SEBI

Elin Electronics get Sebi nod to launch IPO; company to raise Rs 760 crore via issue ( 1 March, 2022 )

Capital market regulator Securities and Exchange Board of India (SEBI) has approved Initial Public Offering (IPO) of Elin Electronics Limited (EEL). The electronics manufacturer is planning to raise Rs 760 crore through this public issue.
Delhi-based company's IPO offers equity shares with a face value of Rs 5 each, comprising a fresh issue of up to Rs 175 crore and an offer for sale of up to Rs 585 crore.
An update with Sebi revealed on February 28, 2022, that Elin Electronics, which filed preliminary IPO papers with SEBI in November 2021, received its observation letter on February 28, 2022.

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RBI

Reserve Bank of India imposes monetary penalty on Nagrik Sahakari Bank Maryadit, Raipur (C.G) ( 28 Feb , 2022 )

The Reserve Bank of India (RBl) has imposed, by an order dated February 24, 2022 a monetary penalty of ₹4.50 lakh (Rupees Four lakh and fifty Thousand only) on Nagrik Sahakari Bank Maryadit, Raipur, Chhattisgarh (the bank) for contravention of/ non-adherence with the Directions issued by RBI to Urban Co-operative Banks on Exposure Norms & Statutory/Other Restrictions-UCBs and Know Your Customer (KYC). This penalty has been imposed in exercise of powers vested in RBI under the provisions of Section 47 A (1) (c) read with Section 46 (4) (i) and Section 56 of the Banking Regulation Act, 1949, taking into account the failure of the bank to adhere to the aforesaid directions issued by RBI.

This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.

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Ministry of Finance

Rs 1,33,026 crore Gross GST Revenue collected for February 2022 ( 01 MAR 2022 )

The gross GST revenue collected in the month of February 2022 is Rs 1,33,026 crore of which CGST is Rs 24,435 crore, SGST is Rs 30,779 crore, IGST is Rs 67,471crore (including Rs 33,837 crore collected on import of goods) and cess is Rs 10,340 crore (including Rs 638 crore collected on import of goods).

The government has settled Rs 26,347 crore to CGST and Rs 21,909 crore to SGST from IGST. The total revenue of Centre and the States in the month of February 2022 after regular settlement is Rs 50,782 crore for CGST and Rs 52,688 crore for the SGST.

The revenues for the month of February 2022 are 18% higher than the GST revenues in the same month last year and 26% higher than the GST revenues in February 2020. During the month, revenues from import of goods was 38% higher and the revenues from domestic transaction (including import of services) are 12% higher than the revenues from these sources during the same month last year.

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Competition Commission of India

CCI organising 7th National Conference on Economics of Competition Law to be held on March 4, 2022 in Virtual Mode ( 01 MAR , 2022)

The Competition Commission of India (CCI) will hold the 7th National Conference on Economics of Competition Law on Friday, March 4, 2022 in Virtual Mode. CCI has been organising the Conference every year since 2016.

Mr. Neelkanth Mishra, Member, Economic Advisory Council to the Prime Minister has kindly consented to deliver the Keynote Address in the Inaugural Session, scheduled at 10:00 AM. The Conference has a plenary session and two technical sessions. The Plenary at this year's Conference, is on the topic ‘REFORMS AND DEEPENING OF MARKETS’. 

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Banking

Axis Finance drags Essel promoters to HC over unpaid dues ( 1 March , 2022 )

Axis Finance, a subsidiary of Axis Bank, has moved the Bombay High Court against Essel Group promoter Subhash Chandra and his sons Punit and Amit, seeking recovery of ₹61.64 crore that it said was due from a company owned by their family.


In its petition, a copy of which ET has seen, Axis Finance said it had lent ₹100 crore to Cyquator Media Services, a promoter group firm of Zee Entertainment Enterprises (ZEE), in May 2018. From September 2019, Cyquator was in default of the interest payment, it said.

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Market Today ( 01.03.2022 )

BSE Sensex Index       56,247.28      ▲ 388.76 (0.70%)
Nifty 50                        16,793.90      ▲ 135.50 (0.81%)

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