19th January 2K21
Ø NABARD projects credit potential 15.46% higher than the previous year
Ø SBI initiates insolvency proceedings against Videocon promoters
Ø Hero Motors acquires strategic stake in Hewland Engineering for undisclosed amount
Ø L&T bags up to Rs 5,000 crore order from Rail Vikas Nigam in Uttarakhand
Ø Maruti Suzuki hikes prices of select vehicles by up to Rs 34,000
Ø Tata Motors ties up with private lenders for commercial vehicles financing
Ø IMF chief sees 'high degree of uncertainty' in global outlook due to Covid
Ø Adani Green Energy's promoter sells shares worth nearly Rs 3,309 cr
Ø Apollo Hospitals opens QIP with floor price of Rs 2,508.58 a share
Ø Yes Bank board of directors to meet on Friday to consider fund raising plan
Ø Irdai working group proposes 'traffic violation premium' in motor insurance
Ø UK SME fintech platform Tide announces plans to expand into India
Ø Motherson Automotive acquires 75% in Turkey-based Plast Met
Ø Godrej Fund Management raise $500 million through GBTC II
Ø Cure.fit acquires US-based digital fitness company Onyx
Ø Sugar production till Jan 15 up 31% at 143 lakh tonnes
Ø Daicel plans ₹230-cr airbag inflator unit in Chennai
Ø SpiceJet proposes two-fold plan to clear dues to AAI
Ø IRFC IPO subscribed 65% on Day-1
Ø L&T Finance to open ₹3,000 crore rights issue on 1 February
Ø Healthcare sector's revenue expected to grow 20% in 2021-22: Report
Ø Karnataka HC resumes hearing of case between CCI and Amazon, Flipkart
Ø Top-tier Indian banks lead digital change: S&P
Ø Mindtree Q3 net profit up 66%, sees healthy deal pipeline
Ø India, China set to lead vaccine distribution in APAC region: Moody's Analytics
Ø Economic activity tentatively returning to pre-COVID levels: Icra
Ø Mindtree net profit jumps 66% to Rs 326 crore; company sees strong pipeline ahead
Ø Cochin Airport commissions floating solar power plants
Ø WhatsApp delays new privacy policy by three months amid severe criticism
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👉🏻Policy of Empanelment of CA Firms/LLPs and Selection of Auditors from 2021-22 onwards
(This will be implemented from the empanelment year 2021-22 and onwards for the refusal received after notification of this policy)
👇🏻 👇🏻 👇🏻
http://bit.ly/39zFDU0
👉🏻Draft Bank Branch Auditors’ Panel for the year 2020-21
(Draft Bank Branch Auditors’ Panel of Chartered Accountants/firms for the year 2020-21 has been Hosted, You are requested to Please check the same. In case of any observation, please log a complaint)
👇🏻 👇🏻 👇🏻
http://bit.ly/3sA9Jje
👉🏻Future of Bank Branch Audit with Regards to latest RBI Guidelines
(Latest RBI Norms on eligibility, empanelment and appointment of Statutory Branch Auditors in Public Sector Banks from the year 2020-21 and onwards)
👇🏻 👇🏻 👇🏻
https://youtu.be/BjeGvx2IPj4
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CBDT has relaxed the requirement of remunerating fund managers of certain offshore funds because of the amended Rule 10V for availing the special taxation regime under Section 9A. The Section provides for a special taxation regime in respect of certain offshore funds in the context of their fund managers being located in India.
Income tax department launches Faceless Penalty Scheme, 2021 to eliminate interface between AO & assessee. Notification 02 /2021 of 12.1.21.
GST Two new options are added to DRC 03.For payment of Difference amount between R1 and 3B and For payment ITC mismatch.
MCA will allow late applications for the Companies Fresh Start Scheme (CFSS) on a case-to-case basis but has ruled out a blanket extension of the scheme despite protests outside Registrar of Companies (RoC) offices across the country seeking an extension.
