LION MTS NEWSROOM FOR THE DAY 18.08.2018
Mamta Binani
*Mamta Binani & Associates take the pleasure of launching the first e-book on IBC in India. Please visit our website – http://mamtabinaniandassociates.com/#/
UPDATE
MCA
MCA21 system will be intermittently unavailable from Saturday, 18th August 2018 10.00 pm to Sunday, 19th August 2018 02.00 pm IST due to maintenance activity. Stakeholders are requested to plan accordingly.
Form DPT-3 is likely to be revised on MCA21 Company Forms Download page w.e.f 19th AUG, 2018. Stakeholders are advised to check the latest version before filing.
IBBI
The Insolvency and Bankruptcy Code (Second Amendment) Act, 2018 notified on 17th August, 2018.
Source: http://egazette.nic.in/WriteReadData/2018/188623.pdf
NEWS
Most companies can withstand ongoing rupee fall: S&P
Most domestic corporates, barring a few, can withstand the ongoing rupee plunge as the share of their dollar-linked earnings largely balance the share of their greenback-denominated debt, says a report.
The rupee fell beyond Rs 70 to the dollar, closing at an all-time low yesterday at 70.15, while yesterday the market was closed. So far, the rupee has lost close to 9 per cent, making it one of the worst performers among the large currencies.
"A weaker and more volatile rupee would likely result in increased hedging costs for companies, while the same may benefit exporters," an S&P report said.
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Companies in a bind over GST on inter-state office services
Companies are in a fix after the Authority of Advance Ruling (AAR), Karnataka, said that the activities at head office, such as human resources, IT maintenance and accounting, would be treated as supply of service by the corporate office to other units in different states and would attract GST.
The ruling has raised concerns over how to deal with salaries of stewardship functions such as chief executive, chief financial officer, audit head, legal head and marketing teams. As per the ruling, salaries of these stewards would need to be cross-charged and GST paid.
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Reporting of GST, GAAR details in tax audit report deferred till Mar 2019
India’s direct taxes body has deferred till March 31, 2019, the proposed Goods and Services Tax (GST) and General Anti Avoidance Reporting under the amended tax audit form. The Central Board of Direct Taxes has issued a circular to this effect following representations from the industry.
The board has clarified that tax auditors will not be required to furnish details called for under Clause 30C and Clause 44 of tax audit report, relating to GAAR and GST.
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NPCI launches new-look UPI with overdraft facility
If Unified Payments Interface revolutionised the peer-to-peer digital payments ecosystem in the country, National Payments Corporation of India has now launched an updated version of the payment railroad, mainly to drive merchant payments on UPI.
The updated UPI, commonly referred to as UPI 2.0, was launched on Thursday by the Reserve Bank of India governor Urjit Patel along with State Bank chairman Rajnish Kumar and Infosys non-executive chairman Nandan Nilekani. ET had written in its July 31 edition that UPI was set to be launched in the second half of August with a few limited features with around 10 banks.
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Resolution under IBC: Creditors recover Rs 50k cr
Creditors have recovered Rs 49,783 crore, or almost 56 per cent of their admitted claims, from 32 stressed companies where insolvency resolution plans were approved by the National Company Law Tribunal (NCLT) by the end of June, showed data compiled by the Insolvency and Bankruptcy Board of India.
Despite the average 44 per cent haircut that the creditors in general had to take in these cases, analysts said the Insolvency and Bankruptcy Code (IBC) has performed much better than the earlier system where the recovery process was strenuous and yielded too little. Of course, the headline numbers are good primarily because of Bhushan Steel, which accounted for close to 64 per cent of the total claims by these 32 firms and an equal amount in recovery.
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Income tax department eyes over Rs 100 bn from 'struck off' firms
The income-tax (I-T) department is estimating tax recovery of over Rs 100 billion from companies that have been struck off from records of the Registrar of Companies (RoC) last year. The tax department is in the process of filing a petition before the National Company Law Tribunal (NCLT) for restoration of registration in as many as 50,000 such companies. The RoCs had struck off 300,000 companies after it was found they had not filed their statutory returns. Directors of these companies have been prohibited from holding directorships in any other company.
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SPORTS
Indian women eye Hockey gold to book Olympic berth
Former champions India will have to recover from their medal-less World Cup campaign as they look to clinch the title at the 18th Asian Games and seal a Tokyo Olympics berth when the women’s hockey competition begins, in Jakarta on Sunday. Indian women’s team had won the gold medal at the 1982 Asian Games in New Delhi and ended runner up to South Korea in 1998 in Bangkok.
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Teenage shooting sensations face stiff test in Indonesia
Teenage prodigies Anish Bhanwala, Manu Bhaker and Elavenil Valarivan will carry India’s medal hopes in the shooting event of the Asian Games beginning in Jakarta on Sunday, and standing in their way will be the mighty Chinese and South Koreans. Bhanwala and Bhaker, who are 15 and 16 respectively, stormed into the limelight with a gold in the 25m rapid fire pistol and 10m air pistol respectively at Gold Coast Commonwealth Games.
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