5th March 2K20
Economic Times
Ø Global growth to ‘dip below’ last year’s rate: IMF chief Ø UVARC, RJio preferred bidders for RCom Ø Govt gives nod to automated facial recognition system Ø Govt asks telecom cos to follow court’s order: Sources Ø Govt approves more amendments to companies law Ø Allcargo gets Sebi nod for open offer for Gati Ø Saudis Want Opec+ to cut 1 million barrels a day
Business Standard Ø Indian Oil Corporation’s gas pipelines to be part of proposed GAIL arm Ø Cabinet approves proposal for overseas listing of Indian companies Ø Merger of 10 public sector banks into 4 to come into effect from Apr 1: FM Ø Sebi ends assessment of OneLife as firm calls off bid for Sahara MF Ø Higher bauxite sourcing helps Vedanta cut alumina-making cost by 8%
Business Line Ø NRIs can control 100% shareholding in Air India Ø Govt gives partial relief to independent directors from prosecution Ø Hindustan Zinc divestment: SC seeks CBI’s probe Ø GSPC to sell 55% interest in Cambay PSC after JV partner Oilex declines right of first refusal Ø L&T Construction bags order from Oman Mint
Ø World Bank unveils $12 bn package to aid developing countries Ø General Atlantic wins Private Equity Deal Award for CitiusTech Ø Rly contractors’ body threatens strike, claims bills worth ₹25,000 cr pending Ø I-T unearths over ₹3,500-crore TDS default by oil, telecom firm in Delhi
Financial Express Ø Jammu and Kashmir govt receives 44 EoIs for investments amounting to Rs 13,120 cr: Piyush Goyal Ø Coronavirus boosts Indian steel export prospects as China chokes Ø Govt in process of formulating a National Retail Trade policy Ø Co-working operators leased 10.8 million sq ft area in 2019: CBRE Deccan Chronicle
Ø India’s services sector growth hits seven-year high in Feb: PMI Ø Supreme Court quashes RBI banking ban on cryptocurrency Ø Sensex ends 214 pts lower, Nifty gives up 11,300 Ø NCLAT asks CCI to probe against Flipkart over allegations of unfair practices .> .👉 NBCC gets NCLT nod to buy Jaypee Infratech – The National Company Law Tribunal (NCLT) on Tuesday approved a proposal of state-run NBCCNSE -0.39 % (India) to acquire bankrupt realty developer Jaypee Infratech.
Resolution of Jaypee Infratech’s bankruptcy case will provide relief to around 20,000 homebuyers in the company’s residential projects in Noida and Greater Noida.In its bid, NBCC had proposed to complete these stuck projects.
The NCLT has ordered that Rs 750 crore that Jaypee Infratech’s parent, Jaiprakash Associates, had deposited with Supreme Court registry would be part of the resolution plan.NBCC had put in a condition that it would withdraw from the process in case the money was not transferred to it.
👉 NCLT admits Gammon Infra arm for insolvency- The Mumbai bench of the National Company Law Tribunal (NCLT) has admitted Rajahmundry Godavari Bridge, a subsidiary of Gammon Infrastructure, for Corporate Insolvency Resolution Process (CIRP).
Vishal Ghisulal Jain has been appointed as the resolution professional for the process.
The company (RGBL) had entered into a concessions agreement with Andhra Pradesh Road Development Corporation (APRDC) for design, construction, finance, operations and maintenance of a 4.15-kilometre long four-lane bridge across the river Godavari.
The project also included 10.34 kilometre of approach roads on either side of the bridge.The bridge connects Kovvur and Rajahmundry in Andhra Pradesh.
It has been operational since November 2015.In February 2018, RGBL served a termination notice to APRDC “on account of several breaches of the said concession agreement”.
Following the termination, dues aggregating to over `1,120 crore became payable to the company’s lenders.
Following this, in July 2018, Union Bank of India had initiated CIRP against the company.Following this, RGBL has requested the state-owned bank to explore other options instead.
