. The website for registration is - https://udyogaadhaar.gov.in/UA/UAM_Registration.aspx
(Preferably use Firefox or IE)
8. Once registration is done, we could take 2 prinouts (MSME Udyoga aadhar memorandum & MSME Udyog aadhar Certificate).
9. It is suggested to take colour print of these 2 certificates, ask clients to laminate or frame and fix in keep in a visible place in their Business premises/ WFH premises.
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👉 The National Company Law Tribunal (NCLT), Bengaluru, has ordered the winding up of Super Royal Holidays India Pvt. Ltd., Bengaluru, by declaring that the incorporation and conduct of business of the company was for “fraudulent objects” of ponzi scheme in the guise of offering holiday tour packages by collecting membership fees.
The Ministry of Corporate Affairs (MCA) sought the winding up of the company following the outcome of an investigation carried out after noticing that the company had deposited and withdrawn around ₹10 crore during the period of demonetisation in 2016.
“On perusing the financial statements of the company, it is clear that the money they collected by way of membership fees etc. was largely being pocketed by agents and director-cum-shareholders by way of commission, awards, dividends for directors, etc., leaving paltry remains for the so-called service [tour packages] for their members. Therefore, it is established that the company is running a ponzi scheme, as rightly contended by the MCA,” the tribunal held.
The tribunal also said that the company was “established exclusively for the benefit of the three promoters-cum-directors-cum-shareholders and their agents” and hardly any service was provided to most its customers.
The company enrolled members by collecting ₹11,000 for single membership, ₹22,000 for triple membership, and ₹33,000 for family membership. This life membership fee carried an offer of free tour packages for two nights/three days, to be availed within the next three years by paying a package cost ranging ₹375 to ₹4,800, depending upon location. The company claimed that it had around two lakh members, but could not produce the complete membership details before the authorities.
👉 Established under Sec 410 of Companies Act, NCLAT hears appeals against the orders of benches of NCLTs across the country under IBC and Companies Act as well as appealable orders of CCI. Till recently NCLAT had only one Bench at New Delhi. However, in a welcome move, vide notification dated 13 March 2020, Central Government announced that a bench has been constituted at Chennai which shall entertain appeals against orders passed by benches of NCLT in Andhra Pradesh, Telangana, Karnataka, Kerala, Tamil Nadu, Puducherry and Lakshwadeep. Therefore, NCLAT now has two benches ~ the Principal Bench at New Delhi and the Chennai Bench which shall be functional from 18 March 2020 but shall operate from New Delhi for some time.
The setting up of the Chennai Bench undoubtedly after the verdict of the Apex Court in WP (Civil) No 99 of 2018 - Swiss Ribbons Private Ltd Vs Union of India on 25 Jan 2019 is a positive step forward in ensuring that NCLAT is considered an "efficacious" remedy. However, there shall still be exceptions where High Courts have stepped in and may continue to step in what is the ambit of NCLAT.
This critique therefore is an attempt to analyse the setting up of Chennai Bench of NCLAT on the basis of the verdict of the Apex Court in Swiss Ribbons supra, established principles whereby High Courts can step in even when a forum for statutory appeal has been provided for in exceptional cases, and some case laws where High Courts have intervened and can continue to intervene. It is in the interests of the entire fraternity of IPs that NCLAT which has delivered some landmark judgments involving substantial questions of law becomes stronger by the day and intervention of High Courts under Article 226 and 227 would be a rare exception rather than the rule. There is no denying the fact that had it not been for NCLAT, matters which are now being adjudicated in a couple of months would have taken a year or more in cases that land in High Courts. Lex dilationes semper exhorret. The other justification for NCLAT is that with the perpetual shortage of judges which plagues the entire Indian justice delivery system, NCLAT is a necessity and not a luxury for India.
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