4th November 2K20
Ø IMF chief economist urges more fiscal stimulus to boost recovery
Ø Adani's Stratatech Mineral Resources bags big coal block
Ø Scam-hit PMC Bank invites EoI from potential investors for reconstruction
Ø India's GSPL says new pipeline to boost FY22 gas supply by a quarter
Ø Finmin says no increase in service charges by any public sector bank
Ø Government reaches out to MNCs over global digital tax
Ø Sun Pharma's Q2 net profit rises 70% on one-time tax credit
Ø Adani Group frontrunner for developing Sri Lanka's port terminal: Report
Ø No additional compliance burden on private firms for LTC scheme: Fin Sec
Ø Govt may allow EPFO to invest in cash-starved infra sector through AIFs
Ø European Union considering further legal action in Brexit standoff
Ø RBI looking to diversify investment options for forex reserves: Report
Ø Power sector InvIT IndiGrid reports ₹384-crore revenue
Ø FinMin notifies Abu Dhabi’s Sovereign Wealth Fund
Ø Adani Ports & SEZ Q2 consolidated profit up 32% to Rs 1,394 cr
Ø GSFC posts 400% q-o-q rise in standalone Q2 net
Ø Adani Gas’ Q2 profit jumps 195% fired by volume recovery
Ø Mangalore Chemicals Q2 net profit up 79 per cent to Rs 40.5 cr
Ø Ant Group's $37-bn IPO suspended in Shanghai and Hong Kong
Ø Xiaomi manages to sell 10 million Made in India powerbanks
Ø Saudi Aramco profits dive in coronavirus-hit Q3
Ø PVR reports losses of ₹184 crore for Q2 2021
Ø RBI exploring investment options for forex reserves, sources say
Ø PM Modi to chair virtual global investor roundtable on Thursday
Ø India, UAE agree to explore ways to facilitate investments
Ø India’s exports dip 5.4 pc in October to USD 24.82 bn: Govt data
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⚫PM will chair a virtual global investor round table on Thursday where he will engage and deliberate with top fund houses, business leaders & policymakers on how to accelerate the growth of international investments in the country. At least 20 of the world’s largest pension and sovereign wealth funds with total assets under management of about $6 trillion will participate in the roundtable.These global institutional investors represent key regions, including the US, Europe, Canada, Korea, Japan, the Middle East, Australia & Singapore.
⚫Indian economy is recovering fast and will soon be back on rails as all the parameters have started showing improvement. Finance Secretary also said that FM to unveil another stimulus soon.
⚫India’s merchandise exports fell 5.4% in October, while imports declined at a faster pace of 11.5% than a year ago. However, trade deficit was 25% lower than the previous year at $8.78 billion
⚫India’s manufacturing PMI rose to 58.9 in October, the highest it has achieved in more than a decade.
⚫India has reported 43,659 fresh Covid-19 cases in the past 24 hours. Delhi recorded its highest single-day spike of 6,725 new coronavirus cases.
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: Creation of Security in issuance of listed debt securities and ‘due diligence’ by debenture trustee(s)
♦️https://www.sebi.gov.in/legal/circulars/nov-2020/creation-of-security-in-issuance-of-listed-debt-securities-and-due-diligence-by-debenture-trustee-s-_48074.html
💬Markets regulator Sebi on Tuesday came out with a framework for creation of security for listed debt securities and 'due diligence' that needs to be carried out by debenture trustees
🗯️The new framework will become effective from January 1, 2021, the Securities and Exchange Board of India (Sebi) said in a circular.
✒️In respect of creation of charge of security by issuer, before making the application for listing of debt securities, the issuer will have to create charge as specified in the offer document in favour of the debenture trustee (DT) and also execute debenture trust deed (DTD) with the DT, Sebi said
🍡Stock exchanges have been directed to list the debt securities only upon receipt of a due diligence certificate from DT confirming creation of charge and execution of the DTD.
🏕️read more https://www.google.com/amp/s/www.deccanherald.com/amp/business/business-news/sebi-issues-due-diligence-framework-for-debenture-trustees-910975.html
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👉 02/11/2020 New Content
Notification No. 88/2020/ F. No. 370142/35/2020-TPL for extension of due dates for filing Income-tax Returns and Tax Audit Reports under the Income-tax Act, 1961 for AY 2020-21
https://www.incometaxindiaefiling.gov.in/eFiling/Portal/StaticPDF_News/222832.pdf
👉 Important Announcement - November 2020 Examinations - (02-11-2020)
https://www.icai.org/post/exam50183
👉 Exposure Draft of Revised AS 21, The Effects of Changes in Foreign Exchange Rates - (03-11-2020)
https://www.icai.org/post/ed-revised-as-21-the-effects-of-changes-in-foreign-exchange-rates
👉 GST: Wef 1.11.2020, assessees with turnover above 500 cr must generate IRN before despatch of goods as 30 days relief was only upto 31.10.2020.
(No.73/2020–Central Tax Dated: 1st October, 2020)
👉 November 11, 2020:
GSTR-1 for October, 2020
Taxpayers having an aggregate turnover of more than Rs. 1.50 Crores (> Rs 1.50 Cr) or opted to file Monthly Return
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SEBI UPDATE :
SEBI had issued a circular on Scheme of Arrangement by Listed entities on 10th March 2017, where it had provided various relaxation from listing regulations and compliance requirements by the Listed entities on Scheme of Arrangements, filed with regulators.
SEBI has issued further amendment vide its Circular dated 3rd November 2020.
Key highlights of the SEBI Circular are:
Role of Audit Committee:
Audit Committee should comment on the following, which considering the Scheme of Arrangement for approval:
· Need for the merger/demerger/amalgamation/arrangement;
· Rationale of the scheme;
· Synergies of business of the entities involved in the scheme;
· Impact of the scheme on the shareholders;
· Cost benefit analysis of the scheme.
Committee of Independent Director:
Report from the Committee of Independent Directors recommending the draft Scheme, taking into consideration, inter alia, that the scheme is not detrimental to the shareholders of the listed entity.
Valuation Report:
Valuation Report to be obtained from the Registered Valuer, recognized under Section 247 of the Companies Act and rules made thereunder.
Restated audited financial statements:
Restated audited financial statements for three financial years, before the date of listing and restated financial statements for the stub period (not older than 6 months) should be disclosed in the newspaper advertisement.
Other disclosures requirements in newspaper advertisement:
Regulator has extended the list of information/disclosure that is required to be disclosed in the newspaper advertisement.
Other information:
· SEBI Circular shall be applicable for all the schemes filed with the stock exchanges after 17th November 2020.
· SEBI to issue comments on the draft scheme, only on receipt of No-Objection Letter from stock exchanges.
· Other provisions of previous circulars, issued in this context shall remain the same.
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✒️ Supreme Court laid down guidelines for determining compensation, maintenance in Matrimonial Cases
✒️ Supreme Court refused a writ petition, challenging constitutionality of Section 8(2) Citizenship Act, 1955 .
✒️ Supreme Court asks Allahabad High Court Registrar General, explaining about the delay in uploading 2019 Judgement online.
✒️ Supreme Court upheld cancellation of candidature by Punjab National Bank, for being overqualified for peon post.
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