News Update 12th January, 2018

UIDAI allows Airtel to do Aadhaar-based checks till FY18 end 

The Unique Identification Authority of India has allowed Bharti Airtel to continue Aadhaar-based e-verification of telecom subscribers until the end of this financial year, but has not withdrawn the order suspending the facility for its payments bank. “We can confirm that the UIDAI has permitted Bharti Airtel to continue Aadhaar-based e-KYC till March 31, 2018, subject to compliance to guidelines laid down by the authority,” a Bharti Airtel spokesman said in an email Thursday.

Source: Economic Times

SEBI ban on PW may hit audit of 77 firms, including Tata Steel, Hindalco

SEBI’s order banning the Price Waterhouse network of audit firms (PW firms) from auditing listed clients for two years will affect 77 NSE-listed firms, according to data compiled by Prime Database. For the current financial year, PW firms — including Dalal & Shah and Lovelock & Lewes — are statutory auditors to 77 firms listed on the NSE. This includes heavyweights such as Hindalco Industries, Tata Steel, Ashok Leyland, IDFC, IndusInd Bank and Reliance Capital.

Source: Business Line

Budget bonanza: Govt likely to do away with dividend distribution tax

The finance ministry is likely to do away with the dividend distribution tax (DDT) in the upcoming Union Budget. Sources in the know have said there have been considerable discussions on the topic among various stakeholders. At present, if a company gives dividend to its shareholders, it has to pay DDT of 20.36 per cent (15 per cent plus surcharge and cess.)

Source: Business Standard

NCLT adjourns insolvency case against Reliance Naval by IFCI to Jan 18

The Ahmadabad bench of National Company Law Tribunal (NCLT) on Tuesday adjourned an insolvency case against Anil Ambani-led Reliance Naval and Engineering Ltd. to January 18, 2018.The case had been earlier adjourned on grounds of Reliance Naval and Engineering Ltd. seeking time to approach the apex National Company Law Appellate Tribunal (NCLAT). However, with a NCLAT hearing yet to happen, the ongoing case at the Ahmadabad bench of NCLT was adjourned till January 18.

Source: Business Standard

BFSI hurts TCS, pulls Q3 net down 3.6%

IT bellwether Tata Consultancy Services (TCS) has reported a 3.6% decline in its third-quarter net profit to Rs.6,531 crore due to exchange-rate volatility and a dip in spending by banking and financial services and insurance (BFSI) clients. The company’s revenues rose marginally, by 1.2 per cent, to ₹30,904 crore (₹29,735 crore).This was the company’s strongest volume growth for the December quarter in three years. During the quarter, the company bagged about 11 large deals, from Rolls Royce, Nielsen and Marks & Spencer, among others.

Source: Business Line

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