NCLT ASKS DIRECTORS TO SEEK APPROVAL BEFORE TRAVELING ABROAD
The Mumbai Bench of NCLT
has recently asked four directors of Gammon India Ltd. to not leave the country
without obtaining its permission This order was passed by NCLT while a Section
7 filing made by Union Bank of India is currently pending before the NCLT.
Previously, two applications were filed by operational creditors against Gammon
but both were dismissed. While Gammon was under the CDR Scheme, it ran into
trouble after RBI put an end to all restructuring mechanism (outside IBC) in
February 2018. The RBI further set tight deadlines for firms slipping into default
It said cases involving more than Rs. 2,000 crore have to be settled in 180
days, failing which they have to be taken to bankruptcy courts. Gammon has
offered settlement proposal to the Union Bank of India which is currently under
consideration. During the pendency of this matter, however, the NCLT passed an
order retraining four persons from travelling abroad in view of the pending
criminal proceedings against the Directors. In its January 28 order, the NCLT,
noted a previous DRT order, which directed all directors to inform the DRT in
case they were to travel abroad. It, accordingly, modified its previous order
to reflect the same, Since on similar circumstances an authority has already
given those directions, therefore, on the same lines it is hereby directed that
if the directors as listed above intend to travel out of country the same is to
be informed to NCLT. The NCLT further added that all the directors cannot leave
the country at the same time The NCLT also ordered that, since the proposal for
settlement is in progress, the director in-charge of Finances would remain
present to monitor the progress of settlement, and that no adjournment be
sought on the ground of non-availability of the said director.
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AFTER NCLT NOD, ICAI ARM TO REOPEN BOOKS OF FINANCIALLY
CRIPPLED IL&FS
An arm of Institute of
Chartered Accountants of India (ICAI) will be reopening the books of the
financially crippled infra lender IL&FS. The Mumbai bench of the National
Company Law Tribunal (NCLT) had on January 1 directed the reopening of the
books and recasting of the financial statements of IL&FS, IL&FS
Financial Services, IL&FS Transportation Networks between fiscal years
2012-13 to 2017-18. In view of the substantial public interest involved in the
matter, ICAI Accounting Research Foundation (ICAI ARF) will be carrying out the
task an official statement said. The whole exercise will be independent, it
said, acknowledging the Serious Fraud Investigation Office (SFIO) is also
carrying out an investigation on IL&FS and its group/ subsidiary/associate
companies. Being a 'section 25' company whose purpose is not for profit, ICAI
ARF can outsource this assignment so that it is over within a reasonable period
of time, the statement added. The NCLT had allowed for the reopening under
Section 130 of the Companies Act to ascertain financial mismanagement. The
government, which took over the board of the diversified and complex IL&FS
last year, wanted to check the balance-sheets of the crippled group and its two
listed subsidiaries. However, the auditors Ernst & Young owned SRBC &
Co, Delloitte Haskins & Sells and KPMG affiliate BSR Associates had opposed
the move citing that they had no role in the alleged frauds arguing financial accounts
are made by the company and not the auditors. The NCLT had observed that based
on the ICAI and SFIO reports though it cannot be concluded that the auditors
and former directors had any role in preparing of the financial accounts, lets
reopen it in the interest of fairness. After allowing the reopening and
recasting the books of account of IL&FS, ITNL and IL&FS Financial
Services, the tribunal clarified that the order is without any prejudice and
will not affect the proceedings before ICAI and SFIO probe.
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NCLAT EXTENDS DEADLINE FOR ESSAR STEEL ORDER TO FEBRUARY 28
The National Company Law
Appellate Tribunal (NCLT) has extended the deadline it had set for its
Ahmedabad bench to pass an order on the Essar Steel insolvency case. The
deadline, which was earlier set at February 11, has been extended to February
28. The judge has ordered that NCLT should finish off the hearings by February
19, an industry executive said. The Appellate Tribunal extended the deadline in
its February 12 hearing. It was one in a series of court hearings in the Essar
Steel insolvency case that were scheduled for the day. While NCLT will conduct
two hearings, the Ahmedabad bench will hear a petition filed by Essar Steel
directors. Though more than 570 days have passed since the case was admitted in
the insolvency courts, the finishing line is nowhere near given that the
270-day deadline is well past. Though NCLAT had set the February 11 deadline,
NCLT clearly has unfinished business.
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NCLT GETS EXTENSION TILL FEB 19 TO DECIDE OVER ARCELOR'S PLAN
FOR ESSAR
The National Company Law
Appellate Tribunal (NCLAT) Tuesday granted a week more time to NCLT Ahmedabad
to decide over the Rs 42,000 crore resolution plan submitted by ArcelorMittal
for the debt ridden Essar Steel. A two member bench headed by Justice S J
Mukhopadhaya has directed the Ahmedabad bench of the National Company Law
Tribunal (NCLT) to decide over the matter by February 19. During the hearing,
NCLAT was informed that Ahmedabad bench has completed hearing on operational
creditors plea and is scheduled to hear suspended Essar directors later in the
day Tuesday.
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REID & TAYLOR EXPECTS 3-4 BIDDERS
Finquest Financial, one of
the major financial creditors of Reid & Taylor, said it expects serious
bidders to come forth for the ailing apparel maker now that it has been asked
to be liquidated as a going concern by the National Company Law Tribunal (NCLT).
The NCLT had ordered the move after investors, put forth by the employees
association, either declined to invest after due diligence, or failed to prove
the requisite net worth. There will be a buyer, not many, but about 3-4
companies, who would not want liabilities on their head or tax notices slapped
on them by government authorities, Bharat Patel of Finquest told. I have
already been approached by a buyer for the assets. He does not want to get into
the resolution process. Being liquidated as a going concern under the
Insolvency and Bankruptcy Code has two benefits: it helps lenders recover more
money against unpaid loans and creates job opportunities for at least some of
those who worked in the company. In comparison, selling such assets on a piecemeal
basis is long, painful and makes no economic sense, a company executive said.
