INSOLVENCY AND BANKRUPTCY
RECOVERY THROUGH IBC TO GET BETTER AS MACROS LOOKUP
The Reserve Bank of India (RBI) believes that the Insolvency and Bankruptcy Code (IBC) is probably the best mechanism for creditors to recover their dues and said that the right way to look at its effectiveness would be to compare the resolution value to the liquidation and not the total loans. Read more
CBIC TELLS TAXMEN TO RECOVER ONLY REDUCED TAX DUES IN INSOLVENCY AND BANKRUPTCY CODE CASES
The CBIC has asked tax officers to abide by the NCLT order in insolvency cases and recover only that much GST dues as has been finalized by the tribunal. The CBIC on December 27 issued a clarification in response to representations received from the trade as well as tax authorities regarding the modalities for implementation of the order of the adjudicating authority under the IBC concerning the demand for recovery against the such corporate debtor. Read more
IT SECTOR
INFINITE SOLUTIONS TO INVEST IN THE IT SECTOR FOR UTTAR PRADESH
Uttar Pradesh government delegation led by state Finance Minister Suresh Khanna met with Chairman, of Infinite Computer Solutions Sanjay Govil on Tuesday in New York.
“Infinite will be signing an MOU to invest over 500 crores shortly to build IT campuses in Noida and Lucknow,” UP Investors Summit tweeted.
Uttar Pradesh Minister Suresh Khanna said the investment will be a useful step for UP and India as over 4000 people will be employed. Read More
TECHNOPARK EXPORTS SKYROCKET TO A NEW HIGH: GROWTH TO CONTINUE
IT exports from the Technopark campus in Thiruvananthapuram grew 15 percent to touch Rs 9,775 crore for 2021-22 fiscal, according to the figures released on Wednesday.
During the fiscal 2020-21, the total exports stood at Rs 8,501 crore.
The first in the country when it opened here in the late 1990s, Technopark is presently home to 70,000 employees, working in 470 companies with a total IT built up area of 10.6 million square feet. Read More
GAMING AND CRYPTOCURRENCY
ESPORTS TO BE RECOGNISED BY INDIAN GOVERNMENT
The Government of India on Tuesday gave Esports a major boost by integrating it with mainline sports disciplines in the country. The President of India, Droupadi Murmu, in exercise of the powers “conferred by clause (3) of article 77 of the Constitution” amended the rules governing Esports and asked the Ministry of Electronics and Information Technology and the Sports Ministry to include “e-Sports as part of multi-sports events”. Read more
SOLANA CONTINUES SLIDE IN FTX AFTERMATH : MARKET VOLATILE
The price of Solana, a cryptocurrency token that had been lauded by FTX founder Sam Bankman-Fried, fell 10.36% on Wednesday, and is down 94.2% so far in 2022. The collapse of FTX has rippled across the industry, hobbling liquidity at firms with exposure to what was once one of the world’s biggest crypto exchanges.
Solana, or SOL, is the token behind the upstart Solana blockchain, which supports smart contract. Read more
REAL ESTATE
NEW REGISTRATION LAW FOR REGISTERING YOUR NEW PROPERTY
According to Section 17 of the Registration Act of 1908, it is mandatory to register the transfer of property in India. The registration and transfer of real estate in India are governed by this Act. Because the person in whose name the property is registered is the lawful and legal owner of the property, registration is required. Read More
RESIDENTIAL REAL ESTATE SETS NEW RECORDS IN 2022, SET FOR A BUOYANT 2023
Housing sales in India’s top seven property markets have risen to more than 1.61 lakh apartments in the first nine months of 2022, exceeding the annual sales performance since 2014. Read More
HOUSING MINISTER RELEASES GUIDELINES FOR NEW RANKING SYSTEM OF CITIES
City Finance Rankings 2022 aims to evaluate, recognise and reward urban local bodies on the basis of their strength across financial parameters. Read More
FOREIGN DIRECT INVESTMENT (FDI)
INDIA TO RECEIVE RECORD REMITTANCES BUT EXPERTS WORRY CAD WILL STILL WIDEN
Of $90 billion remittances that India is expected to receive in 2022, only $27.4 billion has come in the first half of the year. Read More
INDIA – AUSTRALIA FTA TRADE AGREEMENT TO HELP BOOST APPAREL EXPORTS
Apparel exporters would gain a profound advantage under the India-Australia free trade agreement. As the establishment of the agreement would enable greater market access in that country as compared to their competitors. As according to the prevalent data available, the garment is said to come in force from December 29. Read More
FTA AGREEMENT IN-BETWEEN INDIA AND UK TO BOOST TRADE OF CRICKET ACCESSORIES
Cricket bat and pad exports from UK to India could be in line for a big boost as the long-awaited free trade agreement in-between the two nations is in its final stages of being established. The Department for International Trade brought forward an update on Saturday following the sixth round of FTA negotiations in between the nations. Read More
ARBITRATION
RELIANCE INFRASTRUCTURE-DMRC ARBITRATION: SUPREME COURT DIRECTS HC TO ENSURE AWARD EXECUTION IN 3 MONTHS
While directing the HC to take the case to its “logical end” within three months, a top court bench led by Justice GR Gavai observed that the law on enforcement of arbitral award would remain the same for everyone including the government and its statutory corporations. A single-judge bench of the high court is dealing with the award execution proceedings. Read More
PARLIAMENT PASSES BILL TO RENAME ARBITRATION CENTRE
