17 May 2020 Updates

👉 Alert to Taxpayers on fakemessages on GST Refund

        https://www.gst.gov.in/newsandupdates/read/376

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Finance minister, Nirmala Sitharaman unveiled second tranche of the mega economic stimulus package

The Day 3 of #AtmaNirbharBharatAbhiyanPackage focused on Agriculture & allied activities. Here are the key highlights of Announcements:

1. A new scheme has been launched for interest subvention @ 2% per annum to dairy cooperatives for 2020-21 aimed at unlocking Rs 5000 Crores additional liquidity, benefitting 2 Crore farmers,

2. To help Fisheries sector, operations of Marine Capture Fisheries and Aquaculture has been relaxed to cover Inland Fisheries.

3. In a move to strengthen infrastructure in agriculture, financing facility of Rs. 1 lakh Crore will be provided for funding Agriculture Infrastructure Projects at farm-gate & aggregation points.

4. Aiming to implement PM's vision of ‘Vocal for Local with Global outreach’, a scheme will be launched to help 2 lakh Micro Food Enterprises; Improved health and safety standards, integration with retail markets and improved incomes to be key focus areas.

5. Government to launch Pradhan Mantri Matsya Sampada Yojana for integrated, sustainable, inclusive development of marine and inland fisheries to plug critical gaps in fisheries value chain; move will provide employment to over 55 lakh persons & double exports to Rs 1 lakh Crore.

6. National Animal Disease Control Programme has been launched with total outlay of Rs. 13,343 Crores for 100% vaccination of cattle, buffalo, sheep, goat and pig population in India.

7. Government announces an Animal Husbandry Infrastructure Development Fund worth Rs. 15,000 Crore to support private investment in Dairy Processing, value addition and cattle feed infrastructure.

8. To promote Herbal Cultivation in India Government commits Rs 4000 Crore; move aims to cover 10 lakh hectare under herbal cultivation in 2 years; corridor of medicinal plants to come up across banks of Ganga.

9. Government to implement a scheme for infrastructure development related to Beekeeping; aims to increase income for 2 lakh beekeepers with special thrust on capacity building of women.

10. Government extends Operation Greens from Tomatoes, Onion and Potatoes (TOP) to ALL fruits and vegetables.

11. Government will amend Essential Commodities Act to enable better price realisation for farmers; Agriculture food stuffs including cereals, edible oils, oilseeds, pulses, onions and potato will be deregulated.

12. Government to bring in law to implement agriculture marketing reforms to provide marketing choices to farmers; law will provide adequate choices to farmer to sell produce at attractive price.

13. To provide assurance to farmer on Agriculture Produce Price and Quality, facilitative legal framework will be created to enable farmers for engaging with processors, aggregators, large retailers, exporters etc. in fair and transparent manner.

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👉 Jaiprakash Associates (JAL), the parent firm of Jaypee Infratech (JIL), has moved the National Company Law Appellate Tribunal (NCLAT) challenging the March 3 order of the National Company Law Tribunal (NCLT), which made the Rs 750 crore it deposited with the registry of the Supreme Court a part of the approved bidder NBCC’s resolution plan for JIL.

NBCC had, in its resolution plan, said that it might withdraw its resolution plan in case the amount, along with interest, was not made available with it. The NCLT approved state-run NBCC’s resolution plan for JIL on March 3, 2020. Directed by the Supreme Court, JAL had deposited the fund towards refund of homebuyers’ money. The apex court had on August 9, 2018 directed the NCLT to decide on the fund.

“Promoters of JIL have challenged the NCLT order, arguing that the money should not be given to NBCC,” said advocate Bishwajit Dubey, who appeared on behalf of lead banker IDBI in the NCLAT on Friday.

Advocate Sumant Batra, who appeared on behalf of the resolution professional, said that the NCLT was asked by the Supreme Court to decide on the fund deposited with the apex court’s registry by the JIL’s promoters.

Batra said the two-member NCLAT bench, headed by its acting chairperson justice Bansi Lal Bhat, has directed IDBI, IRP, NBCC and others to file their responses on the JIL’s promoters’ plea within two weeks and posted the matter for further hearing on June 19.

👉 Sumant Batra, counsel for Interim Resolution Professional (IRP) for Jaypee Infratechon Friday informed the National Company Law Appellate Tribunal (NCLAT) that the Interim Monitoring Committee in terms of order dated April 22, 2020 has been constituted.

The IRP wil file a status report with regard to implementation of the approved resolution plan soon.

The NCLAT on Friday accepted plea Jaiprakash Associates and issued notices to NBCC India, ICICI Bank, IDBI Bank and home buyers association. They have to file their reply affidavits within two weeks. Rejoinders, if any be filed within one week thereof.

In NBCC India appeal, NCLAT directed registry to issue fresh notices. NBCC had appealed against the order of National Company Law Tribunal (NCLT) on March 20, 2020 because of the modifications made by the adjudicating authority in the ‘Resolution Plan’ submitted by it and as approved by the committee of creditors to the extent it allows objections of ICICI Bank and Yamuna Expressway Industrial Development Authority (YEIDA) and directs payment to unclaimed Fixed Deposit Holders.

"Home buyers should be happy as no stay has been granted by the court and order passed by NCLT is in force and NBCC has to work accordingly," said Ashwarya Sinha, an advocate representing home buyers.

The company in its appeal had said that the adjudicating authority could not intercede the business decision of the committee of creditors taken by the prescribed voting shares and it exceeded its jurisdiction in making such modifications.

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👉🏻SC says no action against employers who don't pay full wages during lockdown

( Supreme Court asked authorities not to take coercive action against firms which could not comply with the union home ministry's order asking employers to pay full wages to their workers during the lockdown)

👇🏻 👇🏻 👇🏻

https://bit.ly/3g3xZ74

👉🏻Major Changes in ICAI Code of Ethics 2019

(Major Changes in ICAI Code of Ethics 2019 which are going to be applicable wef 01st July 2020) 

👇🏻 👇🏻 👇🏻

https://bit.ly/2Z4Q3HT

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MSME- UDYOG AADHAR REGISTRATION PROCESS FOR BUSINESS

1. Please keep on hand, the Business owner’s  individual aadhar card copy

(in case of sole propx, the sole proprietor’s aadhar card, for partnerships one of the partner’s aadhar. For companies one of the promoters’.

2. The mobile number linked with this aadhar card should be accessible, in that mobile 3 times OTP will come for submission. (The website will be slow and hence OTP will come little late)

3. Please keep on hand the Nature of Business, Nature of services provided (for one business maximum 5 rows of business/ services could be submitted)

4. Bank account number, ifsc code of the sole proprietor, partner, company promoter is required. Initially the owner’s individual bank account details could be given. Need not be Business current account

5. Keep on hand Investments of the business details. Investments could be on Land, machinery, Building, other assets.  But later stage ensure that this investment detail matches with Income tax return investment details, Banks projection CMA details…

6. If the owner is SC/ST/few subsidies are available, Please take care that aspect also.

7. The website for registration is - https://udyogaadhaar.gov.in/UA/UAM_Registration.aspx

(Preferably use Firefox or IE)

8. Once registration is done, we could take 2 prinouts (MSME Udyoga aadhar memorandum & MSME Udyog aadhar Certificate).

9. It is suggested to take colour print of these 2 certificates, ask clients to laminate or frame and fix in keep in a visible place in their Business premises/ WFH premises.

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👉 The National Company Law Tribunal (NCLT), Bengaluru, has ordered the winding up of Super Royal Holidays India Pvt. Ltd., Bengaluru, by declaring that the incorporation and conduct of business of the company was for “fraudulent objects” of ponzi scheme in the guise of offering holiday tour packages by collecting membership fees.

The Ministry of Corporate Affairs (MCA) sought the winding up of the company following the outcome of an investigation carried out after noticing that the company had deposited and withdrawn around ₹10 crore during the period of demonetisation in 2016.

“On perusing the financial statements of the company, it is clear that the money they collected by way of membership fees etc. was largely being pocketed by agents and director-cum-shareholders by way of commission, awards, dividends for directors, etc., leaving paltry remains for the so-called service [tour packages] for their members. Therefore, it is established that the company is running a ponzi scheme, as rightly contended by the MCA,” the tribunal held.

The tribunal also said that the company was “established exclusively for the benefit of the three promoters-cum-directors-cum-shareholders and their agents” and hardly any service was provided to most its customers.

The company enrolled members by collecting ₹11,000 for single membership, ₹22,000 for triple membership, and ₹33,000 for family membership. This life membership fee carried an offer of free tour packages for two nights/three days, to be availed within the next three years by paying a package cost ranging ₹375 to ₹4,800, depending upon location. The company claimed that it had around two lakh members, but could not produce the complete membership details before the authorities.

👉 Established under Sec 410 of Companies Act, NCLAT hears appeals against the orders of benches of NCLTs across the country under IBC and Companies Act as well as appealable orders of CCI. Till recently NCLAT had only one Bench at New Delhi. However, in a welcome move, vide notification dated 13 March 2020, Central Government announced that a bench has been constituted at Chennai which shall entertain appeals against orders passed by benches of NCLT in Andhra Pradesh, Telangana, Karnataka, Kerala, Tamil Nadu, Puducherry and Lakshwadeep. Therefore, NCLAT now has two benches ~ the Principal Bench at New Delhi and the Chennai Bench which shall be functional from 18 March 2020 but shall operate from New Delhi for some time.