Reid & Taylor, whose factory in Mysuru is running at much below capacity,
has about 1,200 employees.
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133 IL&FS FIRMS INCORPORATED OUTSIDE INDIA TO CONTINUE
RESOLUTION PROCESS: NCLAT
The National Company Law
Appellate Tribunal Monday allowed 22 companies of crisis-hit IL&FS group to
service their debt obligations Besides, a two-member bench headed by Justice S
J Mukhopadhaya approved the appointment of former Supreme Court judge Justice D
K Jain to supervise resolution process of IL&FS group. The appellate
tribunal also lifted the moratorium and allows 133 IL&FS firms incorporated
outside India to continue with the resolution process We allow (companies under
green categories) the board to permit the company to service debt obligations
as per schedule, the firm said. The NCLAT was hearing the government plea over
the IL&FS group.
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IL&FS EXPOSURE: IBA MAY AGAIN TURN TO RBI FOR RELIEF TO
BANKS
The Indian Banks’
Association (IBA) will likely approach the Reserve Bank of India (RBI) again, seeking
a special dispensation for banks to defer provisioning requirements for their
exposure to the crisis-ridden IL&FS. However, instead of a relief on banks’
total exposure of over Rs 50,000 crore to the entire group, the IBA may seek a
breather for only ‘amber’ companies of IL&FS, sources told. The ‘amber’
category refers to those IL&FS entities that may have adequate cash flows
for repayment to secured creditors but not enough to meet claims of unsecured
creditors. Sources said in a meeting of senior bankers with corporate affairs
secretary Injeti Srinivas on January 22, the official had suggested that the
IBA take up the issue with the central bank again giving full justification for
any such request. As per the plan, the ‘amber’ companies will meet operations
and management expenses and other essential costs to preserve the value of
going concerns. The rest of their funds will be kept in escrow accounts for
distribution among creditors at a later date upon resolution of the stressed
assets at the company level. The total exposure of banks to the ‘amber’
companies wasn’t immediately available. RBI had already turned down requests by
some bankers in December 2018 to relax the asset classification rule for their
exposure to all IL&FS entities. The bankers had argued that their recovery
efforts were impacted due to the fact that the National Company Law Appellate
Tribunal (NCLAT) was still hearing a government petition for a 90-day
moratorium on repayments by IL&FS and its arms. Banks are required to make
a provision of 15-40% on sub-standard NPAs in 6-12 months, based on whether
these are secured or not.
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MALVINDER SINGH GOES TO COPS AGAINST SUNIL AND SANJAY GODHWANI
Businessman Malvinder
Mohan Singh has filed a police complaint against his former associates Sunil
and Sanjay Godhwani, along with some employees of Ligare Aviation Ltd, for allegedly
defrauding Singh’s Malav Holdings Pvt. Ltd of ₹30 crore. One of the
charges filed on behalf of Malav Holdings claims that the Godhwani brothers,
along with officials working for Ligare, sanctioned bogus and fake invoices for
fictitious expenses The complaint was filed on 30 November with the economic
offences wing of Delhi Police. The airline was started in 2006 as Ran Air
services. In the beginning, it offered turboprops, helicopter jets and later
got into air ambulance services. The company offered services to corporates and
politicians, among others. Later it diversified into crew training and aircraft
maintenance, units that required huge investments. The first charge against the
Godhwani brothers, along with some other employees of Ligare Aviation, relates
to cheating and causing loss of approximately ₹18 crore and ₹88
lakh by fraudulently and dishonestly sanctioning payments.
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NEW DEMAT ACCOUNTS SCALED DECADAL HIGH IN 2018
Indians are making a rapid
shift in their saving patterns from traditional instruments such as gold, real
estate and bank deposits to alternatives like stocks, showed data from the
Securities and Exchange Board of India (Sebi). The number of dematerialized
accounts, or demat accounts opened in 2018 was the most in at least a decade at
4 million a 13% increase from the previous year, the data showed. According to
Sebi data, the total number of demat accounts rose to 34.8 million in 2018 from
30.8 million in 2017. There were a total of 16.8 million demat accounts in
India in 2009, an indicator of the sharp increase in retail investors in equity
markets. A demat account is opened by an investor with a depository participant
to invest in securities such as stocks and bonds. The securities are held in a
digital format. In India, less than 10% of the population has any exposure to
the stock markets as compared to developed economies where this number is
closer to 90%. In 2017, the equity benchmark index Sensex jumped 27.91%
followed by a muted 5.91% return in 2018 which did not curb enthusiasm of
retail investors. The primary markets also cooled off last year with 24 initial
public offerings (IPOs) hitting the markets which raised a total of ₹30,959.07
crore in 2018. In 2017, 36 IPOs hit the markets garnering ₹67,147.44
crore. Mutual funds have also attracted retail investors with money collected
through systematic investment plans (SIPs) showing a growth trend. According to
Association of Mutual Funds of India (Amfi), there are 80.3 million mutual fund
folios or accounts as of December 2018, of which 99.5% is accounted for by
individual investors. Of the total, 75.3 million comprised accounts of retail
investors, 4.54 million high net-worth individual accounts while 438,203
accounts belonged to institutional investors. Retail investor accounts have
shown a positive rate of growth since March 2014, said Amfi. In 2017, mutual
fund folios were at 66.5 million. According to Amfi data, individual investors
held ₹12.91 trillion in mutual funds as of December 2018, a
year-on-year increase of 13%. Investments of individual investors in equity
schemes increased 15% over December 2017. According to Amfi data, 64% of the
assets of individual investors are from the top 30 cities.
