MCA
Revised version of the
eForm INC-35 -AGILE (Application for Goods and services tax Identification
number, employees state Insurance corporation registration pLus Employees
provident fund organisation registration) which is filed as linked form with
SPICe for incorporation of a Company is available on MCA21 Company Forms
Download page. The revised form contains fields relevant to EPFO notified vide
the Companies (Incorporation) third Amendment Rules, 2019 dated 29th March
2019. Stakeholders may take note and refer instruction kit for more details.
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RELAXATION OF ADDITIONAL FEES AND EXTENSION OF LAST DATE OF
FILING E FORM CRA-2
The Ministry has received
several representations about extension of last date for filing e-form CRA-2
without additional fees where the company has been mandated to get its cost
records audited for the first time under Companies Act, 2013 on account of
Companies (Cost Records and Audit) Amendment Rules, 2018 as notified vide
G.S.R. 1157(E) dated 03.12.2018. The matter has been examined and it has been
decided to extend the last date for filing of e-form CRA-2 in the above
mentioned cases without payment of additional fees upto 31.05.2019.
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GOVT KEEN TO USHER IN REFORMS IN THIRD PHASE OF MCA-21 PROJECT
The Corporate Affairs
Ministry will look to introduce Artificial Intelligence (AI) in MCA-21 when the
third phase of the crucial portal is rolled out in the coming days, a top
Government official said. Injeti Srinivas, said: We have a vision that we will
have AI in MCA-21 in version 3. While the first phase of the e-governance
initiative of the Corporate Affairs Ministry was implemented by Tata
Consultancy Services, the second phase is being implemented by Infosys for the
period January 2013-July 2021. Srinivas said the Ministry will look to
rationalise all the forms follow the principle of single source of truth so
that one is not required to fill in known details again (as it will get filled automatically).
We will also interlink databases — Income Tax Department, GSTN, RBI and FIU so
that routine enforcement is done 24x7 on an autopilot basis. We (MCA) should be
concerned with only major issues of violations. For all others, we would like
to have an online adjudication system with penalties and liberal compounding
system, he said. Srinivas also said the Government was contemplating
introduction of deferred prosecution agreements and consent settlements. Srinivas
urged India Inc to improve the level of corporate governance and match them to
the best in the world. That is the only way we can become a $10 trillion
economy. We will have to establish strong credentials in corporate governance
in terms of fairness, transparency, accountability and responsibility. That is
the job of Corporate India, he said. On the Government’s part, Srinivas said
the Centre is equally bound to put in place trust based non-discretionary
regulatory environment with minimum human interface. Srinivas rued that there
has been a general decline in corporate governance standards in India At the
same time, he said India overall had a positive story line on the corporate
governance front. About 70 per cent of companies are compliant — that is
adequate critical mass for us to embark on higher trajectory of corporate
governance, he said. Srinivas also said that building trust is the core issue
of building governance, whether it is corporate governance or corporate
regulation. If India has to occupy its rightful place in the world, we should
start thinking like team India and acting like team India. if you have to act
in unison, you should have strong level of trust. You cannot progress when
there is trust deficit, he said.
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SIGNIFICANT BENEFICIAL OWNERSHIP RULES TO HELP IDENTIFY
ENTITIES CONTROLLED FROM OVERSEAS
The new rules on
significant beneficial ownership have put in place a clear regulatory framework
that would help identify entities which might be controlled from outside the
country according to the corporate affairs ministry. Amid continuing efforts to
curb illicit fund flows, the ministry in February amended the significant
beneficial ownership rules under the companies law. Injeti Srinivas has said
the new rules provide more clear definitions for determining whether an
individual or an entity has significant beneficial ownership and all forms of
control that could be exercised in the affairs of a company are being captured.
The new SBO (Significant Beneficial Ownership) rules put in place a clear
regulatory framework that would also help identify entities that might be
controlled from outside the country, he said in a message in the ministry's
newsletter for the month of February. Under the new norms, the whole principle
of proportional calculation has been done away with and provisions are in place
to identify significant beneficial owners under various circumstances. The
changes to the rules will supplement the government's continuing efforts to
clamp down on corporate entities suspected to be used as conduits for illicit
fund flows, Srinivas said in the newsletter posted on the ministry's website. Besides,
the secretary said the ministry has notified the Specified Companies
(furnishing of information about payment to micro and small enterprise
suppliers) order. The order, which seeks to address the concerns of small
businesses over delayed payments, makes it mandatory for all companies to file
half-yearly returns detailing outstanding dues to MSME suppliers. The companies
also have to assign reasons in case the delay is for more than 45 days.
Directors of companies delaying payment for supplies made by MSME may have to
face imprisonment up to 6 months or pay fines between Rs 25,000 and Rs
3,00,000, Srinivas said.
