SC lays down guidelines in an attempt to speed up resolution process under IBC
Posted Date : 08-Oct-2018 , 04:34:54 am | Posted By CASANSAAR
The Supreme Court has set out how the corporate insolvency resolution process would work from inception while hearing the Essar Steel case, primarily with the objective of timely completion as cases are getting piled up at the tribunals.
Most of the big-ticket cases — Essar Steel, Bhushan P...
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Insolvent Professional |
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SEBI show-cause notice likely to Icra, IndRa, CARE in IL&FS failure
Posted Date : 08-Oct-2018 , 09:50:40 am | Posted By CASANSAAR
Leading credit rating agencies are likely to face regulatory action over the IL&FC fiasco. According to sources, the market regulator may soon issue show-cause notices to three top rating agencies — Icra, India Ratings & Research (IndRa) and CARE Ratings — over their failure to p...
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SEBI |
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Courts order jail time for directors for tax defaults, delay in TDS deposits
Posted Date : 08-Oct-2018 , 09:30:19 am | Posted By CASANSAAR
In recent cases of the law catching up with companies involved in tax defaults and delay in depositing the tax deducted at source (TDS) of employees with the government, directors of two companies - a construction firm and a hospitality entity - face six months' and one year's jail respectiv...
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TDS |
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IPOs, FPOs, ESoPs exempt from STT for concessional LTCG tax
Posted Date : 07-Oct-2018 , 05:38:32 pm | Posted By CASANSAAR
Initial public offerings, bonus, rights issues and ESoPs will be eligible for concessional rate of 10 per cent long-term capital gains (LTCG) tax even if the Securities Transaction Tax has not been paid earlier.
In the 2018-19 budget, the government had after a gap of 14 years reintroduced ...
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Income Tax |
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PNB MD rules out acquiring other public sector banks
Posted Date : 07-Oct-2018 , 05:34:44 pm | Posted By CASANSAAR
Ruling out possibility of inorganic expansion, Punjab National Bank Managing Director Sunil Mehta said the bank is currently focussed on internal consolidation and making it financially healthy. With Rs 14,000 crore Nirav Modi episode getting out of scene, the bank is focussing on growth and recover...
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Banking |
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Pakora seller surrenders Rs 60 lakh to Income Tax department in Ludhiana
Posted Date : 06-Oct-2018 , 06:23:27 pm | Posted By CASANSAAR
When the Congress party had mocked Prime Minister Narendra Modi over his remark that selling ‘pakodas’ too was a form of self-employment, little did it know that a ‘pakora’ seller in Ludhiana would not only prove the PM right but far exceed his expectations.
On Friday morn...
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Income Tax |
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RBI maintains status quo, repo rate unchanged at 6.5%
Posted Date : 05-Oct-2018 , 06:16:12 pm | Posted By CASANSAAR
In a complete contrast to market and expert expectations, Reserve Bank has maintained status quo on all key policy rates in the fourth bi-monthly monetary policy review announced this afternoon. The six member monetary policy committee, MPC headed by Governor Urjit Patel decided to keep the policy r...
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RBI |
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SEBI empanels KPMG, EY, Deloitte, 6 others to conduct forensic audit of listed companies
Posted Date : 05-Oct-2018 , 07:57:15 am | Posted By CASANSAAR
Market regulator Sebi has empanelled nine entities including KPMG, Grant Thornton and Ernst & Young Associates LLP for conducting forensic audits of financial statements of listed companies to check frauds. The other firms that have been selected are Deloitte Touche Tohmatsu India LLP, Chokshi &...
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SEBI |
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Govt may extend term of GST anti-profiteering watchdog
Posted Date : 05-Oct-2018 , 07:52:52 am | Posted By CASANSAAR
The government may extend the term of the National Anti-profiteering Authority (NAA) beyond its original two-year mandate, with policymakers arguing that the watchdog needs to function for a longer period in light of the frequent rate changes in the goods and services tax (GST) and the unfinished ta...
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GST |
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SC bars litigation on resolution plans before submission to NCLT
Posted Date : 05-Oct-2018 , 07:50:45 am | Posted By CASANSAAR
In the course of its order on Essar Steel, which is undergoing the insolvency proceedings, the Supreme Court on Thursday forbade litigations from any stakeholder over a resolution plan before it is approved by the Committee of Creditors (CoC) and the National Company Law Tribunal (NCLT).
Moreover...
