03:08 pm On Monday, Chairman and Managing Director of Reliance Industries Ltd Mukesh Ambani said Saudi Aramco will invest $75 billion in the conglomerate and have a 20% stake in its chemical oil (O2C) business. "This is Reliance's largest foreign investment and one of India's largest. Saudi Aramco's partnership to cover Reliance's refining and petrochemical assets, including 51 percent of the petroleum retail joint venture." He said. He aso said BP acquired 49 per cent stake in Reliance's petro-retail business in another major new initiative. For this transaction, Reliance will get BP's Rs 7,000 crore, "As the world moves towards renewable energy sources and electric vehicles, Reliance has positioned itself to generate fresh value far ahead of the curve,"
03:08 pm On Monday, Chairman and Managing Director of Reliance Industries Limited, Mukesh Ambani, announced that his business had plans for Jammu and Kashmir and Ladakh, the two newly formed union territories. "We are committed to the requirements of the Jammu and Kashmir and Ladakh people in response to PM Narendra Modi Ji's call. You're going to see several announcements in the coming days for Jammu and Kashmir and Ladakh," Ambani said at the group's 42nd Annual General Meeting. Article 370 which granted Jammu and Kashmir special status was scrapped and divided into two union territories – J&K with a legislature and Ladakh without an assembly. The changes were passed by both Parliament Houses.
03:08 pm RBI to cut repo rate again. The new rate is 5.40%. The rate for the first week of June is 5.7. The decision was taken at a meeting of the six-member Finance Committee headed by RBI Governor Shaktikanta Das. This is the lowest rate in nine years. Four favoring a reduction of 0.35%, two saying a reduction of 0.25%.This is the fourth time this year that repo rates have come down. RBI cuts rates in February and April.. Experts say that interest rates on loans will come down as repo rates fall. Repo rate is the interest charged on short-term loans taken by RBI from commercial banks. Meanwhile, the GDP growth rate for the current financial year (GDP) is 7% to 6.9%.Shaktikanta Das, Governor, RBI said. 5.8 - 6.6% in the first quarter of 2019-2020 and 7.3 – 7.5 in the second quarter.
07:08 pm Jet Airways extended the original bid date for the bankrupt airline from August 3 to August 10, a business declaration said on Saturday. After running out of cash and failing to obtain funds, Jet, once ranked among the country's largest airlines, was compelled to ground all flights in April, crippled by rising losses as it tried to compete with low-cost rivals.At the request of some potential bidders, the deadline for bid submission has been extended, it said. Since its aircraft were grounded and employees left unpaid, Jet Airways and its lenders have been looking for fresh investors.
08:07 am New Delhi, A bill to amend the Companies Act to provide for ease of doing business, tighten Corporate Social Responsibility (CSR) compliance, transfer certain responsibilities to the NCLT and re-categorise offences as civil defaults was on Friday passed in Lok Sabha with voice vote despite opposition's objection that they had received very little time to scrutinise it. Replying to the debate on The Companies (Amendment) Bill, 2019, Finance Minister Nirmala Sitharaman said the legislation is necessary as the government had promulgated an ordinance on the subject twice - in November 2018 and February 2019. Sitharaman, who on Thursday introduced the Bill which was strongly opposed by the opposition, said that a bill to replace the first ordinance was passed in the Lok Sabha in January 2019 but could not get through in the Rajya Sabha. "Hence the second ordinance was promulgated in February. This Bill has been brought to replace the second ordinance," she said. Rejecting the opposition's claims, she said the government was not bringing the Bill in haste and that best practice were being adopted to enact the law. Noting a committee was set up in July 2018 and which made a detailed study of penal provisions in the Act and some offences of minor nature were being non-compoundable, she said that the changes were being made to plug gaps and strengthen the corporate compliance system. Opposing the Bill, Congress' leader in the house Adhir Ranjan Chowdhury said that government is pushing legislation through Parliament at a fast pace. He said that while he doesn't have a cogent argument to