Corporate and Professional updates on 23rd May 2019

Direct Tax Updates:

• CBDT releases draft New FORM No. 10B and rule 17B: Amendment of Form No 10B of the Income-tax Rules, 1962– Draft notification for inputs from stakeholders and the general public.
• Income-tax authorities do not want to let go the revenue dues owed by shell companies that have been deregistered by the MCA. CBDT to file the restoration application with the National Company Law Tribunal (NCLT). MCA will support their stand.

RBI Updates:

• RBI board sought to create a specialised oversight cadre while reviewing the current structure of supervision at the regulator. With a view to strengthening the supervision and regulation of commercial banks, urban cooperative banks and NBFC, the Board decided to create a specialised supervisory and regulatory cadre within the RBI.
• RBI board suggested not extending a credit line to struggling NBFCs because it felt there was no systemic liquidity issue but there were solvency concerns in some large entities. The board also revised circular that would replace the controversial “resolution of stressed assets” framework released by the central bank on February 12, 2018.
• The Reserve Bank of India told non-banking finance companies with assets size of over Rs. 5,000 crores to appoint a Chief Risk Officer (CRO) to improve the standards of their risk management.

SEBI Updates:

• SEBI has issued norms for participation of mutual fund in commodity derivatives like gold, silver, crude, copper, guar, mentha etc. However, MFs won’t be allowed to take positions in sensitive commodities like agri products subject to frequent government intervention and the Essential Commodities Act. Effective May 21.

Other Updates:

• Airtel, Voda Idea lose 30 mn users in March, Jio gains
• Evaluating Jet Airways opportunity, says Hinduja Group
• NCLAT reserves order on ArcelorMittal
• PNB may take control of 2-3 small state-run banks
• Indian millennials optimistic about economic outlook
• Tech Mahindra inks defence contract worth Rs 300 cr
• HPCL to borrow Rs 8K cr in FY20 to fund expansion
• Co-location: NSE moves Securities Appellate Tribunal against Sebi rulings
• New Indian government faces crucial foreign policy decisions, say US experts
• US-China trade war gradually destabilising world economy
• 46 pc ultra high net worth Indians to increase investment in private equity
• L&T market capitalisation to touch Rs 3 lakh crore in five years: AM Naik
• Oil rises on US-Iran tensions, but trade war concerns weigh
• Rupee edges up 2 paise against US dollar as investors turn cautious.
• Reliance Capital protests ratings downgrade
• India reports trade deficit with 11 RCEP members in FY 2018-19
• OPEC members meet to assess oil market after US sanctions on Iran
• NMDC plans to acquire 100 per cent stake in Australia’s Legacy Iron-Ore Ltd
• Debt-ridden Essar Steel reports Rs 4,229 cr EBITDA during insolvency period
• ICICI-Videocon loan case: Kochhar contests bonus clawback, ESOP termination
• CBDT allows AMCs to directly manage offshore funds out of India
• NBFC crisis to top agenda of new govt
• Jet employee group offers to invest $700 million
• AgMA Energy plans to launch India-specific agri products
• No interest in taking control of IndiGo: Rakesh Gangwal
• Dredging Corporation of India wins annual contracts from Cochin and Paradip port trusts
• ONGC, GIP, Tripura govt eye to buy out IL&FS’s 26% stake in OTPC
• TCS eyes double-digit growth in FY20, says COO Subramaniam
• Dr Reddy’s Laboratories serves a bitter medicine in March quarter.
• Life insurance industry to focus on millennials, digital-human interface

Key Due Dates:

• Deposit of TDS /TCS for the month of April for purchase of property is 30^th May 2019.
• TDS return for March Quarter By all Deductors is 31^st May 2019.