Month: August 2020

Baghel to Centre: Take loan to pay GST compensation to states

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Chhattisgarh Chief Minister Bhupesh Baghel on Monday asked the Centre to borrow loan and pay GST compensation due to states.

In a letter to Union Finance Minister Nirmala Sitharaman, Baghel sought Rs 2,828 crore for the state as GST compensation due for the financial year 2020-21, an official statement here said

The Centre has put forward the option before states(at the 41st GST Council meeting last week) to take loan to deal with the shortfall in GST compensation.

“You are well aware that as per constitutional provisions, the Centre is accountable for providing GST compensation, Baghel said in the letter.

If states borrow loans for the purpose, then the financial burden would fall on the states.

“Receiving the cess for GST compensation by the Centre and repaying loan by the state through it will be a complex and uncertain process, he said.

Therefore, in my opinion instead of states, the Centre should arrange the amount by taking loan itself or through other resources for providing GST compensation, Baghel, who also holds the finance portfolio, said.

He said the state government is yet to receive Rs 2,828 crore in GST compensation from the Centre even though five months of the current financial year have passed.

The amount should be provided to the state without any further delay, he demanded.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Sebi fines 4 entities for disclosure lapses in SRK Industries case

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Capital markets regulator Sebi on Monday imposed a total fine of Rs 4 lakh on four entities for disclosure lapses in the matter of SRK Industries Ltd.

In four separate orders, a fine of Rs 1 lakh each has been levied by the regulator on Geeta Narayanan, Birendra Kumar Jain, Island Media and Entertainment Pvt Ltd and Maxgain Advisory Pvt Ltd.
Securities and Exchange Board of India (Sebi) had conducted an investigation in the matter of trading in SRK Industries’ shares by its promoters for the period of March 2010 to December 2014.

It was found that the entities had failed to make complete disclosures required under PIT (prohibition of insider trading) norms for becoming the promoters of SRK, due to a scheme of arrangement approved by High Court of Bombay and High Court of Madras for the merger of TCL (Transcend Commerce Ltd) with SRK, Sebi said in similarly worded orders.

Further, it said that the disclosure was to be made in two days from the occurrence of the event.

With regard to change in shareholding of the entities, Sebi noted that SRK had made disclosure under the Listing Agreement to the exchange, though it was not in line with the disclosures to be under the PIT norms.

Also, the entities furnished the merger orders of TCL with SRK, passed by the High Courts, which also suggest that the change in shareholding of the promoters is not the act of commission but it is driven by the process of law, as per the orders.

Accordingly, Sebi took a lenient view and levied fine of Rs 1 lakh each on the entities.

Separately, the regulator has levied a fine of Rs 2 lakh on– Kenrich Commodities Pvt Ltd (noticee) for violating SCRA (Securities Contracts Regulation Act) norms.

The regulator in its order said that Kenrich Commodities as a stock broker has grossly failed in performing its duties as a registered stock broker on various instances and, had failed to adhere to high standards of service to its clients.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

JNU extends date of registration for monsoon semester till September 4

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The Jawaharlal Nehru University (JNU) on Monday said the institute will remain closed till September 30 and extended the date of registration for the monsoon semester till September 4.

It issued a notification, saying, “Students are required to stay back where they are and should not return to the campus until further notice.”

The JNU Students’ Union (JNUSU) has been demanding that the university ensure a phased return of students to the campus and had also written to Delhi Chief Minister Arvind Kejriwal about it.
In a related development, the university also extended the date of registration for the monsoon semester till September 4.

The JNUSU has been calling for a postponement of the registration process.

It said registration was being done online while many students do not have access to internet facilities.

“International students are facing difficulty in registration due to the duration of visas. Particularly at a time when many have returned to home countries they cannot be expected to extend visa duration immediately.

“Further, many international students have reported difficulty in paying fees due to certain banking policies restricting online transfer,” the JNUSU said.

The students’ union had organised a protest on August 24 at the office of the Dean of Students and also met the deputy registrar on August 26 and 28 over this and other issues.

It said that “there are discrepancies in mess bills as well as the non-disbursement of scholarships was making students unable to pay the bill.”

The JNUSU also claimed that the evaluation of the last semester has not been completed and there are no guidelines on courses.

