30th May 2K20
Economic Times
Ø SoftBank-Bharti JV eyes up to $750 million fund-raise
Ø NPAs to soar by up to 600 bps in 2 yrs: Fitch
Ø Projects worth Rs 21 lakh cr at a standstill in red zone
Ø Q4 GDP growth likely to be at 3.6%: Care Ratings
Ø China, India soak up oil from floating storage
Ø Abu Dhabi state fund may invest $1 bn in Jio: Sources
Ø Government frees exports of Paracetamol APIs
Ø PNB Housing Finance takes over Vipul Ltd Project after default
Business Standard
Ø US economy shrank at 5% annual rate in Q1, higher than initial estimate
Ø India's cement production to fall 25-30% in FY21 as Covid-19 saps demand
Ø Coal supply by Coal India to power sector dips 22% to 32 MT in April
Ø Patanjali's Rs 250 crore NCD subscribed within three minutes of opening
Ø Cash-strapped Jet Airways gets four new EoIs in fresh bidding round
Ø Cairn initiates arbitration against $520 mn govt demand over discrepancies
Business Line
Ø Google in talks to buy stake in Vodafone Idea
Ø CBDT notifies minimum fee for India based fund managers managing offshore
Ø Fresh measures for equity market, NBFCs on cards
Ø Power exchange plans to launch real time market for trading in electricity contracts
Mint
Ø Federal Bank has 35% of its loan book under moratorium
Ø RBI imposes fines of Rs6.5 crore on three banks
Ø Ceat Q4 net declines 19% to ₹52 cr
Ø Franklin Templeton investors send legal notice to Sebi
Ø Kia Motors announces additional investment of $54 mn in Andhra Pradesh
Financial Express
Ø FDI in India jumps 13% to record $49.98 billion in 2019-20
Ø Need to look at building economy with local skills: Suresh Prabhu
Ø Government seeks $520 million from Cairn Oil & Gas; co slaps arbitration notice
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GST Portal Update:
EVC option has been activated for GSTR-1 return. Now, we can file GSTR-1 and GSTR-3B with EVC option in case of companies also.
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CBDT notifies new Form No. 26AS containing details beyond TDS /TCS pursuant.
Notification No.30 of 2020
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GST Portal: EVC option has been activated for GSTR-1 return. Now, we can file GSTR-1 and GSTR-3B with EVC option in case of companies also.
Ministry of Corporate Affairs, vide Gazette Notification dated 26th May, 2020, has made the Prime Minister’s Citizen Assistance and Relief in Emergency Situations Fund (PM CARES Fund) eligible to receive contributions from corporate social responsibility (CSR) corpuses of corporates.
Sebi is unlikely to agree to India Inc’s demand of waiving financial results disclosures for the first quarter of this financial year. Industry bodies Confederation of Indian Industry (CII) and Federation of Indian Chambers of Commerce and Industry (Ficci) had requested the regulator to relax the norms due to the disruption caused by Covid-19.
DGFT vide Notification No. 07/2015-20 dated 28.05.2020 has removed restriction on the export of Paracetamol API, with immediate effect.
PF Contribution @10% for Salary of May, June & July is Optional. Employer or employee can pay at normal rate of 12% FAQ of EPFO of 20.05.2020.
Supreme Court has observed that Retirement of one partner amounts to dissolution of partnership firms consisting of only two partners: When there are only two partners and one has agreed to retire, then the retirements amounts to dissolution of the firm.
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👉🏻FM launches facility of Instant PAN through Aadhaar based e-KYC
(The allotment process is paperless and an electronic PAN (e-PAN) is issued to the applicants free of cost)
👇🏻 👇🏻 👇🏻
https://bit.ly/2TOChp4
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👉 If you had to guess a huge multibagger in the past month or so, chances are that a company clambering out of bankruptcy would not have led your list of wealth-builders. But shares of Alok Industries, a bankrupt company taken over by Mukesh Ambani’s Reliance Industries, have more than doubled in the past one month, hitting upper circuits for 17 consecutive times.
On Wednesday, too, the stock gained 5% to Rs 16.87, with more than 20 million buy orders on BSE and NSE. After the restructuring of equity, the stock was listed on February 27 at Rs 14 and declined to a low of Rs 3.92 on March 31. Since then, the stock has rallied 330%.
“Alok Industries, which was in a perpetual bear run, is hitting the upper circuit nowadays,” said Abhishek Karande, senior analyst, Reliance Securities. “It may go up like Ruchi Soya but it is better that retail investors stay away from the counter as they will not find exit so easily.”
A similar kind of rally was seen in another NCLT company, Ruchi Soya. Shares of Ruchi Soya, re-listed on January 27 after consolidation of equity, rallied more than 40 times in just three months valuing the company at Rs 23,500 crore, more than that of Adani Enterprises, Gujarat Gas, Bata India, Voltas, Trent and TVS Motors. However, since May 18, the stock is ending in the lower circuit consistently and has lost 30% to close at Rs 515.60 on Wednesday.
👉 The National Company Law Appellate Tribunal (NCLAT) has set aside the insolvency proceedings at Indu Techzone, providing relief to promoters led by I Syam Prasad Reddy, who is a co-accused in the disproportionate assets case against Andhra Pradesh CM YS Jagan Mohan Reddy.
The tribunal has ordered in favour of the company on the ground that lender IFCI had filed the insolvency petition after missing the deadline as per the Insolvency and Bankruptcy Code.
