22 Sep 2020
Ø HDFC Bank denies charges by US law firm; to defend vigorously in lawsuit
Ø Penetration of electric vehicles to remain low in medium-term in PVs, CVs: ICRA
Ø Indian steelmakers turn net exporters to China in April-August: Crisil
Ø Telecom infra providers see rev potential of Rs21,500 Cr-Rs31,000 Cr over 3 yrs
Ø Govt sets foodgrain output target at record 301 mn tonnes for 2020-21
Ø India's imports from China fall by 27.63% during Apr-Aug this fiscal: Goyal
Ø Over 380,000 firms struck off under companies law in 3 years: Govt
Ø IDBI Bank to raise Rs 11,000 cr through QIP; six merchant bankers appointed
Ø Microsoft Corp to acquire Doom-owner ZeniMax Media for $7.5 billion
Ø France's Iliad makes $4.2 billion bid for Polish telecom firm Play
Ø Debt MFs log outflow in Aug on withdrawal from overnight, liquid funds
Ø Sales of manufacturing companies declined 7.4% in FY20: RBI data
Ø ‘Telcos need to pay 10% of total AGR dues by March 31’
Ø HCL to acquire Australian firm DWS
Ø Supreme Court to hear Tata Sons’ plea seeking to restrain Mistry family from raising funds on Tuesday
Ø Reliance Capital’s debenture holders set to start asset sale
Ø Bank stocks hit as US FinCEN flags ‘suspicious’ deals at most lenders
Ø Tiger Global moves Delhi High Court against Flipkart tax ruling
Ø Indian Oil’s petrol sales up by 1% in Sept as personal mobility preference rises
Ø SBI to seek promoter guarantee, pledged shares for debt recast
Ø SBI raises ₹7,000 crore via Basel III compliant bonds
Ø IOCL to invest ₹17,000 crore in Gujarat refinery for petchem, lube integration
Ø India bought crude oil at $19 a barrel to fill its strategic reserves
Ø Wall Street hits near 7-week low on Coronavirus fears, stimulus fog
Ø Sebi puts in place framework to handle near zero, negative prices in commodity futures
Ø BSNL raises Rs 8,500 crore through sovereign bonds
Ø Gold, silver prices on the decline
Ø Only 7 pc of target street vendors get loan assistance
Ø Trump against any Chinese control in TikTok, puts Oracle-Walmart deal in trouble
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LEGAL KNOWLEDGE CAPSULE
✒️ Supreme Court held that court within whose jurisdiction the bank branch where the payee maintains the account is situated *can try cheque bounce complaint.
✒️ Delhi High Court has held that a writ petition relating to an industrial dispute shall not be listed unless it discloses 'exceptional circumstances' in the synopsis and in its opening paragraphs.
✒️ Supreme Court has allowed Public Utility Vehicles which are BS-IV complaint purchased before 31st March to be registered subject to scrutiny by Environment Pollution Control Authority
✒️ Supreme Court has observed that a petition under Article 227 of the Constitution of India against dismissal of a petition under Section 16 of the Arbitration and Conciliation Act can be entertained only when there is perversity in the order which leads to a patent lack of inherent jurisdiction.
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📑Companies (Amendment) Bill, 2020.
The Lower House of Parliament, the Lok Sabha has passed the The Companies (Amendment) Bill, 2020. The Bill seeks to amend the Companies Act, 2013.
_💡Major changes in CAA 2020 are as follows:_
1. Decriminalization of Section 48
2. New Chapter for Producer Company
3. Change in Definition of Listed Company
4. CSR Related Changes
5. Payment to Independent Director and NED
6. New NCLAT Bench
7. Listing in Foreign Jurisdiction
8. In-house Mechanism for Penalty to de-clog NCLT
9. Reduced Penalty for Small Companies, OPC and Start-Up Companies
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⚫Business activity is unlikely to touch pre-Covid-19 levels before March 2021, and there is a need for the Govt to step in and give a "push" to the economy as it has not done enough till now, a multi-sector survey conducted by a rating agency has said.
The smaller businesses have reported more stress than the larger ones in the survey of over 600 co's conducted by CARE Ratings.
⚫The Central Govt, to calm the anger of farmers at three pieces of legislation on agriculture, increased the MSP of key rabi crops for the 2021-22 marketing season by 2-6%, but the hike was termed inadequate by their associations.
⚫More than 3.8 lakh companies have been struck off from official records under the companies law during the past three years, according to the Govt. Based on non-filing of financial statements consecutively for two years or more, co's were identified and after following due process of law, co's were struck off during the last three years",
⚫India saved over Rs 5,000 crore when the country in April-May used two-decade low international oil prices to fill up its three strategic underground crude oil storages.
⚫India on Monday witnessed a significant drop in the number of new Covid-19 cases. India registered 74,493 cases in the past 24 hours, taking its corona tally to 5,560,105.
⚫The Parliament passed the Epidemic Diseases (Amendment) Bill, which provides for up to five years in jail for those attacking healthcare workers fighting the coronavirus or during any situation akin to the current pandemic.
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INDEX
NIFTY 11250.55 -2.46%
NIFTY FUT. 11256.10 -2.51%
SGX Nifty Index 11271.00 +0.24%
OUTLOOK
The market is opened on a muted note today as investors remain cautious following losses in Asian and US markets amid weak global cues.
GLOBAL MARKET
Asian stocks dipped at the open after US equities slid on concerns over coronavirus restrictions and prospects for economic stimulus. Markets in Japan are shut for a holiday today as well. Overnight, U.S. stocks suffered a sharp selloff but avoided a much uglier loss for the main benchmarks, as investors contended with the COVID-19 trajectory in Europe and a lack of progress toward another round of fiscal stimulus out of Washington. Investors are also weighing the outlook for further U.S. fiscal stimulus, rising Covid-19 cases in a number of nations and the looming presidential election.
FIIs/ FPIs
As per provisional figures, Foreign Institutional Investors (FIIs)/Foreign Portfolio Investors (FPIs) sold shares worth net Rs.539.81 crore and Domestic institutional investors sold shares worth net Rs 517.95 Crore on 21st September 2020.
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👉🏻Pre-filled GST return form soon - GSTN CEO
(The move is expected to ease taxpayer hassle of copy-pasting various numbers from sales return form GSTR-1 to GSTR-3B)
👇🏻 👇🏻 👇🏻
https://bit.ly/2ZXlwet
👉🏻Time limit for issuing invoices under GST in specified cases extended
(Notification No. 66/2020 – Central Tax, Dated 21-09-2020)
👇🏻 👇🏻 👇🏻
https://bit.ly/33RNXvJ
👉🏻Rs.500 cap on late fee for delay in filing Form GSTR-4
(Notification No. 67/2020 – Central Tax, Dated 21-09-2020)
👇🏻 👇🏻 👇🏻
https://bit.ly/2ZUfds3
👉🏻Rs.500 cap on late fee for delay in filing Form GSTR-10
(Notification No. 68/2020 – Central Tax, Dated 21-09-2020)
👇🏻 👇🏻 👇🏻
https://bit.ly/3kPGMLx
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