Corporate Snippets on June 26
Ø Fitch upgrades RIL’s long-term local currency IDR
Ø India is expected to grow at 1.3% in the current fiscal: NCAER Report
Ø US GDP fell at 5% rate in Q1; worse is likely on the way
Ø Indians' money in Swiss banks down 6% in 2019
Ø ArcelorMittal Europe unveils net-zero emission plan
Ø CBIC waives off late fee on late GST filing
Ø SEBI amends insider trading prohibition rules
Ø RBI board meets today, may discuss one-time loan recast for India Inc
Ø Govt. to rescind vehicles' Bulk Data Sharing Policy to protect privacy
Ø IOB posts Rs 143.79 cr net profit in Q4 FY20 on back of declining bad loans
Ø Federal Bank to buy another 4% stake in its JV from IDBI Bank for Rs 80 cr
Ø Apollo Hospital reports PBT of Rs 263.64 cr in Q4, revenues grew 19%
Ø Ashok Leyland slips into red, reports Rs 72 cr pre-tax loss in Q4
Ø SEBI tweaks rule to give investors ‘preferential’ boost
Ø Exports fall this fiscal may be limited to 10%: FIEO
Ø IOB posts ₹144-crore net profit in Q4
Ø Exim Bank profit rises 51% in FY20
Ø Sundram Fasteners’ division bags honours from General Motors
Ø Lincoln Pharma Q4 profit rises 29% to ₹9 crore
Ø Carlyle emerges as frontrunner to buy 20% stake in Piramal’s pharma business
Ø Camlin Fine Sciences raises $23.8 million from Convergent Finance
Ø India networking market falls 27% in first quarter of 2020: IDC
Ø Axis Bank’s Max Life seal plan hits IRDAI speed breaker
Ø Wirecard files for insolvency after $2.1 billion went missing
Ø Exporters raising concern over consignment hold-up by Hong Kong, Chinese customs: FIEO
Ø Stopping imports from China: 370 items may face scrutiny, get difficult to import
Ø CBI files charge sheet against Rana Kapoor, DHFL’s Wadhawans
Ø Fuel prices hiked for 19th day, diesel remains higher than petrol in Delhi
Ø Johnson & Johnson ordered to pay $2.1 billion over cancer-causing talc powder
Ø India's GDP to contract by 5.3% due to COVID-19 'disorder': India Ratings
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👉🏻MSMEs launches another funding scheme to help the distressed MSME sector
(As per the Scheme, the guarantee cover worth Rs. 20,000 crores will be provided to the promoters who can take debt from the banks to further invest in their stressed MSMEs as equity)
👇🏻 👇🏻 👇🏻
https://bit.ly/3fWyQFC
👉🏻Further Extension of Various Income Tax Due Dates
(Further Extension of Various Income Tax Due Dates by CBDT - Revised Income Tax Due Dates- CBDT Notification No. 35/2020 discussed by *CA. Satuti Mahajan*)
👇🏻 👇🏻 👇🏻
https://bit.ly/2NvRKqK
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TDS Reduced rate of interest of 9% pa for delayed payments of Income tax, TDS, GST etc applicable for payments made till 30.6.2020 Wef 1.7.2020, pay interest @18% pa.
File TDS Statements for Mar & Jun 2020 quarters by 31.7.20. Issue form 16 for FY 19-20 & Form 16A etc for Mar & Jun 2020 quarters by 15.8.2020.
GSTR For turnover above 5cr, file GSTR-3B for May by 27.06.2020 & by 20 of next month for Jun, Jul etc. For Turnover upto 5 cr, file for May, Jun & July till 30.09.2020.
NBFC-MFIs are planning to resume fresh lending in September, while the weak liquidity situation may impede the lending capacity of small and medium firms, Microfinance Institutions Network (MFIN) said. At present, some of these lenders are lending to merely a small fraction of borrowers who have started paying back dues after a two-month pause.
Union Cabinet approved an Ordinance to bring urban cooperative banks and multi-state cooperative banks under the supervision of Reserve Bank of India. This was announced by Union Minister Prakash Javadekar in a media briefing about the cabinet decisions. "It will give an assurance to 8.6 crore depositors in these banks that their money will stay safe.
Commerce ministry has asked exporters to submit ''Certificate of Origin'' applications for shipments to all Asean countries, except Thailand. India has a free trade agreement (FTA) with 10-nation Asean (Association of South East Asian Nations) bloc. Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam are the members of the bloc.
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👉 Delhi High Court has stayed an order passed by the National Company Law Tribunal wherein proceedings were initiated against a Micro, Small & Medium Enterprise (MSME) under Section 9 of the Insolvency & Bankruptcy Code.
While holding that there's a prima facie case in favour of the Petitioner, the Single Bench of Justice Prathiba M Singh relied upon the notification dated 24/03/20 wherein the jurisdiction of the NCLT has been increased to ₹ 1 crore.