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CRUCIAL TO SHOW BENEFICIAL OWNER-BENAMIDAR TIES
The Income Tax (I-T)
Department has hit a wall in a case of alleged benami deals involving troubled
housing finance company DHFL and entities and persons linked to the promoter
group, controlled by the Wadhawan family. Tax officials’ attention was drawn to
certain transactions in 2017 when DHFL funded the purchase of properties from
individuals and firms run by persons who were employees of Wadhawan Group. The
buyer of the properties (in Khar West, Mumbai) was Manpreet Estates, which is
part of realty group Midcity that had dealt with DHFL. The I-T Department
pointed to the fact that the 10 property sellers — five individuals and five
companies — transferred funds received from Manpreet, either directly or
through intermediaries, to different concerns controlled or managed by RKW Developers,
which again was connected to Wadhawan group. The department alleged that the
sellers — the five individuals and five companies’ directors, all of whom were
employees of RKW — were dummies, unaware of the dealings. The transactions were
in reality handled by two accountants of RKW who were employees of Wadhawan
Group, tax officials had said. The department’s contended that Manpreet Estates
was a ‘benamidar’ (front) and RKW Developers the ‘beneficial owner.’ In other
words, the I-T Department alleged that the listed DHFL had routed loans to a
company related to the promoter group through Manpreet. However, a week ago,
this claim was shot down by the Appellate Tribunal hearing cases under laws to
curb benami transactions and money laundering, among other things. Under the
Benami Transactions (Prohibition) Amendment Act which came into effect from
November 2016, I-T officials check whether the official owner – on whose name a
property, land, or any asset is registered – is also the ‘real owner.’ If not so,
they often invoke the new law, which allows them to confiscate property, demand
penalty equivalent to a quarter of the market value of the asset, and even put
the real owner as well as the benamidar behind bars. But the court ruled that
merely because Manpreet was funded by DHFL and DHFL was related to RKW, it
cannot be held that the consideration was provided by the alleged beneficial
owner (or RKW) particularly, in light of evidence that the loan from DHFL was a
genuine transaction and was done at arm’s length, said advocate Ashwani Taneja,
a former member of the I-T Appellate Tribunal, who represented Manpreet. With a
view to uphold the sale/conveyance deed executed between the parties, support
was taken from Sections 91 and 92 of the Indian Evidence Act. (These sections
deal with exclusiveness of documentary evidence.) Significantly, sales deeds of
the 10 flats were not challenged by tax officials, though the department
suspected the sellers were simply dummies acting on instruction of trusted
Wadhawan employees.
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SUPREME COURT RULING DOES NOT DISTURB CREDITORS' RIGHTS TO
INSOLVENCY PROCEEDINGS, SAYS SAHOO
The Supreme Court's
judgement on the RBI circular does not disturb the rights of creditors to
insolvency proceedings and would bring in behavioural changes, making creditors
more responsible for their actions and inactions, IBBI chief M S Sahoo has
said. In view of this judgement, a bank-creditor now needs to ask itself when
it should initiate the proceeding and justify itself why it is initiating or
not initiating the proceeding in case of a default. This will bring in
behavioural changes among the creditors, making them more responsible for their
actions and inactions, he told PTI. According to Sahoo, the pressure of
non-performing assets has lightened due to behavioural change among debtors and
creditors that has been due to the Code. It (the behavioural change) is due to
the IBC. Now the debtor knows that if it crosses the red line, it will be in
this (insolvency) process and getting under that process means that the company
may go out of the hands of promoters forever, he noted.
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RCOM MISSES YET ANOTHER PAYMENT OF SPECTRUM DUES
Reliance Communications
missed its second straight spectrum payment, this time of about ₹281
crore, which fell due on April 5. However, the company is banking on a case in
the appellate tribunal to stop the Department of Telecommunications from
cancelling its licences and withdrawing the airwaves. RCom has missed its
payments for the second time but we will await the court’s order to see if we
need to challenge or find any other way of recovering the dues. Our hands are
tied till then, a senior DoT official said, asking not to be identified. The
official was referring to a dispute between DoT and RCom over spectrum dues,
which the National Company Law Appellate Tribunal (NCLAT) is scheduled to hear
on Monday.
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PSBS CONTINUE WITH 180-DAY FRAMEWORK TO RESOLVE JET
Public sector banks, led by
State Bank of India, have given themselves 180 days to resolve the Jet Airways
account even though the time limit has become irrelevant post Supreme Court
order that quashed an earlier RBI circular on debt resolution. Official sources
in the Finance Ministry said that banks have informed the ministry that they
were not ready to wait endlessly to restore health of the beleaguered airline
and if attempts to bring in a strategic investor fails or is not completed by
June 30, lenders may immediately initiate bankruptcy proceedings against Jet.
All attempts are being made to see that Jet Airways does not fail and its
operations are maintained albeit on a smaller scale. Banks, including SBI and
Punjab National Bank (PNB) have already decided to provide interim funding
support of Rs 1,500 crore to Jet, a source in the finance ministry said. Now
effort is on to bring in a strategic investor. But if there are no satisfactory
bids, banks would not wait anymore and refer the airline to National Company
Law Tribunal (NCLT) for resolution, the source added. Meanwhile, the lenders on
Saturday invited expression of interest (EoI) from investors looking to pick up
majority stake in Jet. The EoI would have to be submitted by April 9.
Extensions could be considered, if bids are not satisfactory.
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PLEA AGAINST VALECHA UNIT FOR RS 105-CR DEFAULT
The dedicated bankruptcy
court has admitted an insolvency plea filed by India’s third largest private
sector lender Axis Bank against Valecha LM Toll, a subsidiary of infrastructure
firm Valecha Engineering, for defaulting on about Rs 105-crore loans. Axis Bank
had given term loans of Rs 100 crore to the company in November 2010. However,
the company was declared a Non Performing Asset (NPA) in November 2016. The
lender has annexed the annual report for the year ending March 2017 to show
that liability has been admitted by the company and to show that the erosion of
substantial net worth raises doubt about the company’s ability to continue as a
going concern, said the NCLT bench presided over by VP Singh and Ravikumar
Duraisamy. The tribunal has also appointed Udayraj Patwardhan as interim
resolution professional (IRP) for the resolution of the company.
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RELIANCE INDUSTRIES DENIES ANY LINK TO $1.2 B MONEY-LAUNDERING
CASE IN NETHERLANDS
Dutch investigators last
week arrested three former employees of a local firm suspected of laundering
$1.2 billion through over-invoicing services and works rendered for a gas
pipeline built by a unit controlled by billionaire Mukesh Ambani, a charge
vehemently denied by Reliance Industries. According to Cobouw, a Dutch
publication, the three suspects were released on Friday, after three days. East
West Pipeline Ltd (EWPL), which was previously known as Reliance Gas
Transportation Infrastructure Ltd (RGTIL), denied that any money was laundered
at any stage during implementation of the project and that higher capital cost
of a pipeline would result in higher tariff for users for receiving natural gas
through the line. Ambani’s listed firm Reliance Industries, too, denied any
link to the pipeline company saying he neither set up any gas pipeline in 2006
nor did it have contracts with any Netherlands company for any gas line.