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Insolvent Professional |
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CBI arrests Income Tax officer for accepting Rs 10 lakh as bribe
Posted Date : 05-Oct-2018 , 07:47:52 am | Posted By CASANSAAR
The CBI has arrested an Income Tax inspector in Lucknow for allegedly receiving Rs 10 lakh in bribe to settle a tax case against a businessman, officials said Thursday. It was alleged that the Income Tax Inspector had demanded an illegal gratification of Rs 25 lakh for releasing Fixed Deposit Receip...
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Income Tax |
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Chanda Kochhar quits ICICI Bank; Sandeep Bakhshi appointed new CEO
Posted Date : 04-Oct-2018 , 08:45:30 pm | Posted By CASANSAAR
Private lender ICICI Bank on Thursday said that it has accepted Chanda Kochhar's request for early retirement, the bank informed the stock exchanges.
"The board of directors of ICICI Bank Limited, accepted the request of Ms Chanda Kochhar to seek early retirement from the bank at the ear...
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Banking |
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NFRA to look into IL&FS Auditor's role
Posted Date : 04-Oct-2018 , 08:24:41 am | Posted By CASANSAAR
The National Financial Reporting Authority (NFRA), the newly-constituted independent regulator for the auditing profession, will look into the role of auditors for the serious lapses at IL&FS and whether they colluded with the Board to hide information.
On Wednesday, Rangachari Sridharan took...
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NFRA |
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SC upholds Constitutional validity of compensation law under GST
Posted Date : 04-Oct-2018 , 08:21:21 am | Posted By CASANSAAR
The Supreme Court Wednesday upheld the constitutional validity of Goods and Services Tax (Compensation to States) Act saying it was not beyond the legislative competence of the Parliament.
The top court said the Compensation to States Act, enacted by the Parliament in 2017, is not a "c...
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GST |
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Bank of Maharashtra closes 51 branches to cut costs
Posted Date : 04-Oct-2018 , 08:16:03 am | Posted By CASANSAAR
The BoM had hit headlines after Maharashtra police had nabbed its Chairman-cum-Managing Director Ravindra Marathe and five others for the alleged Rs 2,043-crore scam involving the prominent realtor, DSK Group of Pune.
From October 1, the 51 branches - all in urban centres across India which...
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Banking |
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RBI imposes penalty on Federal Bank for non-compliance of certain directions
Posted Date : 04-Oct-2018 , 08:13:25 am | Posted By CASANSAAR
Reserve Bank has imposed a penalty of five crore rupees on Federal Bank for non-compliance of certain RBI directions among other deficiencies. In a press release issued yesterday, RBI said Federal Bank had failed to report large borrower exposure for assessment under risk-based supervision.
...
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RBI |
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Govt orders SFIO investigation into IL&FS and its subsidiaries
Posted Date : 03-Oct-2018 , 09:17:52 am | Posted By CASANSAAR
The government on Monday said an Serious Fraud Investigation Office (SFIO) investigation has been ordered into the affairs of IL&FS and its subsidiaries. The debt-laden infrastructure financing giant was paying dividends and huge managerial pay-outs regardless of looming liquidity crisis.
In ...
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Corporate Law |
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RBI to infuse Rs.36,000 Cr to ease liquidity
Posted Date : 02-Oct-2018 , 03:12:54 pm | Posted By CASANSAAR
The Reserve Bank of India (RBI) has decided to infuse Rs. 36,000 through open market purchase of bonds in October as liquidity has tightened due to an uptick in loan demand in the festive season.
“Based on an assessment of the durable liquidity needs going forward and the seasonal growth in...
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RBI |
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Govt May Soon Announce Rewards for Tip offs on GST Evasion
Posted Date : 02-Oct-2018 , 02:51:23 pm | Posted By CASANSAAR
The revenue department is planning to come out with a 'GST informant reward scheme' to check tax evasion by unscrupulous traders and businesses, an official said.
It will be on the lines of similar schemes for excise and service tax, which has been subsumed under the Goods and Services Ta...
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GST |
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GST Revenue collection for Sept 2018 crossed Rs 94,000 Cr
Posted Date : 01-Oct-2018 , 11:12:20 pm | Posted By CASANSAAR
The total gross GST revenue collected in the month of September, 2018 is Rs. 94,442 crore of which CGST is Rs. 15,318 crore, SGST is Rs. 21,061 crore, IGST is Rs. 50,070 crore (including Rs. 25,308 crore collected on imports)...
