Company Law
MCA portal to remain close from from 08:00AM to 06:00PM on Saturday, 16th Jan 2016
All our stakeholders are requested to note that services on the www.mca.gov.in portal will not be available from 08:00AM to 06:00PM on Saturday, 16th Jan 2016
due to periodic maintenance activities. While in the past, such
activities may have been carried out after office hours, this time the
maintenance activities are required to be carried out during the day
since collaboration with other offices is required. All stakeholders are
requested to plan their filing activities accordingly. [….] Read
more at:
Budget, 2016
Increase in personal income tax exemption limit to Rs.2.5 lakh for savings sought
Increase
in exemption limit to Rs.2.5 lakhs for savings under the Income Tax
Act, interest rates on small savings schemes to be fixed at five-year
government Security yields and an end to the dividend distribution tax —
these are among the suggestions the Union Finance Minister Arun Jaitley
received on Tuesday at a pre-budget consultative meeting with the
representatives of banks and financial institutions (FIs).The experts
have also demanded that Corporate Social Responsibility (CSR) [….]
Read more at:
RBI, banks seek higher tax sops under 80C
The
Reserve Bank of India and financial sector bosses on Tuesday made a
strong pitch for higher incentives for savings, including raising the
tax benefit for investing money in fixed deposits and public provident
fund (PPF) to Rs 2.5 lakh from Rs 1.5 lakh currently.Sources said RBI
deputy governor Urjit Patel kicked off the customary pre-budget
consultation with finance minister Arun Jaitley with a suggestion to
"significantly" increase savings, which was followed by demands to
[….] Read more at:
Budget 2016: New policy likely to boost 'Make in India' by allowing 100% credit for taxes paid on inputs
The
government is looking to put in place a seamless tax credit system
without any restrictions that will make manufacturing more competitive
by reducing the burden of taxation on locally made goods. The move could
give a big boost to PM Narendra Modi's 'Make in India' initiative and
act as a growth booster. The policy, which is being discussed and could
be announced in the Budget, could allow 100% credit for taxes paid on
inputs. What's regarded as a restrictive input tax credit policy
[….] Read more at:
SEBI
SEBI tweaks de-listing norms for small companies
In
exercise of the powers conferred by section 31 read with section 21A of
the Securities Contracts (Regulation) Act, 1956 (42 of 1956), section
30, sub-section (1) of section 11 and sub-section (2) of section 11A of
the Securities and Exchange Board of India Act, 1992 (15 of 1992),the
Board hereby makes the following Regulations to further amend the
Securities and Exchange Board of India (Delisting of Equity Shares)
Regulations, 2009, namely:- 1. These regulations may be called the
Securities a [….] Read more at:
Sebi contemplating action against commodity manipulators
After Income
Tax Department action against commodity traders, including some based
in Indore, the Securities and Exchange Board of India (Sebi) may also
take action against violators of commodity market rules. "By now, there
has been no joint action but we do share information with Sebi officials
and other departments," said a senior commercial officer with
the markets regulator, speaking on condition of anonymity. Previously,
too, Sebi had sought reports of IT raids on commodity t [….] Read
more at:
China growth concerns pose challenge for India: Sebi chief
Sebi Chairman
U K Sinha today said the Chinese slowdown concerns have posed a new
challenge for India and raised uncertainty over the country's growth.
Certain things have unfolded beginning of this year which have posed
some serious challenges for global economy and also India, Sebi chief U K
Sinha said here this evening while addressing an Icra function here.
He noted that while previously the challenges were Greece and European
Union now the biggest challenge is China. [….] Read more at:
MFs under Sebi lens for dividend stripping
Mutual
funds (MFs) resorting to dividend stripping have again come under the
scanner of market regulator Securities and Exchange Board of India
(Sebi). In an e-mail to fund houses on Wednesday, it asked them to reply by Thursday
if they were doing so or not. According to sources, it was asked to
look into the matter by the finance ministry a few days earlier. This,
they say, could imply that the government might change the current
guidelines to do away with the practice of dividend stripping in the
[….] Read more at:
Sebi eases delisting norms for small companies
To
weed out a large number of illiquid stocks, markets regulator the
Securities and Exchange Board of India (Sebi) has relaxed norms for
small companies with thinly traded shares to delist from the stock
exchanges.Now, small listed firms where trading has been less than 10%
of the total shares in the last 12 months can get delisted from the
stock exchanges.At present, Sebi norms allow only those companies whose
shares have not been traded for the preceding one year to get delisted.
