Ø Govt. keeps off RBI's WMA for three consecutive week
Ø India starts anti-dumping duty probe against 3 nations
Ø India very likely to announce another stimulus: Fitch
Ø CIL's dues from power sector crosses Rs 18,000 crore
Ø Deposit repayment reserve: Companies get more time
Ø Brands looking to shift production from China to India
Ø Covid doing double the debt damage as '08: Moody's
Ø June exports have reached 80% level of last year: Goyal
Ø RBI bars YES Bank from coupon payment on Upper Tier II bonds
Ø ICICI Bank sells 1.5% stake in ICICI Prudential for Rs 840 crore
Ø Adani Power board okays delisting from BSE, NSE; to seek shareholders' nod
Ø Fitch revises outlook on Airtel to negative from stable; affirms at 'BBB-'
Ø DHFL pre-tax loss widens over three-fold to Rs 10,296 crore in Q4FY20
Ø Maharashtra stalls Great Wall Motor's investment plan after border row
Ø Global economy faces long, bumpy recovery post Covid: Moody’s
Ø Abbott supplies its serology tests to India
Ø Despite political tensions, Aurobindo Pharma bullish on business in China
Ø L&T Hydrocarbon Engineering signs MoU with KBR for refinery projects
Ø Murugappa PAT rises 2.8% to ₹2,946 crore as turnover increases 3.3% to ₹38,105 crore
Ø After TCS, Reliance Industries to hold virtual AGM on July 15
Ø PSBs, private lenders disburse 44% of the loans sanctioned under ECLGS
Ø Gilead to test inhaled version of remdesivir on COVID-19 patients next month
Ø SEBI board to ease more norms for fund raising via preferential allotments
Ø Reliance Industries becomes 1st Indian firm to hit ₹11,43,667 crore market cap
Ø India may have missed turning current account surplus after 12 years due to all-time low crude oil prices
Ø SBI, PNB rating outlook cut; Fitch’s axe falls on 9 PSU, private banks after India’s rating outlook cut
Ø TRAI asks telcos to ensure time-bound registration of entities for bulk SMSes
Ø Dhanlaxmi Bank Q4 profit falls over 90 pc at Rs 3 cr
Ø In 16 days, petrol price hiked by Rs 8.3 per litre and diesel by Rs 9.46
Ø In biggest fraud of recent years, fintech major Wirecard admits 1.9 bn euros missing
Ø COVID-19 led to 20 lakh job losses in bus, taxi sector: BOCI
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Finance ministry on Friday proposed putting restrictions on foreign investment in pension funds from any of India's bordering countries. Foreign investment in pension funds regulated by the Pension Fund Regulatory and Development Authority (PFRDA) is capped at 49 per cent with automatic route.
Central Board of Indirect Taxes and Customs issued a Notification No. 48/2020 – Central Tax dated June 19, 2020 regarding filing of GSTR-3B also through EVC. Companies, during the period April 21, 2020 to September 30, 2020, shall be allowed to furnish FORM GSTR-3B verified through electronic verification code.
GST: Delhi High Court upholds the claim of transitional credit in light with its earlier judgments, even after retrospective amendment in CGST Act.
Case law: SKH Sheet Metals Components Vs. UOI & Ors (Del. HC I Dt. 16.06.2020 I WP(C ) No. 13151/2019
MCA: Relaxation of time limit in filing Form CHG-1 & CHG-9 for registration/ modification of charges from 17.6.20 to 30.9.20. MCA Circular 23/2020 of 17.6.20.
MCA plans to decriminalise various provisions of the Limited Liability Partnership (LLP) Act as part of efforts to provide greater ease of doing business as well as to de-clog the criminal justice system. More than 1.45 lakh LLPs are registered under the LLP Act and a bulk of them are small and medium enterprises.
ICAI Seeking expression of interest in delivering lectures at Foundation, Intermediate and Final levels through virtual mode. Interested faculty please visit Board if Studies, ICAI.
