Ministry of Law and Justice
Press Communique ( 23 MAR 2022 )
- Kasoju Surendhar alias K. Surender, Advocate
- Smt. Surepalli Nanda, Advocate
- Mummineni Sudheer Kumar, Advocate
- Smt. Juvvadi Sridevi alias Kuchadi Sridevi, Advocate
- Natcharaju Shravan Kumar Venkat, Advocate
- Smt. Gunnu Anupama Chakravarthy, Judicial Officer
- Smt. Maturi Girija Priyadarsini alias Priyadarshini, Judicial Officer
- Sambasivarao Naidu, Judicial Officer
- Anu Santhosh Reddy, Judicial Officer
- Dr. Devaraju Nagarjun, Judicial Officer
Ministry of Personnel, Public Grievances & Pensions
Shortage of IAS Officers ( 23 MAR 2022 )
The Cadre Rules of all three All India Services viz IAS, IPS and IFoS contain provisions governing the central deputation of AIS officers. However, State Governments have not been sponsoring adequate number of officers for central deputation. Accordingly, in terms of the provisions contained in Section 3 of All India Services Act, 1951, comments have been sought from States/UTs on a proposal to amend Rule 6(1) of respective cadre rules.
This information was given by Minister of State in the Ministry of Personnel, Public Grievances and Pensions and Minister of State in the Prime Minister’s Office, Dr. JItendra Singh in a written reply in Lok Sabha today.
SEBI Circular
Change in control of Sponsor and/or Manager of Alternative Investment Fund involving scheme of arrangement under Companies Act, 2013 ( MAR 23, 2022 )
To streamline the process of providing approval to the proposed change in control of the Sponsor and/or Manager of the AIF involving scheme of arrangement which needs sanction of National Company Law Tribunal (“NCLT”) in terms of the provisions of the Companies Act, 2013, following has been decided:
- The application seeking approval for the proposed change in control of the Sponsor and/or Manager of the AIF under Regulation 20(13) of AIF Regulations shall be filed with SEBI prior to filing the application with the NCLT;
- Upon being satisfied with compliance of the applicable regulatory requirements, in-principle approval will be granted by SEBI;
- The validity of such in-principle approval shall be three months from the date of issuance, within which the relevant application shall be made to NCLT;
- Within 15 days from the date of order of NCLT, applicant shall submit the following documents to SEBI for final approval: a. Application for the final approval; b. Copy of the NCLT Order approving the scheme; c. Copy of the approved scheme; d. Statement explaining modifications, if any, in the approved scheme vis-Ã -vis the draft scheme and the reasons for the same; and e. Details of compliance with the conditions/ observations mentioned in the in-principle approval provided by SEBI.
This Circular is issued in exercise of powers conferred under Section 11(1) of the Securities and Exchange Board of India Act, 1992 to protect the interests of investors in securities and to promote the development of, and to regulate the securities market.
RBI
Master Direction - Classification, Valuation and Operation of Investment Portfolio of Commercial Banks (Directions), 2021 - Amendment ( MAR 23, 2022 )
The Master Direction outlines the prudential treatment for investment in Venture Capital Funds (VCFs). We have received queries from banks regarding the applicability of these instructions for investment in Alternative Investment Funds (AIFs).
Accordingly, on a review, it has been decided that the investment in Category I and Category II AlFs, which includes VCFs, shall receive the same prudential treatment as applicable for investment in VCFs.
In addition, based on feedback from banks, clarifications / updates have been provided regarding section 4(a)(vii), 10(c)(ix), 12(ii)(b), 12(ii)(d)(ix), 13(iv)(b), 16(i), 16(ii), 18(ii)(e)(ii) and Annex II of the Master Direction.
Banking and Finance
HDFC witnesses highest ever loan approval; crosses Rs 2 lakh cr in FY22 ( MAR 23, 2022 )
Mortgage lender HDFC on Wednesday said it has approved the highest ever retail home loans of over Rs 2 lakh crore in 2021-22. The demand for these loans was from across the country, HDFC said in a statement. HDFC managing director Renu Sud Karnad said, “In over four and half decades, I have not seen a better time for the housing sector than now due to lower interest rates, stable property prices, government’s thrust on affordable housing, improved affordability, favorable demographics, increasing urbanization and rising aspirations”.
As of December 31, 2021, cumulative loans disbursed under CLSS stood at Rs 45,914 crore and the cumulative subsidy amount stood at Rs 6,264 crore, it said. For the nine months ended December 31, 2021, it said, 30 per cent of home loans approved in volume terms and 13 per cent in value terms have been to customers from the Economically Weaker Section (EWS) and Low Income Groups (LIG).
Income Tax
I-T dept raids Hero Motorcorp premises at multiple locations, CEO Pawan Munjal's home ( MAR 23, 2022 )
The Income Tax Department is conducting raids on multiple premises of Hero Motorcorp as part of a tax evasion investigation against the country's largest two-wheeler automobile manufacturer, officials said Wednesday morning.
A team of officials of the department are looking at financial documents and other business transactions of the company and its promoters, they said.
Led by Pawan Munjal, the company has a presence across 40 countries spanning Asia, Africa, and South and Central America.The company continues to have a leading position in the domestic two-wheeler segment.
EBITDA is a metric used to assess a company’s operating performance. Earnings before interest, taxes, depreciation, and amortization, or EBITDA, sometimes acts as an alternative to other metrics, including net income or revenue.
Market Today ( as on 23.03.2022 )
BSE Sensex 57,684.82▼ 304.48 (0.53%)
Nifty 50 17,245.65▼ 69.85 (0.40%)
0 Comments