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Monthly Archives: April 2019

Employees’ consortium to bid for Jet Airways; seeks to raise Rs 3,000 cr from outside investors

Two associations representing pilots and engineers — SWIP and JAMEVA — have written to State Bank of India (SBI) Chairman Rajnish Kumar with proposal to take over the airline by bringing in up to Rs 7,000 crore. This comes around the very public stuttering fate of the airline. A consortium …

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Funds received by startups from genuine investors may get exemption from angel tax

Presently, the government allows startups to avail complete angel tax exemption on investments up to Rs 25 crore and now, funds received by startups from accredited investors may also be exempted from angel tax but subject their compliance with enlisted net worth criteria. This provision is considered by the government …

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SC gives final warning to RBI to Disclose defaulters list, NPAs of banks under RTI

The Supreme Court has directed the Reserve Bank of India on 26.04.29 that the Court was giving “a last opportunity” to provide information to the general public under the Right to Information (RTI) Act pertaining to defaulters and audit and inspection reports of banks and other financial institutions. This further …

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Ministry of Corporate Affairs to debar Deloitte for 5 years

Even as Deloitte Haskins and Sells remains hanging unstably on the high wire over its suspicious role in the IL&FS audit process, it seems that the Ministry of Corporate Affairs is inclined to invoke section 140 (5) of the Companies Act to debar the firm for alleged malpractice in IL&FS …

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Resolution plans under IBC have yielded 200% of liquidation value

Creditors are realising, on an average, 45% of their claims through resolutions plans under the Corporate Insolvency Resolution Process (CIRP), which takes approximately 300 days and requires a cost on average of 0.5%. This is remarkably better when compared to the previous regime which generated a recovery of 25% for …

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Companies domiciled in India filed 4,600 patents in US between 2015-2018

India-domiciled companies have filed over 4,600 patents in the Unites States of America between 2015-2018. Majority of these patents were from the technology domain as per a report by industry body Nasscom. The report titled ‘Emerging Technologies: Leading the Next Wave of IP Creation for India’ threw light on how …

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NCLAT: CoC cannot discriminate between operational creditors

The National Company Law Appellate Tribunal (NCLAT) on 22.04.19 observed that the Committee of Creditors of Essar Steel cannot discriminate between operational creditors of the debt-ridden firm. The CoC of Essar Steel has divided operational creditors of the company into two groups — one with claims under Rs 1 crore …

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Investors investing millions in Indian Start-ups despite the many Regulatory Hurdles

Despite Indian startups across sectors facing regulatory roadblocks, such as bans, investors are pouring in large sums with a hawk-eye view to increase in outsized returns from these risky investments. The Madras high court on 24.04.19 lifted the ban on TikTok app downloads, in a slight relief to startups and …

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Probe finds Rs 1 lakh crore wrongdoings in over 200 companies under IBC

New Delhi: Forensic audit has reportedly unearthed financial wrongdoings of more than Rs 1 lakh crore in more than 200 companies, including suspected diversion of funds. The 200 companies in question are presently going through corporate insolvency resolution proceedings under the Insolvency and Bankruptcy Code (IBC). The report also highlighted …

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Corporate Affairs Ministry withdraws memorandum forbidding LLPs from manufacturing activities

The corporate affairs ministry recently withdrew its memorandum barring Limited Liability Partnerships (LLPs) from engaging in and undertaking manufacturing activities. Alarms were raised in various quarters about the said office memorandum issued by the ministry earlier in early March vide which LLPs were forbidden from manufacturing and related activities. The …

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