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NCLAT ALLOWS 22 IL&FS GROUP FIRMS TO SERVICE DEBT
OBLIGATIONS
The National Company Law
Appellate Tribunal Monday allowed 22 companies of crisis-hit IL&FS group to
service their debt obligations. Besides, a two-member bench headed by Justice S
J Mukhopadhaya approved appointment of former Supreme Court judge Justice D K
Jain to supervise resolution process of IL&FS group. The appellate tribunal
also lifted moratorium and allows 133 IL&FS firms incorporated outside
India to continue with the resolution process. We allow (companies under green
categories) the board to permit the company to service debt obligations as per
schedule, the firm said. The NCLAT was hearing the government plea over
IL&FS group.
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SC CLEARS HURDLE FOR ESSAR CASE, REJECTS PLEAS BY OPERATIONAL
CREDITORS
The Supreme Court (SC) on
Monday dismissed a plea by 28 operational creditors of Essar Steel seeking to
be heard by the National Company Law Tribunal (NCLT) before any decision was
taken on ArcelorMittal’s bid for the company. The court also rejected their
plea seeking a stay on the National Company Law Appellate Tribunal’s (NCLAT’s)
order asking the NCLT Ahmedabad Bench to take a decision on ArcelorMittal’s bid
by February 11. Now, the NCLT will be able to decide the fate of
ArcelorMittal’s bid quickly. The court was of the opinion that the promoters of
Essar Steel were acting through the operational creditors to delay the
insolvency process. It said 571 days had passed since the insolvency process
began for Essar, and it must not be delayed. The deadline for an insolvency
process is 270 days. Operational creditors such as Indian Oil Corporation and
the Gujarat government had moved court, claiming dues of Rs 3,500 crore and Rs
500 crore, respectively. In its order, the NCLAT had said only a representative
of the operational creditors could be given the opportunity to raise any
objections to ArcelorMittal’s resolution plan for Essar. On Monday, the NCLT,
while reserving its order on the objections raised by operational creditors,
asked all of them to give a written submission by February 13. If Essar went
into liquidation, however, the operational creditors would get nothing. So,
ArcelorMittal’s Rs 42,000-crore bid was the best option for them. The CoC’s
counsel told the NCLT that they had tried to ensure that operational creditors
would not get less than what they were entitled to during liquidation.
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SC ALLOWS NCLT AHMEDABAD TO DECIDE ESSAR STEEL INSOLVENCY CASE
The Supreme Court on
Monday dismissed a plea by operational creditors of Essar Steel, including
Indian Oil Corporation (IOC), which had sought a stay in insolvency proceedings
against the debt-laden company. Accordingly, the matter will continue to be
heard by the Ahmedabad branch of the National Company Law Tribunal (NCLT).
Solicitor-General Tushar Mehta, appearing for IOC, told the court that it would
need more time to argue before the NCLT Kamlaljeet Singh Ahluwalia, an
operational creditor of Essar Steel, had moved the Supreme Court on 6 February
challenging two orders of the National Company Law Appellate Tribunal (NCLAT)
directing the Ahmedabad bench of the NCLT to pass an order in the insolvency
case by 11 February. The plea had sought setting aside of the orders as it
claims them to be contrary to the settled legal propositions and against the
principles of natural justice. According to the petitioner, the NCLAT erred in
passing the impugned orders and dictating the procedure to the NCLT in
conducting a matter, which is contrary and beyond its scope of jurisdiction.
The appellate authority, while exercising powers under Section 61 of the
Insolvency and Bankruptcy Code, 2016, cannot assume supervisory jurisdiction
over the adjudicating authorities and issue directions dictating the procedure
to conduct the hearing of applications before the adjudicating authority, the
petition said.
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BANKING BODY MAY AGAIN IMPLORE RBI TO DEFER PROVISIONING FOR
IL&FS ARMS
The Indian Banks’
Association (IBA) may again approach the Reserve Bank of India (RBI) to defer
provisioning for Infrastructure Leasing & Financial Service (IL&FS) group
companies. This time around, IBA may apply only for 'Amber' companies of
IL&FS after a meeting with the Secretary of the Ministry of Corporate
Affairs (MCA) and new Uday Kotak-led board on January 22. Amber companies are
those entities, which are unable to meet all their obligations (financial and
operational), but can meet only operational payment obligation to senior
secured financial creditors. Such entities are permitted to make payments
necessary to maintain and preserve a going concern. Referring to IBA’s
representation to RBI seeking temporary dispensation of asset classification
requirements in relation to banks’ exposure to IL&FS group companies, MCA
Secretary Injeti Srinivas told the new board of IL&FS and lenders of
IL&FS that the same needs to be taken up once again. However, he added the
same should be made with a full justification that the deferment of
provisioning should be requested only for 'Amber' category companies, where
banks are unable to enforce payments due to moratorium and the funds are
available in the escrow account. IL&FS has total debt of Rs 89,393 crore as
of date. Over 300 group entities are unable to service their debt. Rajnish
Kumar, proposed that the special purpose vehicle of IL&FS, with adequate
cash flow to meet payment obligations to secured creditors, should be excluded
from this moratorium. Another concern was raised by PS Jayakumar, relating to
prioritisation of claims among secured and unsecured creditors. He sought no
change in priority claims of secured creditors. The progress report prepared by
the new board of IL&FS, and filed by MCA with NCLT, mentioned the following
challenges:
1) IL&FS has 301 group
entities, of which 128 are located in offshore jurisdictions;
2) The remaining 174
companies are incorporated in the country, of which 71 companies have external
debt; and
3) Since these companies
are incorporated in an offshore destination, legal course of action will have
to be pursued under the law of that land.
As per the report, the
last date for receipt of expression of interest for IL&FS Securities
Services and ISSL Securities & Trusteeship (ISTSL) was November 23, 2018
and 11 EoIs were shortlisted For renewable energy, the last date for submission
of EoI was December 10, 2018 and 22 EoIs met the cut. For its domestic assets
(roads; stadium; engineering, procurement, and construction (EPC); operation
and maintenance (O&M) businesses the last date was January 8 and 32 EoIs
qualified. The last day for receipt of bids for its education and Alternative
Investment Fund businesses was January 11 and 11 EoIs qualified in both
segment. Assets with an embedded debt of Rs 35,000 crore are being monetised
and EoIs on an additional Rs 15,000 crore worth of assets are to be launched in
the next 4-6 weeks, it stated.
