Corporate and Professional Updates on 6th February 2019

Indirect Tax Updates:

• The Central GST Department decides to take measures to Recover Interest amount from the defaulters under section 50 of the CGST Act, 2017 including Recovery of Properties etc.

RBI Updates:

• Central Govt. asks RBI to transfer its Entire Surplus generated over the last 2 years as it seeks to meet its Revised Budget Goals for the ongoing and the next financial years.
• RBI imposes Separate Monetary Penalties on 3 Banks — UCO Bank, Axis Bank and Syndicate Bank over deficiencies in complying with Different Regulatory Norms.

SEBI Updates:

• SEBI asks Stock Exchanges to step up their Surveillance of Intra-Day Trading and to be extra cautious to check any possible manipulation in stocks, in the wake of Significant Volatility in a few stocks.
• SEBI comes out with new Strict Rules & Framework for Public Interest Directors serving at Stock Exchanges, Clearing Corporations and Depositories. Under the framework, Public Interest Directors (PIDs) will be nominated for 3 years, extendable by another term of 3 years. However, this will be subject to a performance review, as per new SEBI Circular

Other Updates:

• New FDI rules regarding E-commerce, may put a spanner in the Walmart-Flipkart merger. According to investment bank Morgan Stanley, Walmart may back out of its merger with E-Commerce giant Flipkart. Implemented from February 1, the new FDI rules bar online marketplaces with foreign investments from selling products from sellers in which the online marketplaces hold a stake. The new FDI rules also Ban Exclusive Marketing Arrangements.
• Indian Steel Companies are putting pressure on the Govt to Impose Higher Duties on Imports as trade disputes and a Global Economic Slowdown divert surplus Asian Steel Stocks to India. Local producers are suffering from the double whammy of a rise in cheap imports and low domestic steel prices, which threatens to wipeout the healthy profits made in the past couple of years.
• 5 Lakh Cr Stressed Corp Loans yet to be tagged as NPAs.
• RBI slaps penalties on Axis, UCO and Syndicate Bank.
• Zee, IL&FS exemplify poor Corporate Governance’.
• India among nations to benefit from US-China Trade War.
• ED okays restoration of Mallya’s Properties to Banks.
• expects Rs 69,000 Cr Dividend from RBI in FY20.
• Fitch puts ratings of Jaguar Land Rover under review citing Brexit.
• Realty, Construction, Power may spell more trouble to banks.
• Centre hopes to mop up Rs 4.4 Trillion from Cess and Surcharges in FY20.
• Fraud-hit PNB bounces back into black with Rs 246 Crore Profit in Q3.
• IRDAI permits testing of products under regulatory sandbox approach.
• Moody’s downgrades Bharti Airtel rating to Ba1 over cash-flow situation.
• LIC, JNPT submits bid for buying iconic Air India tower in Mumbai.
• India-US commercial dialogue, CEO Forum to be held on Feb 14.
• Exports will touch record high of $325 Billion this fiscal Anup Wadhawan, Commerce Secretary.
• Jubilant seeks royalty for Brand use by Group cos.
• Tata Global Beverages’ Profit down by 35% Percent in Q3.
• Hit by falling Crude prices, HPCL reports 87% fall in Net Profit to 247.5 Crore.
• Banks may see fresh NPAs of up to 2 Trillion over next one year.
• IDFC First Bank posts net loss of 1,538 Cr in Dec quarter.
• Ericsson moves contempt plea against RCom in apex court.
• PMO holds meeting to speed up strategic sale of PSUs.
• Tata Chemicals Q3 Profit declines 71% to 219.48 Crore.
• CCI approves PFC’s acquisition of 52% stake in REC.
• Vijay Mallya prepares for lengthy appeal against UK Govt’s extradition order.
• US-China Tariff hike would trigger downturn, trade diversion.
• GAIL reports 14.35% sequential decline in Q3 net at Rs 1,681.23 Crore.
• NTPC inks Rs 2,500 Cr loan pact with HDFC Bank.
• Consultations begin on drafting e-comm Policy.
• Ericsson asked to file objection by Friday.
• Governance standards improving in Corporate India.
• Vedanta Resources rating downgraded to Negative.
• No incidents of Security breach reported, says SBI chief.

Key Due Dates:

• Due Date for Payment of TDS & TCS Deducted/Collected in the month of January is 7th February 2019.
• Due Date for TDS Return for the month of January is 10th January 2019.

Quote of the Day:

“Believe passionately in what you do, and never knowingly compromise your standards and values. Act like a true professional, aiming for true excellence, and the money will follow.”