QBiz: BN Sharma to head GST Anti-Profiteering; RCom to Sell BIG TV
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1. Govt Names BN Sharma as GST Anti-Profiteering Body Chairman
The government appointed senior bureaucrat BN Sharma as the first chairman of the anti-profiteering body that will ensure consumers get benefit of reduced prices under the Goods and Services Tax.
The National Anti-Profiteering Authority “has been set up for a two-year period, which would begin from the date Sharma assumes charge as chairman,” a Finance Ministry statement said.
The authority has been constituted within a fortnight of the Union Cabinet approving the setting up of a body to protect consumer interest, by ensuring that the benefits of input credit and the reduction in GST rates on specified goods or services are passed on to consumers.
(Source: PTI)
2. RCom to Sell DTH Arm BIG TV to Pantel Technologies
Reliance Communications said it will sell its DTH arm Reliance BIG TV to Pantel Technologies and Veecon Media and Television, a move aimed at reducing debt.
The company has entered into a binding share purchase agreement with Pantel Technologies Ltd and Veecon Media and Television Ltd for sale of its subsidiary Reliance BIG TV Limited (RBTV), RCom said in a statement without disclosing the deal amount.
"The transaction will help reduce the liability of unsecured creditors, benefiting all stakeholders, including lenders and shareholders of RCOM. The transaction is in consonance with RCOM's stated objective to focus on B2B businesses of the new RCOM," RCom said.
The buyers will acquire the entire shareholding of RBTV with business on an "as-is, where-is" basis, it added.
(Source: PTI)
3. IndoStar Capital Calls off Deal to Buy ICICI Home Finance
Everstone Capital-backed IndoStar Capital Finance Ltd has called off a deal to acquire ICICI Home Finance Co Ltd owing to synergy issues, IndoStar’s CEO R Sridhar said.
Instead, the non-banking finance company (NBFC) is looking to expand its home loan book through its subsidiary IndoStar Home Finance, which started operations in August last year.
“There was a problem of alignment of objectives when it came to the acquisition of ICICI Home Finance,” said Sridhar.
“We are open to acquiring portfolios, but we are currently ramping up our presence,” he added.
Indostar had been looking to buy a 67 percent stake in ICICI Home Finance for Rs 2,000 crore.
(Source: Livemint)
4. Paytm Lines up Rs 20,000 Crore in Investment
Paytm, which has high-profile investors like SoftBank and Alibaba, has drawn up a massive investment plan of Rs 20,000 crore as the group expands its play into the digital payments, financial services and e- commerce space in the country.
"In the last two years and the next three years, we would have invested Rs 18,000-20,000 crore. I don't want to talk about profitability right now because we are still in an investment phase," Paytm founder and CEO Vijay Shekhar Sharma said.
Paytm – which offers a mobile wallet, recharge, bill payment services, e-commerce (Paytm Mall) and ticketing services – saw a massive growth in its business after the government's demonetisation drive in November last year. Paytm has 28 crore registered users, of which 18 million use Paytm wallet service.
(Source: PTI)
5. Companies Spend Just 6% of CSR Fund on Clean Energy: Report
Indian companies are spending a mere six percent of their CSR fund on clean energy, a CSR consultancy report said.
Samhita Social Ventures, a CSR consulting organisation, released their latest report "Energizing Development" which analyses the CSR efforts of India's leading companies promoting energy access in India.
The latest report showcases that companies in India spends only six percent budget for clean energy among overall CSR spending.
The report states that only 39 of the 100 companies with the top CSR spends (out of the BSE 500 list) reported CSR involvement in the clean energy space with most popular interventions being solar street lights, solar lamps, mini grid/solar plants and smokeless stoves for the rural communities.
(Source: PTI)
6. SpiceJet Sets up Real Estate Subsidiary
SpiceJet on Tuesday, 28 November, said it has incorporated a wholly-owned subsidiary that would engage in real estate business.
The subsidiary 'Canvin Real Estate Pvt Ltd' has a paid capital of Rs 1 lakh.
In a regulatory filing, the carrier said Canvin Real Estate is a newly incorporated company.
The carrier has been working on ways to bolster its ancillary revenues.
In the three months ended September this year, SpiceJet posted a 79 percent rise in net profit at Rs 105.28 crore helped by higher passenger revenues as the airline stayed profitable for the eleventh straight quarter.
(Source: PTI)
7. Aluminium Association of India, ASSOMET & AMAFOND to Invest in Joint Venture
Aluminium Association of India (AAI) and leading aluminium association ASSOMET & AMAFOND of Italy are set to sign an MoU for investing in a joint venture in the upcoming Aluminium Park at Angul in Odisha.
The park is being developed by leading Navratna CSPE National Aluminium Company Limited (NALCO) and Odisha Industrial Infrastructure Development Corporation (IDCO).
The MoU is scheduled to be signed during the next visit of the Italian Industry delegation in January 2018. Consul General of Italy Damiano Francovigh along with other officials met Tapan Kumar Chand, of NALCO & chairman of AAI, and held a discussion for industrial cooperation and collaboration between aluminium industries of India and Italy on Tuesday, 28 November, a NALCO release said.
(Source: PTI)
8. Muthoot Finance Launches Loan Scheme Targeting SMEs
Gold finance company Muthoot Finance, on Tuesday, 28 November, launched a new loan scheme targeted at Small and Medium Enterprises (SME) for their working capital requirements.
Company executive director George Muthoot Alexander said gold loans above Rs 10 lakh would be provided at an interest rate of 12 percent per annum.
"The new gold loan scheme is a unique offer, which will benefit all sections of clientele. The company expects to grow its customer base in this high-ticket loan category from the current 4 percent to 10 percent by June 2018," he said.
The loan would be available through all 4,200 branches, including 487 in Karnataka, Alexander said.
(Source: PTI)
9. SEBI Orders Forensic Audit of Svam Software
Markets regulator SEBI has ordered a forensic audit of Svam Software, which figures among 331 suspected shell companies, after finding prima facie evidence of misrepresentation of financials by the firm.
While calling for the forensic audit, the Securities and Exchange Board of India has lifted the trading restrictions imposed on the firm.
"In view of the prima facie evidence on the misrepresentation of financials by the company as well as suspicion of misuse of funds/ books of accounts of the company, the persons who are in control of the company and the directors/promoters of the company are prima facie liable for action by SEBI...," the regulator said in an interim order dated November 27.
The regulator has directed BSE to appoint an independent forensic auditor to verify any misrepresentation of financials and business by Svam Software Ltd (SSL) as well as any misuse of the books of accounts or funds.
(Source: PTI)
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