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GST |
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Govt moved NCLT to supersede Management of IL&FS on grounds of mismanagement
Posted Date : 01-Oct-2018 , 11:09:54 pm | Posted By CASANSAAR
The Central Government, based on a report received from the Regional Director, Mumbai, Ministry of Corporate Affairs, concluded that the affairs of IL&FS holding Company and its group companies are being conducted in a manner prejudicial to public interest. With a view to preventing ...
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Corporate Law |
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Govt looks to plug gaps in exits of Auditors, Directors
Posted Date : 01-Oct-2018 , 09:24:34 am | Posted By CASANSAAR
The government is looking to tighten the noose around auditors and directors, who quit the company when it lands into trouble — often citing “personal reasons”.
The move follows several exits by audit firms from troubled companies, ranging from Nirav Modi’s outfits —...
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Auditing |
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Companies may have to show ledgers for claiming GST credit of over Rs 25 lakh
Posted Date : 01-Oct-2018 , 09:20:50 am | Posted By CASANSAAR
Companies that availed of more than Rs 25 lakh credit under the goods and services tax (GST) regime in lieu of levies paid under the previous system will soon have to give details of their purchase ledgers for six months before the new tax regime was rolled out.
The government will soon bri...
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GST |
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SBI halves daily ATM cash withdrawal limit to Rs 20,000
Posted Date : 01-Oct-2018 , 09:10:49 am | Posted By CASANSAAR
The country’s largest lender, State Bank of India (SBI), has lowered the ATM cash withdrawal limit to Rs 20,000 a day, from Rs 40,000. The lower limit will be effective from October 31.
“In view of the increase in the number of complaints received by banks around fraudulent tran...
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Banking |
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CBDT instructs CCITs to mop up tax collection
Posted Date : 30-Sep-2018 , 10:41:11 pm | Posted By CASANSAAR
Central Board of Direct Taxes (CBDT) Chairman Sushil Chandra chaired a meeting of Chief Commissioners of Income Tax Department (CCITs) posted in various states through video conferencing and asked them to mop up tax collection.
Chandra, while speaking to ANI, said that net collection was below ex...
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CBDT |
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Govt mulls stricter disclosure norms for independent directors
Posted Date : 30-Sep-2018 , 10:35:57 pm | Posted By CASANSAAR
The government plans to put in place a stricter disclosure framework for independent directors, including providing details about their resignation from companies, as part of continuing efforts to bolster corporate governance standards. Corporate Affairs Secretary Injeti Srinivas said the disclosure...
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Companies Act |
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Govt constitutes Competition Law Review Committee to review the Competition Act
Posted Date : 30-Sep-2018 , 10:22:39 pm | Posted By CASANSAAR
In pursuance of its objective of ensuring that Legislation is in sync with the needs of strong economic fundamentals, the Government has constituted a Competition Law Review Committee to review the Competition Act.
The Competition Act was passed in the year 2002 and the Competition Comm...
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Corporate Law |
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High Level Committee Constituted on Corporate Social Responsibility
Posted Date : 28-Sep-2018 , 10:51:53 pm | Posted By CASANSAAR
A High Level Committee on Corporate Social Responsibility – 2018 (HLC-2018) has been constituted under the Chairmanship of Shri. Injeti Srinivas, Secretary, Ministry of Corporate Affairs (MCA) to review the existing framework and guide and formulate the roadmap for a coherent policy on Corpora...
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Corporate Law |
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Rangachari Sridharan appoints as first chief of NFRA
Posted Date : 28-Sep-2018 , 10:15:03 pm | Posted By CASANSAAR
Former IAS officer Rangachari Sridharan appointed as the first chief of National Financial Reporting Authority (NFRA), according to an official order.
Sridharan, a 1983 batch (retired) IAS officer of Karnataka cadre, will hold the post of chairperson, NFRA, for three years or till the incumb...
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NFRA |
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RBI slaps Rs 5 crore penalty on Karur Vysya Bank
Posted Date : 29-Sep-2018 , 08:33:26 am | Posted By CASANSAAR
The Reserve Bank of India has imposed a penalty of Rs 5 crore on Karur Vysya Bank for non-compliance of its directives.
According to a RBI statement on Friday, the penalty was imposed for non-compliance with its directions on "Income Recognition and Asset Classification (IRAC) norms, r...
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Banking |
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