19th February 2K21
Ø Oil India teams up with Engineers India to bid for BPCL’s 61.65% stake in Numaligarh Refinery
Ø Foodgrain production to hit record high in 2020-21
Ø RBI tightens payments security norms for banks, digital payment operators
Ø Iran keen to lift whole leaf teas from India, ready to pay good price
Ø NCLT approves Rs 707.70 cr claim of IL&FS's FSEL from NHAI
Ø Government's initiatives brings back loan growth to pre-Covid levels
Ø Pumping in $33.8 bn so far this fiscal, FPIs' holding at record $592.5 bn
Ø DLF Cyber City completes acquisition of 51.8% stake in Fairleaf Real Estate
Ø L&T arm to build 2 units of Kudankulam Nuclear Power Project
Ø PE/VC investments drop by 35% in January to $1.6 bn: EY-IVCA data
Ø GAIL buyback offer to open for 6,97,56,641 fully paid-up equity on Feb 25
Ø P-Note investment surge is no cause for concern: SEBI chief
Ø Cotton exports may increase 30% as global market surges
Ø RBI approves Piramal's resolution plan for DHFL
Ø Ambuja Cement net rises 34% on better realisation
Ø Phillips Carbon Black commissions speciality black lines in Gujarat
Ø Airtel's earnest money deposit at ₹3K cr, Jio's ₹10K cr for spectrum auction
Ø RailTel IPO subscribed 42 times on final day of bidding
Ø NMDC resumes mining at Donimalai mine in Karnataka
Ø Indian IT sector can double in 4-5 yrs: HCL Tech CEO
Ø IDFC First Bank board approves raising up to ₹3,000 cr via securities
Ø Petrol at Rs 100: India asks OPEC to ease production cuts
Ø Cairn CEO meets finance secretary over arbitration ruling, says meeting constructive
Ø India PC market clocks 27% growth in Q4 to 2.9 million units: IDC
Ø Amazon to make Fire TV sticks in India
Ø Tata Electronics to set up component-making plant in TN
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⚫FPIs have pumped in a whopping $33.8 billion into domestic equities and debt till February 15, the highest since FY15, taking their net outstanding investments to a record $592.5 billion.
Of the total FPI assets of $592.5 billion, $537.4 billion were in equities and $51.38 billion in debt.
⚫PM met key stake holders of power and renewable energy sector to push for the reforms planned in the sector and their implementation across states. The PM said, a policy and regulatory framework for discoms is in the offing. “Consumer should be able to choose his supplier as per performance like any other retail commodity.
⚫The health insurance segment has grown 14.59% to Rs 48,501 crore, capturing 29.5% market of the non-life business. This is mainly due to a surge in demand for health products since the onset of pandemic.
⚫The RBI came out with a Master Direction for banks and card-issuing entities laying down common minimum standards to ensure security of digital payments.The directions lays down guidelines for internet banking, mobile payments, card payments, customer protection and grievance redressal mechanism.
⚫In view of the rising COVID-19 cases, the district administration announced a weekend lockdown in Amravati, from 8 pm on Saturday to 7 am on Monday, a period during which markets and other establishments will remain shut.
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📍💡MCA mega update for LLPs⚖️✍️
📌Stakeholders are hereby informed that the Central Government, in Ministry of Corporate Affairs, under section 67(1) of LLP Act, 2008 will be extending Sub- sections (1) to (11) of section 90, Sub- sections (1) and (2) of section 164 , Sub-sections (1) and (3) to (6) of section 165, Sub-section (1) to (3) of section 167, Sub-section (5) of section 206, sub-section (3) of section 207, Sub-sections (1) to (3) of section 252 and Sub-sections (1) to (4) of Section 439 of the Companies Act, 2013 to limited liability Partnerships with modification and adaptation soon.
📌 Accordingly, limited liability Partnerships, Partners and Designated partners thereof are advised to take note of the same for appropriate action.
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Government is in no mood to relent in its fight to recover $1.2 billion in tax claims from Cairn and is looking to appeal against the international tribunal’s verdict or get the British company to seek a settlement under ‘Vivad Se Vishwas’ scheme. The tough posture comes despite Cairn approaching a US district court to press for the arbitration award, which sources dismissed as posturing given that the government has time until the third week of March to appeal against the order.
Gujarat High Court has passes an interim order directing the central Board of Indirect Taxes and Customs (CBIC) to bar field units from making on the spot recovery in any during search operation or inspections. The order says strict disciplinary action should be taken against officers who do not follow this directive.ET has seen a copy of the order.
NO recovery in any mode by cheque,cash,epayment or adjustment of Input tax credit Should be made at the time of Search or inspection proceedings under Section 67 of the Central Gujarat Goods and Service Tax Act,2017 under any circumstances, the division bench said in its order.