“There is a lack of clarity over registration of MPhil terminal students of the integrated MPhil/PhD batch who have been given time to submit till December but not made aware whether the university will extend their PhD by a semester or not,” it said.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Sebi slaps Rs 10 lakh fine on Amtek Auto for disclosure lapses

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Markets regulator Sebi on Monday imposed Rs 10 lakh fine on Amtek Auto Ltd for various disclosure lapses in violation of the Listing Obligations and Disclosure Requirements (LODR) norms.

The firm failed to make prompt disclosure of its non-convertible debt securities (NCDs) which were issued and listed during 2008 to 2015, a Sebi order said.

Further, it failed to disclose the expected default or action that shall adversely affect timely payment of interest/principal in respect of NCDs and also did not disclose the delay/default in payment of interest or principal amount for more than three months from the due date.

A certificate signed by debenture trustee, that it has taken note of contents, was also not submitted by Amtek to exchanges.

“The listed entity shall promptly inform the stock exchange(s) of all information having bearing on the performance/operation of the listed entity, price sensitive information or any action that shall affect payment of interest or dividend of non-convertible preference shares or redemption of non-convertible debt securities or redeemable preference shares,” Sebi said.

Among other disclosure lapses, in violation of LODR norms, Amtek did not disclose the line items in its various financial results. For violating market norms, Sebi levied a fine of Rs 10 lakh on Amtek Auto.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Mehul Choksi appeals against dismissal of plea for pre-screening of Netflix’s ‘Bad Boy Billionaires’

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Mehul Choksi, an accused in the nearly USD two billion PNB scam, has filed an appeal in the Delhi High Court against the dismissal of his plea to conduct pre-screening of Netflix documentary, ‘Bad Boy Billionaires’.

Advocate Vijay Aggarwal, representing Choksi, confirmed that an appeal has been filed against a single judge’s August 28 decision dismissing the plea.

The appeal is listed for hearing on Tuesday before a bench of Chief Justice D N Patel and Justice Prateek Jalan. The single judge on August 28 had denied any relief to Choksi saying a writ petition for enforcement of a private right was not maintainable.

The high court had said his remedy lies in a civil suit and granted him the liberty to raise the issue in a civil suit. Choksi, the promoter of Gitanjali Gems, and his nephew Nirav Modi are accused in the Rs 13,500 crore Punjab National Bank (PNB) fraud case.

Choksi left the country last year and was granted citizenship of Antigua and Barbuda. The documentary, scheduled for release in India on September 2, is promoted by Netflix as: “This investigative docuseries explores the greed, fraud and corruption that built up – and ultimately brought down – India’s most infamous tycoons.”

The plea for pre-screening of the documentary was vehemently opposed before the single judge by Netflix which said the petition was wholly misconceived and mischievous.

In the proceedings before the single judge, Aggarwal had contended that Choksi has a right to fair trial which should not be prejudiced with the release of the documentary and had vehemently objected to the submission of Netflix lawyer that Choksi was a fugitive.

Additional Solicitor General Chetan Sharma and central government standing counsel Ajay Digpaul, representing the Ministry of Electronics and Information Technology, had told the court that there is no statutory mandate to regulate or review Over The Top (OTT) content.

Opposing Choksi’s claims, Netflix had told the court that there was no reference of any trial going on against him or he being related to any case allegedly involving Nirav Modi.

The plea before the single judge had also sought postponement of the documentary’s release. In the petition before the single judge, Choksi claimed he has been falsely accused of various crimes in India and is presently under investigation or standing trial by and before various authorities and/or courts.

“The petitioner is entitled in terms of Indian law, that is, Article 21 of the Constitution of India to a presumption of innocence and a free and fair trial. Reputation being a facet of a person’s life, the petitioner is also entitled to a right to a reputation,” it had said.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Supreme Court directs Centre to convene meeting to devise a master plan for the poor

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The Supreme Court Monday directed the Centre to convene a meeting of Health Ministers or secretaries within a week to devise a master plan which focuses on the marginalised sections of society.

A bench headed by Chief Justice S A Bobde said that in the first meeting all the States and Union Territories may be advised to come up with a master plan by taking a cue from the already existing Public Health Acts of various States and the National Health Bill, 2009, which focuses on the marginalized sections of society.

“Thereafter, a second meeting of the Health Ministers/Secretaries of all States and Union Territories may be convened for the purpose of collating the information received from the States and Union Territories regarding the steps taken by the States

“After receipt of the information from all the states and Union Territories, the Government of India may file a comprehensive report with a compilation of the information received from the States and Union Territories,” the bench, also comprising Justices A S Bopanna and V Ramasubramanian, said.