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SEBI TO LOOK INTO SALE OF PLEDGED SHARES OF RELIANCE GROUP'S 3
LISTED FIRMS
Market regulator Sebi is
looking into allegations and counter-allegations related to the sale of pledged
shares of Anil Ambani-led Reliance Group's three listed firms by two lenders,
senior officials said Monday. Reliance Group has accused L&T Finance and
Edelweiss Group entities of illegal and motivated actions in invoking the
pledged shares of Anil Ambani group firms and selling them in open market
causing a steep fall in share values. L&T Finance and Edelweiss Group have
refuted the allegations and have counter-alleged that Reliance Group failed to
make timely payments, which they said necessitated sale of pledged shares.
Officials said the regulator has asked exchanges to look into the trade details
and seek clarifications from the concerned entities regarding open market sale
of shares to ascertain whether any norms were breached in the process. The
regulator will subsequently examine whether there was any violation of
regulations relating to insider trading and disclosure norms, the officials
said. Reliance Power has already written to Sebi to investigate the matter and
impose restrain on entities that pressed huge sale orders significantly below
the prevailing market price and and in-depth investigate the matter. Similar
complaints are expected to be filed by Reliance Capital and Reliance
Infrastructure as well, sources said. Reliance Group spokesperson said, As
resolved by the boards of various group companies, we will take all legal steps
necessary to protect and enhance the value of our stakeholders, including
pursuing the matter with an appropriate regulator. In its letter to Sebi,
Reliance Power has requested the regulator to issue a cease and desist
directive to the concerned entities from engaging in market abuse, prohibiting
them, from trading in the securities markets, which allegedly led to sharp
plunge in the group's share price. It also asked Sebi to investigate the
disruption of Reliance group shares that includes examination of the dealing
room records including records of phone calls and SMS of all persons at the
broking firms where the majority of the sale transactions took place, and the
relevant fund flows.
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RELIANCE INSURANCE FILES FRESH IPO PAPERS; REMOVES EDELWEISS
AS BANKER
Reliance General
Insurance, part of Anil Ambani-led Reliance Group, has filed fresh papers with
the Sebi to float an initial share-sale after the regulatory approval for its
IPO lapsed in November, market sources said Monday. According to the sources,
the company's IPO comprises fresh issue of shares worth Rs 200 crore, besides,
an offer of sale of 79,489,821 shares by Reliance Capital. The company has removed
Edelweiss as one of the lead merchant bankers to manage the IPO, said sources.
The removal comes following the Reliance Group accusing Edelweiss Group
entities of illegal and motivated actions in invoking the pledged shares of the
group's three listed firms and selling them in open market causing a steep fall
in share values. Further, it has appointed CLSA India and IndusInd Bank
replacing UBS investment company and IDBI Capital. Also, it has roped in Yes
Securities. Other merchant bankers--Motilal Oswal Investment Advisors, Credit
Suisse Securities, Haitong Securities -- will continue to be associated with
the company's IPO.
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SEBI PROPOSES CIRCUIT FILTERS FOR F&O SEGMENT TO CURB
PRICE VOLATILITY
To check excessive price
movements capital markets regulator Sebi Monday proposed a slew of measures
including capping the maximum daily movement of up to 20 per cent for all
stocks including that are part of the future and options (F&O) segment.
There have been concerns that investors' wealth is getting wiped out in a
single day by recent falls in stocks on which derivative products are
available, as no price band are applicable on them. Besides, sharp plunge in
the shares of several companies including Dewan Housing Finance and e-commerce
player Infibeam have been noticed in recent times. According to Sebi, the
examination of price movement of scrips, on which derivatives are available,
during the last six months, revealed 40 scrips witnessed intra-day movement of
over 20 per cent. Out of this, 29 stocks have seen intra-day movement between
20 per cent and 30 per cent. Derivatives markets or F&O segment reflect
expectation of spot prices in the future and currently price bands or circuit
filters are generally not applied on them. At present, there are over 200
stocks in F&O segment. To address the concerns arising out of significant
price movements in scrips having presence in derivatives segment, Sebi came out
with a consultation paper and sought comments from the public till February 20
in this regard. The final regulation will be out in place after taking into
account suggestions of all stakeholders. The regulator has asked whether individual
scrip wise price bands of 20 per cent either way be adopted for all scrips,
including scrips on which derivatives are available, in the compulsory rolling
settlement. Further, it suggested combination of dynamic and fixed price band
or call auction mechanism. According to Sebi, the regulator asked whether the
current framework for dynamic price band may be allowed to continue with the
initial threshold set by the stock exchanges for flexing. This framework would
be available up to a threshold (say 30 per cent intra-day movement in either
direction). Upon reaching such threshold, it has been proposed to either fixed
price band on the stock may be imposed or a call auction should be conducted
for a fixed duration as per criteria to be prescribed relating to minimum
trades, volume, etc. The price discovered in such call auction may be
considered for continuous market. Also, it sought public view whether any
measure may be required at this stage as the same may hamper free market and
fair price discovery. Moreover, the regulator has also given benefits as well
as challenges of all the three options suggested by it. Explaining the benefits
of proposed daily price limits for stocks in derivative segment, Sebi said
imposing such circuit filters may arrest abnormal movement of the price of the
scrip beyond a certain limit. Besides, it may give some opportunity to listed
firms and its promoters to assess the movement of the stock price and enable
them to make market announcement, if any, to address market sentiments, which may
restore the price to its normalcy. Sebi said that introducing call auction may
ensure wider participation of investors thereby leading to better price
discovery as compared to the current system of flexing of dynamic price bands
which is based on limited number of trades.