Former governor of RBI Urjit Patel who resigned from his post in December 2018 after a tussle with the government over the central bank’s autonomy has been appointed as the chairman of the New Delhi Based economic think tank National Institute of Public Finance and Policy (NIPFP) for a period of four years.
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CBIC launches paperless customs export processing
Under this initiative, a secure QR core enabled PDF LEO (Let Export Order) copy and Export Gatepass copy will be sent electronically to the exporters immediately
The Central Board of Indirect Taxes and Customs (CBIC) on Monday launched paperless customs export processing, a move aimed at trade facilitation. "Chairman CBIC Sh. M Ajit Kumar and Members of the Board launched Paperless Customs Export processing under Turant Customs today through video conferencing. It is an initiative to promote Ease of Doing Business and enhanced use of technology," CBIC said in a tweet.
As part of efforts to take India amongst top 50 countries in World Bank's Ease of Doing Business ranking, the CBIC had last year announced reform measure -- Turant Customs -- for speedy clearance of goods at air and sea ports.
The comprehensive package is being implemented in a phased manner.
Towards that, the Customs department plans to roll out pan-India faceless assessment by December 31 in a phased manner, and has started the same at Chennai and Bengaluru ports from June 8.
Faceless assessment (commonly known as anonymized or virtual assessment) enables an assessing officer, who is physically located in a particular jurisdiction, to assess a Bill of Entry pertaining to imports be made at a different customs station, whenever such a Bill of Entry has been assigned to him in the customs automated system.
So exports may get ease in the process of export documentation
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👉🏻RBI asks banks, NBFCs to increase awareness campaigns against frauds
(RBI told banks, non-banks and payments service providers to undertake targeted multi-lingual campaigns by way of SMSs, advertisements in print and visual media, etc, to educate their users on safe and secure use of digital payments.)
👇🏻 👇🏻 👇🏻
https://bit.ly/2NlXseL
👉🏻Emergency Credit Line Guarantee Scheme | Rs.3 Lakh Crore Collateral Free Automatic Loan
(Emergency Credit Line Guarantee Scheme - Rs.3 Lakh Crore Collateral Free Automatic Loan discussed by *CA.Vivek Khurana*)
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https://bit.ly/2Nk6Tv1
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AA should provide one more opportunity for the parties to consider the renewal of OTS & in the event of renewal of OTS, the said opportunity may be utilised by the parties in right earnest, of course in true letter and spirit – Sandeep Bhagat Vs. Punjab National Bank – NCLAT
Case Citation: [2020] ibclaw.in 167 NCLAT
NCLAT held that in the circumstances, as stated above this Tribunal allows the instant Appeal by setting aside the impugned order and matter is remanded back to the Adjudicating Authority to pass an order afresh, after providing an opportunity to the opposite party in the light of the directions in the body of the judgment. However, it is also made clear that the Adjudicating Authority should provide one more opportunity for the parties to consider the renewal of OTS and in the event of renewal of OTS, the said opportunity may be utilised by the parties in right earnest, of course in true letter and spirit. The parties are directed to appear before the Adjudicating Authority (NCLT, Guwahati Bench) on dated 29th June 2020. No order as to costs.
https://ibclaw.in/aa-should-provide-one-more-opportunity-for-the-parties-to-consider-the-renewal-of-ots-in-the-event-of-renewal-of-ots-the-said-opportunity-may-be-utilised-by-the-parties-in-right-earnest-of-course/
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NAA imposes Penalty on Whirlpool for denying benefit of Rate Reduction of GST to Consumers [Read Order]
Read more at: https://www.taxscan.in/naa-imposes-penalty-on-whirlpool-for-denying-benefit-of-rate-reduction-of-gst-to-consumers/61659/
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No ITC available on Renting of Motor Cab Service for Transportation of Employees: AAR [Read Order]
Read more at: https://www.taxscan.in/no-itc-available-on-renting-of-motor-cab-service-for-transportation-of-employees-aar/61596/
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DGFT clarifies on Issuance of Preferential Certificate of Origin for India’s exports to Vietnam under ASEAN-India FTA [Read Circular]
Read more at: https://www.taxscan.in/dgft-clarifies-on-issuance-of-preferential-certificate-of-origin-for-indias-exports-to-vietnam-under-asean-india-fta/61670/
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CBIC to continue with Procedure for Transhipment of Export Cargo from Bangladesh to Third Countries through LCS [Read Circular]
Read more at: https://www.taxscan.in/cbic-to-continue-with-procedure-for-transhipment-of-export-cargo-from-bangladesh-to-third-countries-through-lcs/61664/
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No GST on Security Service and Supply of Manpower to Government Departments: AAR [Read Order]
Read more at: https://www.taxscan.in/no-gst-on-security-service-and-supply-of-manpower-to-government-departments-aar/61542/
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👉 Ramesh Kymal, former Chairman and Managing Director of wind turbine manufacturer Siemens Gamesa India, has taken the company to the National Company Law Tribunal (NCLT).
