18th August 2K20
Ø Economic recovery picking up pace: Nomura
Ø AGR case: Supreme Court’s poser to govt
Ø Tata Motors rejects reports of JLR stake sale
Ø SC asks Rcom to explain fall in valuation
Ø India's GDP to contract 16.5% in Apr-June quarter: SBI report
Ø India's seafood exports pegged at 12,89,651 MT in FY 19-20
Ø India's power output rises for the first time in five months in August
Ø Finance Minister Nirmala Sitharaman seeks investment from UAE for Rs 111 lakh cr National Infrastructure Pipeline
Ø SC seeks govt view on Reliance Jio's liability for RCom's AGR dues
Ø Domestic coal demand may be subdued in Q2 on lower demand: Report
Ø Hiring picks up 35% in June qtr from a low of -50% in April: LinkedIn
Ø US to tighten restrictions on Huawei access to technology, chips: Report
Ø NFRA finds deficiencies in BSR's audit of IL&FS Financial Services
Ø Government modifies Partial Credit Guarantee Scheme 2.0
Ø India asks UAE to invest more in logistics, food parks
Ø CBI books SEL Textiles Ltd, directors for cheating consortium of banks to the tune of ₹1,530 cr
Ø Jyothy Labs eyes debt-free status by December
Ø IHCL inks pact with Tata Power arm for solar energy
Ø Biological E acquires Indian arm of US pharma firm Akor
Ø India invites investments from UAE for highways, defence, ports, airports
Ø Online trading company Robinhood now valued at $11.2 bn with new fund backing
Ø L&T Finance sells its remaining CG Power stake for ₹73 crore
Ø Over 80 million two-wheeler riders need helmets: Studds
Ø Fed close to making its new inflation strategy official
Ø Japan’s economy shrinks at record rate, slammed by pandemic
Ø Samsung plans to produce Rs 3.7 lakh crore worth mobile phones in India
Ø Kalyan Jewellers now close to same store performance year-on-year: CMD
Ø Reliance may acquire online start-ups Urban Ladder, Milkbasket: Report
Ø Mutual fund norms violation: Sebi imposes Rs 10 lakh fine on Bank of Baroda
Ø Taxpayers need not reveal high-value transactions in ITR
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LEGAL KNOWLEDGE CAPSULE
✒️ Advocates have expressed dismay at the contempt verdict against Prashant Bhushan' "A Bar Silenced Under Threat Of Contempt Cannot Lead To A Strong Court"
✒️ Supreme Court has requested the President of National Consumer Disputes Redressal Commission to look into grievance that it is granting long adjournments in consumer complaints.
✒️ Supreme Court has ordered de-sealing of residential units in Delhi which had been sealed by a Court-appointed Monitoring Committee.
✒️ Supreme Court has stayed the Corporate Insolvency Resolution Process (CIRP) pending against a Corporate Debtor, in view of the "futuristic claims" made by an Operational Creditor
✒️ Delhi High Court has states that termination of a probationer during the period of probation does not amount to retrenchment within the meaning of Section 2(oo) of the Industrial Disputes Act, 1947.
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⚫PM chaired a meeting to review preparations for the national master plan for providing multi-modal connectivity to various economic zones.The PM described it as an important endeavour that will boost productivity, infrastructure, economic progress & opportunities for youngsters.
⚫Consumer sentiment has started to get "a little better", even though the Covid-19 has continued to worsen, said by the Boston Consulting Group
Cautious living is emerging as the new theme, where consumers beginning to feel that it is time that they need to resume their activities albeit with a lot of caution.
⚫With a view to provide additional liquidity to crisis-ridden NBFCs and HFCs, the Govt relaxed norms for Partial Credit Guarantee Scheme for purchase of bonds and commercial papers by public sector banks and extended its period by three months.
⚫Transporters are on the verge of surrendering 50,000 vehicles to financiers, after being hit by sluggish economic activity, low freight availability, and end of the moratorium on August 31.
⚫The Delhi High Court has stayed the BOB and PNB move to classify Reliance Commercial Finance Ltd, and Reliance Home Finance Ltd as 'fraud' accounts.
⚫India has recorded over 54,288 coronavirus cases in the past 24 hours, taking its total past the 2.7-million mark. With 880 fatalities reported on Monday, the country's death toll has surged to 51,025.
⚫The Directorate General of GST Intelligence has issued guidelines, which seek to soften the impact of investigations and ensure that no excesses are committed that include minimal personal summons, no repeated summons and generally not issuing summons to CEOs and CFOs of large companies in the first instance for GST evasion.
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🎯 MCA Update dated 18th August, 2020
👉🏻MCA has given clarification on Extension of Annual General Meeting (AGM) for the financial year ended as at 31.03.2020 vide General Circular No. 28/2020
➡️The companies which are unable to hold their AGM for the financial year ended on 31.03.2020 need to file their application in FORM NO. GNL-1 for seeking extension of time in holding of AGM for the financial year ended on 31.03.2020 with the concerned Registrar of Companies.
📌Stakeholders shall take note that *FORM GNL- 1 should be filed on or before 29.09.2020 & one can seek extension only upto three months i.e. one can only seek extension till 31.12.2020
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