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SEBI RELAXES NORMS FOR NON-RESIDENTS TO TRANSFER SHARES TO
RELATIVES
Markets regulator Sebi
Monday granted relaxation to non-residents such as NRI, PIOs, and foreign
nationals from furnishing a copy of PAN card and allowed them to transfer
equity shares held by them to their immediate relatives However, the
relaxations are subject to certain conditions, Sebi said in a circular. Under Sebi's
LODR (Listing Obligation and Disclosure Requirements) provisions, transferee as
well as transferor is required to furnish a copy of their PAN (Permanent
Account Number) card to the listed entity for registration of transfer of the
securities. Many of the non-residents like Overseas Citizens of India (OCIs),
Non Resident Indians (NRIs), Persons of Indian Origin (PIOs) and foreign
nationals were facing difficulties in transferring the shares, as many of them
do not posses the required PAN card. To address such difficulties, it has been
decided to grant relaxation to the non-residents from furnishing PAN card
details and allowing them to transfer equity shares held by them in the listed
entities to their immediate relatives, Sebi said. However, the relaxation will
only be available for transfers executed after January 1st, 2016 and, only for
non-commercial transactions i.e transfer by way of gift among immediate
relatives. Besides, the non-resident will be required to provide copy of an
alternate valid document to ascertain identity as well as the non-resident
status, the circular said.
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SEBI COMES OUT WITH FRAMEWORK FOR UTILISATION OF SECURITY
DEPOSITS WITH CLEARING CORP
Capital markets watchdog
Sebi Monday came out with a new framework for utilisation of financial security
deposits available with clearing corporations, warehouse development and
regulatory authority in order to rationalise such deposits. At present, on the
same goods, security deposits are required to be maintained with both WDRA
(warehouse development and regulatory authority) and clearing corporations,
putting additional financial burden on warehouse operators. In order to
rationalise financial security deposit (FSD) and, after consultation with WDRA
and clearing corporations, Sebi in a circular said clearing corporations having
commodity derivatives segment would need to adhere to the new norms laid by the
regulator for utilisation of such deposits. The new framework will be effective
from 30 days. Under the framework, the clearing corporations after the
accreditation will immediately provide the details of WDRA registered
warehouses accredited by them with full details of warehouseman registration,
warehouse service provider (WSP) to WDRA. WDRA will in turn, share the details
of security deposit received from these accredited warehouses to the respective
clearing corporations. Further, clearing corporations will inform the changes,
if any, with respect to these warehouses to enable WDRA to provide the required
information. Moreover, WDRA will also inform clearing corporations of any
hanges, if any, in the security deposit placed by such warehouses with WDRA. According
to Sebi, the accredited WSP will be liable for any losses resulting from any
action or inaction on its part or on the part of its warehouses that prevents
the buyer or seller from exercising, in whole or in part, their rights. The
clearing corporation will have to compensate the aggrieved clients for any such
losses that have been appropriately established by debiting the FSD of WSP held
with the clearing corporation, in accordance with its applicable rules. In case
the FSD available at clearing corporation is not sufficient to compensate for
the loss, clearing corporation will have to make part compensation with the FSD
available with it and, the security deposit available with WDRA will be made
available to such corporation within seven days of the release request from
such corporation to WDRA, for settlement of the remaining claims. The
settlement of security deposit by WDRA originates only after the stocks stored,
if any, are disposed off by the holder. This arrangement is only for stocks
stored in WDRA or clearing corporation accredited warehouses for the purpose of
delivery on exchange platform. The discrepancy noted by any agency (clearing
corporation or WDRA) will be brought to the notice of other agency irrespective
of invoking the security deposits.
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CORPORATION BANK SWINGS INTO THE BLACK WITH RS 60.53-CR PROFIT
IN Q3
Corporation Bank has swung
into the black with a profit of Rs 60.53 crore in the December quarter 2018, as
provisioning for bad loans saw a sharp decline, the lender said on Monday. The
bank had posted a net loss of Rs 1,240.49 crore in October-December 2017-18.
The total income of the lender came down to Rs 4,112.32 crore in the latest
quarter as against Rs 4,841.37 crore in the same period of 2017-18, it said in
a regulatory filing. The bank said its provisioning for non-performing assets
(NPAs) or bad loans has been reduced to Rs 842.28 crore for the latest quarter,
as against Rs 2,494.71 crore in the same period a year ago. However, the bank’s
assets worsened, with gross NPAs growing to 17.36 per cent of gross advances as
at December-end 2018, against 15.92 per cent by December 2017. In value terms,
gross NPAs were at Rs 21,921.42 crore, as against Rs 21,817.96 crore earlier. Net
NPAs surged to 11.47 per cent (Rs 13,521.22 crore) from 10.73 per cent (Rs
13,853.90 crore). The bank said it is maintaining higher provision in terms of
NCLT (list 1 and 2 of RBI), and is holding a total provision of Rs 6,412.45
crore against outstanding amount of Rs 9,075.69 crore (or 70.66 per cent) on
these accounts as on December 31, 2018. The provision coverage ratio of the
bank as at December-end 2018 is 66.13 per cent, Corporation Bank said.
