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Cabinet Committee on Economic Affairs (CCEA)
Cabinet approves extension of applicability of New Investment Policy-2012 for three units of Hindustan Urvarak and Rasayan Limited ( 22 MAR 2022 )
The Cabinet Committee on Economic Affairs chaired by Prime Minister Shri Narendra Modi, has given approval for the proposal of the Department of Fertilizers for extension of applicability of New Investment Policy (NIP)-2012 for the three units of Hindustan Urvarak & Rasayan Limited (HURL) viz. Gorakhpur, Sindri and Barauni.
HURL, incorporated on 15th June, 2016 is a Joint Venture Company by Coal India Limited (CIL), NTPC Limited (NTPC) and Indian Oil Corporation (IOCL). HURL is reviving the erstwhile Gorakhpur and Sindri Units of FCIL and Barauni Unit of GFCL by setting up new gas based Urea Plants with the installed capacity of 12.7 Lakh Metric Ton Per Annum each (ILMTPA). The cost of three HURL Urea projects is Rs. 25,120 crore. GAIL is supplying Natural Gas to these three units of HURL.
The state-of-the-art based HURL Plants are a part of the initiative taken by the Government to revive the closed urea units of SCIL/HFCL in order to achieve self-sufficiency in urea sector.
Ministry of Consumer Affairs, Food & Public Distribution
Central Consumer Protection Authority passes order against advertisements of Sensodyne products ( MAR 22 , 2022 )
The Central Consumer Protection Authority (CCPA) headed by Nidhi Khare recently passed order against misleading advertisements of Sensodyne products which make the claims “Recommended by dentists worldwide” and “World’s No.1 sensitivity toothpaste”.
It may be mentioned that CCPA had initiated suo-moto action against advertisement of Sensodyne products on various platforms including Television, Youtube, Facebook and Twitter showing dentists practicing outside India (practicing in the United Kingdom) endorsing the use of Sensodyne products namely Sensodyne Rapid Relief and Sensodyne Fresh Gel for protection against teeth sensitivity and making claims that Sensodyne is “Recommended by dentists worldwide”, “World’s No. 1 sensitivity toothpaste” and “clinically proven relief, works in 60 seconds”.
After examination of the response submitted by the company, CCPA observed that the two market surveys submitted by the company in support of its claims “Recommended by dentists worldwide” and “World’s No.1 sensitivity toothpaste” made in the advertisements were conducted only with dentists in India. No cogent study or material were submitted by the company to substantiate the claims made in the advertisements or indicate any worldwide prominence of Sensodyne products. Thus, the claims were observed to be bereft of any reason or justification.
Therefore, CCPA has ordered discontinuation of advertisements of Sensodyne products which make the claims “Recommended by dentists worldwide” and “World’s No.1 sensitivity toothpaste” within seven days and directed payment of penalty of ₹10,00,000. Also, advertisements which show endorsements by foreign dentists have been ordered to be discontinued as per the earlier order passed by CCPA.
Ministry of Finance
84.61% of total defrauded funds attached/seized under PMLA and Fugitive Economic Offenders Act ( MAR 22, 2022 )
The Union Minister of State for Finance Shri Pankaj Chaudhary in a written reply to a question in Rajya Sabha today stated that in the cases pertaining to Vijay Mallya, Nirav Modi and Mehul Choksi who have defrauded Public Sector banks by siphoning off the funds through their companies which resulted in total loss of Rs. 22,585.83 crore to the public sector banks.
Giving more details, the Minister stated that as on 15.03.2022, assets worth Rs. 19,111.20 crore have been attached under the provisions of PMLA. Out of which, assets worth Rs. 15,113.91 crores has been restituted to the Public Sector Banks. In addition, assets worth Rs 335.06 crore have been confiscated to Government of India.
The Minister further stated that as on 15.03.2022, 84.61% of the total defrauded funds in these cases have been attached/seized and 66.91% of total loss to the banks has been handed over to Banks/Confiscated to Government of India. It is pertinent to mention here that as on 15.03.2022, the consortium of banks led by SBI has realized Rs. 7,975.27 crore by sale of assets handed over to them by the Directorate of Enforcement, the Minister added.
SEBI Circular
Standardization of industry classification - Revision in Chapter - XIV of Operational Circular for issue and listing of Non-convertible Securities, Securitised Debt Instruments, Security Receipts, Municipal Debt Securities and Commercial Paper ( MAR 22, 2022 )
SEBI, in exercise of the powers conferred under Section 11(1) of the Securities and Exchange Board of India Act, 1992 read with Regulation 55 (1) of the SEBI (Issue and Listing of Non-convertible Securities) Regulations, 2021, issued the Circular No. SEBI/HO/DDHS/P/CIR/2021/031 dated 22 March, 2022.
Accordingly, the following amendments are being madetoChapter -XIV (Centralized Database for corporate bonds/ debentures) of the Operational Circular and annexures thereof:
- Paragraph 2.2 b) shall stand modified as follows: “Post listing of securities, issuer shall submit information in the requisite fields as provided in Annex - XIV-B to any of the stock exchanges where their securities are listed on a periodical basis (within 30 days from the end of the financial year) and/ or ‘as and when’ basis (event based), as applicable. The stock exchange shall indicate the format of filing to the issuers in this regard.”
- Clause 8. b) (Type of Issuer - Based on nature of business) of paragraph B. (Issuer/ instrument classification) of Annex - XIV - A shall be deleted.
- Clause 9 (Based on sector of business) of Annex - XIV - A shall be replaced with the table given in the Annex to this circular.
SEBI News
SEBI board meeting on March 29: New-age tech firms' IPO, CIS rules may be discussed ( MAR 22 , 2022 )
The Securities and Exchange Board of India (SEBI) board meeting is scheduled to be held on March 29, 2022. It is expected that the strictness will increase for new-age technology companies which are not able to make a profit but still come to raise money through IPO, Zee Business Assistant Editor Brajesh Kumar reports.
All companies will provide DRHP with more information on non-financial performance indicators like subscriptions, downloads, etc so that investors can understand the future potential of the company, this point will also be considered in the meeting, said Kumar.
Business News
Infosys to buy Germany-based digital marketing firm oddity for up to 50 mn euros ( MAR 22, 2022 )
World Affairs
Alibaba to Buy Back Up to $25 Billion of Stock ( MAR 22, 2022 )
Alibaba Group Holding Ltd. boosted its share buyback program to $25 billion from $15 billion, in a bid to reassure investors about the company’s prospects after a year in which its stock has fallen by more than half. The potential buybacks are substantial compared with the Chinese e-commerce giant’s market value: As of Monday, it had a market capitalization of about $270 billion, according to FactSet.
Word of the Day
Ratchet Effect : The ratchet effect, a Keynesian theory, states that once prices have risen in lockstep to a rise in aggregate demand, they do not always reverse when that demand falls i.e. when incomes of individuals fall, their consumption expenditure does not fall as much.
Market Today ( as on 22.03.2022 )
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