1. Jaypee Vows to Deliver Projects in 4 Yrs If NCLT Okays Insolvency Plan
The management of debt-ridden Jaypee Infratech has assured troubled homebuyers of delivering all stuck projects within four years if the developer is provided an opportunity by the National Company Law Tribunal (NCLT).
At a meeting held on Friday in Noida, Jaiprakash Associates adviser Ajit Kumar told homebuyers, “We have submitted a proposal under Section 12A of the Insolvency and Bankruptcy Code procedure in February. To begin with, we will put ₹1,500 crore in an escrow account, which will be monitored by a committee. The entire amount will be used for construction and completion of the houses.”
(Source: The Economic Times)
2. March Saw Income Tax Department Go on an Overdrive
Every year in March, the income tax department chases tax collections in order to fulfil targets for the financial year.
But this year the department had kicked up the collection drive a notch. According to multinational companies, tax consultants and chartered accountants, the taxman has been uncharacteristically aggressive.
(Source: Livemint)
3. Modi Promises Rs 50-Lakh Loan Without Collateral, Welfare Board for Traders
Prime Minister Narendra Modi on Friday, 19 April, promised traders Rs 50-lakh loan without any collateral, credit card facility and a pension scheme for small shopkeepers as he made a strong re-election pitch to the business community.
Modi said while his government has stood by traders in thick and thin, the opposition Congress has abused businessmen by calling all of them ‘chor’ (thieves).
(Source: Business Line)
4. Ansals Under Lens for Fund Diversion
The Uttar Pradesh Real Estate Regulatory Authority (RERA) may conduct a deeper audit on developer Ansal API’s projects after a preliminary exercise by consultant Currie & Brown found potential diversion of ₹600 crore from the Lucknow township project, chairman of the watchdog, Rajive Kumar, told ET.
“We have issued notices for deregistration of Ansal’s projects that have been constructed at its Lucknow township after conducting a basic audit,” said Kumar, who has served as Uttar Pradesh chief secretary. “We are awaiting a reply from them and will consider future course of action after that.”
(Source: The Economic Times)
5. Samsung to Back All India-Specific 5G Use Cases
Korean telecom gear maker Samsung said India will come up with its own 5G specific use cases that could be applicable to other markets and that the company will ensure it has the technology to use in all those situations.
“Government, as part of the 5G forum, included many partners who are focusing on identifying specific use case,” Srini Sundararajan, Samsung India senior vice president and head (network business), told ET in a recent interaction. “We just want to make sure the technology is available to support any of these uses cases.”
(Source: The Economic Times)
6. Stranded Passengers Face Double Whammy From Jet Airways Crisis
Passengers booked to fly on Jet Airways (India) Ltd have been hit by a double whammy after the airline temporarily suspended operations on Wednesday night. Their travel plans are in a mess and no one knows if and when they will be refunded.
The woes of passengers were compounded as International Air Transport Association (IATA) suspended Jet’s membership of its payments gateway on Thursday, potentially affecting the process of refunds.
(Source: Livemint)
7. Smaller Accountancy Firms Want India to Implement UK Regulator Report on Big 4
A report by UK’s competition watchdog calling for operationally splitting up the big four accountancy firms – Deloitte, PwC, EY and KPMG – could lead to some action in India too, industry trackers say.
Smaller accountancy firms in the country want Indian regulators to implement the radical proposals, such as operationally splitting the Big Four’s audit and non-audit businesses and mandatory joint audits, put forth in Competitions and Markets Authority’s report, the sources said.
(Source: The Economic Times)
8. HDFC Bank Q4 Preview: Brokerages Expect Healthy Profit, NII Growth
HDFC Bank, which will announce its fourth-quarter earnings on 20 April, is likely to report more than 20 percent growth in net profit, net interest income and in pre-provision operating profit on the back of robust loan growth in the quarter.
(Source: Moneycontrol)
9. Bank Unions Write to PM Modi, Want Government to Take Over Jet Airways
Bank unions Friday urged Prime Minister Narendra Modi to take over grounded Jet Airways to secure the future of the 22,000-odd employees of the carrier.
In a letter to Modi, the All-India Bank Employees Association also said government must ensure that banks are not forced to lend to the crippled airline.
(Source: Business Today)
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