The setting up of the Chennai Bench undoubtedly after the verdict of the Apex Court in WP (Civil) No 99 of 2018 - Swiss Ribbons Private Ltd Vs Union of India on 25 Jan 2019 is a positive step forward in ensuring that NCLAT is considered an "efficacious" remedy. However, there shall still be exceptions where High Courts have stepped in and may continue to step in what is the ambit of NCLAT.

This critique therefore is an attempt to analyse the setting up of Chennai Bench of NCLAT on the basis of the verdict of the Apex Court in Swiss Ribbons supra, established principles whereby High Courts can step in even when a forum for statutory appeal has been provided for in exceptional cases, and some case laws where High Courts have intervened and can continue to intervene. It is in the interests of the entire fraternity of IPs that NCLAT which has delivered some landmark judgments involving substantial questions of law becomes stronger by the day and intervention of High Courts under Article 226 and 227 would be a rare exception rather than the rule. There is no denying the fact that had it not been for NCLAT, matters which are now being adjudicated in a couple of months would have taken a year or more in cases that land in High Courts. Lex dilationes semper exhorret. The other justification for NCLAT is that with the perpetual shortage of judges which plagues the entire Indian justice delivery system, NCLAT is a necessity and not a luxury for India.

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15 May 2020 News and Updates

15th May 2K20

Ø  Significant advantages exist in RIL-Aramco deal: Report

Ø  Clear picture of GST mop up in Apr to come by June-end

Ø  Max Fin pays Rs 123.78 crore to settle tax dispute

Ø  UK economy shrinks 2% in first quarter on coronavirus

Ø  Venture investments decline to USD 881 million in April

Ø  Over Rs 70,000 crore debt of NBFCs maturing in Q1

Ø  PFC, REC to approach discoms; offer 7-10 year loans with moratorium

Ø  FM has leveraged banks and PSUs to deliver the goods

Ø  Fed Chair Powell warns of prolonged US recession after coronavirus

Ø  Govt to buy goods and services locally for tenders below Rs 200 cr

Ø  US senators introduce legislation to impose sanctions on China over Covid

Ø  Details show direct fiscal costs of stimulus measures won't be large

Ø  21 States staring at ₹97,100-cr revenue hit in April: Ind-Ra

Ø  Equalisation levy on e-commerce companies may be deferred to second half of FY

Ø  Corporate Insolvency: NCLT makes ‘default record’ mandatory

Ø  Maruti acquires Sumitomo’s stake in JJ Impex; to supply Brezza to Toyota

Ø  US FDA closes audit, inspection for Dr Reddy’s formulation unit in AP

Ø  FM’s announcements will help address supply side constraints feels industry

Ø  Government provides further liquidity support to NBFCs, HFCs, microlenders

Ø  Vedanta’s delisting plans may see minority investors feeling shortchanged

Ø  Govt cuts EPF contribution to 20% for next three months

Ø  Godrej Consumer Q4 net profit slips 75% to ₹230 crore on covid-19 impact

Ø  At 10% of GDP, PM Modi’s Atma-nirbhar Bharat Abhiyan ranks among biggest in world

Ø  BRICS’ New Development Bank provides $1 billion loan to India to fight COVID-19

Ø  India up at 74th place on WEF’s global energy transition index

Ø  Kotak Mahindra Bank Q4 profit down 4 per cent to Rs 1,952 cr

Ø  IMF, World Bank urged to cancel debts of poor countries

Ø  Ashok Leyland resumes production across India

Ø  Sebi allows e-KYC using Aadhaar for 8 entities

Ø  Top auto companies resume production after profit slumps on weak demand

Ø Fiscal deficit to balloon to 7.9% in FY21: Report

Ø 72% of outstanding bank credit in red zones: Report

Ø Gujarat government launches 'Rs 1 lakh loan at 2 per cent interest' scheme

Ø Centre to take up affordable rental housing for migrants

Ø FM unveil free foodgrains for 8 cr migrant workers 

Ø COVID-19 to have significant deflationary impact: CEA

Ø Govt. suspends headline WPI release on inadequate data

Ø Tata group, Adani, CESC may join the race to buy BSES companies

Ø SEBI grants temporary relief to companies from public float norms

Ø Govt. to switch Rs 30,000 cr of bonds for longer tenure securities

Ø Salaried class excluded from TDS benefit to avoid tax burden: Govt.

Ø India's ultra mega solar parks offer $500-700 billion investment potential

Ø NCDEX to launch tradeable agri index to hedge risk in underlying commodity

Ø WPI food inflation declines in April to 3.60 per cent

Ø Teva moves US court against Aurobindo Pharma on cancer drug Bendeka

Ø Covid-19: NovaLead Pharma gets nod for clinical trials for its repurposed drug

Ø ONGC awards 49 marginal fields to seven bidders

Ø Steel units to gain as NMDC reduces iron ore prices

Ø Vedanta wants to delist at cyclical lows, but investors may not budge

Ø Cipla approaches ICMR to make ELISA antibody test kits

Ø Government outlays plan for credit boost to agriculture sector

Ø Fresh crisis looms for NBFCs after fund shuts

Ø 36 million have sought US unemployment aid since coronavirus hit

Ø UK facing significant recession, says Rishi Sunak

Ø Delisting of subsidiary to enhance Vedanta Resources’ financial flexibility: S&P

Ø CIL mandated to replace at least 100 MT of imports with domestic coal in FY21

Ø RBI may have to monetise around Rs 7 lakh cr of stimulus package: BofA

Ø Mphasis consolidated net profit rises 32.7% in the March 2020 quarter

Ø Accept loan repayment offer, close case against me: Vijay Mallya asks Govt.

Ø US weekly jobless benefits to stay elevated as coronavirus layoffs widen

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👉 Financial creditors moving the National Company Law Tribunal (NCLT) for initiation of insolvency process would have to henceforth mandatorily file ‘default record’ from information utility (IU). No new petition would be entertained without record of default under Section 7 of the Insolvency and Bankruptcy Code ( IBC), the NCLT has said in a new directive.

NCLT has also directed that authorised representatives/ parties in the cases pending for admission under Section 7 of IBC to file default record from an IU before next date of hearing.

An information utility is basically a repository of electronic evidence. It is an information network that stores financial data like borrowings, default and security interests among others of firms. In India, National e-Governance Services Limited ( NeSL) in mid-2017 became the first IU for bankruptcy cases under the insolvency and bankruptcy code (IBC).

A record of default is nothing but a statement of default on a particular loan and facility. With the latest NCLT move, the entirety of an IU as an integral part of the process to establish default and allow immediate admission before such a Tribunal is now complete, say experts.

It may be recalled that the Corporate Affairs Ministry (MCA) had about four months back internally taken a decision that there is a need to make IU evidence mandatory in insolvency admission matter. Today, NeSL —which started its journey in September 2017–has information of loan details of 100 per cent of corporates in India. It is sitting on data of Rs 76 lakh crore of corporate borrowing outstanding.

👉 The National Company Law Tribunal (NCLT) has transferred three more members to different benches across the country with immediate effect. On April 30, it had transferred eight members as part of an organisational reshuffle.

According to a notification issued by the NCLT Registrar on Tuesday, the new list comprises three judicial members.

"The members shall move to their new stations of posting, after lockdown restrictions on movement are withdrawn by the central government and the respective state governments," the notification said.

The tribunal has a strength of 23 judicial members including its Acting President. Besides, it has 25 technical members, as per NCLT website.

Last week, it cancelled the scheduled summer vacation for all its benches.

Presently, hearing of all NCLT benches is closed due to the lockdown. NCLT is hearing only urgent matters through video-conference.

Last month, the government extended the tenure of NCLT's Acting President BSV Prakash Kumar for another three months.

NCLT was set up under section 408 of the Companies Act, 2013 on June 1, 2016.

Besides the Principal Bench at New Delhi, it has 14 other benches in Ahmedabad, Allahabad, Bengaluru, Chandigarh, Chennai, Guwahati, Hyderabad, Kolkata, Mumbai, Cuttack, Jaipur, Kochi, Amravati, and Indore. KRH ANU ANU

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ICAI Announcement

The sudden developments in regard to corona virus pandemic in the country have resulted in an extended lockdown, since 22nd March 2020 by the Government of India. This lock down brought with it restrictions on physical mobility and availability of limited communication modes. This has resultantly led to situation wherein many of ICAI stakeholders were unable to complete the requirements of making the application complete in all respects for submission of Membership/COP fees and retrospective restoration for the year 2019-2020 by the last date of 31st March 2020.

To mitigate the hardships, the application(s) in Form 9 and Form 101 for retrospective restoration of membership / certificate of practice complete in all respects and applicable fee for the year 2019-2020 can now be submitted by filing until the midnight of 31st May 2020.

The system modification is underway to accommodate this window and is expected to be available in your SSP login profile on the 20th of May 2020.

Meanwhile, Members who have not registered themselves till now on the New Self Service Portal are requested to do their one-time registration immediately by visiting https://eservices.icai.org. The step by step procedure about the registration process can be referred at https://resource.cdn.icai.org/55774sspfaq-45144c.pdf

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SECOND TRANCHE OF ANNOUNCEMENTS FOCUS ON 9 MEASURES:

3 related to Migrant workers

• One Nation One Ration Card will be implemented- 67 crore beneficiaries in 23 states covering 83% of PDS population will be covered by national portability by August 2020.

