Noose on cryptocurrency exchanges tightens as RoC stops registration
In a move that makes registration of virtual currency exchanges a stringent affair, the Registrar of Companies (RoC) has stopped registering cryptocurrency exchanges under the Companies Act, 2013, according to a report by Business Standard. The report suggests that the RoC, which works under the Ministry of Corporate Affairs, has in certain cases, asked for an undertaking from software development or information technology companies that it will not deal with cryptocurrencies.
Gross NPA in Indian banks may rise to Rs 9.5 lakh crore by March, says ASSOCHAM-Crisil joint study
Gross non-performing assets (NPA) in Indian banks are expected to rise to Rs 9.5 lakh crore by March, from Rs 8 lakh crore in March last year, said a ASSOCHAM-Crisil joint study. Stressed assets in March 2018 are expected to be at Rs 11.5 lakh crore, the report titled “ARCs headed for a structural shift,” said. “High level of stressed assets in the banking system provides enormous opportunity size for asset reconstruction companies (ARCs) which are an important stakeholder in the NPA resolution process,” ASSOCHAM said in a statement quoting the study.
Post-GST, demand for light, heavy commercial vehicles to grow: Ashok Leyland’s Nitin Seth
GST will boost demand for both light and heavy commercial vehicles in the country, according to Nitin Seth, President, LCV, and Ashok Leyland. Consolidation of warehouses is a reality under the new tax regime and this brings about an architectural change in the country’s logistics sector, Seth said. India witnessed multiplicity of warehouses with FMCG and auto companies maintaining at least one warehouse per State. In comparison, the entire Europe and the US is catered to by six to seven warehouses.
IDFC Bank, Capital First announce merger with share swap ratio of 139:10; V Vaidyanathan to be CEO of combined entity
IDFC Bank and non-banking financial company Capital First today said they have received approval from their respective boards for a merger. Under the deal, IDFC Bank will issue 139 shares for every 10 shares of Capital First. “We believe this merger will be transformational for IDFC Bank. It will bring two tech savvy, culturally aligned platforms to come together to create a diversified and fast growing universal bank with a national footprint, in a manner that will be value accretive for all shareholders,” IDFC Bank Managing Director and CEO Rajiv Lall said in a statement.
Budget 2018: Oil ministry seeks cut in excise duty on petrol, diesel
India’s oil ministry is pushing for a cut in excise duty on petrol and diesel in the upcoming 2018/19 budget to cushion the impact of rising oil prices on its vast consumer base, two oil ministry officials told Reuters on Monday. Prime Minister Narendra Modi, who faces elections in key states later this year, and a nationwide election in early 2019, has faced pressure over a rise in retail prices of petrol and diesel to a record level.
Nifty nears 11k as mkts hit new highs on earnings
The bull run on Dalal Street continued on Monday with the sensex closing 286 points up at 35,798, while the NSE Nifty inched closer to the psychologically important 11k mark, ending the session at 10,966 — up 72 points. Index heavyweights Reliance and TCS, along with a host of banking stocks, led the rally, while Wipro and Bharti were among the laggards. Dealers said the 4.5% rise in RIL was attributed to Jio, its telecom arm, turning in a net profit during the October-December quarter. Among the banking stocks, Axis Bank rose 3.5% after the bank said the pace of creation of non-performing assets had slowed during the past quarter, possibly marking the peaking of its bad loan troubles.
NCLT asks McDonald’s to respond to contempt plea
The National Company Law Tribunal (NCLT) on Monday resumed hearing a contempt plea against American fast food chain McDonald’s Corp. filed by its estranged joint venture partner Vikram Bakshi. A bench headed by NCLT president M.M. Kumar directed McDonald’s to file a reply to the contempt plea by 30 January. The resumption of the NCLT hearing comes after the Delhi high court dismissed McDonald’s India’s plea challenging NCLT’s right to issue a contempt notice. The plea was in reference to a show-cause notice issued by NCLT to its US parent McDonald’s Corp. in September.
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