ICAI Invitation for empanelment as Checker for Verification of Answer Books of the Chartered Accountants Examinations held in November 2020. link at:
https://eservices.icai.org/EForms/configuredHtml/1666/68457/Registration.html.
The above-mentioned link will be made available from 14th January 2021 to 20th January 2021.
MEF Applicants can visit at https://meficai.org/ to view the category and other information related to their MEF Application. Any comments/ observations on the details and category can be shared by the MEF Applicants at https://app.meficai.org/complaints latest by 20th Jan., 2021.
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MCA Update in News
Reg. - LLP
Company Law Committee recommends decriminalisation of LLP Act, introduction of 'small LLPs'
The committee also suggested the introduction of the concept of a small LLP in line with small companies under the Companies Act, and provision for issuance of non-convertible debentures (NCDs) by LLPs to raise funds.
Small LLP
The CLC highlighted the need for the creation of a class of ‘small LLPs’ which would be subject to lesser compliances, fees and penalties to reduce the costs of compliance.
The proposed definition for small LLPs included conditions such as that the contribution of partners does not exceed Rs 25 lakh and an annual turnover not exceeding Rs 40 lakh.
Read more at
https://economictimes.indiatimes.com/news/company/corporate-trends/company-law-committee-recommends-decriminalisation-of-llp-act-introduction-of-small-llps/articleshow/80332910.cms
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👉 RECRUITMENT ADVERTISEMENT FOR THE POST OF STENOGRAPHER IN INDIAN CORPORATE LAW SERVICE ACADEMY, MINISTRY OF CORPORATE AFFAIRS ON CONTRACT BASISPdf(134 KB)
http://www.mca.gov.in/Ministry/pdf/StenographerRecruitmentNotice_15012021.pdf
👉 Scheme for condonation of delay for companies restored during Dec 2020 u/s 252 of the CA 2013Pdf(64 KB)
http://www.mca.gov.in/Ministry/pdf/GeneralCircularNo.3_15012021.pdf
👉 Draft Panel for Category of MEF application 2020-21 - (16-01-2021)
https://www.icai.org/post/draft-panel-for-category-of-mef-application-2020-21
👉 Scheme for condonation of delay for companies restored on the Register of Companies between 01 December, 2020 and 31 December 2020, under section 252 of the Companies Act, 2013 - (18-01-2021)
https://www.icai.org/post/scheme-for-condonation-of-delay-for-companies-restored-on-the-register-of-companies
👉 Conversion/Switch of Government of India (GoI)’s Securities
https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=50973
👉 Towards a Stable Financial System - Nani Palkhivala Memorial Lecture Delivered by Shri Shaktikanta Das, Governor, Reserve Bank of India on Saturday, January 16, 2021
https://www.rbi.org.in/Scripts/BS_SpeechesView.aspx?Id=1104
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⚫Maharashtra figured among top three states that have reported the highest number of deaths in road accidents in the country.
⚫The online gaming industry urged the Govt to set up a self-regulatory body to standardise regulations for the entire online skill gaming sector and not just the fantasy sports industry.
⚫Power sector engineers would go for token work boycott across the country on February 3 to protest against the move to privatise distribution companies by the Govt.
⚫India's digital disruption poses a relatively low risk to the long standing position of its top-tier bank. Many banks in India have been quick to embrace new technologies to cater to a vast and growing, young, tech-savvy customer base, according to S&P agency.
⚫Almost 4 lakh healthcare workers have received the covid shot in 7700 sessions across the country, three days into the vaccination drive. Some 580 adverse events and two deaths were reported in UP & Karnataka. The link between death and vaccination was ruled out after a panel of three doctors conducted a post mortem.
⚫An FIR has been lodged against the director & writer of the web series Tandav, for allegedly depicting Hindu Gods in a bad light 'which could lead to religious flare-ups'.