The top court said the states which already have Public Health Acts, may be advised to fine tune their existing enactments, on the model of the National Health Bill, 2009.

“In the meantime, all the State governments and UTs are suo moto impleaded as parties to this writ petition. Issue notice to the State Governments and UTs,” the bench said while posting the matter for hearing after four weeks.

The apex court was hearing a plea filed by advocate Sachin Jain who has sought direction for regulating the cost of treatment of COVID-19 at private hospitals across the country and suggested that there should be a cheaper treatment for coronavirus infected patients in smaller towns.

The top court had earlier said that no one should be turned away from hospital due to higher cost of treatment.

It had asked the government to consider framing guideline on the issue of cost of treatment for COVID-19 infection.

In June, the apex court had asked private hospitals whether they were ready to provide treatment to COVID-19 infected patients at the charges prescribed under the government’s Ayushman Bharat Scheme.

The ‘Ayushman Bharat  Pradhan Mantri Jan Arogya Yojana’ is aimed at providing health cover to poor and vulnerable persons in the country.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

First flight between Israel and UAE lands in Abu Dhabi

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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In a historic step towards peace in the Middle East, the first commercial direct flight between Israel and the UAE landed in Abu Dhabi on Monday after both countries announced normalisation of relations.

The flight carried a top level Israeli delegation led by National Security Adviser Meir Ben Shabbat while the US delegation was headed by US President Donald Trump’s adviser and son-in-law Jared Kushner and US National Security Adviser Robert O’Brien.

“We just completed a truly historic flight. This hopefully will be the first of many,” Kushner said after disembarking from the flight.
He thanked leadership on both sides on the occasion. Saudi Arabia granted permission for the use of its air space.

“Peace overwhelmingly desired by the people, except by those who exploit misery to remain in power. Future belongs to industrious people of the region,” Kushner said.

Israel and the UAE announced on August 13 that they were establishing full diplomatic relations, in a US-brokered deal that required Israel to suspend its plan to annex parts of the West Bank.

UAE is only the third Arab country to establish diplomatic ties with the Jewish state. Israel’s neighbours, Egypt and Jordan, being the other two Arab states to recognise the Jewish state.

The development is being seen as a major breakthrough because the Israeli national carrier, El Al, flew over the Saudi airspace, which is being interpreted by analysts as acceptance of Israel by the Gulf countries in general, and a probable normalisation of ties with some of the other “friendly countries” in that region.

The flight that took off from the Ben-Gurion airport in Israel landed in Abu Dhabi on Monday afternoon.

The delegation is visiting in the wake of the trilateral announcement and roadmap towards joint cooperation between the United Arab Emirates and the State of Israel.

On asked about the possible sale of F-35 stealth jets to the UAE, Kushner said,  “Prime Minister Netanyahu and the president (Donald Trump) will discuss that at some point,” he official WAM news agency reported.

“Another step toward regional peace. We are all excited and look forward to more historic flights that will take us to other capital cities in the region, advancing us all to a more prosperous future,” Tal Becker, the pilot of the plane, was quoted as saying in the report.

The special plane, El Al 737-900, is equipped with a system to protect aircraft against aerial threats like ground-to-air missiles, the report said.

The Directed IR Countermeasures (DIRCM) manufactured by Elbit Systems defend aircraft by detecting, tracking and jamming incoming infrared threats like heat-seeking ground-to-air missiles and shoulder-fired surface-to-air missiles, also known as man-portable air defense systems (MANPADs), it said.

According to a report in the Gulf News, the US-Israeli delegation, comprised of representatives from the investment, finance, health, civil space and aviation, foreign policy, diplomacy, tourism, and culture sectors and will meet representatives of UAE government agencies to discuss ways to develop relations in related fields.

Earlier in Israel before take off, Ben-Shabbat said Israel’s goals for the trip is to “reach a joint work plan to promote ties in a broad range of areas, including tourism, innovation, health and much more”.

The Israeli Airline Pilots Association released a tentative map of LY971’s route on Sunday evening, showing the plane slated to cross through Saudi airspace.

Many believe that the normalisation of ties with UAE could have come only with Saudi blessings but Riyadh is yet to establish formal diplomatic ties with Jerusalem but is believed to covertly cooperate closely with the Jewish state.

Air India has been flying over Saudi airspace since its operations started in March 2018 on the Tel Aviv-Delhi route, but the kingdom did not permit Israeli airlines to fly over it.

