Anti-profiteering body in talks with FMCG firms over GST rate cut benefits
The National Anti-Profiteering Authority is calling large fast-moving consumer goods companies to understand if last November’s GST rate cut benefits were passed on to consumers. Only two FMCG companies, Hindustan Unilever and Nestle, have approached the quasi-judicial body voluntarily. The GST benefits include both rate cuts and input tax credit available. The GST Council had reduced rates for over 200 items of common use on November 10 and the changes came into effect from November 15.
Govt directs all unlisted companies to dematerialize shares by September
The government plans to make it compulsory for unlisted companies to get their shares dematerialized by September, according to government officials. The corporate affairs ministry wants all unlisted companies with paid-up capital of more than Rs 50 million to digitalize shares by June-end. Others can do so by September. The aim is to make transactions more transparent. “The National Securities Depository Ltd (NSDL) and the Central Securities Depository Ltd (CDSL) will have pre-verified shares in electronic mode, which will help settle transactions in an effective manner,” according to a senior government official.
FSDC panel discusses insolvency resolution process
Amidst mounting bad loans, the FSDC sub-committee headed by RBI Governor Urjit Patel today reviewed the insolvency resolution process under the Insolvency and Bankruptcy Code (IBC), the Reserve Bank said. Besides, the Financial Stability and Development Council-subcommittee also reviewed major developments on the global and domestic fronts that impinge on the financial stability of the country, the RBI said in a statement. The meeting comes a day after the US Federal Reserve raised the benchmark lending rate to a range of 1.75-2.0 per cent.
Sebi plans revised norms for recovery of investors’ money
Sebi plans to put in place revised norms for recovering investors’ money in cases of illegal collective investment schemes, wherein a registered insolvency professional will be appointed as administrator to undertake sale of assets. A senior official said the regulator is looking to revise the procedures to be followed after passing of orders in cases related to unregistered collective investment schemes. In case an entity is not traceable or is not complying with Sebi directions, the recovery officer can appoint an administrator for the purpose of selling the properties attached.
Debt-ridden RTIL’s interim RP calls for resolution plan under IBC
The Interim Resolution Professional (IRP) of the debt-ridden RTIL, formerly Reid & Taylor (India), has called for an expression of interest from prospective lenders seeking a resolution plan in accordance with the provisions of the Insolvency and Bankruptcy Code (IBC). RTIL, a vertically integrated and premium clothing provider that sells under the international brand ‘Reid & Taylor’ in India, is struggling to pay off its ₹3,800-crore debt. The basic criteria to submit a resolution plan is a minimum consolidated net worth of ₹50 crore at group level as of March 31, 2017.
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