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ROC FILES PETITION AGAINST MEHUL CHOKSI, GITANJALI DIRECTORS
Diamantaire Mehul Choksi,
along with his company Gitanjali Jewellery Retail Ltd and its other directors,
face proceedings in a company petition filed by the Registrar of Companies
(RoC), Ministry of Corporate Affairs (MCA), for alleged violations involving a
gold deposit scheme Over a week ago, a sessions court granted bail to seven
company officials, directing them to cooperate with the court in deciding the
matter as early as possible. According to the RoC, which has filed the petition
through its assistant registrar, Gitanjali Jewellery is a public limited
company registered in Maharashtra under the provisions of the Companies Act,
1956. The RoC had issued a notice to the company on October 28, 2014, calling
for information on money collected by it from the public under sales promotion
schemes called ‘Swarna Mangal and Shagun’. The company, in its reply submitted
on December 16, 2014, furnished the total amount collected, year-wise, from 2010
to 2014, claiming that under three separate schemes — Shagun Scheme, Swarna
Mangal Labh Scheme and Swarna Mangal Kalash Scheme — a total of over Rs 30.78
crore, Rs 13.24 crore and Rs 15.27 crore was collected, respectively. In
another communication to the company, the RoC had sought an explanation as to
why the amount accepted from the customers should not be treated as collection
of deposits, disallowed under the Companies Act, 2013. According to the RoC,
the advertisements and promotion pamphlets of Gitanjali Jewellery show that the
company is paying interest on deposits by offering to pay partly monthly
instalments on behalf of the depositors, which violates the Act. The RoC had
initiated action after the CBI sent an input to the Central Economic Intelligence
Bureau in 2014 regarding sales promotion schemes of various jewellery
companies, including Gitanjali Jewellery. According to the communication sent
by the CBI to the MCA in 2014, under such schemes, jewellery companies invite
the general public to pay a fixed sum of money every month for 12 months, at
the end of which the additional one or two installments are paid for by the
companies. The depositor is then eligible to purchase jewellery from the
company at the ruling rate. The net gain to the depositor gets nullified as
profit margin/making charges of the jewellery company. The CBI had expressed
apprehensions that these operators will one day either run away or declare
themselves insolvent, causing the gullible public to suffer. It had alleged that
the schemes violate the Companies (Acceptance of Deposits) Rules, 1975, and
also claimed that the jewellers are taking advantage of the lacuna in the
system, by using the funds for their working capital or to avail loans from
banks against the working capital.
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ESSAR STEEL’S COMMITTEE OF CREDITORS SETS UP PANEL TO OVERSEE
OPERATIONS, TRANSITION
Essar Steel’s committee of
creditors (CoC) has set up a monitoring committee to oversee the operations of
the steel firm and ensure smooth transition to ArcelorMittal, the successful
resolution applicant. The monitoring committee is headed by resolution
professional Satish Gupta and has four members from the lenders and three from
ArcelorMittal, a source in the know of the development told. The development
comes after the National Company Law Appellate Tribunal (NCLAT) asked the CoC
to set up a monitoring committee to oversee the operations of the steel firm
and smooth transition to ArcelorMittal.
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RBI YET TO APPROVE LAKSHMI VILAS BANK-IHFL MERGER
Denying reports of it
approving the merger of Lakshmi Vilas Bank (LVB) and Indiabulls Housing Finance
Ltd (IHFL), the Reserve Bank of India has said that the merger does not have
its nod so far and it would examine the proposals once it receives them from
the merging entities. The board of Lakshmi Vilas Bank on Friday had approved a
scheme of amalgamation with the IHFL. Some media reports cited the presence of
two RBI-nominated additional directors on the bank's board as an indirect
approval by the apex bank. It is clarified that the merger announcement does
not have any approval of the RBI at this stage. It is also clarified that
presence of Additional Directors nominated by the RBI on the Board of LVB does
not imply any approval of the RBI of the merger proposal, the central bank said
in a statement on Saturday. The Additional Directors have clearly mentioned at
the meeting that they have no view on the proposal, it said. The RBI statement
further noted that it would examine the proposals as per extant regulatory
guidelines and directions and when it receives them from the entities
concerned.
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NSE CO-LOCATION CASE: 13 MORE TRADING MEMBERS UNDER SEBI
SCANNER
SEBI has ordered investigation
and forensic audit of 13 more trading members of the National Stock Exchange
linked to the co-location scam at exchange. This is in addition to the ongoing
probe against nine other trading members initiated by the market regulator
earlier. The investigation / examination by SEBI / NSE are in progress and
appropriate proceedings would be initiated upon completion of this. In addition
to nine trading members, since forensic auditors indicated that there were
other trading members who had also connected to ‘secondary server’, SEBI has
commenced separate comprehensive investigation / forensic audit of 13
additional trading members for having substantial ‘secondary server’ connects
to ascertain any specific violation on account of such connection, SEBI said. SEBI
has also told the Ministry that it has put on hold 19 applications for
settlement of the case following directions from the Madras High Court, which
had asked the regulator not to process or pass orders under the consent
application submitted by the NSE. Under SEBI’s consent settlement, wrong doers
can get away by paying penalty without admission or denial of guilt. SEBI has
show caused 14 NSE officials. While 13 filed for consent, one former technology
official contested the allegations as he said he had joined the exchange only
after the alleged scam happened. Co-location was first highlighted by a
whistle-blower in 2015. SEBI’s letter to the Ministry also says that it has
asked NSE to carry out detailed examination, initiate action and submit a report
in a time bound manner with respect to remaining trading members who had any
connection to the secondary server. SEBI has told the Ministry that it has so
far took taken action against three trading members and issued administrative
warning to six in the matter.
