Crporate Snippets on July 2
Ø India's June jobless rate falls to 11%: CMIE
Ø U.S. manufacturing activity hits 14-month high
Ø RBI sets norms for liquidity scheme for NBFCs, HFCs
Ø India's factory activity shrinks for 3rd straight month
Ø June GST collections stand at Rs 90,917 crore
Ø SEBI extends compliance deadline for REITs, InvITs
Ø Pfizer's covid vaccine shows potential in human trial
Ø Indian banks will need $15 billion capital to meet Tier I norms: Fitch
Ø Govt. committed to reforms, make tax structure simple: FM on GST day
Ø SBI Cap to float special purpose vehicle for NBFC debt purchase, says RBI
Ø Covid-19 impact: Tata Motors' Q1 sales fall 82% over subdued demand
Ø Hero MotoCorp posts 27% dip in June sales, dispatches jump four-fold
Ø Automobile sales: June gives some hope to manufacturers
Ø Govt. floats SLS Trust to bail out stressed NBFCs, Housing Fin Cos.
Ø BSNL, MTNL cancel 4G network upgradation tenders
Ø Tata Motors reports 82 per cent dip in Q1 sales
Ø Hero MotoCorp sells more than 4.5 lakh units in June
Ø Oil India, Engineers India led consortium to buy 48% stake in NRL
Ø India Inc raises ₹1.04 tn from capital markets in H1CY20 despite Covid-19
Ø JSPL eyes more asset sales to pare debt, may put mines on the block
Ø Railways seeks private investment for running passenger trains over 109 routes
Ø Haldia Petro and Rhone Capital acquire US-based Lummus Technology for $2.72 bn
Ø ONGC, OIL top bidders for 11 Oil, Gas blocks
Ø Power consumption falls again in June; economic activity dull in Unlock-1 phase
Ø Coal India trade unions to proceed with 3-day strike from Thursday as talks with Govt. fail
Ø Jet fuel price hiked by 7.5%; petrol, diesel rates unchanged for second day
Ø Carlyle to buy 25% stake in Bharti Airtel's data centre business
Ø Gold prices hit all-time high of Rs 48,871 as virus spike lifts demand
Ø Bank credit grows 6.18%, deposits 11%: RBI data
Ø US trade deficit rises 9.7% in May to $54.6 billion
Ø Auto sales likely to see sequential growth: Report
Ø Axis Bank to wind down UK subsidiary
Ø Emami evaluates legal action against HUL
Ø Affle to acquire 8% strategic stake in Indus OS
Ø Edelweiss sells sticky loans of Rs 4,000 crore
Ø RBI asks banks, NBFCs to reclassify MSMEs as per revised criteria
Ø India's trade deficit with China falls to $48.66 bn as imports decline
Ø India-focussed PE, VC fundraising grounds to a halt amid pandemic
Ø Liquidity and asset quality risks for Indian NBFI to continue, says Fitch
Ø IBBI proposes limiting number of assignments handled by IPs to check delays
Ø Moody's extends review for downgrade on Hero FinCorp's Baa3 rating
Ø SAIL records highest ever monthly exports and sales in June
Ø KKR to acquire controlling stake in JB Chemicals
Ø Coal India trade unions begin 3-day strike
Ø Gold imports plunge 86% in June amid weak demand, as weddings
Ø CBI conducts searches at GVK Group premises in Mumbai and Hyderabad
Ø Kia Motors India sells 7,275 units in June; gears up for Sonet
Ø Jio enters video conferencing space, makes JioMeet available to all
Ø HDFC Life to replace Vedanta in Nifty index due to delisting
Ø CBI books GVK Group promoters for siphoning off funds at Mumbai airport
Ø Bulk MRO raises ₹25-crore debt funding led by Stride Ventures
Ø Domestic steel prices likely to fall in Q2 due to oversupply: India Ratings
Ø US adds 4.8 million jobs as unemployment falls to 11.1%
Ø India’s economy may contract more than estimated earlier; firms won’t operate at over 70% capacity
Ø Biocon lines up $200 million capex for the current fiscal
Ø India needs Rs 50-60 lakh cr foreign investments to boost economy: Gadkari
Ø Elon Musk's Tesla becomes world's richest auto group
Ø UPI payments hit all-time high of 1.34 billion transactions in June
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👉 Relief in opting for Composition by Taxpayers, filing other Returns & EWB.
