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%
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)
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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)
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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
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.
👉 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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