It allowed Indu Techzone to “function independently through its board of directors with immediate effect”. The May 22 order also provides relief to the Enforcement Directorate, which had attached certain assets of Indu Techzone in the disproportionate assets case and sought to exempt those from the insolvency proceedings.
The firm had approached the NCLAT after the National Company Law Tribunal’s (NCLT’s) Hyderabad bench ordered insolvency proceedings against it in November last year. It argued that the resolution application was barred by limitation — the period within which legal action could be initiated or a right enforced.
The ED had earlier submitted before the NCLT that it had registered a case in August 2011 against Jagan Mohan Reddy and others under the Prevention of Money Laundering Act, wherein Indu Techzone was one of the suspects.
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1. Form 26AS will now be a complete profile of the taxpayer w.e.f. 01.06.2020
CBDT vide Notification dated May 28, 2020 amended Form 26AS in Sec 285BB w.e.f. 01.06.2020. Key takeaways are:
New form 26AS will also provide information in respect of “Specified financial transactions” which include transactions of purchase/ sale of goods, property, services, works contract, investment, expenditure, taking or accepting any loan or deposits of such value as may be prescribed but not less than of Rs 50,000.
Information about income tax demand, refund, proceedings pending, and proceedings completed which may include assessment, reassessment under section 148,153A 153C, revision, appeal will also be shared in this form 26AS.
Information on this form 26AS will not be a one-time affair at year end. This will be a live 26AS, as this will be updated regularly within 3 months from the end of the month in which such information is received.
Form 26AS will now be a complete profile of the taxpayer for that particular year as against earlier form 26AS which just provided the information about taxes paid by way of TDS/TCS or self-assessing.
This form will also have mobile no, email I’d and Aadhar no. of the taxpayer.
Further an enabling provision has been notified empowering the CBDT to authorise DG Systems or any other officer to upload in this form, information received from any other officer, authority under any law. Thus any adverse action initiated or taken or found or order passed under any other law such as custom , GST , Benami Law etc. including information about Turnover , import , export etc. will also be put in this form 26AS so that not only the concerned taxpayer but also all the Income Tax authorities will know and have access to such information.
This form 26AS will also provide information received by Tax Deptt from any other country under the treaty /exchange of information about income or assets of the taxpayer located outside India.
The implication of this new form 26AS will be that banks , financial institutions or any other authority or customer , buyer etc. while carrying out due diligence of the person/ corporate concerned will now ask for form 26AS so as to be sure that there are not any major issues about such person/corporates.
This will now make difficult for any taxpayer to hide information from any bank / financial institution/ authority about any proceedings against under any law or tax demand, tax disputes etc.
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👉 The Chennai division bench of the National Company Law Tribunal (NCLT) has cleared the merger of Gurugram based KSS Abhishek Safety Systems with Takata India. The new amalgamated entity will now be called Joyson Anand Abhishek Safety Systems.
As part of the deal, Takata India reduced its equity share from Rs 174.4 crore to Rs 40.4 crore by ‘cancelling and extinguishing’ paid up share capital worth Rs 134 crore which will be set off against accumulated losses of Rs 134 crore. All employees of KSS Ashishek Safety Systems will now become employees of Takata India.
The merger is part of a tri-party joint venture announced in 2019 by auto component major Anand Group.
The tri-party merger involved merging the two joint ventures of Joyson Safety Systems (JSS). JSS' joint venture with Abhishek Group is KSS Abhishek Safety Systems and its JV is with Anand Group is Takata India.
Anand Group will now merge KSSA and Takata India to form a tri-party JV called Joyson Anand Abhishek Safety Systems.When the merger was announced last June, the merged entity was looking at hitting Rs 1,000 crore turnover by 2023.
Abhishek Auto Industries has a long association with Takata Corporation, the Japanese seat belt, airbag and security systems major. In 2000, it formed a 70:30 JV with Takata which was dissolved 6 years later. In 2007 it formed a JV with Key Safety System Inc USA to become KSS Abhishek Safety System.
👉 The NCLAT has dismissed an appeal filed by the wife and daughter of a former executive of IL&FS group that challenged a tribunal order permitting the government to implead them in the oppression and mismanagement case at the infrastructure conglomerate.
The National Company Law Appellate Tribunal, while dismissing the plea by Ashakiran and Akanksha Bawa, wife and daughter of Ramesh C Bawa, former managing director and chief executive officer of the debt-ridden group, against a National Company Law Tribunal order, also dismissed their plea that sought to reopen their bank accounts that were sealed.
A three-member bench of the NCLAT comprising Justice Jarat Kumar Jain and tribunal members Balvinder Singh and Ashok Kumar Mishra observed that the presence of the Bawas would enable the NCLT to effectively decide the case. “Impleading a party doesn’t mean that the charges are proved,” the appellate tribunal said.
The Ministry of Corporate Affairs had movedan application in the NCLT in April 2019 to implead the duo in the case of oppression and mismanagement in the IL&FS group entities.
The ministry had alleged that Ramesh Bawa had contravened the tribunal’s order by transferring amounts to bank accounts of his wife and daughter. It had also alleged that the transferred amounts were originally siphoned from the accounts of IL&FS and were withdrawn subsequently despite an order that prohibited the operation of bank accounts and lockers. The NCLT had allowed their impleadment in September last year.
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