The order has come in a petition challenging the order passed by the NCLT on 29th May, 2020 by which the NCLT has entertained a petition against the Company M/s. VMA Enterprises Pvt Ltd. of which the Petitioner is one of the Promoter-Directors, under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC).
The Petitioner argued that it falls within the category of Micro, Small and Medium Enterprise (MSME), with more than 20 employees and at least
50 vendors would be affected if the insolvency proceeding continues against the Petitioner. Moreover, the Petitioner said that it would completely go out of business overnight.
The Petitioner further submitted that the NCLT did not consider the fact that from 24th March, 2020, onwards the jurisdiction of the NCLT has been increased to Rs 1 crore. However, in the operative portion of the NCLT's order, the NCLT proceeds on the basis that the defaulted amount is more than Rs.1 lakh, and has exercised jurisdiction.
After perusing the documents, the court took note of the fact that notification dated 24th March 2020 has changed the `minimum amount of default' from one lakh rupees to one crore rupees in respect of `Insolvency Resolution and Liquidation for Corporate Persons' in Part II of the Code.
The court further highlighted that the purpose of the said notification was to ensure that the MSMEs are not subjected to Insolvency proceedings during the lockdown or immediately thereafter.
👉 Lenders to Bhushan Power and Steel have intimated to JSW Steel that they would take “appropriate steps” if it does not implement the resolution plan for BPSL in two weeks, among them the invoking of guarantees. A letter dated June 20 was sent to JSW Steel as the company is yet to pay the `19,350 crore, as per the court-approved resolution plan, persons close to the development told FE.
The letter reads: “If the resolution plan is not implemented within 2 weeks of this letter we shall take steps, including but not limited to Section 74 of insolvency & bankruptcy code (IBC).”
JSW Steel had earlier missed the deadline of March 17 to make the payment of Rs 19,350 crore as per approval from National Company Law Appellate Tribunal (NCLAT).
Sonam Chandwani, managing partner KS Legal and Associates, said: “According to section 74 of IBC, the CoC could move to penalise officials of the corporate debtor seeking for their imprisonment and/or payment of a hefty amount.”
“The penalty amount could be to the tune of Rs 3 crore along with imprisonment not extending 5 years,” she further said.
Responding to an email sent by FE, JSW Steel official said, “The matter is subjudice before the SC as all the parties in the last hearing were asked to file their submissions within two weeks in response to application filed by JSW Steel. Pending adjudication of appeals and CoC application before SC, the plan is incapable of implementation more so when the assets of BPSL are continued to be attached by enforcement directorate (ED).”
The letter said: “We have been assured by you time and again in various meetings that the debt financing for the implementation of the resolution plan is close to completion; however, even at this late stage, we note that no binding executed loan documents have been provided to us which would evidence such debt financing, and now we believe that no such debt financing agreements have actually been signed as of date, and therefore JSW has not completed the funding agreements for implementation of the resolution plan, and is not in a situation to draw down funds.”
While the NCLAT has provided JSW Steel immunity from the Enforcement Directorate on various charges pertaining to the former promoters, the Singhals have challenged the order in the Supreme Court. The SC has not stayed the resolution plan but has told the CoC that if JSW makes the payment but loses the case, the lenders should return the money. NCLAT had earlier approved JSW Steel’s bid for acquisition of troubled BPSL. However, the erstwhile promoter of the company, Sanjay Singhal, had moved the Supreme Court against NCLAT’s approval of the BPSL resolution plan. The apex court refused to stay the resolution plan, but admitted the plea against BPSL resolution. In the last hearing on June 10, the SC adjourned the matter till July 6 and directed parties involved in the BPSL insolvency case to file additional documents and affidavit within two weeks.
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✒️ Supreme Court accepted the notification issued by the Central Board of Secondary Education (CBSE) confirming that Class X and Class XII Board exams would stand cancelled in light of the COVID-19 crisis.
✒️ Central Government has extended due date for Income Tax Returns Of 2019-20 FY till Nov 30
✒️ PIL has been filed in the Supreme Court seeking quashing of the notification issued by the Institute of Chartered Accountants of India (ICAI) allowing Chartered Accountant (CA) aspirants to "opt-out" of CA exams this year due to COVID-19 and related issues.
✒️ Delhi High Court has asked the Aam Aadmi Party Government to respond to a Public Interest Litigation that claimed sub-registrars in the capital are not registering “wills”' and other documents of senior citizens, persons with co-morbidities and pregnant women, citing risk of COVID infection.
✒️ Delhi High Court Stays NCLT Order Initiating Insolvency Proceedings Against An MSME Despite The March 24 Order Which Increased The Jurisdiction Of The Tribunal to 1 crore
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