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The issue of service of demand notice and the possession notice was not raised just after filing the reply by the Bank before the DRT and even this fact was not mentioned in the rejoinder filed by the appellant – DRAT Allahabad
Case Citation: (2021) ibclaw.in 02 DRAT
The issue of service of demand notice and the possession notice was not raised just after filing the reply by the Bank before the DRT and even this fact was not mentioned in the rejoinder filed by the appellant and instead the amendment application was filed after more than one year, which goes to show that it was an after though contention to raise such unfounded issues. Thus, I find no infirmity in the findings of the Tribunal below with regard to the service of these notices.
https://ibclaw.in/the-issue-of-service-of-demand-notice-and-the-possession-notice-was-not-raised-just-after-filing-the-reply-by-the-bank-before-the-drt-and-even-this-fact-was-not-mentioned-in-the-rejoinder-filed-by-the/
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ITAT Mumbai restricts addition to 5% of alleged non-genuine purchases. Case Name : ACIT Vs Rishab Steel House (ITAT Mumbai)
MCA Company Law Committee recommends decriminalisation of LLP Act, introduction of 'small LLPs'. The committee also suggested the introduction of the concept of a small LLP in line with small companies under the Companies Act, and provision for issuance of non-convertible debentures (NCDs) by LLPs to raise funds.
The CLC highlighted the need for the creation of a class of ‘small LLPs’ which would be subject to lesser compliances, fees and penalties to reduce the costs of compliance.
The proposed definition for small LLPs included conditions such as that the contribution of partners does not exceed Rs 25 lakh and an annual turnover not exceeding Rs 40 lakh.
RBI draining ?2 trillion of liquidity shows that the regulator is setting into motion its unwinding sequence, but it does not indicate any turn in near-term rate cycle, say experts. The recent move by RBI comes after it announced it will resume normal liquidity operations aimed at correcting the short-term rates that fell lower than the reverse repo rate of 3.35%.
Professional Development CommitteeThe Institute of Chartered Accountants of India16th January, 2021 Draft Panel for Category of MEF application 2020-21 MEF Applicants can visit at https://meficai.org/ to view the category and other information related to their MEF Application.
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IDBI Bank invites online applications from practicing partnership firms of Chartered Accountants within India, who are willing to have their firms empanelled as Concurrent Auditors of the Bank. Link is available on IDBI Bank’s Website (www.idbibank.in) under Announcements Section.
· The online system shall be available from 18.01.2021 to 05.02.2021 (both dates inclusive) for future allotments to be made. CA Firms already empanelled with the Bank before June 2020 also need to apply again as fresh application.
· The CA Firms who complete 5 years of existence as Partnership Firm as on 31.12.2020 i.e. date from which it is continuing as partnership firm (as per Firm Registration Certificate downloaded from ICAI website) should be on or before 01.01.2016, are eligible to apply. If the date from which it is continuing as partnership firm (as per Firm Registration Certificate downloaded from ICAI website) is after 01.01.2016, those firms are not eligible to apply as per Bank’s Concurrent Audit Policy.
· Kindly use latest version of Google Chrome Browser, as Chrome supports the site in the best manner. Please clear the browsing history and cookies before applying.
· Please keep the documents/ information as mentioned below in readiness before starting to fill up the Application Form:
· Firm’s PAN Card
· Latest Firm Registration Certificate issued by ICAI (Firm card will not be accepted)
· Updated profile of the Firm
· List of Partners mentioning name, membership number and signature of all the Partners
· List of branches of the Firm
· Details of Partners like Membership number, PAN Card of the Partners
· Firm Constitution Date
· RBI Unique code
· GST Number
· RBI Category
· All the documents which are to be enclosed while applying must be duly signed and stamped by the Authorized Partner.
Disclaimer: Bank can ask for additional documents/ information apart from the above mentioned, if required.
· For any query regarding the filing of the Empanelment Form, you may mark a mail to concurrentaudit.ho@idbi.co.in.
· If your query is not resolved through mail, you may contact on the following numbers during office hours (i.e. 10.00 AM to 6.00 PM):
022 6655 3200/ 2933/ 2394
Regards
CA Dinesh Kumar Jain Jaipur
Secretary CIRC of ICAI
9414073452
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