Kymal, a doyen of the Indian wind industry, was at the helm of the company since it was set up a dozen years ago.
While Kymal refused to comment on his move, sources told BusinessLine that he has sued the company over unpaid dues to him.
In turn, Siemens Gamesa has filed a case against him on the grounds that he has initiated corporate insolvency resolution proceedings against the company on fraudulent grounds.
“Ramesh Kymal has initiated proceedings against Siemens Gamesa basis certain illegitimate and wrongful claims, which is being strongly contested by Siemens Gamesa before the National Company Law Tribunal, Chennai,” Samudra Sarangi, Siemens Gamesa’s lawyer, told BusinessLine on Sunday. “The matter is currently sub judice and, as such, it would not be appropriate to comment on the same at this juncture,” he said when pressed for details.
Kymal is an industry doyen who began his career as an executive at NEPC Micon Ltd, the first company to set up wind turbines in India. Later, he was the CEO of another wind turbine major, Vestas, between April 1996 and February 2009.
He is credited with building Gamesa India from scratch. Under him, the company grew to become one of the top wind turbine sellers in India, selling machines worth 6,200 MW since it began its operations in 2009. It has two blade factories, in Nellore (Andhra Pradesh) and Halol (Gujarat), a nacelle factory in Mamandur (near Chennai) and an operations and maintenance centre in Chennai. In November 2019, Siemens Gamesa India bagged the Deming Prize for quality.
👉 The coronavirus outbreak broke the back of manufacturing and construction industries in the last three months. But how did they fare before that? Data from Insolvency and Bankruptcy Board of India (IBBI) for 2019-20 gives a clear picture of the industries' health in India. Insolvency admissions in the last financial year doubled to 3,774 cases. Of this, 1,604 cases have been settled by the tribunals across the country by finding a new buyer, commencing liquidation, or allowing voluntary withdrawals.
In June 2017, Reserve Bank of India (RBI) had first asked the banks to take the 12 big loan defaulters to National Company Law Tribunal (NCLT) and try under Indsolvency and Bankruptcy Code (IBC). The move, which was expected to tame the ballooning non-performing assets (NPAs) on the books of banks and revive the debt-ridden companies bringing in a responsible management, has not achieved the desired results. There are 2,170 cases in which resolution is still pending. Of this, 443 cases have passed the 270 days allowed under IBC for resolution.
In about three years, 1,527 manufacturing companies have been admitted for insolvency process under IBC after they defaulted on loans. It varies from food and beverages to textiles to chemicals and metals. The economic turbulence has uprooted 757 companies in real estate and renting business. In addition, 408 construction companies, and 378 retail and wholesale trading firms have also shut shop.
There are only a few non-affected sectors, including information technology (IT) and allied services. IBC does not cover the bankruptcy in banking, insurance and financial services (BIFS) sectors. Though gross financial mismanagement is considered as one of the reasons for ending up in bankruptcy, the sectoral troubles have also played a major part in many cases.
In the manufacturing sector, basic metals producers and the textile and leather companies are the most affected - 266 basic metals and 261 textile and leather companies have filed for bankruptcy so far. Nearly 200 food, beverages and tobacco products producers are also in the list of defaulters, besides 154 chemical manufacturers.
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