Banks may move NCLT against four of 12 major defaulters this week
Monnet Ispat Ltd, Alok Industries Ltd, Amtek Auto Ltd and Essar Steel Ltd will likely be the first companies where bankruptcy proceedings are initiated this week, people aware of the matter said. Last week, the joint lenders’ forum met to approve referral of these bad loan cases to the National Company Law Tribunal (NCLT) after the Reserve Bank of India (RBI) directed banks to trigger the Insolvency and Bankruptcy Code (IBC) against 12 identified defaulters who accounted for a quarter of the stressed loans in the banking system.
Source: Mint
Reliance Industries seeks shareholders’ nod to raise Rs25,000 crore via debt
Reliance Industries Ltd (RIL) has sought shareholders’ approval to raise as much as Rs25,000 crore through debt to meet capital expenditure, the firm said in a stock exchange notice. RIL has listed this in its notice calling for an annual general meeting of the company to be held on 21 July.
Source: Mint
Taxpayers have less than a week to link Aadhaar with PAN
Pressure is mounting on income tax assessees to link their Aadhaar with permanent account numbers (PAN) numbers as the voluntary compliance period for the requirement introduced in this year’s budget ends on Friday. From 1 July, quoting Aadhaar, the 12-digit identification number issued by the Unique Identification Authority of India (UIDAI), is compulsory for obtaining PAN and for filing tax returns.
Source: Mint
GST: Relief for Amazon and Flipkart as government defers implementation of a provision
The government has deferred implementation of a provision that required ecommerce players such as Amazon and Flipkart to deduct tax on payments made to their vendors from July 1, under the new Goods and Service Tax regime. In addition, small businesses that sell through these ecommerce platforms don’t have to register themselves immediately, the government said.
Source: Economic Times
Insolvency resolution: SBI ropes in A&M, EY, Deloitte and PwC
State Bank of India has mandated bankruptcy specialist Alvarez & Marsal to act as interim resolution professional to reorganise Ruias-owned Essar Steel that defaulted on Rs 44,000 crore debt, said two people familiar with the development. The nation’s biggest lender has also hired Ernst & Young, Deloitte and PricewaterhouseCoopers to handle the insolvency proceedings for other companies, said these individuals, who sought anonymity.
Source: Economic Times
Railways gets green signal for ‘creeping’ rail fare hike
The Prime Minister’s office has given its sanction for a hike in Railway fares, which have remained suppressed for years. The increase in passenger fares may be implemented sometime later this year. The signal to work on the move followed a meeting of the infrastructure ministries in late April, chaired by Prime Minister Narendra Modi, in which the state of the Railways was reviewed.
Source: Indian Express
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