• Free food grains supply to all migrants for the next 2 months. For non-card holders, they shall be given 5kg wheat/rice per person & 1 kg chana per family/month for 2 months. 8 crore migrants will benefit- Rs 3500 crores to be spent on this.

• already generated 14.62 crore person-days of work till 13th May, which is 40-50% more persons enrolled as compared to last May. Migrant workers going back to their states being actively enrolled. 

• Govt has permitted state govts to utilise SDRF for setting up shelter for migrants & providing them food & water etc... 

1 related to Street vendors

• Government to support nearly 50 lakh street vendors with Rs 5000 crore Special Credit Facility.

1 related to Small traders

•  Government of India will provide interest subvention of 2% for prompt MUDRA-Shishu Loans payees for a period of 12 months; Relief of Rs 1500 crores to MUDRA-Shishu loan payees. 

1 related to Self-employed people

• To create job opportunities for tribals /adivasis -plans worth Rs 6000 crores to be approved shortly under Compensatory Afforestation Management & Planning Authority (CAMPA) Funds.

• 12,000 self-help groups (SHGs) have produced more than 3 crore masks and 1.2 lakh litres of sanitizers during #COVID19 period. 7,200 new SHGs for urban poor have been formed during the last two months.

2 on Small farmers

• Rs 30,000 crores additional emergency working capital funding through NABARD; 3 crore farmers to benefit.

• Rs 2 lakh crore concessional credit boost to 2.5 crore farmers through Kisan Credit Cards. 

• NABARD to extend additional re-finance support of Rs 30,000 crores for crop loan requirement of Rural Co-op banks and RRBs.

• Interest subvention and prompt repayment incentive on crop loans due from 1st March has been extended to 31st May

1 on housing

•  Govt to launch a scheme for affordable rental housing for migrant workers/urban poor to provide ease of living by converting govt funded housing in cities into Affordable Rental Housing Complexes (ARHC) under PPP mode through concessionaire.Government to extend the Credit Linked Subsidy Scheme (CLSS) for middle income group (annual income Rs 6-18 lakhs) up to March 2021; 2.5 lakh middle income families to benefit during 2020-21.

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👉 In wake of the COVID-19 outbreak and subsequent lockdown, the National Company Law Tribunal (NCLT) has released a notice dated April 7, 2020, wherein the Tribunal has made an appeal to litigants and stakeholders involved in matters under Companies Act, 2013 and Insolvency and Bankruptcy Code, 2016 to file Joint Memo of Written Submissions. The NCLT's notification urging filing of Joint Memo of Written Submissions has been made in order to expedite the hearings pending with the Tribunal and to see to it that justice is not delayed in matters of urgent nature.

The NCLT has stated in the notice that litigants should avoid filing of reply and rejoinder and the Memo will now be a user-friendly document which will enable the Tribunal to arrive at a decision quickly.

Instructions for filing Joint memo of written submissions:

The Applicants shall state all facts and reliefs in five to ten lines and the same shall be served upon the Opposite Party along with its application.

The Opposite Party, in response, shall brief their defence in five to ten lines and serve the same upon the Applicants within 24 to 48 hours.

Upon exchange of brief facts, both the parties shall jointly draft the points for determination by NCLT.

Based on the points for determination, both the parties shall separately set out reasons in support of their respective stands in two to three lines on each of the points for determination.

Relevant Material Papers, if any, for determination of the points from either side, shall be annexed with the Joint Memo of Written Submissions which shall capsule all the above steps in two to three pages.

After being signed by both the parties, this Joint Memo shall be filed one day before the date of hearing or at least six hours before hearing.

If the opposite party does not appear even after service is affected upon him/them, the Applicant shall place brief facts, reliefs, relevant material papers and reasons for seeking reliefs in the form of this Memo one day before or six hours before the hearing date.

The notice further clarified that in the event situation demands grant of ad-interim relief by NCLT even before filing this Memo, non-filing of this Memo will not become hindrance to NCLT in granting such relief.

This procedure will avoid delays, avoid filing reply and rejoinder and this memo will be user friendly (all in one) to arrive to decisions quickly.

👉 The district administration has given conditional permission for the resumption of construction work of National Company Law Tribunal (NCLT) building and Inter-State Bus Terminal (ISBT), along with some other projects. Construction work of these crucial projects was put on hold following the lockdown.

With this, the work of interior decoration of the NCLT office, located at Anandvan Phase-2 building of IDA in Pipliyahana area, will resume.

Similarly, the district administration allowed IDA to resume the construction work of Inter-State Bus Terminal at Super Corridor.

Officials said according to the revised guide received from Government of India, pre-approved construction works can be started. However, all precautions necessary for preventing the spread of coronavirus would have to be maintained. The precautions include thermal screening, social distancing, use of sanitisers, using Arogya Setu App, a gap of one hour between two shifts, ban of large meetings, etc. Also, none of the workers should be from COVID-19 containment areas. The contractor would have to ensure all the guidelines are followed.

For construction work in the city, labourers will have to be kept in a camp near the construction site and there will be no movement of labour. It will be the personal responsibility of CEO of IDA Vivek Shrotriya to ensure the health of the workers during the construction period.

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Indian Staffing Federation demands abolition of 18% GST:

The Indian Staffing Federation (ISF), the apex body of temporary workers industry in the country, has demanded the Union government to categorise its services as ‘Merit Services’’ and therefore reduce the GST on such services to 5% from 18% currently with immediate effect.

READ MORE- https://www.gststation.in/indian-staffing-federation-demands-abolition-of-18-gst/

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FM reliefs:  1) Due date for all income tax returns has been extended to 30 November from 31 July. 2) TDS, TCS rate for non-salaried payments for period up to March 31, 2021 has been slashed by 25%, a move that will release Rs.50,000 crore into the system.

If date of deduction is 14.5.20 to 31.3.21, TDS @ 75% of normal rates to deducted on non- salary payments to residents. Source CBDT Press release of 13.5.2020. 

The income tax return filing deadline for FY19-20 has been extended to November 30. The FM said, “Due date for all income-tax return for FY 2019-20 will be extended from 31 July 2020 to 30th November 2020 and tax audit from 30th September 2020 to 31st October 2020.

Finance Ministry is considering the deferment of the ‘Google Tax’ (technically known as equalisation levy) on e-commerce companies by up to six months during the current fiscal. This levy came into effect from April 1. The Finance Ministry has received several representations seeking relief from this levy.

GST: Anti-Profiteering has issued Order that No profiteering if no change in Tax Rate vide No. 05/2020 dated 10th February, 2020 in case of Shri Rahul Sharma (Applicant) Vs. Xiaomi Technology India Pvt. Ltd. (Respondent).

SEBI given Relaxation to the Banking or Insurance Companies to submit Consolidated Financial Results for June 2020 quarter vide Circular dated May 12, 2020 provided additional relaxations to compliance with LODR Requirements. 

ICAI has issued Auditing Guidance on Physical Inventory Verification that is key audit consideration amid COVID 19. The COVID-19 outbreak could create several potential challenges for management of an entity to conduct physical inventory counting and for the auditors to attend these counts.

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13 May 2020 News and Updates

Corporate Snippets on May 13

Ø Modi unveils Rs 20L cr package to boost economy 

Ø DoT to defer 5G sale, auction only 4G in 2020

Ø U.S. posts record $738 billion budget deficit in April

Ø Job-seekers leverage lockdown to learn skills: Survey

Ø 'Auto component industry may double-digit degrowth'

Ø Banking lobby group proposes bad bank

Ø PSBs sanction loans worth 6 lakh cr in two months

Ø SEBI trains guns on Greater China, wants beneficial owners of FPIs named

Ø Anil Agarwal announces plans to delist Vedanta, to offer Rs 87.5 per share

Ø Industrial production declines 16.7% in March amid Covid-19 pandemic

Ø Iron ore prices likely to bounce back in H2FY21, expected to gain 15%

Ø India suspends 30 licences to import 452,303 tonnes of refined palm oil

Ø ‘Economic activities to gather steam in coming days’

Ø Maruti resumes operations at Manesar plant on single shift basis

Ø Tata Motors’ India biz holds no equity value, JLR the only driver: CLSA

Ø Rights Issue: MCA’s relief on postal delivery of notices to shareholders

Ø JK Paper consolidated net down 18% in Q4

Ø PFRDA’s cautious approach has prevented credit risk from hurting NPS funds

Ø Time to strengthen poor, labourers and farmers, says PM Modi

Ø US to give $3.6 million aid to India for Covid-19 battle

Ø Nestle India's March quarter net profit up 13.5% at ₹ 525 crore

Ø Havells Q4 net profit down 10.7% to ₹177.7 crore

Ø China announces new list of US imports eligible for trade war tariff waivers

Ø Blue Star Q4 net profit down 89 pc to Rs 8.9 cr, sales decline 18.5 pc

Ø Yes Bank case of ED: Bombay HC refuses pre-arrest bail to Wadhawans

Ø GE Power resumes production at Noida plant

Ø India's automakers warn of up to 45% sales drop as economy slumps amid pandemic

Ø PNB scam: Nirav Modi's extradition trial to begin in UK over money laundering case

Ø Indian nationals stuck in US after H-1B visa cards suspended

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Prime Minister Narendra Modi addresses public of India as on May 12, 2020

- 5 pillars:

1. Economy, that will bring quantum Jun

2. Infrastructure, that will be the face of modern India

3. System, that will be technology driven

4. Demography, vibrant demography of India is the the best option we have

5. Demand, the supply chain of demand and supply will be driven smoothly bit for that, every stakeholder has to act responsibly

- Atma Nirbhar Bharat Abhiyaan: A package of Rs. 20,00,000 crores will be given to the economy that will cover the land, labor, liquidity, laws, MSMEs, small businesses, farmer, middle class people, etc.

