Ministry of Finance

India and World Bank sign $125 million Loan to support access to Social Protection Services in West Bengal ( 10 MAR 2022 )

The Government of India, the Government of West Bengal, and the World Bank signed a $125 million IBRD loan to support efforts to help poor and vulnerable groups access social protection services in the state of West Bengal.

West Bengal runs more than 400 programs that provide social assistance, care services, and jobs. Most of these services are offered through an umbrella platform called Jai Bangla. The West Bengal Building State Capability for Inclusive Social Protection Project will support these interventions at the state level, with particular focus on vulnerable groups such as women, tribal and scheduled caste households, and the elderly, as well as households in the state’s disaster-prone coastal regions.


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Ministry of Micro,Small & Medium Enterprises

Shri Narayan Rane launches MSME Innovative Scheme (Incubation, Design and IPR) & MSME IDEA HACKATHON 2022 under MSME Champions Scheme ( 10 MAR 2022 )

MSME Innovative is a holistic approach to unify, synergize and converge 3 sub-components and interventions with a single purpose. MSME Innovative is a new concept for MSMEs with a combination of innovation in incubation, design intervention and by protecting IPR in a single mode approach to create awareness amongst MSMEs about India’s innovation and motivate them to become MSME Champions. This will act as a hub for innovation activities facilitating and guiding development of ideas into viable business proposition that can benefit society directly and can be marketed successfully.
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Competition Commission of India

CCI approves acquisition of Prione Business Services Private Limited by Amazon Asia-Pacific Resources Private Limited ( 10 MAR 2022 )

The Competition Commission of India (CCI) approves acquisition of Prione Business Services Private Limited by Amazon Asia-Pacific Resources Private Limited

The proposed combination pertains to the proposed acquisition of Seventy-Six percent of the equity shares of Prione Business Services Private Limited (Target) by Amazon Asia-Pacific Resources Private Limited (Acquirer).

Acquirer is an indirect wholly owned subsidiary of Amazon.com, Inc. (ACI). ACI is the ultimate parent entity of the Amazon group. The Acquirer does not undertake any business activity in India. However, ACI, the ultimate parent company of the Acquirer, has certain indirect subsidiaries either registered in India or having business operations in India.

Target is an Indian owned and controlled company, and is controlled by Hober Mallow Trust (Hober Mallow). Seventy Six percent of the share capital of the Target is held by Hober Mallow. Acquirer already owns Twenty three percent of the share capital of the Target, and Amazon Eurasia Holdings S.a.r.l. owns One percent of the share capital of the Target. 


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CCI approves acquisition of 100% share capital of L&T Investment Management Limited by HSBC Asset Management (India) Private Limited ( 10 MAR 2022 )

The Competition Commission of India (CCI) approves acquisition of 100% share capital of L&T Investment Management Limited (L&T AMC/Target) by HSBC Asset Management (India) Private Limited (HSBC AMC/Acquirer)

The proposed combination relates to acquisition of 100% equity share capital of L&T AMC by HSBC AMC from L&T Finance Holdings Limited (L&T Sponsor/Seller) and its nominees. The acquisition of equity shares of the Target falls under Section 5(a) of the Competition Act, 2002.


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SEBI

SEBI released status of SCORES Complaints and Names of the companies/Intermediaries/MIIs having complaints pending for more than 3 months on SCORES as on February 28, 2022. 


SEBI Publishes List of 25 Untraceable Defaulters   ( March 10 , 2022 )

Capital markets regulator Sebi has come out with a list of 25 defaulters, who are found to be untraceable. These defaulters failed to return investors’ money or failed to pay fines imposed on them by the regulator for various offences related to the securities market.

Publishing the details of the untraceable defaulters on its website on Wednesday, Sebi said the recovery certificates were drawn up against these individuals by the regulator’s recovery officer. However, these notices could not be served to the defaulters at their last known addresses.

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RBI

Exim Bank's Government of India supported Line of Credit (LoC) of USD 500 million to the Government of the Democratic Socialist Republic of Sri Lanka ( March 10 , 2022 )

Export-Import Bank of India (Exim Bank) has entered into an agreement dated February 02, 2022 with the Government of the Democratic Socialist Republic of Sri Lanka, for making available to the latter, Government of India supported Line of Credit (LoC) of USD 500 million (USD Five Hundred Million only) for the purpose of financing purchase of petroleum products from India. Under the arrangement, financing of export of eligible goods and services from India, as defined under the agreement, would be allowed subject to their being eligible for export under the Foreign Trade Policy of the Government of India and whose purchase may be agreed to be financed by the Exim Bank under this agreement. Out of the total credit by Exim Bank under the agreement, goods, works and services of the value of at least 75 per cent of the contract price shall be supplied by the seller from India, and the remaining 25 per cent of goods and services may be procured by the seller for the purpose of the eligible contract from outside India.


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RBI clarifies on the mode of receipt of complaints under Integrated Ombudsman Scheme ( March 10 , 2022 )


According to RBI press release, “Complainants having queries on RB-IOS or desiring information relating to their complaints lodged through the above methods, can reach the Contact Centre of RBI at toll-free #14448 (currently available from 9:30 am to 5:15 pm on working days) in Hindi, English and nine regional languages (Bengali, Gujarati, Kannada, Odia, Malayalam, Marathi, Punjabi, Tamil and Telugu). The status of complaints can also be tracked on the CMS portal.”



NCLT

Indiabulls Housing Finance moves NCLT against Subhash Chandra to recover loans ( March 10 , 2022 )

Indiabulls Housing Finance has moved the National Company Law Tribunal (NCLT) against media baron Subhash Chandra claiming he had personally guaranteed payment for loans given to companies that were co-borrowers with Essel group firms, according to sources privy to the matter.

It has claimed that Chandra provided a guarantee for a loan to Gnex Projects that obtained a Rs 190 crore loan from Indiabulls Housing Finance in September 2020 alongwith Essel Home, which was the co-borrower, the sources said.



Supreme Court

IL&FS Financial Services case: Supreme Court seeks response from ICAI, Sebi on NCLT’s jurisdiction ( March 10, 2022 )

The Supreme Court has sought response from the central government, the Institute of Chartered Accountants of India, Sebi and others on appeals filed by network firm of Deloitte, the former auditor of IL&FS Financial Services (IFIN), and its chartered accountants questioning the National Company Law Tribunal’s (NCLT) jurisdiction to prosecute and ban the past auditors for their alleged role in financial irregularities at the company.

A bench led by Justice DY Chandrachud has sought response from the ministry of corporate affairs and others on a batch of five appeals filed by Deloitte Haskins & Sells LLP and their chartered accountants Kalpesh J Mehta, Udayan Sen, N Sampath Ganesh and Shrenik Baids against the National Company Law Appellate Tribunal’s order that upheld the NCLT’s August 9, 2021 order which ruled that under Section 140 (5) of the Companies Act, action would lie for removal/change and consequent ineligibility for appointment as an auditor of any company for five years against past auditors also.



Word of the Day

Conflict theory: Conflict theory, first developed by Karl Marx, is a theory that society is in a state of perpetual conflict because of competition for limited resources. Conflict theory holds that social order is maintained by domination and power, rather than by consensus and conformity.

Market Today ( 10.03.2022 )

S & P BSE Sensex                     55464.39 (+817.06)

Nifty 50                                       16594.90 (+249.55)


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