.> .👉 Guidance Note on Audit of Banks 2020 edition – (04-03-2020) https://www.icai.org/new_post.html?post_id=16360&c_id=219
👉 Committee for Members in Practice, ICAI: Commencement of the Certificate Course on Preparation of Appeals, Drafting of Deed & Documents and Representation before Appellate Authorities and Statutory Bodies at Guntur.https://www.icai.org/post.html?post_id=16346
👉 Committee for Members in Practice, ICAI: Commencement of the Certificate Course on Preparation of Appeals, Drafting of Deed & Documents and Representation before Appellate Authorities and Statutory Bodies at Salem.https://www.icai.org/post.html?post_id=16347
👉 LLP Settlement Scheme, 2020Pdf(36 kB) http://www.mca.gov.in/Ministry/pdf/GeneralCircular06_04032020.pdf
👉 Invitation for Public Comments on the Draft Competition (Amendment) Bill, 2020.
Last Date for Comments is March 06, 2020 http://feedapp.mca.gov.in/
👉 Please watch ‘New India Sankalp’ programme on Ease of Doing Business on DD National from 6:00PM to 7:00PM on 04.03.2020
👉 Live: IT, FMCG stocks drive Sensex 130 pts higher https://economictimes.indiatimes.com/sensex-nifty-live-today-2020-03-05/liveblog/74485346.cms .> .👉🏻Guidance note on bank audit for 2020
(ICAI Release guidance note on audit of bank for the benefits of the Members) 👇🏻 👇🏻 👇🏻 http://bit.ly/2wszF7G
👉🏻Cabinet approves Mega Consolidation in Public Sector Banks with effect from 1.4.2020 (The Union Cabinet, chaired by the Prime Minister, Shri Narendra Modi has approved the mega consolidation of ten PSBs into four PSB) 👇🏻 👇🏻 👇🏻 http://bit.ly/39qENYH
👉🏻SPICe+ | Incorporation of Company | SPICe Plus | MCA SPICe+ would be an integrated Web form offering multiple services viz.name reservation, incorporation, DIN allotment, mandatory issue of PAN, TAN, EPFO, ESIC, Profession Tax (Maharashtra) and Opening of Bank Account.
👇🏻 👇🏻 👇🏻 https://bit.ly/2xcH4bF
.> .Lok Sabha approves Vivad se Vishwas Bill.The Direct Tax Vivad Se Vishwas Bill, 2020 seeks to provide taxpayers a lucrative opportunity to settle direct tax disputes within the current financial year by waiving interest and penalty on their pending taxes.
MCA has issued a clarification on prosecutions initiated against Independent Directors, non-promoters and non-KMP.
MCA has clarified that prosecution proceedings will not be initiated against independent and non-executive directors without strong evidence of their complicity in frauds committed by the companies.
MCA come up with the “LLP Settlement Scheme, 2020” to condone the delay in filling of Form- 3, 4, 8 and 11 which were due for filling till 31st Oct 2019.Under this scheme Additional fees for filling the said form is restricted to INR 10 per day per form subject to Cap of INR 5000 per form.
Ministry of Corporate Affairs has notified and deployed a new Web Form christened ‘SPICe+’ (pronounced ‘SPICe Plus’) replacing the old SPICe form.SPICe+ has come into force from 23.02.2020.
MCA has notified further exemptions to Government Companies under Section 462 of the Companies Act 2013 by making further amendments in the original exemption notification of the MCA dated the 5th June, 2015.
ICAI issued Guidance Note on Audit of Banks 2020 edition – (04-03-2020)
Forward and Preface of Past Years
Text of Guidance Note on Audit of Banks, 2020 edition
Appendices of the Guidance Note on Audit of Banks, 2020 edition
Text of Master Circulars Issued by RBI
Text of Master Directions Issued by RBI
Text of Relevant Notifications, FAQs and General Circulars
Thanks for reading .