- Finance Minister will explain every details of Atma Nirbhar Bharat Abhiyaan (explained below)

- Tax system of the country will be eased and will be made simpler

- We as Indians, should buy local products and promote them with proud

- PM Modi announces Lockdown 4.0 and all the details will be shared before May 18, 2020

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 Hon'ble Finance Minister Speech Highlights on 13th May, 2020 Fiscal Monetary Package

General introduction

- Focus on Aatmnirbhar India as suggested by PM yesterday

- 5 Important Pillars : Economy, Infrastructure, Tech driven system, Incremental Demand and Vibrant Demography

- New Factors of production can be  as follows : land, labor, liquidity and law (Capital and enterprise)

- Intention to build local brands and showcase the same on global level by integrating supply chain globally

- DBT (Direct benefit transfer), Micro insurance schemes, PM aawas yojna, PM kisaan Yojana Scheme etc. helped money and other benefits reach directly to poor

- Mass production of PPE kits and other medical equipments in India and supplied globally

- Foundation for aatmnirbhar bhaarat led due to Public sector banks cleanup, recapitalization, ease of doing business, IBC reforms, GST reforms, Power sector reforms, Cleanup Coal Mines and other similar reforms

- RBI already infused liquidity in system

- 2019 budget met demand of SMEs

- 18,000 crores worth refund given under income tax along with duty drawbacks, to increase liquidity : Benefitted 14 lakh taxpayers

- Due Dates and deadlines postponed to ease compliances

- Different sectoral reforms (Bifurcation of 20 Lakh crore benefit) to be announced regularly by Hon'ble FM

Details of Specific Reforms introduced in todays Press Conference

- 15 different measures, 6 of which are for MSME

6 Major Benefit of MSME

1. Collateral free automatic loan to MSME (Standard MSME)

- Benefit Worth 3 Lakh crores

- 4 year tenure with moratorium for 12 months

- Available till 31 oct. 2020

- No fresh collateral required

- Firms with upto 100 Crore Turnover to benefit

- Done to ensure revival of business, operations, pay salaries etc.

- 45 Lakhs MSMe expected to benefit

2. Debt Benefit for stressed and NPA MSME (Stressed MSME)

- 20,000 crore benefit for stressed and NPA MSME

- Employee provident fund

- NBFC

- 2,00,000 stressed MsMe to benefit

3. Funds of funds created for infusing 50,000 crore equity in MSME (Good and growing MSME)

- 50,000 crores allocated through mother fund and daughter fund framework to growing MSME

- 10,0000

4. Change in Definition of MSME

- Removing difference b/w manufacturing and service based MSME

- investment limits increased and turnover based criteria introduced

- Micro unit - 25 Lakhs (M/f) and 10 lakhs (service) increased to 1

Crore for manufacturingThis 1 crore is for service entity as well which was earlier 10 Lakhs)

- Turnover criteria introduced for defining MSME (Upto 5 Crore eligible to be called Micro enterprise)  

5. Global tender disallowed in garment procurement for tender upto 200 crores

- This will make MSME do business with confident and will promote make in India

6. E-Market and ecommece linkage

- As trade fair etc will be difficult, thus e commerce integration will be done

- All receivables Cpcs and Govt of india will clear all govt receivables in next 45 days

EPF 1st Benefit

1,70,000 Crore Pradhan Mantri Gareeb Kalyan Package was earlier announced for March, April, May, EPF contribution to be paid by Government of India for next 3 months too i.e. Jun, July, August (2500 crores liquidity) 72,22,000 employees to get the benefit of this Provident fund exemption

EPF 2nd benefit

Statutory PF contributions reduced from 12% to 10% for next 3 months - this will benefit employer, however central and state PSU it will still be 12% but in these central and state PSU too, employees will be eligible to pay 10%

NBFC 1st benefit

30,000 crore special liquidity scheme for NBFC, Housing Finance Companies, Micro Financial Institutions for their buying debt papers of NBFC, fully guaranteed by Government of India

NBFC 2nd benefit

In addition to above 30,000 scheme, this scheme will be 45,000 crore worth scheme where unrated paper, other rated papers, debt risk will be borne by GOI

Liquidity injection for Discoms

They are facing cash problems, and in serious crisis, liquidity injection worth 90,000 Crores (One time provisions for PFC, RIC, etc this shall be for receivebles and guarantee shall be given by government)

- Discoms will inturn pay gencos, and in turn cycle shall continue

- Central public sector power generating companies should allow Rebates to discoms who shall pass on benefit to customers  

Contractors

- Upto 6 month extension without any cost to contractors to comply with contract conditions

- This shall cover construction works, goods and services contract,  PPP schemes, CPWD, railways or any sort of government contracts

- Concessional periods covered under contract shall also be extended

- Govt agencies will partially release bank guarantees against partially completed contracts to improve cash flow

Real Estate

- Urban Development ministry shall issue advisory to state and union territories, to invoke Force Majeue (Act of God) provision can be invoked during Covid-19

- Using this clause, project registration dates, completion dates, etc. can be suo-motu increased for projects entered into after 25th March, 2020

- This matters will destress developers and real estate industries and help them attain benefit of new timelines

Direct Taxation related relief

1. TDS & TCS Rates

- Reduce TDS rate and TCS rates to reduce by 25% (This shall be for everything be it professional, interest, rent or anythhing)

- Applicable from 14th May, 2020 to 31st March, 2021

- INR 50,000 Crores liquidity injection

2. Pending Refunds to be issued immediately

- All the pending refunds of charitable trust, non cooporate business, Partnerships or any other kind of refunds to be immediately sanctioned

3. Extension in Due Dates of income tax from 31st July, 2020 and 30th Septmeber to 31st October, 2020

4. Date of assessments getting barred on 30th Septemeber 2020 extended for 3 months, to 31st December, 2020 and those getting barred on 31st March 2021 to 3th September 2021

5. Vivaad se vishwas scheme is extended upto 31st December, 2020 and no additional payment required for this

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GST Anti-Profiteering has issued that Builder denied benefit of ITC from flats and shops buyers in case of Smt. Shubhra Vipin Gajbhiye (Applicant) Vs. Pyramid Arcades Pvt. Ltd (Respondent).

GST on Directors Salary has been put to rest by a recent decision of the Authority for Advance Rulings (AAR), Karnataka bench. AAR bench has clarified that if the director is an employee of the company, there will be no incidence of GST. However, if the director is a non-executive director (that is, a nominated director), and provides his or her services to the company, then the remuneration paid is subject to GST. In such cases, the ‘reverse-charge’ mechanism will apply and it is the company (recipient of the services) who will pay the GST.

Union Cabinet has decided to put the Insolvency and Bankruptcy Code, 2016 (IBC) in abeyance by suspending the admission of new cases into insolvency for the next six months to address the hardship of businesses which risk being dragged into bankruptcy due to pandemic-fuelled distress.

Audit companies are exploring all options available to audit financial statements of their clients during the COVID-19-induced lockdown. There has been an exponential increase in the use of technology to validate financial numbers, with a greater reliance on electronic evidence, use of live videos where possible, data analytics, and project management software to overcome the physical limitations in verifying transactions and accounts. 

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👉 Stressed-asset companies, banks and other creditors, and insolvency, as well as resolution professionals, are in a quandary in the absence of any clarity about the fate of applications filed under the Insolvency & Bankruptcy Code (IBC) before the Covid-19 outbreak in India.

The government on March 24 raised the threshold for invoking IBC proceedings to Rs 1 crore from Rs 1 lakh, to prevent triggering of insolvency cases against small and medium enterprises facing the brunt of the pandemic. On March 29, the Insolvency & Bankruptcy Board of India decided to not include the lockdown period in any ongoing corporate insolvency resolution process.

Lawyers, resolution professionals and stakeholders ET spoke to said the announcements were silent on the already-filed applications where the disputed amount was less than Rs 1 crore and which were yet to be admitted by the National Company Law Tribunal (NCLT).

“The notification does not clearly specify the date on which the higher threshold becomes effective,” said Sudip Mahapatra, a partner at law firm S&R Associates. “The general presumption under the law would be that the change is prospective. Therefore, it would not apply to existing proceedings.”

