24th June 2K20
Ø Sebi allows transactions in defaulted debt securities
Ø Unemployment rate falls to pre-lockdown level: CMIE
Ø India halts customs clearance for Chinese goods
Ø Reliance Infra will be debt-free in FY21: Anil Ambani
Ø Cargill to partner with Indian firm for chocolate plant
Ø Won't curtail investments in retail biz: Noel Tata
Ø Adani Power to acquire 49% stake in Odisha Power
Ø Facebook seeks legal advice on $5.7-billion investment in Jio Platforms
Ø Govt considers imposing customs duty on solar equipment from August
Ø iPhone maker Foxconn eyes further India investment, sees bright outlook
Ø Fitch revises Indian GREs', HPCL's outlook to negative; IDRs at BBB-minus
Ø Siemens AG sells nearly 48% stake in Siemens Ltd for Rs 18,237 cr
Ø Jio Platforms' bull-case value seen at $110 bn by FY22: BofA Securities
Ø RBI extends ‘special liquidity window’ for YES Bank by another three months
Ø GeM: Sellers must now mention ‘country of origin’ without fail
Ø FinMin sees green shoots of revival led by farm sector
Ø India’s crude steel output falls 39 per cent to 5.8 MT in May
Ø Blackstone looks to sell a small stake in Embassy REIT
Ø RIL outlines key data monetisation drivers of Jio Platforms
Ø Bank of Baroda posts profit of ₹507 crore in Q4 as provisions fall
Ø Wall St gains on signs of economic recovery, Nasdaq hits 5th record high in June
Ø Union Bank of India reports net loss of ₹2503.18 crore in March quarter
Ø Vedantu invests $2 million in doubt solving app Instasolv
Ø RCom loans: Anil Ambani claims no personal guarantee given to three Chinese banks
Ø India retains its position as 3rd-largest economy on PPP basis for 2017
Ø India initiates probe into alleged dumping of aluminium foil from 4 nations
Ø RIL Aramco deal: Working to complete contours of Saudi Aramco deal, says Mukesh Ambani
Ø Fuel prices rise on 17th day, petrol price hiked by 20 paise, diesel by 55 paise
Ø India money supply surge signals pandemic-related uncertainty, not growth
Ø Trump blocks H1B visa, business groups say decision will hurt US recovery
Ø WTO: Global trade set to shrink 18.5% in Q2
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TDS on Cash Withdrawal w.e.f. 1 July 2020: All You Need to Know
Read more at: https://www.taxscan.in/tds-on-cash-withdrawal-w-e-f-1-july-2020-all-you-need-to-know/61744/
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GST Registration is required for Medical Stores run by Charitable Trust: AAR [Read Order]
Read more at: https://www.taxscan.in/gst-registration-is-required-for-medical-stores-run-by-charitable-trust-aar/61757/
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Petition seeking GST TRAN-1 Re-opening: Delhi HC awaits SC decision [Read Order]
Read more at: https://www.taxscan.in/petition-seeking-gst-tran-1-re-opening-delhi-hc-awaits-sc-decision/61806/
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👉 Clarification with regard to creation of deposit repayment reserve of 20% u/s. 73 (2) (C ) of the companies Act 2013 and to invest or deposit 15% of amount of debentures u/r.18 of Companies (Share capital and Debentures) Rules 2014 - COVID-19 - Extension of timePdf(40 KB)
http://www.mca.gov.in/Ministry/pdf/Circular24_20062020.pdf
👉 PERIOD/DAYS OF EXTENSION FOR NAMES RESERVED AND RESUBMISSION OF FORMSPdf(40 KB)
http://www.mca.gov.in/Ministry/pdf/Extension_22042020.pdf
👉 Frequently Asked Questions on the Scheme for relaxation of time for filing forms related to creation or modification of charges under the Companies Act, 2013 issued by MCA on 17th June, 2020 by CL&CGC ICAI -
https://resource.cdn.icai.org/59986clcgc48878.pdf
👉 May 2020 Exams - Opt-Out Window -
https://www.icai.org/post/may2020exams-opt-out-window
👉 Online Certificate Course on Forex and Treasury Management from 27th June, 2020 -
https://resource.cdn.icai.org/60022ccmip48906.pdf
👉 24th Meeting of the FSDC Sub-Committee over Video Conference
https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=49965
👉 Directions under Section 35 A of the Banking Regulation Act, 1949 (AACS) – Punjab and Maharashtra Cooperative Bank Limited, Mumbai, Maharashtra – extension of validity period of Directions and enhancement of withdrawal limit for depositors to ₹1,00,000/-
https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=49971
👉 Reserve Bank sensitises members of public on safe use of digital transactions
https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=49986
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Income Tax S. 36(1)(vii)/ 36(2): Write-off of inter corporate deposits and advances given for purchase of vehicles or plant and machinery is allowable as a bad debt. There is no requirement under the Act that the bad debt has to accrue out of income under the same head. PCIT vs. Hybrid Financial Services Ltd (Bombay High Court)
CBIC has notified the Central Goods and Services Tax (Sixth Amendment) Rules, 2020, to further amends the Central Goods and Services Tax Rules, 2017 which shall come into force from 27th May, 2020.