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MUTUAL FUNDS COLLECT RS 8,055 CRORE VIA SIP IN MARCH
Mutual funds witnessed
inflows worth Rs 8,055.35 crore via SIP in March, 13 per cent higher on
year-on-year basis. We have always seen an uptrend in SIP numbers. Though a
month-on-month basis the collections have fallen but that is very marginal. We
do not see any slowdown in opening of SIP accounts. Three lakh fresh SIP accounts
have been opened in the month, said N.S. Venkatesh. SIP accounts for March
stood at 2.62 crore vis-a-vis 2.11 crore for the same month last year. Data
released by Amfi shows that month-end assets under management (AUM) for March
were Rs 23.80 lakh crore. Average AUM or AAUM stood at Rs 24.58 lakh crore.
Overall AUM has grown by 11 per cent and the retail AUM has also shown growth
of 16 per cent Y-o-Y. Given the market volatility has come down a little bit,
market has shown uptrend and easing of border tensions have helped mutual fund
inflows. Mutual Funds are mirroring the trend, said Venkatesh. Retail AUM for
March stood at Rs 10.73 lakh crore, higher than February AUM of Rs 10.01 lakh
crore. ELSS or tax-saving funds saw inflows of Rs 2,742 crore. Income funds
have shown a reversal in trend. Income funds received net inflows of Rs 13,856
crore in March compared to outflows of Rs 4,200 crore in February.
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WHILE OTHER EQUITY FUNDRAISING AVENUES DRIED UP IN FY18, OFS
ISSUES STOOD OUT
In fiscal year 2019,
equity fundraising activity fell to about a fourth of the levels in the
previous year. Initial public offerings (IPOs) and qualified institutional
placements fell more than 80% in value terms. However, there was one equity
fundraising product that stood out, the offer-for-sale (OFS) route that company
promoters can use to sell shares. As much as ₹11,000 crore was raised in
the last quarter, when the broader markets were in an upswing. These
secondary-market sales are being carried out to comply with the new listing
norms, which stipulate that listed stocks should have a minimum 25% public
shareholding. The recent Prudential Corporation Holdings Ltd sale of a 3.7%
stake in ICICI Prudential Life Insurance Co. Ltd was aimed at reducing its
promoter holding to below 75%. Besides, the government has utilized the OFS
route to carry through its divestment programme in some cases. Till recently,
the OFS route was available only to the top 200 companies (by market
capitalization). In December 2018, however, the Securities and Exchange Board
of India eased the rules. Companies with a market capitalization of more than ₹1,000
crore can now use the route. This was done to enable smaller public sector
firms to raise funds through this window.
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‘PSB RECAPITALISATION AND RESOLUTION OF STRESSED ASSETS UNDER
IBC TO IMPROVE BANK CREDIT OFFTAKE’
Recapitalisation of public
sector banks (PSBs), the ongoing improvement in their financials, and
resolution of stressed assets under the Insolvency and Bankruptcy Code are
expected to improve bank credit offtake, according to Reserve Bank of India’s
latest monetary policy report. This is also expected to support investment and
aggregate demand in the economy, the report said. On February 20, the
government had approved ₹48,239-crore capital infusion into 12 PSBs. In response to the
25 basis point (bps) reduction in the policy repo rate on February 7, some
banks have reduced their lending rates under the marginal cost of funds-based
lending rate (MCLR) system. One basis point equals one-hundredth of a
percentage point. Following the reduction in policy rate by 25 bps in February,
38 banks have reduced their one-year MCLR so far (till March-end 2019) in the
range of 1-106 bps. However, 24 banks, mostly foreign lenders, increased their
MCLRs in the range of 5-113 bps during the same period, the report said. While
the median term deposit rate (all maturities) of banks declined by 3 basis
points, the one-year median MCLR declined by 5 bps during the easing phase so
far. The year-on-year (y-o-y) growth was higher at 14.4 per cent (up to March
15, 2019) from 11 per cent a year ago. Of the incremental credit extended by
scheduled commercial banks as on March 15, 47.4 per cent was provided by PSBs,
48.9 per cent by private sector banks, and 3.7 per cent by foreign banks. The
report said incremental credit flows are also getting increasingly broad-based,
with services accounting for the highest share (at 45 per cent in February 2019
against 35 per cent in February 2018), against personal loans (at 31.9 per cent
in February 2019 against 48.2 per cent in February 2018). Credit growth to
industry, which turned positive in November 2017 after more than a year-long
contraction, improved to 15.2 per cent in February 2019 against 4 per cent in
February 2018. The share of credit to agriculture, however, moderated to 7.90
per cent in February 2019 against 12.8 per cent in February 2018.
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VIDEOCON GROUP OWES OVER ₹85,000 CR TO BANKS,
VENDORS
In what could become the
largest corporate bankruptcy case in the country, Venugopal Dhoot-promoted
Videocon Group and its entities owes in excess of ₹85,000
crore to banks its vendors and even its employees. The company, which is going
through the insolvency process, owes its financial creditors that are mostly
public sector banks a total of ₹57,443 crore. It owes the maximum to SBI of around ₹11,175
crore, followed by IDBI Bank ₹9,561 crore. Operational claims filed by Videocon Industries
include payments of ₹2,151 crore to 704 vendors, which includes the likes of
Samsung, NEC and others. A sum of ₹3 crore is under
reconciliation, the filings showed. Videocon Telecom, a subsidiary, owes as a
part of financial claims a whopping ₹24,302 crore to banks and
other financial institutions. Videocon Telecom owes the maximum to SBI to the
tune of ₹4,408 crore, according to the disclosures made by the
resolution professional. Central Bank of India is the second biggest claimant
with ₹3,073.16 crore. Further, Videocon owes its employees around ₹2.1
crore, through salaries and other emoluments. Interestingly, Videocon
Industries owes ₹1,786 crore to Videocon Telecom, its subsidiary. Additionally,
claims received from another 73 employees are under review.