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12 May 2020 News and Updates

12th May 2K20 

Ø  E-commerce policy put on hold

Ø  China threatens 'countermeasures' against US

Ø  Media, entertainment sector revenue could take 16% hit

Ø  No increase in lease rent of SEZ units for 2020-21

Ø  ONGC losses on gas business to widen to Rs 6,000 cr

Ø  Life insurers’ business performance dips in April

Ø  Economy requires Rs 4.5 lakh crore fiscal support at current juncture: Ficci to FM

Ø  Govt changes tack with plans for bigger stimulus rivaling G-20 peers

Ø  After Franklin fiasco, unlisted debt securities come under Sebi scrutiny

Ø  Worst yet to come: Fed official after US loses 20.5 mn jobs due to Covid-19

Ø  Tata Power SED bags Rs 1,200 cr deal to modernise 37 military airfields

Ø  Adani drops out of Snowman acquisition as Covid shrinks industry valuation

Ø  ‘Economic activities to gather steam in coming days’

Ø  Indian power sector adds more new capacity in FY20 vis-à-vis FY19

Ø  Gujarat amends APMC Act by promulgating Ordinance

Ø  IndianOil raises refinery operations to 60 per cent of design capacity

Ø  Piramal Enterprises posts net loss of Rs 1,702.6 crore in Q4

Ø  India to further open up economy with focused steps to contain pandemic

Ø  Jio's ₹70,000-crore capital raising may help RIL's mega rights issue

Ø  Tata Power dropped moratorium plea, now repaying debt as agreed: CFO

Ø  Yield on 10-year bond settles higher on increased government borrowing

Ø  Extra borrowing: FY21 fiscal deficit likely at 5.8%, growth to slip to 0.5% says report

Ø  US economy will bounce back despite getting ‘biggest negative shock’: White House officials

Ø  Saudi Arabia triples taxes, cuts $26 billion in costs amid coronavirus pandemic

Ø  CII seeks Rs 15 lakh crore as immediate stimulus package

Ø  PNB scam: Nirav Modi's extradition trial to begin in UK over money laundering case

Ø  FM Nirmala Sitharaman postpones meet with PSB chiefs to later this week

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Authority & Competency of Professionals to issue Demand Notice under Section 8 (1) of Insolvency and Bankruptcy Code, 2016

The author is of view that earlier, NCLAT was negative in approach to decide the issue in its older judgments. It not only ignored the true spirit of Section (30) of the Advocates Act, 1961 but also shut its eyes on Article 19(1) (g) of Constitution of India. Though the NCLT & NCLAT are required to follow the principle of natural justice, without following stringent and technical provisions of CPC or Evidence Act while deciding matter before it so that they remain out of legal complexity while deciding issue under IBC, they chose to enter into complex legal issues that too with negative answers. The professional like Advocates, Chartered Accountants, and Company Secretaries have been specifically allowed to participate in proceedings of IBC by Code itself, in different capacity, hence any interpretation should be such which empower them to assist the Tribunal more effectively to achieve aims and objects of Code.

https://ibclaw.in/authority-competency-of-professionals-to-issue-demand-notice-under-section-8-1-of-insolvency-and-bankruptcy-code-2016-by-advocate-jatin-rajput/

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No Bar on Chartered Accountants for Acceptance of more than 15% Fees from Single Client: ICAI issues Clarification

Read more at: https://www.taxscan.in/no-bar-on-chartered-accountants-for-acceptance-of-more-than-15-fees-from-single-client-icai-issues-clarification/57436/

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👉 The National Company Law Tribunal has refused to admit an insolvency petition filed by India Resurgence Asset Reconstruction Company, a joint venture between Piramal Enterprises and Bain Capital, against Indian Steel Corporation, calling it “defective”.

The asset reconstruction company (ARC) had approached the Mumbai bench of the NCLT, claiming that the Gujarat-based maker of cold rolled coils and sheets had failed to pay Rs 1,487.59 crore of debt as on September 30, 2019. The ARC had acquired the debt in May last year from State Bank of India.

Indian Steel Corp owed SBI and its former associate banks ₹1,829 crore. The state-run lender, which had declared the assets as non-performing in May 2016, had sold the loans for ₹362 crore.

After hearing arguments from both parties, the bench said on Friday that there was no document placed on record acknowledging the liability in the three-year period commencing from December 31, 2013, which would have the effect of extending the period of limitation — the period within which legal action could be initiated or a right enforced.

“The petition filed by the financial creditor (India Resurgence ARC) is, therefore, defective to the extent indicated,” the order by judges Rajasekhar VK and Ravikumar Duraisamy said.

👉 Pre-packaged corporate insolvency resolution plan will help expedite resolution process for stressed assets as well as reduce the number of insolvency-related cases before the National Company Law Tribunal (NCLT), according to experts.

The Insolvency and Bankruptcy Code (IBC) provides for a time-bound and market-linked resolution framework. An insolvency resolution has to be approved by NCLT.

As part of efforts to fast-track processing of cases, the government has been mulling introduction of the provision for pre-packaged (pre-pack) corporate insolvency resolution plan wherein a restructuring plan would be agreed upon in advance between the company and its creditors.

Last year, the corporate affairs ministry sought comments on pre-packaged resolution plans but a final decsion on the provision is awaited.

"Pre-pack process will cut short time spent at the NCLT, and the consequent delay in implementation of a workable resolution plan.

"If a pre-pack is properly implemented and the court intervention is reduced, it is likely to bring efficiency in the resolution process and in turn have a positive effect on the value maximisation for the creditors," Punit Dutt Tyagi, Executive Partner at Lakshmikumaran & Sridharan Attorneys said.

Under the pre-packaged process, he said main stakeholders like creditors, shareholders and the existing management/ promoter can come together to identify a prospective buyer and negotiate terms of a resolution plan, before submitting it to NCLT for formal approval.

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👉🏻Clarification on Fees from a Single Client - ICAI

(ICAI clarified that there is NOT a bar in the revised Code of Ethics on acceptance of more than 15% fees from a single client)

👇🏻 👇🏻 👇🏻

https://bit.ly/3bjKqb3

👉🏻IBA wants to house Rs 75,000 crore bad loans via Bad Bank

(The Indian Banks Association has firmed up a proposal to house approximately Rs 70,000-75,000 CR of bad loans at book value in its proposed ‘bad bank’) 

👇🏻 👇🏻 👇🏻

https://bit.ly/3fJWKoK

👉🏻Overview of Multilateral Instruments (MLI) and Equalisation Levy

(Overview of Multilateral Instruments MLI and Equalisation Levy discussed by CA.Gaurav Makhijani)

👇🏻 👇🏻 👇🏻

https://bit.ly/35Vl0PZ

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Britannia Winkin’ Cow Thick Shake’ classifiable as Flavoured Milk attracting 12% GST: AAR [Read Order]

Read more at: https://www.taxscan.in/britannia-winkin-cow-thick-shake-classifiableas-flavoured-milk-attracting-12-gst-aar/57445/

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Sale of DVDs and CDs with Licensed Software will attract Higher GST Rate: AAR [Read Order]

Read more at: https://www.taxscan.in/sale-of-dvds-and-cds-with-licensed-software-will-attract-higher-gst-rate-aar/57431/

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11 May 2020 News and Updates

Corporate Snippets on May 11

Ø India's top five IT firms added 25% fewer people in FY210

Ø E-commerce orders gradually scaling back: Industry

Ø Credit guarantee scheme for banks needed: Subbarao

Ø Restructuring laid the path for M&As: Cognizant CEO

Ø 25% startups in serious trouble if COVID-19 persists

Ø IRDAI extends grace period for life insurance policies

Ø Wadhawans' bail plea rejected, sent to judicial custody

Ø Reliance fixes May 14 as record date for rights issue of Rs 53,125 crore

Ø India may set 10% beneficial ownership cap for FDI flowing from 7 countries

Ø Calls for debt monetisation gain traction as Covid-19 cripples economy

Ø 401 infrastructure projects show cost overrun of Rs 4.06 trillion: Report

Ø Big ticket infra projects to boost steel demand despite slowdown: RINL CMD

Ø FM to review credit flow by PSBs on May 11

Ø India’s coal production to clock record 700 million tonnes in FY21: Coal Secretary

Ø Rashtriya Chemicals & Fertilisers records 35 per cent hike in sale of ‘Suphala’ fertilisers

Ø Dr Reddy’s recalls 1,752 bottles of heartburn drug in the US

Ø HDFC AMC Q4 net profit down 9 % on lower income

Ø Adani Transmission net profit down 60% to ₹59 crore on write-off over finance sunk cost

Ø Govt. set to announce fiscal package, Rs. 20,000-crore shot for migrants

Ø Govt. ropes in Zydus Cadila to mass produce ELISA antibody test kits

Ø Gulf banks can absorb $36 billion in new credit losses, S&P says

Ø Infosys reopens offices in a staggered manner

Ø FPIs invest ₹15,958 crore in first week of May

Ø Calls for debt monetisation gain traction as COVID-19 cripples economy

Ø Maiden round-the-clock renewable energy auction gets tariff of Rs 2.90/unit

Ø Not offering emergency loans through YONO platform: SBI

Ø India’s coal production to clock record 700 million tonnes in FY21: Anil Jain

Ø India's fuel demand crashes nearly 50% in April

Ø US economy lost a staggering 20.5 million jobs, historic unemployment rate in April

Ø US to temporarily ban work-based visas including H-1B

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🏛️ Landmark and combined judgement passed by Delhi High Court in the case of 4 assessees🏛️

📕 TRAN-1 can be filed upto 30th June 2020.📕

👁️Important points of order are...👁️

1️⃣Court ordered that as per Limitation Act, taxpayers cannot be denied from filing TRAN-1 upto 3 years from the appointed date under GST i.e. 01.07.2017. 

👉🏼 *Since 3 years would end on 30.06.2020*, therefore court directed the department to allow all the petitioners to file their TRAN-1 latest by 30.6.2020.