There a [….] Read more at:
Sebi to strengthen market monitoring system, rope in IT firm
Markets
regulator Sebi plans to beef up its market surveillance system with
additional resources for which it is looking to rope in an IT firm to
provide qualified and experienced workforce. The IT service provider
would be contracted by Sebi for a period of three years, which can be
later extended for six years. As per information available on its
website, the Securities and Exchange Board of India has begun the
process to rope in an IT service provider for monitoring of its IMSS
(Integrated [….] Read more at:
RBI
RBI to come out with 'reasoned response' on IIP decline: Raghuram Rajan
RBI
Governor Raghuram Rajan today said the central bank will carefully look
into the latest data on industrial production, which registered the
sharpest decline in 4 years
at 3.2 per cent in November, and come out with a "reasoned response".
"I don't respond to questions on macro economy on the fly. You will have
a reasoned response in some point. The numbers will be dissected,"
Rajan said, when asked about his comments on the IIP numbers. He was
here to attend the meeting of Financial [….] Read more at:
Aadhaar not mandatory for DBT scheme, clarifies RBI
Use
of Aadhaar cards and seeding of bank accounts with those numbers are
purely voluntary and not mandatory, RBI said in a clarification on the
Direct Benefit Transfer (DBT) Scheme. "... in view of the Supreme
Court's interim orders dated August 11, 2015 and October 15, 2015... on
usage of Aadhaar, it is hereby clarified that use of Aadhaar card and
seeding of bank accounts with Aadhaar numbers is purely voluntary and it
is not mandatory," RBI said in a communication to banks. In July 201
[….] Read more at:
FLCs, banks' rural branches could target different segments: RBI
The Reserve Bank of India (RBI) on Thursday
said financial literacy centres (FLCs) and rural branches of
banks could adopt a tailored approach for different target groups
including farmers, micro and small entrepreneurs, schoolchildren,
self-help groups and senior citizens. The regulator also said there
should also be adequate synchronisation at the ground level between the
different stakeholders like lead district officer of RBI, district and
local administration, block-level officials, non-govern [….] Read
more at:
Gold bonds: RBI to issue second tranche
The Reserve Bank of India (RBI) will issue the second tranche of the government's sovereign gold bond scheme on February 8 and will allow applications for the bonds from January 18-22.
The bonds will be issued at an interest rate of 2.75 per cent payable
on the initial amount of investment, according to the official press
releases from the finance ministry and the central bank. The bonds will
be sold through banks, the Stock Holding Corporation of India (SHCIL)
and designated post offices, [….] Read more at:
Miscellaneous News/Laws
Irdai releases draft on agent commission
The Insurance Regulatory and Development Authority of India (Irdai) on Wednesday
released exposure draft on payment of commission or remuneration to
insurance agents and intermediaries. These regulations will be effective
from April 1, and the regulator will entertain comments on proposed regulations till January 27.According
to the insurance regulator, the underlying approach in framing the
regulations is to have uniformity as regards the segments of business
vis-à-vis expenses [….] Read more at:
President clears Sugar Cess (Amendment) Act, 2015
BE
it enacted by Parliament in the Sixty-sixth Year of the Republic of
India as follows:— 1. (1) This Act may be called the Sugar Cess
(Amendment) Act, 2015. (2) It shall come into force on such date as the
Central Government may, by notification in the Official Gazette,
appoint. 2. In the Sugar Cess Act, 1982, in section 3, in sub-section
(1), for the words “twenty-five rupees”, the words “two hundred rupees”
shall be substituted. In the Juvenile Justice (Care and Protection of
Children) Act, 2015 (2 of 2 [….] Read more at:
10.5% salary rise expected across industries in 2016: Survey
Salaries
are likely to increase by 10.5 percent across levels and industries
this year mainly due to optimistic economic outlook, a survey has said.
"Organisations are expecting to increase base salaries by 10.5 percent
across industries and career levels in 2016," according to Mercer's 'All
Industries Total Remuneration Survey', released. The salary increase
forecast for 2016 is quite similar to the actual salary increase for
2015. Among the industries surveyed, the projected salary increase ran
[….] Read more at:
Industry leading, peer beating performance by Infosys: Envision
Against
a particularly weak market backdrop, Infosys came out with a shimmer
of hope, posting a stupendous set of third quarter results , only two
days after rival Tata Consultancy Services (TCS) posted a weak set of
earnings. The company beat analyst estimates on each of the key
parameters: revenues, EBIT and net profit. Reacting to the numbers,
Nilesh Shah, MD and CEO of Envision Capital, dubbed the performance as
"industry leading, peer beating", something that has happened af [….]
Read more at:
China growth concerns pose challenge for India: Sebi chief
Sebi
Chairman U K Sinha said the Chinese slowdown concerns have posed a new
challenge for India and raised uncertainty over the country's growth.
Certain things have unfolded beginning of this year which have posed
some serious challenges for global economy and also India, Sebi chief U K
Sinha said here this evening while addressing an Icra function here. He
noted that while previously the challenges were Greece and European
Union now the biggest challenge is China. S [….] Read more at:
Renault emissions too high, but no cheating devices found
Shares
of French carmaker Renault plunged over 10 percent today as
environmental officials revealed its diesel engines exceed emissions
limits, although unlike the VW scandal no cheating software had been
found in the cars. France's Environment Minister Segolene Royal made the
announcement after a commission she appointed submitted test results of
French and foreign vehicles, which found carbon dioxide and nitrogen
dioxide emissions in Renault cars to be too high, as were those of
[….] Read more at:
Greece backs down on IMF role in bailout
Greece
"fully accepted" that the hardline IMF take a role in its massive third
bailout, backing away from one of the last battle lines splitting
Athens and its eurozone creditors. Eurogroup chief Jeroen Dijsselbloem
announced the decision at talks with the 19 eurozone ministers in
Brussels and hailed the Greek government for all its "hard work" since
agreeing a strict 86-billion-euro (USD 92 billion) bailout programme in
July. "(Finance Minister Euclid) Tsakalotos confirmed to me that
[….] Read more at:
Grid-linked solar generation capacity crosses 5,000 MW mark
India's
grid-connected solar power generation capacity has crossed the 5,000 MW
mark, with Rajasthan on top with 1,264.35 MW capacity followed by
Gujarat. As of today, the total grid-connected solar power generation
capacity in the country is 5,129.81 MW, a statement by the Ministry of
New and Renewable Energy said. According to the statement, Rajasthan has
the maximum grid-connected capacity, followed by Gujarat (1,024.15 MW)
and Madhya Pradesh (678.58 [….] Read more at:
Cargo traffic at major ports up 3% at 447 mn tones
Cargo
traffic handled at the 12 major ports in the country rose by 3 percent
to 447.05 million tonnes (MT) between April and December this fiscal
helped by pick up in demand. This was against 433.5 MT cargo handled
during the same period in 2014-15. Kandla port led the tally with 73.87
MT cargo handled during the April-December period in 2015-16 followed by
Paradip Port (55.13 MT), JNPT (48.23 MT), Mumbai Port (46.39 MT),
Visakhapatnam (42.24 MT), Ministry of Shipping said. [….] Read more
at:
Japanese investors excited about Modinomics: Mizuho Bank
Japanese
investors are excited about 'Modinomics', says the top boss of Mizuho
Bank. In an exclusive conversation with CNBC-TV18's Rituparna Bhuyan, in
Tokyo on the sidelines of the India-Japan Strategic Energy Summit,
Mizuho Bank's Managing Executive Officer TatsuFumi Sakai said that
Japanese investors want India to ramp up their infrastructure, before
they can take a decision on investing more in India. Below is the
transcript of Tatsufumi Sakai’s interview with CNBC-TV18's [….] Read
more at:
See no -ve impact from tightening of MF debt norms: Indiabulls
Securities
and Exchange Board of India’s (SEBI) decision to cut the maximum limit
of investments debt mutual funds can make in bonds of non-banking
financial companies (NBFCs) is unlikely to have an negative impact on
the Indiabulls Housing Finance, its MD Gagan Banga told CNBC-TV18. "We
have only about Rs 9,000 crore odd bonds placed with the mutual fund
industry which is about 1 percent of the mutual fund debt assets under
management (AUM)," he said. Below is the verbatim [….] Read more at:
Aiming for 65% mkt share in light hair oil segment: Bajaj Corp
FMCG
firm Bajaj Corp Ltd (BCL) plans to pursue acquisitions targeting
niche brands and tap rural areas to push growth, particularly in light
hair oil segment, where it aims to have a market share of 65 percent.
Sumit Malhotra, MD of the company in an interview to CNBC-TV18’s said
the company is keenly looking to take the market share in the light hair
oil segment to 65 percent from the current 60 percent. He also
clarified that the acquisition could be another 12-18 months away and
that [….] Read more at:
Expect margin expansion; 25-30% loan growth ahead: IndusInd
IndusInd
Bank ’s third quarter earnings exceeded expectations. The bank’s net
profit grew 29.9 percent to Rs 581 crore boosted by other income,
operating profit and net interest income. NII rose 36.2 percent to Rs
1,173 crore year-on-year (YoY). Asset quality remained stable with a
13.5 percent growth in the net non-performing asset (NNPAs) to Rs 681
crore. Romesh Sobti, MD & CEO of the bank expects recognition in
asset quality to worsen for the banking sector in coming quarters b
[….] Read more at:
Economy & News
Make in India: Shipyard industry gets infrastructure status, move expected to bring down costs
The
government has granted infrastructure status to the shipyard industry
in a boost to its Make in India initiative. The move is expected to
bring down borrowing costs for the industry. At present, companies pay
average interest of 14 per cent-15 per cent on their borrowings.
"Shipyards industry has been granted infrastructure status. It will
create right environment for the growth of shipbuilding industry that
would now become globally competitive," a senior shipping ministry
official said. [….] Read more at:
Finance Ministry to nudge state-run banks to look beyond flagship schemes like Start up India
The
finance ministry may nudge state-run lenders to look beyond financing
flagship schemes, Start up India & Stand up India. A senior finance
ministry official said banks will be asked to help new entrepreneurs by
providing financial management services and guidance on other business
aspects. Under the 'Stand up India Scheme', the government aims to
achieve the target of at least 2.5 lakh approvals in three years from
the launch of the scheme, which aims to facilitate at least two proj
[….] Read more at:
Wholesale Price Index falls for 14th straight month, declines 1.99% in November
Wholesale
prices in India fell for the 14th straight month in December, mainly on
account of a global crash in crude oil, though the pace of decline
eased substantially from a few months ago. The Wholesale Price Index
(WPI) fell 0.73 per cent from a year ago, data released on Thursday
showed, compared with 1.99 per cent decline in November and 0.5 per cent
fall in the corresponding month of the previous year. The government
also revised the October WPI inflation upwards to -3. [….] Read more
at:
Gold bond tranche opens on January 18, other scheme nets in 500 kg
After
a moderate first tranche, the second tranche of sovereign gold bond
scheme, aimed at reducing demand for physical gold, will open for five
days next week even as the other monetisation scheme netted in 500 kg of
idle household and temple gold into government fold. The Finance
Ministry today said the gold bond scheme will be available for public
subscription from January 18-22. The first tranche of the scheme, which
was launched in November, had got a subscription for 915.9 [….] Read
more at:
Thanks & Regards,
Meetesh Shiroya
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