Ø G-20 goods trade decline to lowest since 2009
Ø Initiate guarantor insolvency: Govt to PSBs
Ø Infra-focused stimulus key to recovery: EY
Ø Walmart joins Microsoft in pursuit of deal to acquire TikTok
Ø India-ASEAN can resolve differences, take trade to $300 billion: Piyush Goyal
Ø Expecting moderate growth in subscription revenue, ad revenue may fall in FY21: ZEEL
Ø RBI still has enough firepower left to handle the situation: Governor Das
Ø India fuel demand headed for 5-year low as truck operators idle vehicles
Ø Sebi directs PMS providers to share commission details with clients
Ø GMR Infra to demerge energy, transport businesses; list airports separately
Ø Steel firms set to raise prices from Sept on higher costs, global prices
Ø CII tells Centre to put on hold liquidity infusion to AP discoms
Ø Himatsingka Seide posts ₹140-cr loss in Q1
Ø Covid-19: NMDC’s net plunges 55% at ₹533 crore in Q1; production takes a hit
Ø Zydus Wellness approves ₹1,100-crore fund-raising
Ø Covid-19: FDA gives emergency approval to Abbott’s $5 test
Ø PAG to buy 51% stake in Edelweiss Wealth Management with ₹2,200 cr investment
Ø Hindustan Syringes to scale up production to 1 bn to meet covid vaccine demand
Ø E-commerce retail market expected to cross $100-billion mark by 2024
Ø COVID-19 impact: 'Economy may contract', FM Sitharaman says during GST meet
Ø Piyush Goyal launches national GIS-enabled land bank system
Ø SBI chief Rajnish Kumar hopes for lesser number of debt recast requests from corporates
Ø Realty sector to witness up to 60% decline in residential sales volume in FY21: Icra
Ø Delhi High Court stays insolvency resolution proceedings against Anil Ambani
Ø India needs to create 90 million jobs by 2030 to avoid economic stagnation
Ø Government to forego Rs 46,000 crore of interest on delayed GST payment
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LEGAL KNOWLEDGE CAPSULE
✒️ Supreme Court has observed that failure of the developer to comply with the contractual obligation to provide the flat to a flat purchaser within a contractually stipulated period amounts to a *deficiency' .In cases where there is a gross delay, the jurisdiction of the consumer forum to award just and reasonable compensation is not constrained by the terms of a rate in builders agreement.
✒️ Rajasthan High Court on Wednesday granted a week's time to the Central Government to file a progress report on the drafting of rules for implementation of the contentious Citizenship Amendment Act, 2019 (CAA)
✒️ Supreme Court has warned to initiate contempt proceedings upon learning that the Indian Institute of Technology, Bombay (IIT Bombay) had backed out from completing the Smog Tower project which would help Delhi fight its pollution
✒️ Rajasthan High Court has set aside the order of the Speaker which rejected the Petition submitted by Bhratiya Janta Party Member of Legislative Assembly, Madan Dilawar seeking the *disqualification of 6 Bharatiya Samaj Party Members of Legislative Assembly who had merged with the Congress in 2019.
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⚫Covid-19 likely to impact 5% IT employees in India, take away 200,000 jobs. The Indian IT and BPM sector employs around 4.4 million people, directly and indirectly.
⚫The States have assured the Centre that they will utilise the Rs 1 lakh crore agriculture infrastructure fund to create post-harvesting and other facilities at village level for the benefit of farmers, especially small and marginal ones.
⚫The states accused the Centre of arm twisting them to borrow, terming it a ‘betrayal of federalism. Despite being given 7 days to examine the two options offered by the Centre, they turned those down minutes after the meeting concluded. Most states pressed for borrowing by Centre to compensate them for the shortfall in collections. During the meeting, the Centre gave the states the option to either borrow Rs 97,000 crore or the entire Rs 2.35 trillion that accounts for the excess shortage in view of the Covid disruption.
⚫The Govt has kicked off the disinvestment programme with defence manufacturer Hindustan Aeronautics. The Rs 5000 crore offer for sale saw oversubscription in the institutional investor segment. About 10 million shares reserved for retail investors will be auctioned on Friday.
⚫Visas granted to Indian nationals to study at universities in the UK have more than doubled over the past year.
⚫The Russian president praised a coronavirus vaccine that Russia approved for use earlier this month as effective and safe, a clear bid to address international skepticism about the shots that have only been studied for two months in a few dozen people.
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👉 In what may lead to a long drawn legal battle, Walmart-owned Flipkart has moved the Supreme Court challenging the National Company Law Appellate Tribunal’s (NCLAT) March order which directed the Competition Commission of India (CCI) to launch a probe against the e-commerce firm on alleged charges of abuse of dominant position.
The tribunal had ordered a probe after setting aside the CCI’s 2018 order which had absolved Flipkart of such allegations levelled by the All India Online Vendors’ Association (AIOVA).