2️⃣ The interesting point in the order is that the court not only allowed the petitioners to file their TRAN-1, but also allowed all other assessees (who may not have been able to file earlier) to file their TRAN-1 latest by 30.06.2020.

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Bharti Airtel allowed to rectify its mistake done in GSTR-3B of FY 2017-18 and claim refund of Rs. 923 Crores : Delhi High Court

"While a common man was busy in preparing reconcilation of their mistakes and trying to adjust it in succeeding months, Bharti Airtel got clearance to rectify its mistake in the same month's return."

Summary:

Bharti Airtel, despite of having sufficient ITC in hand, discharged its liability in GSTR-3B by paying cash of Rs.923 Crores in the FY 2017-18 by mistake. Delhi High Court allowed the petitioner to rectify its GSTR-3B mistake now and claim refund of cash paid of *Rs. 923 Crores.

This judgement has been passed by over-ruling the central govt circular in which govt restricted the taxpayers to rectify and revise their mistakes of GSTR-3B in the same month and advised to adjust the same in succeeding months.

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9 May 2020 News and Updates

9.05.2020 !! Saturday

1. Economic Times Top News Headlines

·      India readies for May 17. This is how we may walk out of lockdown

·      The mother of all airlifts is getting bigger

·      Grounded jets make it tough to predict weather

·      Covid Live: Mike Pence spokeswoman tests positive

·      The damage report of Franklin's fall is here

·      Stranded NRIs get a much-needed tax relief

·      Gujarat becomes 3rd state to exempt labour laws

·      Pandenomics: CEA decodes the relief package math

·      BMC chief transferred as Mumbai struggles...

·      US stocks rally despite surge in unemployment

·      Why Elon Musk wants to sell his homes

·      Will India do enough to lead new world order?

·      View: In the lockdown, a breath of fresh air

·      Delhi govt to pay for train travel of migrant workers

·      Mukesh Ambani is a man on a mission

·      India alters FY21 borrowing plan due to Covid

·      India readies for May 17. This is how we may walk out of lockdown

·      The mother of all airlifts is getting bigger

·      Grounded jets make it tough to predict weather

·      Covid Live: Mike Pence spokeswoman tests positive

·      The damage report of Franklin's fall is here

·      Stranded NRIs get a much-needed tax relief

·      Gujarat becomes 3rd state to exempt labour laws

·      Pandenomics: CEA decodes the relief package math

·      BMC chief transferred as Mumbai struggles...

·      US stocks rally despite surge in unemployment

·      Why Elon Musk wants to sell his homes

·      Will India do enough to lead new world order?

·      View: In the lockdown, a breath of fresh air

·      Delhi govt to pay for train travel of migrant workers

·      Mukesh Ambani is a man on a mission

·      India alters FY21 borrowing plan due to Covid

·      Solid digital business model helped post strong Q4 numbers: ICICI Securities

·      States to which migrant labourers are returning must use this to attract investment: Vikram Kirloskar

·      Investors lapping up consumer, insurance, pharma & telecom stocks due to earnings certainty: ASK Investment

·      Cadila, Aurobindo & Dr Reddy’s top bets in pharma space: Axis Capital

·      No correlation seen between Jio investments and chances of Aramco deal: Axis Securities

·      Aurangabad mishap: Maha govt announces Rs 5 lakh compensation to kin of train accident victims

·      Decentralisation of decision making, transparency key to combat Covid-19 pandemic on all fronts: Rahul gandhi

·      States should consider home delivery of liquor during lockdown, says Supreme Court

·      New road will shorten Kailash Mansarovar yatra by six days

·      DD, AIR show weather reports from Gilgit- Baltistan from today, officials say more reports to follow

·      Reports of second leakage in Vizag not true; working to ensure complete plugging of leak: NDRF DG

·      Vizag gas leak: NGT issues notice to LG Polymers, Environment Ministry; 50 cr fine levies on company

·      UP govt warns of stern action against liquor vendors overcharging customers

·      COVID-19: 22 migrants escape from quarantine centre in Chhattisgarh

·      NGT fines LG Polymers Rs 50 cr for now on gas leak, forms fact-finding panel

·      Social stigma, low testing behind West Bengal's high COVID-19 mortality rate, say experts

·      Vande Bharat Mission: Air India Express Captain addresses passengers, urges to follow safety protocol

·      Rahul Gandhi seeks exit plan, stimulus packages

·      Pained beyond words at death of migrants: JP Nadda

·      Covid-19 cases in India cross 56,000 mark, 1,886 deaths so far

·      'Minuscule technical leak' at Vizag factory; situation under control: Officials

·      Tamil Nadu records Rs 170 cr revenue from liquor sale on day 1 of lockdown relaxation

·      Aurangabad train mishap: PM Modi condoles deaths, assures assistance to affected

·      View: Let us keep “nation first and citizen first” as our doctrine and philosophy

·      View: How Manipur is taming the Covid dragon

·      Rajasthan village enforces social distancing using umbrellas

·      Lockdown compliance in Chennai least in Tamil Nadu: IIT study

·      Half of India has almost flattened Covid curve

·      India coronavirus count, May 8: Over 56,000 cases now, 1,886 dead

·      All major states working on implementing home delivery options for liquor: ISWAI

·      Mike Pence spokeswoman, married to top Trump adviser, diagnosed with coronavirus

·      Donald Trump asserts coronavirus will 'go away' without vaccine

·      WHO recommends a ‘solidarity trial’ to speed up vaccine

·      US Justice Dept drops case against Michael Flynn

·      Coronavirus could kill 190,000 Africans and 'smolder' in continent

·      US unemployment rate spikes to 14.7%, highest since Great Depression

·      China supports WHO-led review of global pandemic response

·      World War II survivor Tony Vaccaro survives Covid-19

·      End 'tsunami of hate' over COVID-19 pandemic says UN Chief

·      China's new spacecraft returns to Earth: official

·      Migrants stranded all over world at heightened risk of COVID-19: IOM

·      US opening again, rebuilding the greatest economy: Donald Trump

 

2. Business Standard Top News Headlines

·         Long walk home ends in tragedy: Goods train mows down 16 migrants

·         Covid-19: Relief for NRIs, foreign visitors as tax residency rules eased

·         Vista Equity Partners to invest Rs 11,367 crore in Jio Platforms

·         Govt hikes borrowing limit by over 50% to Rs 12 trn as virus grips economy

·         Vizag gas leak: NGT orders LG Polymers to deposit Rs 50 cr pending probe

·         Lockdown 3.0: Pharma hubs take extra precaution to tame Covid-19 outbreak

·         Carlyle Group to buy 74% in SeQuent Scientific for over Rs 1,500 crore

·         Serum Institute hopes to roll out a Covid-19 vaccine. Is this realistic?

·         Arjun Deshpande: The teenager who convinced Tata to invest in his startup

·         Cognizant posts 17% drop in net profit; Covid-19 to impact Q2 numbers

·         We are better placed to withstand Covid-19 impact: Cognizant CEO Humphries

·         FY21 will test RBL Bank on many fronts, investors advised caution

·         Country's first round-the-clock solar power tender closes at Rs 2.9/unit

·         CBDT orders tax officials to not issue scrutiny notices to taxpayers

·         Gujarat eases labour laws, offers land to firms shifting base from China

·         Export contraction in April could surpass March's steep 25-year decline

·         Labour law changes in UP, MP a bigger pandemic in the offing: BMS President

·         Nomura predicts Indian GDP to contract by 5.2% in FY21, more rate cuts

·         Franklin Templeton issues apology to Sebi for global chief's remarks

·         India's credit profile to face further pressure due to Covid-19: Moody's

 

3. Financial Express Top News Headlines

·         FM Nirmala Sitharaman to meet PSB chiefs on Monday; to review credit flow, support to NBFCs

·         GST relief 2.0: Govt can provide relaxations with respect to certain measures under GST

·         Ease labour laws now: UP gets it right, but relaxation must become permanent

·         Uber resumes operations in green, orange zones amid lockdown

·         IndiGo to implement wider pay cuts, send some staff on leave without pay

·         Net inflows into equity MFs halve in April compared to March, as investors turn cautious

·         Analyst Corner: Jindal Steel & Power Rating 'buy' - Volume uptick in April beat sector trend

·         Sovereign rating: Moody’s warn of India downgrade, pegs FY21 growth at 0%

·         FY21 borrowing target raised by a massive 54%

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IBBI: Insolvency regulator IBBI has come up with a novel initiative of seeking public and stakeholders comments on all the regulations framed by it so far since the enactment of the Insolvency and Bankruptcy Code in 2016. The idea is to enable the Insolvency and Bankruptcy Board of India (IBBI) get an universe of ideas based on which the extant regulatory framework could be fine-tuned.

RBI has cleared the fog on ‘special provisioning’ of loans which are under moratorium — a clarification that has come as a relief to many banks. In a recent conversation with bank CEOs, senior regulatory officials have spelt out that provisioning should be considered only for loans where principal or interest payments are overdue between 61 and 90 days as on March 1, 2020. Such loans are categorised as SMA2 — or, special mention accounts (SMA) -2.