oppose this legislation, he opposes the way this is being brought about in the House. Chowdhury also said he wanted to know how the government defines shell companies. Participating in the debate, DMK's A. Raja pointed to a World Bank report where India is ranked 77th in starting of a business, enforcing contracts and resolving insolvency among other factors. Although the amendment is to provide ease of doing business, he asked if the government also has an eye on the means through which it wants to achieve the end. He quoted a Tamil couplet that says the means is more important than the end, he claimed that the bill gives absolute power to the Registrar of Companies and suggests that there must be a body of members who take decisions. Under the Companies Act, 2013, certain classes of public companies are required to issue shares in dematerialised form only and the amendment bill states this may be prescribed for other classes of unlisted companies as well. While the Act contains 81 compoundable offences punishable with fine or fine and imprisonment, the amendment bill re-categorizes 16 of these offences as civil defaults, where adjudicating officers (appointed by the Central government) may now levy penalties instead. These offences include issuance of shares at a discount, and failure to file annual returns. The Bill also amends the penalties for some other offences. Under the existing Act, if companies, which have to provide for CSR, do not fully spend the funds, they must disclose the reasons for the non-spending in their annual report. As per the Bill, any unspent annual CSR funds must be transferred to one of the funds under Schedule 7 of the Act within six months of the financial year. The Bill states that a company may not commence business, unless it files a declaration within 180 days of incorporation, confirms that every subscriber to the memorandum of the company has paid for the shares agreed to be taken by him, and files a verification of its registered address with the Registrar of Companies within 30 days of incorporation. If it fails to comply with these provisions and is found not to be carrying out business, its name of the company may be removed from the Register of Companies. The Act requires companies to register charges on their property within 30 days of creation of charge, extendable upto 300 days with the permission of the Registrar of Companies. The Bill changes the deadline to 60 days. Under the Act, any change in period of the financial year for a company associated with a foreign company, has to be approved by the National Company Law Tribunal (NCLT). Under the Bill, the power has been transferred to the Central government.
11:07 pm Bengaluru, Global software major Infosys' co-founder N.R. Narayana Murthy on Thursday congratulated his son in-law Rishi Sunak on his appointment as Minister in the new Boris Johnson-led British government. "Our advice to our children, including Rishi, has been to work hard, be honest and do good for society. We wish him well," Murthy told IANS in a statement here. Married to Murthy's daughter Akshata, Sunak, 38, the Conservative Party MP from Richmond (Yorkshire), is one of the three Indian-born leaders appointed ministers by Johnson on Wednesday. He takes over as the Chief Secretary to the Treasury. The other two are Alok Sharma and Priti Patel. Elected for the first time to the House of Commons in the 2015 general election, Sunak was also a minister in the previous Therasa May's government. source:ians
11:07 pm New Delhi, A court here on Thursday framed charges against industrialist and former parliamentarian Naveen Jindal in a case related to allocation of a coal block in Madhya Pradesh. Special CBI Judge Bharat Parashar framed charges of criminal conspiracy and cheating the Coal Ministry against Jindal, his firm Jindal Steel and Power Ltd, its Executive Director D.N. Abrol, Vice Chairman and CEO Vikrant Gujral, Joint MD Anand Goel and Director, Finance, Sushil Maroo. All the accused were present in the court. The court had, on July 1, ordered for framing of charges against the accused under Section 120-B, read with Section 420 of the Indian Penal Code (IPC). The investigating agency, in its charge sheet, has alleged that JSPL misrepresented the equipment purchase orders and misled the Coal Ministry. Jindal and other accused are also facing trial in the case pertaining to the allocation of Amarkonda Murgadangal coal block of Jharkhand.