The AIOVA had filed a caveat in March itself in the Supreme Court, anticipating that Flipkart may move to apex court at some stage. This means that when the SC decides to hear the case, it would have to listen to the case put forward by AIOVA.
Both Flipkart and AIOVA did not respond to FE’s queries on Thursday.
The NCLAT order was based on a January 2019 plea by AIOVA urging the appellate tribunal to “set aside” the CCI’s order absolving Flipkart of abusing its dominant position. The orders of CCI can be challenged in the NCLAT.
The AIOVA in its appeal to NCLAT had stated that the CCI order is liable to be quashed as the fair trade regulator “was unjust in ruling out dominance prima facie even after it had submitted ample evidence to prove otherwise”. The association had said that in a series of information filed before the CCI, it had established the dependence of sellers on Flipkart ― AIOVA had said the user reviews and ratings create a “lock-in effect on sellers”. The sellers pay platforms a fee for better placement of their product on the website. In the event the sellers shift to another platform, they have to work from scratch again by investing time and money to move the product at the top of the search bar.
👉 New Delhi, Aug 27 (PTI) The NCLAT on Thursday dismissed a plea by promoters of Chennai-based Empee Distilleries challenging the NCLT''s rejection of their Rs 513 crore settlement offer in favour of a Rs 475 crore resolution plan by SNJ Distilleries.
Upholding the order passed by the Chennai-bench of the NCLT, a three-member bench of the National Company Law Appellate Tribunal (NCLAT) said SNJ Distilleries'' bid was cleared by the Committee of Creditors (CoC) after finding it "viable, feasible and acceptable".
Passing an order on January 20, 2020, the National Company Law Tribunal (NCLT) dismissed the settlement plan filed by the promoters and approved the resolution plan submitted by SNJ Distilleries.
"We find that the impugned order does not suffer from any legal infirmity. The appeal lacks merit and the same is dismissed," said the NCLAT bench headed by Acting Chairperson Justice B L Bhat.
The appellate tribunal also dismissed the promoters'' allegations that their settlement plan was arbitrarily rejected by the CoC.
"What primarily appears to have weighed with the CoC in discarding the Settlement Plan of Promoter is its structural layout....," it said.
There was also ambiguity in regard to raising of funds as well as specific schedule of payment to various stakeholders, it added.
The NCLAT''s direction came on a petition filed by Shaji Purushothaman, promoter/director of Empee Distilleries, challenging the NCLT order approving the resolution plan of SNJ Distilleries.
The NCLT had on November 1, 2018 directed insolvency proceedings against Empee Distilleries over a plea filed by its financial creditor Union Bank of India.
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✅GSTN has enabled the facility to check Bill of Entry information in respect of GST paid at the time of "Import of goods' from Overseas and SEZ units/developers in "GSTR-2A
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Personal Hearing Must if Assessee has Requested in matter of SCN
GST Alert 627- In a Writ Petition filed before Telangana High Court by CSK Realtors Ltd vs Asst. Commr. ST pronounced on 13.08.2020 [2020 (8) TMI 622]
Petitioner contends that when there is a specific request from the petitioner to provide personal hearing, it is the duty of the 1st respondent to provide such a personal hearing.
The 1st respondent shall provide a personal hearing to the petitioner; and then the 1st respondent shall pass a reasoned order in accordance with and communicate it to the petitioner.
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Stand taken by Revenue is that the emails being sent to taxpayers for payment of interest are merely "intimations" and not "orders", and will not be made the basis of any recovery action for interest u/s 50
In above matter, Sahara Hospitality Ltd. v State of Maharashtra, Petitioner had challenged the direct recovery of interest under Section 50 of Maharashtra GST Act without any show cause notice or hearing etc. Petitioner was also not given any working as to how the interest liability had been worked out. A 3 line email demanding interest payment within 7 days and threatening recovery proceedings in default of payment was received by Petitioner. Tax was already paid by Petitioner and the matter was restricted to recovery of interest.
The High Court has recorded the undertaking of authorities that interest under Section 50 will not be recovered without following proper procedure of show cause and hearing and without providing proper working to Petitioner. On the basis of this assurance the writ petition has been disposed off.
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LEGAL KNOWLEDGE CAPSULE
✒️ Supreme Court has held that either suspend or cancel registration certificate of vehicles without valid *PUC Certificate and penalise onwers.
✒️ Punjab & Haryana High Court has asked lawyers/clerks/litigants not to use saliva to affix court fee stamps on the petitions/applications.
✒️ Delhi High Court has asked Ministry of Information & Broadcasting to decide on representation to delete alleged defamatory scenes against air force in the gunjan saxena movie
✒️ Calcutta High Court has inititated contempt proceedings for taking screenshot of virtual hearing.
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