 ICAI: Advisory for Statutory Bank Branch Auditors w.r.t. Specific Considerations while conducting Distance Audit / Remote Audit / Online Audit of Bank Branch under current Covid-19 situation. https://resource.cdn.icai.org/59391aasb48345.pdf

ICAI invites applications from eligible members of the Institute having a flair for academic activities including evaluation of answer books and willing to undertake confidential assignments as a dedicated examiner, for empanelment as an examiner of the Chartered Accountants Examinations. http://examinerspanel.icaiexam.icai.org

ICAI: Application for empanelment as Examiner can be submitted online at: http://examinerspanel.icaiexam.icai.org

Supreme Court in the case of Union of India (UOI) and Ors. Vs. Exide Industries Limited and Ors, upholding the constitutional validity of Sec. 43B(f) reversed the judgment of the Calcutta HC in Exide Industries Ltd. The Hon’ble Court remarked that “the broad objective of enacting Section 43B concerning specified deductions referred to therein was to protect larger public interest primarily of revenue including welfare of the employees and Clause (f) fits into that scheme and shared sufficient nexus with the broad objective.

CBIC said any registered person during the period from the April 21, 2020 to June 30, 2020, will be allowed to furnish the return under section 39 in Form GSTR-3B verified through electronic verification code (EVC). Currently, businesses are required to digitally sign GSTR-3B form while filing monthly return and paying taxes. 

Delhi High Court in the case of Bharti Airtel Ltd. Vs UOI in its decision dated 05-05-2020 decided that Assessee be allowed to file rectified GSTR 3B. Para 4 of Circular 26/26/2017to the extent it requires adjustment in ITC and output in the month in which error is discovered should be read down. 

Delhi High Court: Freezing of petitioner's Bank Accounts - GST liability of the petitioner qua Delhi is about ₹ 11.5 crores and for PAN India’s is ₹ 59.24 crores approximately. - on payment of ₹ 5.5 crores within two days from the date of defreezing of its all accounts, no coercive action be taken against the petitioner till it continue abiding by the undertaking given today. An undertaking be filed in the course of the day.

RBI may cut the reverse repo rate further as banks continue to increasingly deploy surplus funds with it despite the same being cut twice since March 27 to nudge them to lend. Reverse repo rate, which is the interest rate that the central bank pays banks for parking surplus funds with it, has been cut twice -- from 4.90 per cent to 4 per cent on March 27 and from 4 per cent to 3.75 per cent on April 17 -- to encourage banks to deploy these surplus funds in investments and loans in productive sectors of the economy.

SBI board has approved extending the Reserve Bank of India granted moratorium to non banking finance companies (NBFCs) which apply for the same. In its weekly meeting the committee decided that NBFCs like other companies will be offered a moratorium on interest payment for three months starting March 1. However, these companies will have to show a cash shortage to prove that they will not use the relief to divert funds for other purposes.

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👉🏻Clarification in respect of residency under section 6 of the Income-tax Act - CBDT

(CBDT has relaxed residency norms for Non-Resident Indians (NRI) and foreign visitors forced to stay back in India due to the lockdown and ban on international air travel)

👇🏻 👇🏻 👇🏻

https://bit.ly/2YLOZIL 

👉🏻Procedure for filing form 15CA and 15CB

(Procedure for filing form 15CA and 15CB - Basic Provisions, Purpose, Procedural Aspects and Other Issues under Income Tax Act and Income Tax Rules)

👇🏻 👇🏻 👇🏻

https://bit.ly/3bgAKOA

👉🏻Latest GST Notifications and Clarifications from GST Circular

(Latest GST Notifications and Clarifications from GST circular 138/08/2020)

👇🏻 👇🏻 👇🏻

https://bit.ly/35H3RcS

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CBDT issues circular excluding period of forced stay in India from 22nd March,2020 to 31st March,2020 while computing residential status in India in Financial Year 2019-20. We can expect similar circular for excluding forced stay in India later on for Financial Year 2020-21.

CBDT has deferred the implementation of new procedure for approval/registration/notification of certain entities u/s 10(23C),12AA, 35 & 80G of IT Act,1961 to 1st October,2020.

CBDT has also issued a press note whereby it has extended the period of the requirement of fresh registration imposed by the Finance Act,2020 on all existing Charitable and Religious Trust. As per the amendment made all existing trust are required to apply for fresh registration within a period of three months starting from 1st June,2020. By this press note this is being extended to 1st October,2020 to 31st December,2020. 

CBDT has modified the norms for Mutual Agreement Procedures (MAP) by prescribing two years as the average time-frame for resolving cases. What is MAP? MAP is aimed at bringing in certainty via an alternative dispute resolution mechanism.

Extension of due date for furnishing GSTR 9 & 9C for FY 2018-19 till 30-9-20. Notification 41/2020-CT of 5.5.20.

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👉 The National Company Law Tribunal has approved a resolution plan for Uttam Galva Metallics Ltd. and Uttam Value Steels Ltd. that was submitted by a consortium led by New-York based CarVal Investors LLP.

The resolution plan involves a mix of an upfront settlement amount and deferred and contingent payments to financial creditors worth Rs 1,567 crore and Rs 1,078 crore, respectively. The committee of creditors for the two metal and manufacturing entities had approved the plan in April last year.

The principal bench, comprising acting president BSV Prakash Kumar, also dismissed the objections raised by unsuccessful resolution applicants who said NCLT’s decision was contrary to a circular that disallowedhearing of resolution plans during the lockdown.

A lenders consortium, led by State Bank of India, had initiated insolvency proceedings against the two entities in 2017 and 2018. Lenders to Uttam Metallics had submitted claims worth Rs 4,263 crore, of which Rs 4,176 crore was admitted by the resolution professional. A total claim of Rs 3,014 crore was admitted against Uttam Value Steels.

Separately, Deutsche Bank has initiated insolvency proceedings against Uttam Galva Steels Ltd.—the group’s flagship company—after it defaulted on certain payments under a credit facility agreement. The Mumbai bench of the NCLT is currently hearing the case.

👉 The National Company Law Tribunal (NCLT) has cancelled the scheduled summer vacation for all its benches across the country this year.

In a notification, issued by the registrar on May 5, NCLT said it has cancelled summer vacation for this year and all benches of NCLT will function during the said period.

The Delhi-based principal bench was scheduled to go on summer vacation in the month of June.

"President, National Company Law Tribunal is pleased to order that summer vacations falling in the months of May/June/July 2020 as shown in the calendar of the respective NCLT benches stand cancelled and all benches of NCLT shall function during the said period," it said.

Several judicial bodies and quasi-judicial bodies have also cancelled their summer vacations as they were closed during the lockdown and were disposing only urgent matters through video conferencing.

Recently, NCLT had transferred its eight members to different benches spread across India with "immediate effect".

👉 Continuing efforts to ensure a more conducive regulatory framework for stakeholders, IBBI has sought comments from the public on existing regulations under the insolvency law. Insolvency and Bankruptcy Board of India (IBBI) is a key entity in implementing the Insolvency and Bankruptcy Code (IBC).

Noting that stakeholders could play a more active role in making regulations, IBBI said that they may contemplate, at leisure, the important issues in the extant regulatory framework that hinder transactions and offer alternate solutions to address them.

"This is akin to crowd sourcing of ideas. This would enable every idea to reach the regulator. Consequently, the universe of ideas available with the regulator would be much larger and the possibility of a more conducive regulatory framework much higher," IBBI said in a release.

According to the regulator, despite the best of efforts and intentions, a regulator may not always have the understanding of the ground realities, as much and as early as the stakeholders and the regulated may have, particularly in a dynamic environment.

Further, it noted that comments received between April 13 and December 31, 2020 would be processed together and following the due process, regulations would be modified to the extent considered necessary.

"It will be the endeavour of the IBBI to notify modified regulations by March 31, 2021 and bring them into force on April 1, 2021," the release issued on Monday said.

👉 Since February 6, 2020, the stock of Ruchi Soya Industries, one of the largest manufacturers of edible oil in India, has rallied 1,723 percent.

Despite the widespread carnage seen in the broader markets since the end of February, the stock was locked in the upper circuit for the 66th day in a row on May 6.

The company currently has a market capitalisation of Rs 14,046.53 crore and ranks at 141st position in the overall m-cap ranking of BSE listed companies.

The sharp run-up in the scrip comes less than three years after the company was dragged to the National Company Law Tribunal (NCLT) by financial creditors Standard Chartered Bank and DBS Bank under the Insolvency and Bankruptcy Code.

Ruchi Soya Industries owed around Rs 9,345 crore to its creditors.

In July 2019, the NCLT accepted Patanjali Ayurved's Rs 4,350-crore bid to acquire Ruchi Soya. Under the resolution plan, the Baba Ramdev-led company transferred the amount to a special purpose vehicle 'Patanjali Consortium Adhigrahan Private Limited', which amalgamated with Ruchi Soya.