https://www.gst.gov.i n/newsandupdates/read/385
👉 Relief in payment of interest to Taxpayers filing Form GSTR-3B
https://www.gst.gov.in/newsandupdates/read/384
👉 Relief in late fee to Taxpayers filing Form GSTR-1
https://www.gst.gov.in/newsandupdates/read/387
👉 Relief in late fee to Taxpayers filing Form GSTR-3B
https://www.gst.gov.in/newsandupdates/read/382
👉 Extension of time period for registration in Foundation Course from 30th June, 2020 to 31st August, 2020 for appearing in Foundation Examination to be held in November, 2020. - (01-07-2020)
👉 GST Council may look at rationalising rates
https://economictimes.indiatimes.com/news/economy/finance/gst-council-may-look-at-rationalising-rates/primeshow/76740398.cms?utm_source=ETTopNews&utm_medium=HPTN&utm_campaign=AL1&utm_content=23
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👉🏻World Bank approves $750 million to support credit finance for Indian MSMEs
(World Bank has approved $750 million to support increased flow of finance into the hands of micro, small, and medium enterprises (MSMEs) in India)
👇🏻 👇🏻 👇🏻
https://bit.ly/2YPoQZ2
👉🏻Calculation of EMI using Financial Functions in Excel
(Excel Tips and Tricks - Financial Functions for Professionals (CA, CS, CMA) - Part 2.
How Excel tools can help in Financial Planning)
👇🏻 👇🏻 👇🏻
https://bit.ly/2NN0AAr
👉🏻SEBI issues SoP to deal with possible defaults by trading, clearing members
(SEBI came out with a set of standard operating procedures for stock exchanges, clearing corporations and depositories to deal with possible defaults by trading or clearing members)
👇🏻 👇🏻 👇🏻
https://bit.ly/2ZsFlJH
👉🏻GST Interest और Late Fees मैं बड़ा बदलाव, अब लगेगी सिर्फ Rs.500 late fees
(GST Interest और Late Fees मैं बड़ा बदलाव, अब लगेगी सिर्फ Rs.500 late fees. How to calculate Interest and GST late Fees)
👇🏻 👇🏻 👇🏻
https://bit.ly/38iIrUC
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👉 The National Company Law Tribunal, Principal Bench at New Delhi, has directed the Central Government to constitute a special committee to look into the functioning of the Delhi Gymkhana Club.
The Principal Bench headed by Acting President BSV Prakash Kumar has further directed the General Committee of the Club to not carry out the following activities:
proceed with any construction on site make any policy decision make any changes to the Memorandum of Association or Articles of Association utilise funds received from members conduct balloting
The General Committee, however, is allowed to carry out the day to day functions of the club by utilising funds other than the fee collected from the members.
The order has come in a company petition moved by the Ministry of Corporate Affairsagainst the General Committee of the Delhi Gymkhana Club under section 241(2) of the Companies Act, 2013, alleging that the affairs of the club are being conducted in manners prejudicial to the public interest.
Therefore, the Central Government has sought Tribunal's direction to allow it to nominate 15 persons as Directors on the General Committee of the Club to manage the affairs of it and report to this Tribunal on such matters as it may direct, including restructuring of the Club.
👉 The Enforcement Directorate has challenged the jurisdiction of the National Company Law Appellate Tribunal (NCLAT) in directing the agency to release the assets of Bhushan Power & Steel Ltd (BPSL) it had attached. It also objected to the tribunal applying retroactively a law that gives immunity to the buyers of bankrupt assets from investigations against previous promoters.
The central agency’s move comes after BPSL’s committee of creditors (CoC) asked JSW Steel to implement the resolution plan it had proposed for the bankrupt company. The CoC had moved the Supreme Court earlier this month seeking direction on implementing the resolution plan. On June 24, the ED filed an affidavit in the top court opposing the request.
A senior JSW Steel executive said the Supreme Court had asked all the parties in the last hearing to file their submissions within two weeks, in response to an application filed by JSW Steel against BPSL’s former promoter who had opposed the resolution plan. Pending adjudication of this and other applications, the proposal cannot be implemented, “more so when the assets of BPSL are continued to be attached by ED”, the executive said.
In February, the NCLAT granted JSW Steel immunity from prosecution against any investigation pursued by government agencies against the previous promoters of BPSL. The newly inserted Section 32 (A) of the Insolvency and Bankruptcy Code (IBC) discharges new owners from any prior liability of offences committed by a corporate debtor.
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👉🏻IBBI proposes to limit number of assignments handled by IPs
(IBBI has proposed to limit the number of corporate insolvency cases a single insolvency professional (IP) is permitted to handle at any given time)
👇🏻 👇🏻 👇🏻
https://bit.ly/2C4wTIp
👉🏻Change in ITR 2 for AY 2020-21
(New ITR 2 Form for the AY/FY 2020-21/2019-20 and New Schedule ‘Schedule DI - Details of Investment’ notified in ITR-2)
👇🏻 👇🏻 👇🏻
https://bit.ly/3eZ8uD0
👉🏻RBI asks banks to reclassify MSMEs as per revised criteria
(RBI has asked banks, financial institutions and NBFCs to reclassify micro, small and medium enterprises on the basis of the new criteria)
👇🏻 👇🏻 👇🏻
https://bit.ly/2ZrJJIY
Thanks for reading