The Lok Sabha has already passed the bill on August 2022, which expands this to include the conduct of other forms of alternative dispute resolution besides arbitration. Read More
SUPREME COURT PULLS UP GOVERNMENT FOR NOT ABIDING BY ARBITRATION AWARDS
DAMEPL, which had operated the Airport Express Line in Delhi, had sought to recover the amount towards enforcement of an arbitration award it had won in May 2017 against Delhi’s metro operator. Read More
RESERVE BANK OF INDIA
RESERVE BANK OF INDIA IMPOSES MONETARY PENALTY ON MYND SOLUTIONS PRIVATE LIMITED
The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹13,90,000 (Rupees Thirteen Lakh and Ninety Thousand only) on Mynd Solutions Private Limited (the entity) for not complying with the Guidelines on Trade Receivables Discounting System (TReDS) updated as on July 02, 2018. The penalty has been imposed in exercise of powers vested in RBI under Section 30 of the Payment and Settlement Systems Act, 2007 (PSS Act). This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered by the entity with its customers. Read More
RBI RELEASES THE FINANCIAL STABILITY REPORT, DECEMBER 2022
The Reserve Bank released the 26th issue of the Financial Stability Report, which reflects the collective assessment of the Sub-Committee of the Financial Stability and Development Council (FSDC) on risks to financial stability and the resilience of the financial system. Read More
SECURITIES EXCHANGE BOARD OF INDIA (SEBI)
SEBI FINES RELIANCE COMMERCIAL FINANCE
India’s capital-markets regulator has fined Anil Ambani-promoted Reliance Commercial Finance (RCFL) for violation of disclosure norms. The Securities and Exchange Board of India (Sebi) said it received four letters from debenture trustee Vistra ITCL providing information regarding various defaults by RCFL in the repayment of interest and principal amounts to debenture holders. Read More
SEBI PROPOSES FRAMEWORK FOR INDEX PROVIDERS
The Securities and Exchange Board of India (Sebi) on Wednesday proposed a regulatory framework for index providers. The proposed framework would mandate index providers to adhere to International Organization of Securities Commissions (IOSCO) principles.
The proposed regulations would prescribe provisions to ensure eligibility criterion, compliance, disclosures, periodic audits, and penal action in case of non-compliance and incorrect disclosures. Read More
INFRASTRUCTURE & CONSTRUCTION
EDELWEISS ALTERNATIVES TO ACQUIRE L&T INDPL FOR RS 6000 CRORE
Edelweiss Alternatives’ Infrastructure Yield Plus Strategy has inked definitive agreements to purchase a 100% equity investment in L&T Infrastructure Development Projects Limited (L&T IDPL) from Larsen & Toubro Limited (L&T) and Canada Pension Plan Investment Board (CPP Investments) for Rs 6,000 crore. In India, the portfolio includes eight roads and one power transmission asset totaling 4,900 lane-kilometers and 960 ckms, respectively. Read More
FOOD & BEVERAGES
RELIANCE TO BUY 51% STAKE IN LOTUS CHOCOLATE FOR RS74 CRORE
Reliance Consumer Products Limited (RCPL) announced that it will buy 51% of Lotus Chocolate Company for Rs74 crore and another 26% in an open offer. The money invested by Reliance Industries’ FMCG unit would help Lotus grow and expand into a comprehensive confectionery, cocoa, chocolate derivatives, and associated products maker across the industrial and consumer market spectrum, according to a release. Read More
CULINARY BRANDS ANNOUNCES PARTNERSHIP WITH LAVAZZA IN INDIA
Culinary Brands (CB), supported by Everstone Group, has established an exclusive license collaboration in India with Italian coffee brand Lavazza S.p.A. This is Culinary Brands’ second such exclusive relationship in the foods and beverages area, following the acquisition of exclusive master franchise rights for sandwich and salad giant Subway across the country. Culinary Brands has also bought a considerable majority stake in Lavazza Group’s Fresh & Honest (F&H) coffee brand. Read More
MERGERS & ACQUISITION
INDIA SETS RECORDS ACROSS ON MERGERS AND ACQUISITION GROWTH :
India saw a record level of mergers and acquisitions in 2022, as companies sought to consolidate positions, and enter new segments, leading to some of the largest-ever transactions in sectors such as banking, cement, and aviation.
The total value of M&A deals in India stood at $152 billion in 2022 (year-to-date) compared to $107 billion in 2021, according to Sonia Dasgupta, managing director and chief executive officer for investment banking at JM Financial. Read More
GOVERNMENT POLICY TO INCREASE ACTIVITY IN M&A SECTOR
The Central government’s decision to issue composite insurance licenses (insurers who can sell both life and general insurance policies) may increase a potential for merger and acquisition (M&A) activity in the sector, said a senior official of HDFC Life Insurance Company.
He also said that the proposed regulation on composite licenses may result in expanding business lines for insurers. Read More
INDIAN ROADS TO MATCH US STANDARDS BY THE YEAR 2024, STATES UNION ROAD TRANSPORT AND HIGHWAY MINISTER NITIN GADKARI
Union Road Transport and Highways Minister Nitin Gadkari stated on Friday that logistics costs, which are currently 16% of GDP, will fall to single digits by 2024. “It will help us get more exports,” said the Minister, adding that the moment has come to expand our business and presence in the worldwide market. The Minister said that by the end of 2024, India’s road infrastructure would be up to US standards. The Minister was speaking at FICCI’s annual conference and 95th AGM. Read More