If complaint or grievance is filed by Assessee and officer is found to have acted in defiance of the aforestated directions, then strict disciplinary action should be initiated against the concerned officer,” the bench said. The bench, However, said the directions have been proposed by the court and it will await the response of the government through the additional Solicitor General.
Government is contemplating to levy income-tax (I-T) and goods and services tax (GST) at the rate of 18 percent on gains and trading of bitcoins or related cryptocurrencies, a report in the Business Standard has said. Ahead of the presentation of Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 in the Budget session of Parliament, as has been reported by several media publications, the report further added that both the taxes will be levied for the current fiscal year.
MCA mega update for LLPs: Stakeholders are hereby informed that the Central Government, in MCA under section 67(1) of LLP Act, 2008 will be extending Sub- sections (1) to (11) of section 90, Sub- sections (1) and (2) of section 164 , Sub-sections (1) and (3) to (6) of section 165, Sub-section (1) to (3) of section 167, Sub-section (5) of section 206, sub-section (3) of section 207, Sub-sections (1) to (3) of section 252 and Sub-sections (1) to (4) of Section 439 of the Companies Act, 2013 to limited liability Partnerships with modification and adaptation soon.
RBI came out with a slew of directions related to maintenance of liquidity coverage ratio, risk management, asset classification and loan-to-value ratio, among others, for housing finance companies (HFCs).
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👉🏻SC asks Centre to file affidavit on technical glitches in GSTN
(Supreme Court has asked the Centre to file an affidavit on technical glitches faced by taxpayers while filing forms for transferring their input tax credit in the Pre-GST period to the current GST system)
👇🏻 👇🏻 👇🏻
http://bit.ly/3avFEdy
👉🏻Govt directs LLPs to disclose their Beneficial Owners
(Besides disclosure on significant beneficial ownership/owners, the notification also suggests individuals will have to limit their role as a partner to only a prescribed number of LLPs)
👇🏻 👇🏻 👇🏻
http://bit.ly/3bnu6Io
👉🏻E-Invoice and QR Code under GST*
(Is QR Code Mandatory In E-invoicing Process?)
👇🏻 👇🏻 👇🏻
https://bit.ly/3az8Mk2
👉🏻RBI sets rules for digital payments in India
(These rules are directly applicable for scheduled commercial banks, small finance banks, payment banks and credit card-issuing NBFCs)
👇🏻 👇🏻 👇🏻
http://bit.ly/3k31ecD
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Delhi HC order Govt to include Advocate for incorporation of Company and LLP in MCA
The below order was passed by Delhi High Court
1. This hearing has been done through hybrid mode (physical and virtual hearing).
2. The present petition has been filed challenging the non-providing of a field for Advocates to register companies and LLPs on the current Ministry of Corporate Affairs’ (hereinafter. ‘MCA‘) portal.
3. The case of the Petitioner is that in 2007, the MCA portal permitted Chartered Accountants, Company Secretaries and Cost & Work Accountants to register as practising professionals and undertake incorporation of companies and LLPs for their clients. An amendment took place in the Companies Act, 2013 in 2014 by which even Advocates were permitted to file documents for incorporation of companies. For the said purpose, an Advocate would have to first register himself/herself as a practicing professional.
However, the said amendment was not implemented in the tool kit which is used by the MCA, Therefore, even today, Advocates are unable to register companies/LLPs on behalf of their clients. Hence, the Petitioner prays that consequential amendment be carried out in the MCA tool kit permitting Advocates who are enrolled with the Bar Council to register as professionals in the MCA portal.
4. A perusal of Section 7(1) (b) of the Companies Act, 2013, clearly shows that Advocates can file documents for incorporation of a Company. This would be true even in the case of LLPs. The MCA’s portal is however stated to have no provision made for Advocates who are members of Bar Councils and Bar Councils are not provided as an option in the list of Councils. If this is the position, the same would be discriminatory qua Advocates and would need to be rectified.
5. Mr. Ajay Digpaul. Id. CGSC to seek instructions in the matter and to file an affidavit on record within two weeks. Let a decision be taken by the appropriate authority on this issue and be placed before the Court.
6. List on 23rd March. 2021.
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LEGAL-KNOWLEDGE CAPSULE
✒ Supreme Court held that litigants who settle disputes without court intervention under section 89 of CPC entitled to refund of court fees.
✒ NCLT Mumbai held that an arbitral order passed post admission of CIRP against the corporate debtor is in violation of objective of the code and is in contravention of moratorium under section 14 of the code.
✒ Madras High Court held that hunger strike is not a suicide attempt, cannot attract offence under section 309 of IPC.
✒ Delhi Court sends Disha Ravi to three days judicial custody in Toolkit FIR.
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