02:07 pm New Delhi, July 25 (IANS) India's subsidies to petrol and diesel between October 2018 and June 2019 amounted to almost three times the three-year government budget for electric vehicle (EV) support, a new study revealed on Thursday. The study by Global Subsidies Initiative (GSI) of the International Institute for Sustainable Development (IISD) said the government could redirect the money collected in tax via petrol and diesel towards EVs and see far more growth. Despite the commitment to reduce air pollution and achieve at least 30 per cent of new vehicle sales being electric by 2030, the Indian government subsidised conventional transport by Rs 26,957 crore over the last nine months, far outpacing the Rs 10,000 crore spending over three years on its flagship EV program and faster adoption and manufacturing of electric vehicles. "The cuts to fuel excise and oil company margins announced late last year resulted in a major drop in government revenue. The money would have been better spent in supporting India's ambitious agenda to adopt EVs and renewable energy rather than perpetuating dependence on petrol and diesel," IISD Associate Tara Laan said in a statement. India is heavily reliant on fossil fuels in the transport sector, which contributes to greenhouse gas emissions and alarming levels of air pollution. Transitioning to EVs could reduce the level of toxic air pollutants relative to conventional vehicles and shift the source of these emissions away from cities. "With the decision to reinstate the fuel excise and further lower GST on EVs, the government is back on the right track," said Purva Jain, GSI India Program Consultant and co-author of the report. "It should also allocate some of the fuel excise and road and infrastructure cess to boost support to EVs," said Jain. This would help in reducing dependence on imported crude oil and improve air quality. "Price cuts for petrol and diesel have the opposite effect, sending motorists a price signal to continue using fuel and, more importantly, a message that the government intends to intervene when international oil prices escalate." A main recommendation of the study is to reallocate subsidies for oil and fuel to programs that support India's clean energy transition, including implementing additional policies that would support the EV market. "We recommend that government implements pricing policies that promote EV charging during times when renewable electricity is being generated," said Laan. "In addition, electricity distribution companies need to be supported in strengthening the grid to accommodate a growing supply of renewable sources and growing demand from EVs." source:ians
10:07 am Chandigarh, ) In a major impetus to manufacturing in the state, the Punjab Cabinet led by Chief Minister Amarinder Singh on Wednesday approved the Public Procurement Preference to Make In (Punjab) Order 2019. The move is aimed at incentivising local manufacturing by encouraging public procurement, which would also enhance income and employment generation in the state. It is in line with the state government's focus on promoting 'Make in Punjab' as a key component of its industrial development focus, a government spokesperson said. The Cabinet also approved enactment of the Punjab Rights of Persons with Disabilities Rules 2019 in order to respect dignity and ensure effective participation of persons with disabilities in the mainstream of society. The Cabinet also waived the setting up of private market yard for availing exemption from payment of two per cent over and above the minimum support price. The decision is in line with the government's efforts to promote ease of doing business to boost the industrial development. The move will incentivise the direct purchase of farmers' produce by food processing units, said the spokesperson after the Cabinet meeting, where amendment to Clause 10.11.3 of the Industrial and Business Development Policy of 2017 was also approved. The anchor units were extended the incentive from the condition of the license issued by Punjab Agriculture Marketing Board for setting up the private market yard. The Cabinet decided to extend the setting up of medium small enterprises facilitation councils in all the districts across the state. Currently, they exist in only seven districts -- Ludhiana, Jalandhar, Amritsar, Mohali, Patiala, Bathinda and Sangrur.
07:07 am New Delhi, Industrialist Pramod Mittal, younger brother of steel baron Lakshmi Niwas Mittal, has been arrested in Bosnia over allegations of fraud and money laundering through a company he co-manages, Global Ispat Charcoal Industry Lukavac. According to a local news portal "zurnal.info ", two more people have been arrested in connection to organised crime of money laundering through Global Ispat Charcoal Industry Lukavac. The arrested suspects will appear before a judge on Wednesday. A general manager, Paramesh Bhattacharyya, was among the two arrested officials. The company website shows that Pramod Mittal has been the Chairman of the Supervisory Board since the commissioning of GIKIL in 2003. As Mittal and the other two are suspected of being linked to "organised crime" involving abuse of power and economic crimes, they could be jailed for around 45 years, media reports said. Also, an arrest warrant has been issued for another man who is considered to be associated in the alleged crimes committed by Pramod Mittal and others. The news portal zurnal.info said that investigators suspect that through this company at least five million KM (mark) (around $2.8 million) have been drawn out of Bosnia and Herzegovina. In May this year, Lakshmi Niwas Mittal, the CEO of steel major ArcelorMittal, helped his cash-strapped younger brother Pramod to clear the dues he owed to the State Trading Corp of India Ltd, thereby helping avoid legal troubles. source:ians