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PIYUSH GOYAL TAKES ON RBI FOR LOWERING ECONOMIC GROWTH
Piyush Goyal asked the
Reserve Bank of India on Friday to introspect its role in pulling down the
country’s projected economic growth for 2019-20 to 7.2 per cent from the
earlier forecast of 7.4 per cent. The economy rose 7 per cent in 2018-19, the
lowest growth in the five-year term of the Narendra Modi-led government. Goyal,
who held the post of finance minister when Arun Jaitley was undergoing
treatment, was speaking at the Confederation of Indian Industry’s annual
session. All stakeholders, including the RBI, should introspect on their
respective roles (on low economic growth), he said, adding the RBI could have
taken certain steps differently over a period of time. Goyal said he was glad
that now the RBI was recognising growth as much as inflation. (I am) glad that
RBI has lowered rates. Lower inflation will help India become more competitive
and infuse more liquidity. Arvind Panagariya, said, Given our level of
inflation, personally, I would have done 50 basis points (cut), because,
somehow, these 25 basis points cuts get lost and pass through happens with 50
basis points (reduction). He said central banks like to be conservative either
way — if they raise, they raise by 25 basis points, and if they cut, they cut
by 25 basis points. On jobs, Goyal said the nature of employment was changing
as more people were working on contractual basis. He said one should benchmark
more on ‘livelihood creation’ compared to conventional jobs and warned that any
doles would lead to under-reporting of income. Goyal also said capturing
authentic data on jobs would become a challenge and hinder formalisation of
economy. Suggesting that the country should rather look at its own policies
than slowing down global trade, Panagariya said India's share was just 1.7 per
cent in global merchandise trade. If global trade was to rise to $20 trillion
from $7 trillion over the years, but it rises to $18 trillion or $16 trillion,
India can more than make up by raising its share to 3 per cent in global trade.
But that would require conducive domestic policies, he said. Panagariya
suggested India should explore the possibility of a free-trade agreement (FTA)
with the US. With the US being such an important strategic partner, one area
where we can explore an FTA agreement is services. He said the ministry of
statistics and programme implementation (Mospi) released a 40-page document
about the methodology along with figures. If there is a genuine problem with
the methodology, the government would itself be happy to (respond to) questions
on the quality of data, he said.
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RBI TO SET UP REGULATORY SANDBOX FOR FINTECH FIRMS
Recently, RBI governor
Shaktikanta Das said the central bank will set up a regulatory sandbox for
which guidelines will be issued in two months. The aim is to have appropriate
regulatory and supervisory frameworks to ensure an orderly development of
fintech, to streamline their influence into the financial system, to protect
customers and safeguard the interest of all stakeholders. RBI’S working group
on fintech and digital banking suggested the introduction of a ‘regulatory
sandbox or innovation hub’ within a well-defined space and duration to
experiment with fintech solutions. There are a number of sandbox models
globally. London and Singapore comes to be the closest. As for India, the
sandbox model is for the regulator, said Vivek Belgavi. It means if I am a
financial services company such as a fintech or a bank and I want to test out a
product or process I can do it through this. Say I want to do digital
onboarding and use video and other options to check the authentic instead of
in-person verification. And I want to check with the regulator if this model
will be acceptable then sandbox is the place where I will show this method, he
said. RBI is not the first to consider regulatory sandbox. The Insurance
Regulatory and Development Authority of India (IRDAI) has also mulled letting
firms test products as part of its sandbox approach to test digital and
tech-based innovations before launching them in the market.
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‘MF ASSETS GROWTH SLOWEST IN SEVEN YEARS’
The recently-ended
financial year 2018-19 saw mutual fund assets growing at the slowest pace in
seven years as debt funds, which constitute a major portion of the overall
assets under management (AUM) of the industry, saw huge outflows. According to
a latest analysis by Crisil, the total AUM rose 6% to touch ₹24.51
lakh crore in the fiscal, even as debt funds saw total outflows of ₹1.38
lakh crore between April 2018 and February 2019. Debt funds, which account for
nearly 45% of the total assets, managed to recoup some of the losses of the
previous quarter, and were up 2.3% or ₹24,500 crore, to ₹11.08
lakh crore in the March quarter. In percentage terms, assets of money market,
banking and PSU, and ultra-short duration funds, grew in double digits — around
20%, 19% and 15%, respectively. In absolute terms, liquid funds topped the
chart with a gain of ₹14,500 crore in the AUM. Meanwhile, the average AUM of the
mutual fund industry rose 3.6% in the fourth quarter of the fiscal to ₹24.51
lakh crore as against a fall of 2.8% in the preceding quarter. Supported by investor
interest in equity mutual funds in the form of lump sum and systematic
investment plans (SIP), the category’s average assets rose nearly 6%, or by ₹36,000
crore to ₹6.58 lakh crore in the latest quarter. On a consolidated
basis, their AUM — 63% of the total equity average AUM — rose by ₹23,400
crore during the quarter.
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INDIA'S CASH CRUNCH IS WEIGHING ON FINANCIAL HEALTH OF
COMPANIES
India's cash crunch is
taking its toll on the health of companies and risks inflicting further
financial damage, after the credit profile of local firms deteriorated at the
fastest pace in six years. There were two issuer rating downgrades for every
upgrade in the first three months of 2019, the worst ratio for any first
quarter since at least 2013. Lower ratings force borrowers to pay more for
money in debt markets. The Reserve Bank of India on Thursday cut interest rates
for a second time this year, citing economic headwinds. Policy makers have
struggled to guide financing costs lower for companies. Creditors remain wary
after the collapse last year of non-bank lender Infrastructure Leasing &
Financial Services Ltd. added to bad loan problems. That's a challenge for
Prime Minister Narendra Modi who is trying to get the economy back on steadier
footing as national elections kick off this week. Care Ratings Ltd downgraded
more companies than it upgraded for the first time in six years in the 12-month
period through March 31. The worsening can largely be attributed to the
liquidity crunch and decline in operating profits, Care said in a report. As
the central bank tries to get more money flowing through the financial system,
it has embarked on its most aggressive monetary policy easing in more than
three years. On Thursday it said it will set up a task force to explore the
development of the secondary market for corporate loans. The RBI also injected
additional funds into the banking system last month to boost liquidity through
a rare currency swap. The cash crunch is a concern for regulators too who are
trying to step up liquidity, according to Rajesh Mokashi.
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EMPLOYEE UNION OPPOSES MERGER OF LAKSHMI VILAS BANK WITH
INDIABULLS
All India Bank Employees
Association (AIBEA) has opposed the proposed merger of Lakshmi Vilas Bank with
Indiabulls Housing Finance Ltd. The association urged the Reserve Bank of India
(RBI) not to give nod for the merger. While RBI clarified that the Board has
unanimously approved the resolution, the RBI nominee directors, as is the
practice at the bank, did not have to participate in the voting or express any
views. But the union said that the two nominee directors of RBI on the board of
the bank were also present in the board meeting and the board's decision has
been taken unanimously thereby implying that the proposal has the tacit
approval of the RBI. LVB may be a private Bank but the deposits in Bank (around Rs 30,000 crore) belongs to the
people at large and is public money, said C H Venkatachalam. The union further
alleged it (the merger) is obviously a short-circuit method by Indiabulls
Housing Finance Ltd and manage to become a bank through this method. Taking
into account the fragile health of Lakshmi Vilas Bank Ltd, it is necessary for
RBI to take a holistic view and merge it with one of the public sector Banks in
public interest instead of allowing LVB to merge with IBH, said the union. There
is no need at this juncture to go into the scenario of various private sector
banks in our country after the recent ICICI Bank episode. But it is important to keep a very close
watch on the affairs of these private banks who deal with substantial savings
of the people at large. We urge upon you to bestow your personal attention in
this regard and not allow things to happen in a hurry by permitting the merger,
said Venkatachalam.
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PNB'S STAKE SALE IN HOUSING FINANCE ARM 'CREDIT POSITIVE':
MOODY'S
The sale of Punjab
National Bank's 13 per cent stake in PNB Housing Finance is credit positive as
it will strengthen the bank's capital, Moody's said Monday. Last month
state-run Punjab National Bank announced that it will sell 13 per cent stake in
PNB Housing Finance for Rs 1,850 crore (USD 270 million) to global private
equity firm General Atlantic Group and alternative investment firm Varde
Partners. Upon completion of the sale, PNB will retain a 19.8 per cent stake in
PNB Housing Finance worth around Rs 3,000 crore (USD 440 million). Moody's
estimates that a sale of the remaining stake at a valuation similar to the
current deal would increase PNB's CET1 ratio by approximately 70 basis points.
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PROMOTERS SHOULD DISPLAY PROJECT DETAILS ON WEBSITE: RERA
The Telangana State Real
Estate Regulatory Authority (RERA) directed the registered promoters to update
the quarterly progress of their respective projects to facilitate the buyers
track the progress. The module to update the quarterly progress is live on the
RERA website. This apart, the promoters and builders are directed to
prominently display the RERA website and respective project registration number
in the advertisement or prospectus to be issued to buyers. The promoters,
builders and developers were also directed not to sell, advertise or market any
real estate project which is not registered with RERA. Similarly, RERA also
instructed the real estate agents not to facilitate the sale or purchase of
plots, apartments and buildings of unregistered projects. Agents or promoters
will be liable for penalty, if they violate the said rules,
RERA officials said.
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BIG BANKS TO REPORT FIRST-QUARTER RESULTS WITH LOWERED
EXPECTATIONS
Investors will focus on
falling profits a more dovish Federal Reserve and lower interest rates as major
US banks kick off what analysts expect to be the first quarter of contracting
corporate earnings since 2016. On Friday, April 12, JPMorgan Chase & Co and
Wells Fargo & Co will post results to begin the earnings season in earnest
Citigroup Inc and Goldman Sachs Group Inc will report the following Monday,
followed by Bank of America Corp and Morgan Stanley on Tuesday. In the wake of
the Federal Reserve's cautious shift due to signs of softness in the US economy
and the subsequent drop in 10-year Treasury yields, S&P 500 banks are seen
posting year-on-year first-quarter earnings growth of 2.3 per cent, down from
8.2 per cent forecast six months ago, according to Refinitiv data. The Fed
pivoted so abruptly, which gives one pause about what they're saying about the
economy, said Chuck Carlson. Flat to falling interest rates are not good news
for bank interest margins. It's not surprising that analysts are taking down
earnings estimates. The benchmark bond's yield hit a 15-month low in the first
quarter, flattening the yield curve and narrowing the gap between the interest
banks pay depositors and the interest they charge consumers, which is bad news
for profits. In the first three months of the year, the S&P 500 bounced
back from a sell-off in December, gaining 13.1 per cent, its biggest quarterly
increase since 2009. But financials underperformed the wider market, gaining
7.9 per cent in the quarter as the new low-interest-rate normal that boosted
other sectors was a headwind for banks. But some analysts believe the effects
on banks of a more accommodative Fed and the flattened yield curve are
overstated. Recent history shows that large US financial institutions have beat
analyst estimates at a higher rate than the broader market. In the eight most
recent quarters, the six banks have beat earnings estimates 83.3 per cent of
the time on average, compared with the S&P 500's 75.4 per cent average beat
rate. Additionally, bank revenues surprised to the upside 79.2 per cent of the
time, while S&P 500 company revenues came in ahead of analyst estimates
68.3 per cent of the time, per Refinitiv data.
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GOVT AGENCIES MUST CREATE AN IDEAL START-UP MILIEU, SAYS
TELECOM SECRETARY
The role of administration
is critical in building a favourable start-up milieu according to Aruna
Sundararajan. Maintaining global yardsticks will be a key challenge start-ups
will face in future. They won’t be able to achieve the desired results without
the government creating ideal ecosystems, she said. She said a system that
integrated talent, market, entrepreneurship, industry relations and investment
possibilities is needed. India has the greatest pool of start-ups; the general
outlook is optimistic. Entrepreneurs are coming up by overcoming difficult
situations, she added.
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CEOS, INDEPENDENT DIRECTORS HOLD KEY TO GOOD CORPORATE
GOVERNANCE: NARAYANA MURTHY
Narayana Murthy on
Saturday stressed the role of independent directors and CEOs in ensuring good
corporate governance According to Murthy, good governance is about representing
shareholders faithfully and increasing shareholder value legally and ethically.
Good governance is about enhancing the reputation of the corporation It
involves understanding the risks involved in every function and mitigating them
through debates and discussions, Murthy said. It also entails holding the
management responsible to be fair, honest, transparent and accountable to every
stakeholder of the company. The CEO of the organisation should understand the
nuances of industry and intricacies of the business model. The CEO should not
put pressure on Board to obtain disproportionate direct or indirect advantage
for himself or herself or his or her family, friends and cronies to the
exclusion of fair compensation for other employees, he said. He emphasised that
a CEO should be ever ready to question deeply and seek the truth It is about
disagreeing without being disagreeable on the boardroom, he said. Talking about
the role of an independent director, he said, the accountability of an
independent director is only to his shareholders and the regulators.
Shareholders have every right to ask questions and you have to be transparent.
But you cannot be party to selective disclosure to just any group of
shareholders, including the founders, he said. Emphasising the role the
government should play in enhancing business environment thereby creating jobs,
he said, that the government should be an impartial regulator. The government should
resist the temptation to get into or stay in a business, he said. Jish desh
mein sarkar byapari hota hai us desh mein log bhikari ho jate hain (In a
country where the government gets into business, there the citizens turn into
beggars
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INDIA GOVERNMENT HAD NO OUTSTANDING LOANS FROM RBI IN MARCH 29
WEEK
India’s government had no
outstanding loans with the Reserve Bank of India (RBI) under ways and means
advances in the week ended March 29, according to the central bank’s weekly
statistical supplement released on Friday. State governments had 100 million
rupees ($1.44 million) loans from the RBI in the week ended March 29, compared
with 5.25 billion rupees in the previous week, the release showed.
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TATA STEEL POSTS RECORD INDIAN OUTPUT AFTER BHUSHAN PURCHASE
Tata Steel Ltd.’s Indian
steel output rose to a record in its latest financial year thanks to its 2018
acquisition of Bhushan Steel Ltd. assets, potentially making Tata the country’s
biggest producer. Production rose 35% to 16.79 million tons in the year ended
March 31, as Bhushan Steel added 4.2 million tons to output, the Mumbai-based
company said in a statement Saturday. Tata’s volumes are a tad higher than the
16.75 million tons targeted by JSW Steel Ltd., which was India’s biggest steel
mill in the previous fiscal year. JSW has yet to release its final number for
the latest 12 month period. Tata Steel has been shifting its focus to India,
where demand is growing due to a government-led emphasis on building new
infrastructure. The state-run Steel Authority of India Ltd. also reported a
record production of 16.3 million tons earlier this week. However, steel
production at Tata’s Europe division fell 3.7 percent to 10.3 million tons
during the 12 months to March, the company said. The European Commission is
reviewing a plan by Tata to merge its European operations with those of
Thyssenkrupp AG.L.P.
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'BURDEN' FOR COLLATERAL MANAGEMENT COS WORKING ON RENTED
WAREHOUSE MODEL
The government has brought
warehouses under Goods and Service Tax net from April. However, those players
in organised sector who take warehouses on rent as part of their collateral
management business, see a huge burden especially when they deal in agri
commodities. Agri commodities collateral management business has flourished in
last few years as these companies help farmers and processors to get finance
from banks and non-banking institutions. They have to pay now 18 per cent GST
on rent they pay for warehouses in which they keep collateral commodities. In
many cases they themselves finance farmers or their group NBFCs finance them
against collateral commodities. Hence these collateral management companies
cannot get the input credit of GST they pay on rent because the commodities in
which they deal are agri commodities which are not attracting GST. This is a
big burden on them. If the agri commodities are fully exempt from GST, all
products and services linked to this should have been exempted. The entire
channel either needs to be taxed or exempted. We, therefore, consider the
current structure of GST levy as an element of business risk. We provide a
variety of services to our customers in a package which help us make even a
small segment of our business viable, said Ramesh Doraiswami, Managing
Director, National Bulk Handling Corporation (NBHC). Smaller warehouses with
annual rent income of below Rs.20 lakh are however exempted from GST. This is a
major relief as, according to CARE research report, approximately 90 per cent
of the warehousing space controlled by unorganized sector players and are less
than 10,000 square feet. But this causes another problem when their services
are used by collateral management services companies. To address this issue,
many players in warehousing sector, meanwhile, have also started focusing on
innovative technology to monitor entire logistic issues to avoid demurrage and
also the delay in loading and unloading to cut down their cost of warehousing
and transportation. In a bid to bring about automation into the entire supply
chain model enabling everyone to have direct access to the dashboards that can
be customized as per the business needs. The whole objective is to transform
how transportation currently done by corporate and shippers in the country.
Transport Hub provides end to end solutions from picking the goods by the
shipper to delivering the goods, tyre management, fuel management amongst
others. This customized technology saves the cost of transportation immensely,
said Rohit Chaturvedi.
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INDIA'S ECONOMIC GROWTH DRIVEN BY DOMESTIC DEMAND, NEED TO
FOCUS ON EXPORTS: WORLD BANK
India's economic growth in
recent years has been too much driven by domestic demand and its exports were
about one third of its potential, a World Bank official said, asserting that
the next government needs to focus on export-led growth. Praising attempts to
liberalize markets within India, Hans Timmer, World Bank Chief Economist for
the South Asia Region said that is what is needed to become more competitive.
At the same time you've seen also of the last couple of years that the current
account deficit widened - an indication that increasingly growth came from the
non-tradable sector -- from the domestic sector, and that makes it difficult to
export more, Timmer told. The polling for first phase of seven-phase
parliamentary polls in the country is scheduled to take place on April 11, with
the last phase on May 19 and the results will be announced on May 23. In the
last five years, he said, India's overall growth was too much driven by
domestic demand, which resulted in double digit growth of imports, and four to
five per cent growth in exports. The pluses were that we have seen the GST
trying to create more flexibility within the country, so that it's easier to
trade between states. That's what you need if you want to trade also with
foreign countries, he said. Responding to a question, the World bank official
said the focus of the next government should be on reducing the stimulus of
domestic demand. According to him, friction between India and Pakistan is
unhelpful to the trade and economic growth in the region. The lack of regional
integration is not the main course of the under performance in exports. And
that's often the assumption. When people look at South Asia, immediately the
problem of very limited regional integration jumps up, he said.
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FLIPKART IS READY WITH THE TECH STACK TO START LENDING
Walmart-owned Indian
ecommerce giant Flipkart is working on a video Know Your Customer (KYC)
solution to offer instant credit to customers who buy through its platform,
after Aadhaar-based eKYC for private entities was struck down by the Supreme
Court last year. Flipkart, whose plans to enter into digital financial services
had been in a limbo for some time, had worked with smaller fintech partners to
enable ‘cardless credit’ and checkout finance. However, it now plans to start
lending again and underwrite customers to create a preapproved line of credit.
I think applying for an NBFC licence is a natural progression to enable credit
for our customers and we’re committed to moving in that direction, said Ranjith
Boyanapalli, without actually specifying whether it had applied for a
non-banking finance company licence from the Reserve Bank of India. Flipkart
has started a pilot project for digital KYC with almost 10,000 customers. It
will offer the service to more customers in the coming weeks, pending approvals
from the RBI. It’s still on a pilot basis for which we’ve opened it up to
10,000 users only, but in two to three weeks we should roll it out to the
larger customer base on Flipkart, said Suyash Motarwar. We have received an
in-principle approval from the RBI and our lending partners are working very
closely with the RBI to ensure we are compliant. Flipkart’s push for an
alternative to eKYC comes at a time when it wants to ramp up lending, mostly in
a digital format. The company says it has already lent to 1.2 million customers
through partners, and is looking to perfect its proprietary credit underwriting
model that will largely utilise own customer data. We’re using data points from
our platform and outside to act as a proxy for this information, allowing us to
give you credit without actually having a credit history, Motarwar said. The
company is tracking 500 to 1,000 data points to gauge a customer’s ability and
intent to repay loans, crucial factors to check delinquency. Kissht, which
offers cardless EMIs to Flipkart customers, and ZestMoney, which offers EMI
purchases during online transactions, are two of its major fintech partners.
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SIX OFFENSIVE POSTS ON SOCIAL MEDIA IN TRASH BIN
Takedown of
‘objectionable’ poll campaign content by social media platforms has started,
with six items removed so far by platforms like Twitter and Facebook. Posts
taken down include both ‘indecent’ and ‘violent’ content, people familiar with
the process said. The first phase of polling is on April 11, and the 48-hour silent
period before voting comes into place on Monday. Twitter took down two posts —
one about the indelible ink used in the elections and the other, an unverified
piece of information about electronic voting machines or EVMs. The two posts,
officials add, were taken down in less than four hours and less than seven
hours, respectively. Similarly, of the five requests EC made to Facebook, the
social network had taken down four, while it was yet to take down one. These
requests, officials added, were taken down in about five hours. Another post
concerned a violent image targeting Karnataka CM and Janata Dal (Secular)
leader HD Kumaraswamy. It had a picture of a sword, a head being removed, and
blood coming out, the EC official added. That post, sources said, was also
removed by Facebook. According to the voluntary code of conduct, social media
platforms have to take down the reported content within an outer limit of 3
hours in the 48-hour period before polling as per the recommendations of the
Sinha Committee in January 2019. As elections progress, officials said, many
more takedowns could happen.
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FACEBOOK DOES PHYSICAL VERIFICATION OF AN INDIAN USER FOR A
POST
Facebook, already facing
the election heat in India, is busy doing something never heard of: Sending its
representatives to users' home to verify if the post with political content was
actually written by them. IANS has contacted one such Facebook user in New
Delhi who was recently visited by a Facebook representative for the
verification process related to the content the user had posted. It was like
cops come to your door for passport verification. The Facebook representative
asked me to prove my credentials by asking for my Aadhaar card and other
documents to understand if I am the one who had posted the political content,
the person, who did not wish to be named, told IANS. The user was left stunned
to see a Facebook representative landing at his home for inquiring about just a
post. It was a shocker for me. How come a social media platform do that to a
user? What about a user's privacy? I have never heard of any such incident
anywhere. Was this at the behest of the government? asked the user IANS sent a
couple of mails to Facebook for their version on this but to no avail.
#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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