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7 May 2020 News and Updates

Corporate Snippets on May 7

 

Ø GSK selling $3.45 bln stake in Hindustan Unilever

Ø Maruti to resume production in Manesar from May 12

Ø India saves Rs 89.12k cr in 2018-19 by energy efficiency

Ø EU forecasts 'recession of historic proportions'

Ø Govt. bans exports of alcohol-based hand sanitizers

Ø Virus upends Anil Agarwal's $1 bn oil deal

Ø WHO warns of new lockdowns if transition not managed carefully

 

Ø 93% India Inc. workers stressed about returning to office: FYI Survey

Ø Petrol, diesel excise hike can add Rs 1.4 trn to Govt's coffers: Barclays

Ø Large stimulus may attract sovereign rating downgrade, say experts

Ø China's exports, imports set to post double-digit declines in April: Report

Ø Birlas infuse Rs 1,100 cr in Essel Mining to pare debt of group firm IGH

 

Ø India’s edible oil imports dropped 34% in April

Ø Global cotton consumption likely to fall 11.8%

Ø Energy efficiency schemes led to savings of around ₹90,000 crore: PWC report

Ø Jet lenders to make another attempt to find a buyer

Ø Dr Reddy’s gets USFDA’s nod for new migraine drug

Ø BSNL plans to extend validity of contentious 4G tender to May 25

Ø PNB seeks extension of loan moratorium for MSMEs from RBI

Ø Aditya Birla family to move SC against Harsh Lodha in MP Birla tussle

Ø Rating announcements on Edelweiss, Shriram firms to add pressure on debt MFs

Ø SBI to extend moratorium to NBFCs and microlenders

Ø Royal Enfield, TVS Motor resume operations

 

Ø Service activities shrink to all-time low; PMI hits near zero

Ø Indian Overseas Bank, Bank of Maharashtra cut lending rates

Ø CIL’s supply to power sector falls in March amid slump in coal demand

Ø Google Meet video calling now integrated inside Gmail to take on Zoom

Ø Oil marketing companies shares drop 13%, after hike in excise duty on petrol, diesel

Ø Coronavirus lockdown causes historic spike in layoffs in India

Ø Oil prices slide as US-China tensions offset virus hope

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👉 The Mumbai bench of the National Company Law Tribunal (NCLT) has approved the sale of Uttam Value Steel Ltd and Uttam Galva Metallics to a joint consortium of CarVal Investors and Nithia Capital Resources Advisors for ₹2,300 crore, said a person aware of the development.

“This is among the first resolutions where the corporate insolvency resolution process (CIRP) of two companies worked in tandem. The two companies are interlinked in terms of production and therefore getting two different resolution plans for them made no sense," said the person quoted above. He added that Uttam Galva Metallics was filed in NCLT Chandigarh, the petition against the other company was filed in Mumbai.

these connected companies, the case was transferred from Chandigarh to Mumbai," the person said.

The resolution plan would allow lenders to get close to 40% of their claims for both the companies. While the resolution professional (RP) admitted ₹3,634 crore of financial creditor claims in Uttam Galva Metallics, it was at₹2,479 crore for Uttam Value Steel, as on 9 April. Union Bank of India has the highest exposure in Uttam Galva Metallics at ₹921 crore, followed by Bank of Baroda at ₹680 crore and Punjab National Bank at ₹571 crore, among others.

Union Bank of India also has the highest exposure in Uttam Value Steel, at ₹589 crore. The other lenders are Punjab National Bank at₹466 crore, State Bank of India at ₹416 crore and Bank of Baroda at ₹277 crore, among others.

While the joint resolution plan was approved by the committee of creditors (CoC) in April last year, SSG Capital, the other bidder for these assets contested the decision. The case to decide on SSG’s claims was then heard by a two-judge bench in Mumbai NCLT, where both judges took opposing views. The matter was then heard by the principal bench of the NCLT in New Delhi which dismissed SSG’s plea.

👉 The National Company Law Tribunal (NCLT) has approved the resolution plan submitted by a consortium of CarVal Investors and UK-based Nithia Capital Resources Advisors to acquire debt-laden Uttam Value Steels Ltd under insolvency proceedings.

The NCLT’s Mumbai bench, in its order on April 30, said the resolution plan submitted by a consortium of CarVal Investors LLP (Carval Funds) and Nithia Capital Resources Advisors LLP stands approved, Uttam Value Steels informed the stock exchanges.

In June 2018,  the Mumbai-based iron and steel manufacturer, along with another associate firm Uttam Galva Metallics Ltd, was admitted for resolution under the Insolvency and Bankruptcy Code (IBC).

While the corporate insolvency resolution process (CIRP) of Uttam Galva Steels was withdrawn by petitioner State Bank of India (SBI) on November 1, 2018, Uttam Value Steels continued to be under the IBC process.

Engaged in the manufacturing of steel and capital equipment products, Uttam Value Steels’ admitted claims as on August-end 2019, stood at Rs 196 crore.

In April 2019, lenders-led by SBI had approved the resolution plan of a consortium of Arcil and CarVal Investors, an arm of US-based food and agriculture group Cargill Inc., which had offered the sum for two stressed units of Uttam Galva – Uttam Value Steels and Uttam Galva Metallics.

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👉🏻Govt plans pre-packaged IBC deals to ease caseload

(The plan to bring pre-packaged IBC has been in the works for some time and experts said the current crisis may be a good time to implement it)

👇🏻 👇🏻 👇🏻

https://bit.ly/2WyUeZx

👉🏻Govt appoints Tarun Bajaj as Director on RBI Central Board

(Govt  has appointed Economic Affairs Secretary Tarun Bajaj as a director on the central board of Reserve Bank of India)

👇🏻 👇🏻 👇🏻

https://bit.ly/2WwffUE

👉🏻Unique Document Identification Number for Bank Audit

(Mandatory requirement of Generation of UDIN at the time of Bank Audit with reference to FAQs of ICAI)

👇🏻 👇🏻 👇🏻

https://bit.ly/3doU79H

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👉 The National Company Law Tribunal has cancelled the summer vacation at all its Benches for the year 2020.

The President of the National Company Law Tribunal on Tuesday passed an order regarding this stating the Summer Vacations falling in the months of May, June and July 2020 as according to the calendar of the respective NCLT Bench stand cancelled. All Benches of NCLT will therefore remain functional during the said period.

The functioning of National Company Law Tribunal had previously been restricted along with suspension of all judicial work since the lockdown has been imposed in the Country due to outbreak of the COVID-19 pandemic.

In view of the lockdown announced by several State and Central Government in COVID-19 affected districts, all Benches of the National Company Law Tribunal had ordered its closure for judicial work. According to the Notice issued on, it was also notified that for unavoidable urgent matters, an application can be filed through email to the registry NCLT after service of notice to the other side.

In a more recent development the National Company Law Tribunal, also appealed to the stakeholders and litigants under Companies Act, 2013 and Insolvency and Bankruptcy Code, 2016 to file Joint Memo of Written Submissions, in order to expedite the virtual hearings.

👉 The dedicated bankruptcy court has approved the revival plan for Mumbai-based Trimax IT Infrastructure & Services from the local subsidiary of Nasdaq-listed Ebix Inc.

Ebix Software India (ESIPL) will pay upfront Rs 75 crore to acquire the company. The company owed over Rs 1,918 crore to its lenders, including about Rs 1,700 crore to financial creditors.

“It is made clear that the resolution applicant (Ebix Software) shall takeover the corporate debtor (Trimax IT) with all its assets and liabilities as per terms of the approved resolution plan,” said a Mumbai-bench of National Company Law Tribunal (NCLT) comprising BSV Prakash Kumar and V Nallasenapathy in its 16-page order.

On May 4, while approving the resolution plan, the tribunal also said, “we approve the resolution plan...which shall be binding on the corporate debtor and its employees, members, creditors, guarantors, resolution applicant and other stakeholders involved in the resolution plan.”

Last year in November, lenders approved the revival plan submitted by Ebix Software with 75.22% voting in favour of the company. Avil Menezes, the resolution professional (RP) was not immediately available to comment on the NCLT’s ruling.

The liquidation value of the company was about Rs 103 crore while the fair market value of the company was Rs 197 crore.

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GST: Validity of E-way generated till 24.03.2020 which expired from 20.03.2020 to 15.04.2020, extended till 31.5.20. Notification 40/2020-CT of 5.5.2020. 

GST: Notification No. 41/2020-Central Taxissued to extend the time limit for furnishing of Annual Return and Reconciliation Statement for the Financial Year 2018-19 till 30th September, 2020. 

Delhi High Court has allowed tax credits thru GST Trans-1 to all dealers upto the period of limitation of 3 years, writ petition no.WP(C) 9575/2017 pending before the Court( Being Regularly pursued)finds a categorical mention in para 15 on page 15 of this path breaking judgment. 

Insolvency regulator IBBI has come up with a novel initiative of seeking public and stakeholders comments on all the regulations framed by it so far since the enactment of the Insolvency and Bankruptcy Code in 2016. The idea is to enable the Insolvency and Bankruptcy Board of India (IBBI) get an universe of ideas based on which the extant regulatory framework could be fine-tuned.

RBI has cleared the fog on ‘special provisioning’ of loans which are under moratorium — a clarification that has come as a relief to many banks. In a recent conversation with bank CEOs, senior regulatory officials have spelt out that provisioning should be considered only for loans where principal or interest payments are overdue between 61 and 90 days as on March 1, 2020. Such loans are categorised as SMA2 — or, special mention accounts (SMA) -2.

ICAI: Advisory for Statutory Bank Branch Auditors w.r.t. Specific Considerations while conducting Distance Audit / Remote Audit / Online Audit of Bank Branch under current Covid-19 situation. https://resource.cdn.icai.org/59391aasb48345.pdf

ICAI invites applications from eligible members of the Institute having a flair for academic activities including evaluation of answer books and willing to undertake confidential assignments as a dedicated examiner, for empanelment as an examiner of the Chartered Accountants Examinations. http://examinerspanel.icaiexam.icai.org

Application for empanelment as Examiner can be submitted online at: http://examinerspanel.icaiexam.icai.org

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