CBIC unveiled a Secure QR coded Shipping Bill that would be electronically sent to exporters after the Customs allows export. This eliminates in one stroke the requirement of the exporters having to approach the Customs officers for proof of export. This also makes the end to end Customs export process fully electronic, from the filing of the Shipping Bill to the final order to allow export.
GSTR-3B filings with NIL interest for Sales upto 1.5 cr for February by 30 June, For March 3 July & April 6 July. For Sales 1.5-5cr dates are February -March (29 June ) & April (30 June ).
MCA has further decided to extend the period for names reserved and resubmission of forms. Accordingly, in case of names reserved for 20 days for new company incorporation. SPICE+ Part B was supposed to be filed within 20 days of name reservation. Now names expiring any day between March 15, 2020 to June 30, 2020, would be extended by 20 days beyond June 30, 2020.
India is looking to plug loopholes as it seeks to reduce import dependence on China. The routing of Chinese goods to India through their common trade partners, inversion in duty structures, and the exploitation of ambiguities in origin rules have all come under the government’s scanner.
US President suspended H-1B, L, and other temporary work permits, which he said is aimed at protecting local workers who are facing unemployment due to the spread of coronavirus. The decision was blasted by the US tech industry, which said it would hurt innovation and delay the recovery of the US economy.
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👉 A group of financiers approached the National Company Law Tribunal (NCLT), Chennai Bench, seeking its claim to be adjudicated as part of the insolvency resolution process being executed on Vasan Health Care Pvt Ltd. The hearing came up today even as the insolvency resolution process intiated in April 2017 has been delayed due to various litigation matters.
The petition was filed by some of the creditors, mainly private financiers, seeking more amount of claim to be accepted by the Resolution Professional as part of the process. According to official documents, the amount claimed by nine financial creditors including Edelweiss Asset Reconstruction Company, is around Rs 1,268.86 crore, of which around 507.89 crore is by Edelweiss Asset Reconstruction Company. Some of the financial creditors have also approached the Tribunal seeking more amount of claim has to be accepted.
While the resolution process has been approved by the NCLT in 2017, based on a petition filed by one of its supplier Alcon Laboratories, the matter went to the High Court of Madras and a stay was issued on the process, till September, 2019, when the stay was vacated and the Court ordered that the proceedings under the Insolvency and Bankruptcy Code can continue against the company.
However, sources said that the process was further delayed due to various disputes related to the claims and the right to voting share of the members of the Committee of Creditors, among others. Even after 200 days from the initiation of the process, it is yet to come to the stage of calling for expression of interest by interested investors and it may need to go for NCLT approval for extension of timeframe for the process.
👉 The three year old case for the resolution of bankrupt Amtek Auto could finally see completion this week after the Supreme Court (SC) refused to give more time for US based hedge fund Deccan Value Investors LP (DVIL) to assess the impact of the economic contraction caused by the Covid-19 virus. Amtek was among the 12 debt laden companies taken to the National Company Law Tribunal (NCLT) on the directions of the Reserve Bank of India (RBI). The auto parts maker owes lenders Rs 12,700 crore and has been awaiting resolution under the bankruptcy process since 2017.
In February lenders led by IDBI Bank and State Bank of India (SBI) agreed to the Rs 2,700 crore offer from the US-based investor, a 80% haircut to the total dues from the company. DVIL the winning bidder was chosen after a Supreme Court directed second round of bidding because the previous winner UK based Liberty House failed to make the payment in July 2018. Bankers were worried that the two year process to find another buyer for Amtek would come go nought after DVIL petitioned the SC seeking to reassess its bid in light of the economic crisis caused by the Covid-19 pandemic.
"That the Supreme Court has disallowed any more time is a huge relief for us. It means that DVIL has to make the payment after the NCLT comes which we expect anytime this week. Also the fact that this order is from the SC gives us some certainty that there will be no more delays in atleast this case," said a senior bank executive in charge of this case The law gives 30 days for the buyer to complete payment after the NCLT order and bankers said they can expect some recovery by the end of July at the latest. In an order posted on the SC website the three judge bench of justice Arun Mishra, S Abdul Nazeer and M R Shah dismissed DVIL's application seeking more time to reassess its offer and indicated that no further delays will be entertained.
"The application made by the applicant for withdrawal of the offer is hereby rejected and in case he indulges in such kind of practice, it will be treated as contempt of this court in view of the various orders passed by this court at his instance," the SC said referring to the various extensions given earlier to find a buyer for Amtek. To be sure, most of the recovery coming from DVIL is through future receivables of Amtek, which assumes recovery from tax refunds, sale of non core real estate and other assets of the company to be distributed to lenders later. The cash component is just Rs 500 crore or less than 5% of the amount owed by Amtek.
However, bankers are taking whatever recovery that comes their way as the economic slowdown caused by the pandemic has hit valuation of bad assets. Bankers are bracing for winning bidders like DVIL to delay payments. "We expect more such challenges going forward and are accordingly preparing our defence," said another senior banking executive. Bankers now await the final NCLT approval which is likely later this week.
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