QBiz: Parliament Passes I&B Bill; GST Returns Filing Dates Changed
1. COAI to DoT: Full Blocking of Mobile Apps to Harm Users’ Constitutional Rights; Hurt Business Interests
Industry body COAI has cautioned against blocking of mobile apps, saying it would not only impinge on freedom of speech and expression of users, but also hit routine day-to-day communications, commercial activity, and business interests.
The mobile association has written back to the Telecom Department, which had sought the industry’s views on technical measures which can be adopted for blocking mobile apps like Instagram, Facebook, WhatsApp, Telegram, etc in situations where national security and public order are under threat.
“Blocking of mobile applications as a whole to prohibit circulation of certain content would likely impinge the principles of freedoms of speech, expression and information by blocking millions of other users who have not shared or originated any unlawful content,” COAI said.
2. Parliament Passes Insolvency and Bankruptcy Bill
The amendments to Insolvency and Bankruptcy Code (IBC) 2016, allowing home buyers to be treated as financial creditors and seeking to set up a special dispensation for small sector enterprises, was passed by Parliament on Friday, 10 August.
The bill, which was passed in Lok Sabha on 31 July, was approved in the Rajya Sabha on 10 August by voice vote. The legislation seeks to replace the 6 June ordinance that sought to put these amendments into force to aid quick resolution of several bankrupt firms.
Replying to the debate on the Insolvency and Bankruptcy Code (Second amendment) 2018 in the Upper House, finance minister Piyush Goyal said its objective was to provide resolution to small bankrupt firms and, at the same time, take stringent action against big bankrupt businesses.
3. Govt Notifies Due Date for Filing GST Returns from July 2018 - March 2019
The government has modified the due date for filing of final GST sales returns by businesses with turnover exceeding Rs 1.5 crore to the 11th day of the succeeding month.
Currently, such businesses are required to file GSTR-1 or final sales return of a particular month by the 10th day of the succeeding month.
In a notification issued on 10 August, the Central Board of Indirect Taxes and Customs (CBIC) has stipulated that details of outward supplies for July 2018 to March 2019 has to be filed by the 11th of the succeeding month.
For businesses with turnover up to Rs 1.5 crore, and who are required to file quarterly returns, the GSTR-1 giving details of outward supplies has to be filed by the last date of the subsequent month.
4. Jet Airways Says Unable to Specify Quarter 1 Result Announcement
Jet Airways, which deferred its June quarter results on Thursday without specifying any reasons, on Friday, 10 August, informed regulator SEBI that it has not yet decided on the new date to announce the earnings as the audit committee has sought more time to finalise the accounts.
To a question from the regulator on the adjourned board meeting, the airline management informed that “the company shall in due course intimate on the date of the meeting where the financial results will be considered by the board.”
The company further said it is unable to specify the next date, saying the audit committee has sought more time to close the account.
“Since the management informed the audit committee they needed more time to finalise the accounts, the audit committee agreed to the same and directed that the finalized accounts be placed before the audit committee thereafter,” Jet Airways said.
5. Air India Says July Salaries May Be Paid by Next Week
Air India, which has has not paid salaries to its employees for the month of July, said, on 10 August, that it is making “all efforts” to disburse them by the next week.
The salaries have been delayed due to the reasons beyond the airline’s control, it said in a communication to its staff. This is the fifth consecutive month that the national carrier has failed to pay salaries to its employees on time.
There were delays in payments in March, April, May and June as well. Air India has more than 11,000 permanent staff.
“We regret to inform the delay in payment of salaries for the month of July due to circumstances beyond the control of the management,” Air India general manager for human resources said in the notice to staff, adding, “However, all efforts are being made to make the payments by next week.”
6. TCS Pips RIL by ₹307.42 Crore to Become Most Valued Firm
Tata Consultancy Services Ltd (TCS) on Friday, 10 August, surged past Reliance Industries Ltd (RIL) to emerge as the country’s most valued firm by market capitalisation.
At close of trade on BSE on Friday, TCS market cap stood at ₹ 763,360.46 crore—₹ 307.42 crore more than that of RIL’s ₹ 763,053.04 crore valuation.
TCS shares ended 0.98% higher at ₹1,993.85 on the BSE on Friday, while those of RIL slipped 1.15% to close at ₹ 1,204.
TCS and RIL have been over the past few months swapping places, as far as highest market cap is concerned. On 1 August, TCS reclaimed the top rank from RIL that it had lost on 31 July, only to lose it again on 8 August. On 13 July, RIL’s market cap had briefly surged past the ₹7 trillion mark, making it the second company after TCS to achieve the milestone.
7. HDFC Bank Deputy MD Paresh Sukthankar Resigns
Paresh Sukthankar, deputy managing director (MD) and founding member of HDFC Bank Ltd has resigned, the lender said in a regulatory filing on Friday, 10 August.
“Mr Paresh Sukthankar has tendered his resignation as deputy managing director of the Bank, to be effective 90 days from the close of business hours of today (Friday),” it said.
Sukthankar’s resignation comes as a surprise as he was considered one of the front-runners to succeed MD and chief executive officer (CEO) Aditya Puri, who is set to retire in October 2020.
At an analyst meet in May this year, Puri had laid down a road map for leadership transition at the bank.
“He cited personal reasons for leaving. I had told him that he was one of the candidates considered for the post of MD,” said Deepak Parekh, chairman of HDFC.
8. SBI Posts Third Straight Quarterly Loss at Rs 48.76 Billion on Higher Provisions
State Bank of India (SBI) reported a net loss of Rs 48.75 billion for the April-June 2018 period (Q1), its third straight quarterly loss, on account of huge provisions for erosion in value of its investment in bonds and an increase in operating expenses due to wage revision and enhanced limits for gratuity.
However, its asset quality profile improved with a fall in bad loans and improvement in provision for stressed assets. Also, its net interest income (NII) and margins were better in Q1 compared to the same quarter last year.
The country's largest lender had posted its biggest-ever quarterly loss of Rs 77.18 billion in the March 2018 quarter, and a net profit of Rs 20.05 billion in April-June 2017 (Q1FY18)..
It has been in the red since the third quarter of last financial year (Q3FY18), when it reported a loss of Rs 24.16 billion.
(Source: Business Standard)
9. Indiatech Appoints Rameesh Kailasam as CEO
Start-up and internet firms industry body IndiaTech.org has appointed Rameesh Kailasam as its chief executive officer.
Kailasam has experience and expertise in internet, technology and innovation policy space and contributed to policy formation, IndiaTech said in a statement on 10 August.
IndiaTech.org works closely with established as well as upcoming internet-based startups and angel investor groups and regulatory agencies to enable a vibrant Indian internet technology based ecommerce eco-system.
Members of the IndiaTech include MakeMyTrip, Ola, Hike, SoftBank, Steadview Capital, Quikr, Matrix Partners, Policybazaar, Kalaari Capital, Urban Ladder, Lenskart, Epiq Capital, A91 Partners, IDG Ventures.
"We are pleased to have someone with Rameesh's caliber and track record to further the cause of growth in the internet- based technology and e-commerce space in India. We believe that his leadership will ensure better coordination between the association and its various stakeholders," IndiaTech founding member and MakeMyTrip chairman Deep Kalra said in a statement.