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STATE-RUN BANKS SPURN RISKY LENDING TO CONSERVE CAPITAL
The Reserve Bank of India
(RBI), in its Monetary Policy last week, tweaked norms for risk-weights on bank
loans to NBFCs in a bid to free up capital for lending But many public sector
banks (PSBs) may well choose to shore up their capital ratios rather than grow
their loan books. In the past one-and-a-half years, PSBs have done just that —
consolidate their loan books and reduce their exposure to risky assets. Despite
the Centre’s massive capital infusion of ₹88,000 crore into PSBs in
FY18, these banks have since either shrunk their loan books or grown them only
modestly. Importantly, they have reduced their risk-weighted assets (RWAs) by a
faster pace (than decline in loans), implying they have been moving to safer
and less risky loans assets. Between the September 2017 (before the mega bank
recap) and December 2018 quarters, the RWAs for most PSBs fell 15-20 per cent. In
the nine months ended December 2018 alone, RWAs fell 6-13 per cent for many
PSBs. The RBI’s February 2018 circular on stressed assets had led to a steep
rise in bad loans provisioning in the March 2018 quarter, eating into banks’
capital. Paring exposure to risky assets has eased up their capital. Numbers
reveal that between the September 2017 and March 2018 quarters, the tier I
capital ratio for weaker PSBs (placed under PCA) fell notably despite the
massive capital infusion by the Centre and reduction in the banks’ RWAs. Banks
such as IOB, Corporation Bank, Allahabad Bank, PNB and Andhra Bank were just
about meeting their tier 1 capital ratio requirement of 7 per cent as of March
2018.
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KISHORE CHHABRIA MOVES DELHI HIGH COURT AGAINST DENA BANK
Liquor baron Kishore
Chhabria has dragged Dena Bank to the Delhi High Court alleging the lender
connived with an asset reconstruction company to transfer mortgaged land worth ₹72
crore though the land was disputed property. Dena Bank advanced credit
facilities in 1971 to Vinedale Distilleries, a Chhabria-owned Hyderabad-based
liquor company that sat on 64-acres of land. The Chhabria’s
dispute was with Aggarwal group. When the loan turned bad, the bank got hold of
the land. The dispute between Chhabria's firm Sanman Distributors and Aggarwal
group continued. In 2000, the bank filed recovery proceedings for the asset and
subsequently claimed a one-time settlement in August last year before the debt
recovery appellate tribunal for principal and interest worth ₹72
crore. Chhabria’s contention is that Dena Bank transferred the disputed land
to ANA ARC ex parte. The bank invited bids at a much lower price of ₹47
crore without the consent of the company and, thereafter, transferred it to ANA
ARC, a Bengaluru-based asset reconstruction company at ₹52
crore, Chhabria's firm Sanman Distributors, claimed in its petition filed with
the Delhi HC. Before the auction, we offered to pay the entire amount and
requested to stop the e-auction which was done in haste. We are seeking a
detailed investigation on the transaction that caused loss for Dena Bank and
its shareholders, said Sanman Distributors in its writ petition. The liquor
company also claimed the ARC has demanded ₹79 crore from Sanman for
the 64-acre parcel as a settlement, higher than earlier amount.
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BANKRUPT RCOM ARM TO DEVELOP 132-ACRE LAND IN NAVI MUMBAI AS
FINTECH CENTRE
Bankrupt Reliance
Communications on Monday said it will develop a 132-acre land parcel on the
outskirts of the city as a fintech centre. The 132-acre land parcel called
Dhirubhai Ambani Knowledge City (DAKC) in the satellite city of Navi Mumbai
used to serve as a corporate nerve centre for the company, which filed for
insolvency earlier this month. In the past, chairman Anil Ambani had claimed
that the plot had a development potential of Rs 25,000 crore. In a statement
Monday, the company said its wholly-owned subsidiary Reliance Realty will be
developing what it claimed as Maharashtra's first 'smart fintech centre'. It
has received the go-ahead from the Maharashtra Industrial Development
Corporation and the Department of Information Technology to develop the land
under the state's fintech policy, the statement said. As per the fintech
policy, the plot will have total saleable/leasable area of over 30 million
square feet, it said, claiming that the space available is double the size of
the Bandra Kurla Complex business district in the island city. It said there is
a growing demand from the fintech, banking, financial services, insurance,
NBFC, information technology services and knowledge sectors over the next 20
years and major infrastructure development has already been initiated in the
regard.
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AMRAPALI 5-STAR HOTEL UNSOLD IN AUCTION, SC SUSPECTS
CARTELISATION
Taking strong exception to
two prime properties including a five-star hotel of the embattled Amrapali
Group finding no bidders the Supreme Court on Monday said that prima facie it looks
like cartelisation is at work and sought to know whether banks are part of
cartels. The top court said that it is shocking and disturbing that bankers are
not coming forward to finance the properties. The top court said that banks are
ready to finance projects for National Building Construction Corporation (NBCC)
but they are not coming forward to finance the Amrapali properties being sold
by Debt Recovery Tribunal (DRT) in an auction. A five-star hotel 'Amrapali
Holiday Inn Tech Park' constructed in Greater Noida and prime land in Vrindavan
in Uttar Pradesh were put up for auction on January 31 by the DRT but no bidder
had come forward to bid. The court appointed forensic auditor Pawan Kumar
Aggarwal told the bench that he identified 5,229 unsold flats from where around
Rs 6,000 crore could be raised by selling them.
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GOVERNMENT'S NEW SCHEMES TO FOCUS ON PROMOTING EXPORTS OF
ELECTRONICS: IT SECRETARY
New schemes introduced by
the government will focus not only on manufacturing of electronics in India,
but also positioning the country as an export hub a top government official
said Monday. Ajay Prakash Sawhney said there has been a widening and deepening
of the electronics manufacturing ecosystem in the country. He added that apart
from various brands coming to the country to set up manufacturing base, their
supply chain partners have also started participating. The official said many
multi-national companies are already using their Indian outfits for design and
R&D of new products and services, and with electronics manufacturing
ecosystem now growing strongly, there is a tremendous opportunity.
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TELECOM REGULATOR MAY SUGGEST NEW SPECTRUM BANDS FOR 5G
SERVICES
The Telecom Regulatory
Authority of India (Trai) could come out with the pricing and quantum of newer
spectrum bands including millimeter wavelength (mmWave) range for the
fifth-generation or 5G wireless technology rollout if the government seeks its
view, a top official told. Government can ask for recommendations on new bands
including millimeter wavelength (mmWave) band, and the telecom department can
send us a reference, Trai chairman Ram Sewak Sharma said, adding that the
authority was in a view of opening up of all kinds of bands for newer
technology. The mmWave band ranging from 30 Gigahertz (Ghz) to 300 Ghz, has
seen heightened traction in the US market, with top telecom carriers— AT&T
and Verizon launching commercial 5G services. The Narendra Modi-led government
has already established a high-level 5G Forum under the Indo-American engineer
and Stanford University professor AJ Paulraj which has already recommended
newer bands to aid 5G rollout. It has suggested mmWave band for the 5G
technology and said that 140 Mhz spectrum for backhaul usage should be allowed
in addition to opening up of new bands for indoor access in line with practices
worldwide. The mmWave airwaves are being leveraged for streaming
high-resolution video applications and multimedia content and services indoors—
and could be of use cases in industry verticals such as entertainment,
education, and healthcare. Sharma added that the regulator has though already
suggested Gigahertz range that included E and V bands which were a part of
mmWave frequency. The bands— E (71-76 GHz and 81-86 Ghz) and V (57-64 GHz) are
widely used as backhaul, which means connecting the core of a telecom network
to nodes and then onto towers, to transmit data.
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KUMAR MANGALAM BIRLA SAYS RS 25K CRORE ISSUE TO GIVE VODA IDEA
FUNDS FOR 3-4 YEARS
Vodafone Idea will have enough
capital after the completion of the forthcoming Rs 25,000-crore rights issue
and will not need to raise equity for the next three or four years, chairman
Kumar Mangalam Birla has said. The problems of the telecom sector and prospects
of other Aditya Birla Group companies, Birla said the telecom company intends
to be a pure-play mobility firm unlike rival Reliance Jio Infocomm, which has
branched out to become a broadband and content provider. He denied the telco
was underinvested, and asserted that both the promoters — AB Group and Vodafone
Plc — were committed to investing funds. Birla, however, acknowledged that
there were concerns in the market on whether the Rs 25,000-crore investment
will be enough to help the telco survive the disruptive price war in the
sector. It is not an entity to be scoffed at, Birla said about Voda Idea. Will
it withstand Jio is a different question, but the fact that it is underinvested
is not true because together the investment has been substantial. Birla
declared his intention to focus on consolidating the gains of the past few
years in cement and non-ferrous metals, especially after the acquisition of the
cement businesses of Jaypee Group and Century. He said the focus of the
financial services business is on quality assets, not just blind growth. He
lauded the government for the insolvency and bankruptcy legislation, which he
said is a deep reform. Who would have thought even three or five years ago that
a promoter could actually lose his assets. I think a lot of promoters treated
debt as equity and did not find the need to actually repay within a specified
period, he said.
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AIRTEL REMAINS FASTEST NETWORK DURING Q3-Q4, JIO TOPS 4G
AVAILABILITY: OOKLA
Sunil Mittal-driven Bharti
Airtel remains the fastest network during Q3-Q4, 2018 in India with 4G LTE
speed of 11.23 Mbps, followed by Vodafone with 9.13 Mbps speed and Reliance Jio
and Idea Cellular at third and fourth position respectively, a report by Ookla
said on Tuesday. We are delighted to be once again rated as the fastest mobile
network even as our network availability crosses 99%, said Randeep Sekhon. When
it comes to 4G availability, Ookla’s findings revealed that Reliance Jio ranked
first with 98.8% 4G availability across the country, followed by Airtel at
90.0%, Vodafone and Idea with 84.6% and 82.8% respectively, across 15 largest
cities of India. On general availability front, Jio’s general availability was
recorded as best best, with users finding service in 99.3% of locations. Airtel
was second at 99.1%, followed closely by Vodafone at 99.0% and Idea at 98.9%.
General availability is the percentage of an operator’s known locations where a
device has access to any kind of service including roaming. Airtel showed
general availability of 99% or higher in all 15 cities where it was tested.
Reliance Jio’s lowest score was recorded in Jaipur at 98.9%. Vodafone’s only
score below 99% was in Kolkata at 97.9%. Idea, on the other hand, showed general
availability scores below 99% in six cities: Hyderabad (98.8%), Delhi (98.3%),
Jaipur (98.0%), Kolkata (97.9%), Visakhapatnam (97.9%) and Indore (96.6%).
Ultimately, the expansion of 4G availability in India is a win for all mobile
customers regardless of their operator. We are excited to see the growth in the
Indian mobile market and are eager to see how coverage continues to expand in
the coming year, said Doug Suttles, co-founder and general manager at Ookla.
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PAYTM LEADS IN UPI USAGE, GOOGLE PAY & PHONEPE FOLLOW
s UPI gains further
ground, the field is turning competitive – Paytm clocked more than 221 million
transactions, while Google Pay and PhonePe were at about 220 million each, said
the people cited above. PhonePe, however, told all payment modes it had 225
million transactions worth Rs 30,000 crore in January. While the National
Payments Corporation of India (NPCI) issues overall UPI transaction numbers.
Overall, UPI clocked around 672 million transactions last month, up from 620
million in December. Google Pay did not provide specific numbers and Paytm
didn’t respond to queries. Even as the number of transactions has jumped,
peer-to-peer (P2P) transactions still dominate. As per internal calculations,
the total number of merchant transactions is not more than 100-120 million per
month, said a senior banker on condition of anonymity. However, merchant
payments are growing as non-bank entities are pushing those transactions. Even
the number of UPI payments for cab rides is recording almost 2 million per
month, growing at a considerable pace. The government-promoted Bharat Interface
for Money (BHIM) has been losing steam over the past few months as more
transactions are flowing through private non-banking applications. As per the
latest numbers shared by NPCI, BHIM reported 14 million transactions in
January, down from 17 million in December 2018. A closer look at the number
reveals that the amount of funds settled per BHIM transaction is still the highest
in the industry, which means that people are using the application because they
choose to and not because of incentives, which have dwindled. In January, the
average amount per transaction on BHIM stood at Rs 4,436. It’s been hovering in
that range over the past three months. The average ticket size of a UPI
transaction is about Rs 1,600.