Symbolic of direct connection between Israel and the UAE, the flight numbers have been marked LY971 on the way to Abu Dhabi and LY972 on the way back to Israel, using the telephone dialing code of the two countries.

It has also painted a peace logo in Arabic, English and Hebrew on the flight 971.  Israeli Prime Minister Benjamin Netanyahu during a press conference on Sunday said the breakthrough signalled the end of a “Palestinian veto”.

Most of the Arab countries over the years have linked normalisation of ties with Israel to a peace agreement and just settlement of Israel-Palestinian conflict.

Palestinian leaders have condemned UAE for agreeing to normalise relations with Israel, calling the move “despicable and a betrayal”.

The Prime Minister’s Office has said that the delegation aboard the “historic” flight is civilian in nature and defence officials would be travelling to the Gulf country a few weeks later.

The two-day visit will include a trilateral meeting in Abu Dhabi between the heads of the delegations and UAE National Security Advisor Sheikh Tahnoun bin Zayed.

The Israeli delegation also included Cabinet Secretary Tzachi Braverman, Health Ministry Director General Chezy Levy, Science and Technology Ministry Director General Shai-Li Spiegelman, Economy and Industry Ministry Director General David Laffler among others.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Ola, Uber in Delhi-NCR to go on strike from Tuesday

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Cab aggregators Ola and Uber in Delhi-NCR will be on a strike from Tuesday demanding extension of the moratorium on loan repayment and a hike in fare in view of the COVID-19 pandemic.

Around 2 lakh drivers of the cab services have given the strike call as their appeals have not led to any action by the government, said Kamaljeet Singh Gill, the president of Sarvodaya Drivers Association of Delhi.

“Due to the acute financial crisis caused by lockdown, drivers are unable to pay their EMIs. The moratorium of loan repayment ended today and the banks are already putting pressure on us. Drivers are scared that banks will tow away their vehicles for not paying EMIs,” Gill said.

The cab drivers have also demanded that fare be hiked and commission increased by Ola and Uber. Gill said the fare should be fixed by the government instead of the cab aggregators.

No reaction was immediately available from Ola or Uber on the strike call by the drivers.

The strike may cause hardships to a large number of commuters as Metro train services are yet to resume and the public transport buses are running at reduced capacity in view of social distancing norms.

“Most of the drivers are finding it difficult to feed their families at this time and have no means to fulfil their financial obligations. Unless the government helps us, there is no way we can work without fear of losing our vehicles,” Gill said.

The drivers have also demanded the withdrawal of “heavy penalties” against them for speed limit violations.

The cab drivers will assemble near Himachal Bhawan at Mandi House on Tuesday to seek government action on their demands, he said.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Telangana says it lost Rs 8,000 cr income in 4 months; Demands full GST compensation by Centre

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The Telangana government on Monday asserted the Centre has no option but to pay full GST compensation to states and said the southern state lost about Rs 8,000 crore income during the past four months on account of lockdown to contain coronavirus.

MPs from the state will raise the issue in Parliament and the TRS government, if necessary, will knock the doors of courts over the Goods and Services Tax (GST) issue, Finance Minister T Harish Rao told reporters after a virtual meeting with his counterparts of five states.

Unfortunately the Centre is trying to shy away from its responsibilityof payingGST compensation to states in the name of act of God and coronavirus. It is not fair on the Centres part to tell states to borrow (for GST loses),” he said.

The meeting was attended by the finance ministers of Punjab, Delhi, Chhattisgarh, Kerala and West Bengal, besides Telangana, official sources said.

It was “loud and clear” that as per the GST Act, the Centre will compensate if the states tax revenue growth was less than 14 per cent, Rao said, adding it did not mention anything about COVID-19 or natural disasters.

A resolution was passed in the GST Council when Arun Jaitley was the finance minister, Rao said.

Telangana, during the past four months, has lost 34 per cent of its income. The state has lost approximately Rs 8,000 crore during the past four months, he added.

He said Chief Minister K Chandrashekhar Rao has written to Finance minister Nirmala Sitharaman on the issue.

Telangana would have additionally earned Rs 25,000 crore had it not joined the GST regime as it accepted the new tax regime in the interest of the nation, he said.

The Centre has suggested states could borrow either via a special window it will facilitate through the RBI or raise debt from the market to make up for the Rs 2.35 lakh crore shortfall in GST revenues expected in the ongoing fiscal.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow