11 June 2021
NSE-BSE bulk deals: Societe Generale buys stake in NIIT
Power Grid Corporation acquires Sikar-II Aligarh Transmission
Adani Enterprises incorporates manufacturing firm for wind turbine generators
CCI approves BCP Topco, other entities' acquisition of stake in Mphasis
‘Carlyle deal for PNB Housing unfair to small shareholders’
Life insurers report 5.5% decline in new premiums in May
Bankruptcy court allows billionaire Anil Agarwal to take over Videocon
Happiest Minds surges on management’s optimistic FY22 sales growth outlook
IT largecaps could be ready to break out after a quiet 5 months
GDR manipulation case: Sebi slaps over Rs 31 cr fine on 14 entities
Loan defaults rise in rural India amid 2nd Covid wave
Tata Motors incorporates wholly-owned subsidiary
Religare Enterprises to raise Rs 570 cr via preferential issue
Ashok Leyland announces senior-level organisational changes
Tata Digital to invest in Curefit, appoints Mukesh Bansal as president
IPO street warms up; SEBI approves Glenmark Life Sciences, Utkarsh Small Finance Bank public issues
Cotton bodies get together to increase area under cultivation, improve yields
Vijaya Diagnostic files papers to raise funds via IPO
World Bank projects India's economy to grow at 8.3% in 2021 and 7.5% in 2022
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⚫India's agriculture exports jump 17.34% to $41.25 billion in FY21
⚫Online fashion industry witnessed an order volume growth of 51% and gross merchant value increase of 45% in FY21 as compared to the previous FY.
⚫YES Bank board approves fundraising up to Rs 10K crore via debt securities.
⚫Oil prices hits two year highs on rising economic demand expectations.
⚫Bihar's Covid toll takes a drastic upward leap to 9,429 after govt audit.
⚫May month received the 2nd highest rainfall in 121 years, the IMD said attributing two back to back cyclones and western disturbances for the record precipitation.
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E-KNOWLEDGE CAPSULE
✒ Delhi Court held that No special food, health supplement for Sushil Kumar in jail, law equal for all
✒ Delhi High Court curbs law firm from blogging on case in which it is appearing saying Likelihood of losing objectivity in reportage of proceedings
✒ Uttarakhand High Court held Concerned over opening of Char Dham, can't be allowed to become breeding ground
✒ Bombay High Court grants protection from arrest to co-accused of Kangana Ranaut in 'Didda' copyright infringement case.
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⚫India's exports grew by 52.39% to USD 7.71 billion during the first week of this month on account of healthy growth in shipments in sectors including engineering, gems and jewellery and petroleum products. Imports too rose by about 83% to USD 9.1 billion during June 1-7.
⚫India's retail inflation rose last month after a three-month low in April, lifted by higher food and energy prices, but stayed within the RBI's target range for the 6th consecutive month.
⚫At Rs 10,083 cr, equity MFs garner highest inflows in 14 months in May. Industry AUM tops Rs 33 trillion as markets log new highs.
⚫The Govt increased the Minimum Support Price of kharif crops for the 2021-21 crop season by an average 3.7% as compared to the previous year with the maximum hike reserved for pulses and oilseeds to encourage farmers to shift from paddy.
⚫The CBI carried out searches at 14 locations in Delhi-NCR and 3 other cities after registering an FIR against Oyster Buildwell Private Ltd, Avantha group promoter Gautam Thapar, and others for alleged diversion of over Rs 466 crore in Yes Bank during 2017-19.
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🇮🇳 GST MITRA Bahubali Series-3 on Health Sector 🍎
📚 GST be imposed on wellness Centres depending on services offered. No exemption to Naturopathy Centers
⚖️ M/S. OSWAL INDUSTRIES LTD.: AAR GUJARAT
Classification of supply - Composite Supply or Mixed Supply - Benefit of entry No.74 of exemption Notification No.12/2017-Central Tax (Rate) dated 28.06.2017 - Applicability of Clinical Establishment Act, 2010 - wellness facilities are provided with the help of highly qualified professionals’ doctors in the field of naturopathy, researchers, and support staff - Pre and Post GST regime - registration under Service Tax
1️⃣ The principal supply would be the accommodation services since the therapy can in no way be administered without accommodation. The accommodation service attains the nature of the principal supply and the other two components attain the nature of ancillary services. The packages offered by the applicant are naturally bundled and would be aptly covered under the definition of Composite Supply.
2️⃣ The composite supply of services would be treated as a supply of accommodation service falling under Heading 9963 and specific heading 996311 (Room or unit accommodation services provided by Hotels, Inn, Guest House, Club and the like) as per Notification No.11/2017-Central Tax (Rate) dated 28.06.2017. Further amended 13/2018 (CTR) and 20/2019 (CTR).
3️⃣ Whether the applicant is eligible to get the benefit of entry No.74 of exemption Notification No.12/2017-Central Tax (Rate) dated 28.06.2017?
4️⃣ The exemption available at Entry No.74 of Exemption Notification No.12/2017-Central Tax (Rate) dated 28.06.2017 is not applicable to the applicant.
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👉🏻Delhi Police Arrests 11 (2 CAs) In Rs.150 Cr Mobile App Fraud Case
(Delhi Police's Cyber Cell has arrested 11 men, including 2 chartered accountants, for allegedly cheating more than five lakh people of over Rs.150 Cr in two months on the pretext of providing lucrative returns on two mobile applications)
👇🏻 👇🏻 👇🏻
https://bit.ly/3xd8ckG
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Interesting case:
If the borrowing given by the Creditor is contrary to the limit prescribed under Companies Act 2013 (Sec. 186), it is not a legally enforceable debt
Case Citation : (2021) ibclaw.in 64 NCLT
AA observed that ex-facie there is no evidence which reflects that the money was transferred from the Petitioner-financial creditor to the respondent-corporate debtor, however, Corporate Debtor in its reply has not denied the disbursement of loan. AA referred Section 186 of Companies Act 2013 and held that the Petitioner has neither made the disclosure of such Inter Corporate Loan in its Balance Sheet nor it had produced the Special Resolution passed in the EGM of Shareholders for the purpose of compliance of Section 186(3) of Companies Act 2013. Therefore, the borrowing given by the Petitioner is contrary to the limit prescribed under Companies Act 2013 which amounts to an ultra vires act committed by the Petitioner. Hence the loan advanced by the Petitioner is not a legally enforceable debt.
Read full summary:
https://ibclaw.in/m-s-ukg-steel-private-limited-vs-m-s-erotic-buildcon-private-limited-nclt-principal-bench/
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E-KNOWLEDGE CAPSULE
✒ Delhi High Court refuses to stay release of film Nyay The Justice, based on death of Sushant Singh Rajput
✒ Rajasthan High Court held that Live-In-Relationship Between A Married & Unmarried Person Not Permissible
✒ Karnataka High Court held on temple visit of Yediyurappa's son amid COVID-19 that There can't be one rule for political leaders and another for citizens
✒ Rajasthan High Court Dismisses Plea saying It Is For High-Powered Committee To Frame Policy To Extend COVID Parole Benefit To Murder Convicts
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