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Another defaulters´ list sent to NCLT Banks on Friday from the India´s second on large size corporate the National Company Tribunal (NCLT) for resolution This was after refused toaproposal from the banks to the rules in this regard for those companies which are close to a resolution.Videocon Industries, Jaiprakash Associates and Jayaswal Neco Industries now among those face NCLT proceedings of their loans These three were recommended by banks for resolution outside the NCLT process but RBI, as mentioned, negatived this.Under the Insolvency and Bankruptcy Code,adefaulting company´s board of directors are suspended and NCLT appoints an insolvency resolution professional to manage its day to day affairs The company will then be sold to the highest bidder who takes over the largest portion of the debt.Banks are also expected to write off a substantial portion, up to 70 to 80 per cent, on the dues In its annual report for 2017, Videocon said it owed Rs 20,905 crore to bank Jaype

Link Pan With Aadhaar Soon According to the latest Income-Tax department's order taxpayers have to mandatorily  link their PAN card with aadhaar number. Here 's how to do it As the government looks to make tax filling seamless, the income-tax department is seeking the linkage of tax payer’s PAN number with their Aadhaar number for all tax return fillings after July 1, 2017.To curb tax evasion and control the use of duplicate or multiple PAN numbers, this integration is now mandatory for all tax payers.Here is how you can link your PAN with your Aadhaar number easily to ensure your compliance. Ways to Link your PAN and AADHAAR There are several ways in which you can link your PAN card with your Aadhaar number. You can either choose to opt for an e-filling facility or an easy SMS service Linking Via SMS If the name on your PAN card and Aadhaar card are identical and there is no mismatch, you can opt for the SMS route to link the two. The incometax department has issue

Rupee ends 2017 on bullish note, hits 4 mth peak of 63.87 Pushing the momentum through year end, the rupee on Friday capped off a fabulous 2017 at a fresh four month high of 63.87a dollar, rising by a good 21 paise amid bearish dollar sentiment.This is the highest closing for the home currency since September 8 this year. On year over year basis, the rupee appreciated by a whopping 4.05 paise, or 5.96 per cent, as compared to 2016 end level of 67.92.The year 2017 gave a massive edge to the Indian currency when compared to its counterparts in other Asian and emerging economies, after along six year hiatus Frantic dollar unwinding by banks and exporters along with bullish local equities, further impending bout of strength.Besides, the prevailing bearish sentiment for the American unit proved to be a catalyst for the Indian rupee.Also helped by dynamic capital inflows, the year undoubtedly marked an incredible come back and a new beginning for the home currency even as the country

Banks to refer 25 firms on RBI’s second list to NCLT Videocon, Anrak Aluminium, Jayaswal Neco Industries among total 28 firms on list Lenders have decided to refer 25 of 28 companies on the Reserve Bank of India’s second list of large corporate defaulters to the National Company Law Tribunal (NCLT) for initiation of insolvency proceedings.Among the 28 companies are Videocon Industries, Anrak Aluminium and Jayaswal Neco Industries, companies where bankers had sought an extension in deadline to finalize a resolution plan. These 28 companies are on RBI’s second list of defaulters sent to banks in late August.The central bank directed banks to finalize resolution plans for them by 13 December, failing which they had to refer them to NCLT by December end. The central bank, in its letter to banks, clarified it has not extended the 13 December deadline to favour a few cases, according to three people with knowledge of the matter. Mint has not reviewed the letter.RBI sent its first l

Sebi nod for universal exchanges from Oct 18 Norms for mutual funds tightened; decision on loan default disclosure deferred The Securities and Exchange Board of India (Sebi) on Thursday said exchanges would be allowed to deal in both equities and commodities from October 2018,amove that would benefit the National Stock Exchange (NSE), the BSE, and the Multi Commodity Exchange (MCX), which currently trade in either of the two categories. The capital markets regulator also announced easier access norms for foreign investors and capped crossholdings in credit rating agencies (CRAs) as well as mutual funds (MFs) to safeguard investors´ interest.The concept of universal exchanges was in the works since the commodities regulator, Forward Markets Commission (FMC), was merged with Sebi in 2015 Earlier this year, Sebi allowed single intermediaries, such as brokers, to deal in both commodities and equities underasingle licence.Sebi said the steps needed for allowing universal licence w

Insolvency Bill Eases Rules For SME Promoters A Bill to replace an Ordinance amending the Insolvency and Bankruptcy Code offers promoters of small and medium enterprises (SMEs) undergoing insolvency proceedings a one-month window to repay their overdue loans. The Insolvency and Bankruptcy Code (Amendment) Bill, 2017, tabled in the Lok Sabha, also seeks to give some relief to promoters in general by tweaking the definition of "one year of nonperforming assets" on the basis of which they are disqualified to bid for their companies also excludes asset reconstruction companies, alternative investment funds and banks from the definition of connected persons, protecting these entities from becoming ineligible for bidding. The Bill also tweaks the language of the Ordinance to bar promoters or those in the management or control of companies with over from bidding.It broadens the definition of from bidding.The Bill proposes a 30 day for promoters who had bid for undergoing ins

Get capital gains benefit in case of project delay Only the amount invested during the stipulated time mentioned in the law will be eligible Recently, the Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) ruled if a taxpayer invests capital gains of one house property into an under-construction flat, it should be considered at par with him constructing his own house, rather than a purchase The ruling brings relief to taxpayers facing project delays, by giving them an additional year. Section 54 of the I-T Act deals with capital gains from a house property. It says taxpayers can get the capital gains tax benefit only if they invest in a new property one year before the sale of an old one or two years after it. When a person is constructing his own house, he needs to invest the money within three years and complete the property in this period “Tribunals have taken the view that when an individual buys a property in an under-construction project, it can be considered as ‘