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OVERESTIMATING REVENUE FLOWS PUSHING INDIA'S BUDGET GAP WIDER
India’s budgets show the
government’s been fixing unrealistic revenue targets and in the process setting
itself up for falling short of fiscal deficit goals. While the government has
estimated Rs 19.8 lakh crore ($280 billion) as revenue receipts for the year
starting April, history shows it’s missed income targets in each of the past
five fiscal years. The risk of trailing behind goals is a budget deficit that
could be wider than the 3.4 per cent it estimates for both the current
financial year ending March as well as the next. Overestimating the income it
expects to receive from taxes, asset sales and other sources means increasing
the need to borrow more to offset the revenue shortfall or a spending cut India
is set to miss its budget deficit targets for a second straight year, seen as
credit negative by ratings companies. While receipts in the 12 months through
March 2018 were 4.7 per cent lower than initially projected, the government is
already lagging behind on its revenue collections target in the current
financial year. It budgeted Rs 17.3 lakh crore, but has mustered only Rs 10.8
lakh crore, or 63 per cent of the target, in first nine months of the year. The
government is betting it will get a bump from asset sales and national sales
tax in the final months of the fiscal year to help meet its goals. But economists
are skeptical.
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60% COMPANIES CONSIDER WORKPLACE CULTURE TOP BARRIER TO
DIGITAL TRANSFORMATION: KPMG SURVEY
Are companies equipped to
solve the artificial intelligence (AI) and digital conundrum? Perhaps not. Less
than half the human resources (HR) executives said in a KPMG survey that their companies
had a digital work plan in place at the enterprise or HR level, although more
than two-thirds agreed that HR had undergone or was undergoing a digital transformation.
The Indian segment of KPMG International’s latest global ‘Future of HR’ survey,
which has responses from 90 HR executives, indicates that HR leaders in India
show better acknowledgement and recognition of the need for change in HR
compared to their global counterparts. Business landscapes are changing
rapidly. Most business and HR leaders who participated in the survey have
recognised a pressing need for both a workforce and digital transformation and
are keen on bringing in this change by making increased investment in newer
disruptive technologies like AI and enhanced process automations, in the
future, said Vishalli Dongrie, partner and head, People and Change, KPMG in
India.
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XIAOMI LEADS INDIA SMARTPHONE MARKET IN 2018, SAMSUNG SECOND
Chinese brand Xiaomi with 28.9
per cent market share led the Indian smartphone market in 2018, followed by
South Korean brand Samsung at 22.4 per cent and Vivo at 10 per cent, an
International Data Corporation (IDC) report said on Tuesday. The premium end of
the market outgrew all other price segments in 2018 with 43.9 per cent
Year-on-Year (YoY) growth - OnePlus emerged as the leader in the price segment
range $500-$700 and in the super premium segment and Samsung surpassed Apple
for the top position with its Galaxy S9 series, said Upasana Joshi, Associate
Research Manager, Client Devices, IDC India. According to the report, the
online-focused brands drove the online channel share to an all-time high of
38.4 per cent in 2018 and a whopping 42.2 per cent in 2018 Q4 whereas offline
channels had a rather muted year with a modest 6.7 per cent annual growth and a
5 per cent sequential growth in Q4. Shipments form Xiaomi, Asus, OnePlus and
more grew online channels resulted by 47.3 per cent YoY in Q4, but the offline
channel was unable to keep pace with the deep discounts and go-to-market
initiatives from the e-tailers almost throughout the year, Joshi added. The
overall smartphone average selling price remained flat in 2018 at $158, with
high shipments in the mass segment of $100-$200 -- which accounted for more
than half of the smartphone market in India. On the other hand, the feature
phone market, primarily driven by Jio Phones -- which makes up 56 per cent of
the total mobile phone market clocked 181.3 million-unit shipments in 2018,
with 10.6 per cent YoY growth, the report said.
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PARLIAMENTARY PANEL SUMMONS TWITTER CEO TO APPEAR BEFORE IT ON
FEBRUARY 25
The Parliamentary panel on
information technology Monday summoned the CEO of microblogging site Twitter to
appear before it on February 25, according to the committee’s chairman. Sources
said the panel members took a serious note about the Twitter head not appearing
before it on Monday. The committee’s chairman and BJP MP Anurag Thakur said
Twitter head and other representatives have been summoned to appear before it
on February 25.
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TO PROTECT INDEPENDENT JOURNALISM, AUSTRALIA’S WATCHDOG LOOKS
TO CURB POWER OF GOOGLE, FACEBOOK
The head of Australia’s
competition watchdog warned on Monday that tough new regulation of tech giants
like Google and Facebook was needed to protect the future of independent
journalism Rod Sims, said the market power wielded by Google and Facebook has
had a devastating impact on Australian news media. While the number of
journalists employed by Australian newspapers fell 20 per cent from 2014 to
2017 as print advertising revenues dwindled, Sims said, Google and Facebook
between them captured nearly 70 per cent of all online advertising spend. This
shift in advertising revenue online, and to digital platforms, has reduced the
ability of media businesses to fund news and journalism, Sims said. We cannot
simply leave the production of news and journalism to market forces, added
Sims, whose agency has been carrying out a lengthy probe of the impact of
digital platforms on the news industry in Australia. Virtually no media
regulation applies to digital platforms and this contributes to regulatory
disparity between media sectors that would appear to provide the digital
platforms with an unfair advantage, he said.
#For Source of Information copy and paste the heading in google.
Thanks & Regards,
CS Meetesh Shiroya
Thanks & Regards,
CS Meetesh Shiroya
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