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Big investors press major companies to step up climate action More than 200 institutional investors with Rs 26 trillion in assets under management said on Tuesday they would step up pressure on the world´s biggest corporate greenhouse gas emitters to combat climate change. Two years to the day since 195 governments adopted the Paris climate agreement, investors including Pacific Investment Management Co, Amundi, Legal &General Investment Management, Northern Trust and Aegon said they aimed to work with the 100 biggest polluting companies to curb emissions under a five year plan. That, they said, would be more effective than threatening to pull the plug on their investments in such companies, which include Coal India, Gazprom, Exxon Mobil and China Petroleum &Chemical Corp. "We will be asking companies to curb emissions and bring them down in line with the Paris goals," said Anne Simpson, investment director of sustainability at the California Public Employees´

Govt may allow pre-GST stocks to have revised MRP stickers till March The government is expected to allow use of stickers to display revised maximum retail price (MRP) on unsold pre-GST stocks for three months until March 31, a senior official said "The department of consumer affairs will most likely extend it, and will issue a directive next week," the government official told ET. The department had earlier extended the deadline from September 30 to December 31. Recent changes in GST rates again created a problem of goods carrying old prices printed on them. When the goods and service tax (GST) was implemented on July 1, the government had allowed marketers to display details of the revised MRP on pre-GST stocks b way of stamping, putting sticker, or online printing. Also, from April 1 onward, manufacturers will not have to display details of GST on packaged commodities. They will need to display only the revised MRP, the official said Manufacturers will still need

Surge in retail inflation in November brings RBI’s fears to reality A higher than expected retail inflation in November has upset RBI’s statistics, and the prospect of a rate hike is looking much closer now The Consumer Price Index (CPI)-based inflation surged to 4.88% in November, the fastest month-on-month increase in 16 months, driven by soaring vegetable prices and a rise in fuel inflation.Vegetable prices jumped 22.48% year-on-year, the steepest since the double-digit inflation episode in early 2013. Considering prices of vegetables had fallen 10% in November last year, there is a statistical base effect here. Food inflation doubled to 4.41% in November from 2.26% in October and the pickup in price rise was reflected in almost all categories except pulses, prices of which continued to fall. Vegetables may well be the main culprit but the quickening of inflation is not restricted to the food segment alone The recent surge in global crude oil prices was reflected in the ri

Sebi sets up department to address issues firms face in bankruptcy court Sebi has created a separate debt department to look at debt instruments such as REITs, InvITs, securitised assets and corporate bonds, says chairman Ajay Tyagi The Securities and Exchange Board of India (Sebi) has formed a new department that will review company filings for debt raising and address issues that listed companies face in bankruptcy court. This follows greater government and regulatory focus on tackling stressed assets, said two people aware of the matter, including the Sebi chairman. “Talking about work bifurcation, we have created a separate debt department which is looking at debt instruments such as Real Estate Investment Trusts (REITs), Infrastructure Investment Trusts (InvITs), securitised assets and corporate bonds,” Sebi chairman Ajay Tyagi said at an event organized by the Association of Investment Bankers of India in Mumbai on Tuesday. “The department was made in the last week of N

SMEs' claims may get higher priority in liquidation cases The government is looking at a proposal to give higher priority to the claims of small operational creditors in cases of liquidation under the bankruptcy code, an official said. This comes after representations that small and medium enterprises (SMEs), which are suppliers of goods or services to a defaulting company, face huge losses during bankruptcy proceedings, pushing them towards bankruptcy in some cases and also leading to job losses for those employed with them. "In a few cases which are presently under liquidation, it has been pointed out that SMEs face the brunt, putting them under severe stress," said the government official cited earlier. "We are examining the issue," the person said. Under the recovery of balance dues, in terms of waterfall mechanism as set out in Section 53 of the Bankruptcy Act, the order of priority for operational creditors comes under unsecured creditors. Expert

Govt asks panel to review amendment to Insolvency and Bankruptcy Code The review committee will help the government take another look at some of the contentious issues in the IBC ordinance highlighted by the industry The government has decided to ask a panel it formed in November to review provisions of the Insolvency and Bankruptcy Code (IBC) to also review a later amendment prohibiting defaulting promoters and related entities from bidding for their assets, two people aware of the matter said. The committee, which is chaired by the secretary, ministry of corporate affairs, and includes members involved in the drafting of the IBC, met on Friday.Coincidentally, on the same day, the Punjab and Haryana high court issued a notice to the centre over the amendment. Suman Jolly, managing director of Punjab-based Recorders and Medicare Systems Pvt. Ltd, had challenged the IBC ordinance on the ground that it would have retroactive effect, and that it does not distinguish between ordina

Sebi rejigs primary market advisory panel Capital markets regulator Sebi has reconstituted its Primary Market Advisory Committee (PMAC), which advises it on issues related to the regulation and development of IPOs and other such segments. The 24 member panel is chaired by TV Mohandas Pai, chairman of the Manipal Global Education Services.PMAC also advises Sebi on matters required to be taken up for changes in legal frame work to introduce simplification and transparency in the primary market. The Business Standard, New Delhi, 12th December 2017