NATIONAL FINANCIAL REPORTING AUTHORITY 

Appointment of Full Time Member, NFRA (JUL 26, 2022)

In exercise of the powers conferred by sub-section (3) of section 132 of the Companies Act, 2013 (18 of 2013), the Central Government hereby appoints Ms. Smita Jhingran as the full time member of the National Financial Reporting Authority for a period of three years with effect from the 19th April, 2022 (forenoon) i.e. the date on which she entered upon her office, or till she attains the age of sixty-five years, whichever is earlier. 

The terms and conditions of service of the full time member, National Financial Reporting Authority shall be governed by the National Financial Reporting Authority (Manner of Appointment and other Terms and Conditions of Service of Chairperson and Members) Rules, 2018.

For Gazette Notification, Click Here

Competition Commission of India  

The Competition Commission of India (CCI) approves acquisition of Citibank, N.A.’s (Citi) and Citicorp Finance (India) Limited’s (Citicorp) undertakings comprising of their consumer banking activities by Axis Bank (Acquirer) under Section 31(1) of the Competition Act, 2002.  (JUL 26, 2022)

The proposed combination involves the proposed slump sale by Citi of an undertaking comprising its consumer banking activities to the Acquirer on a going concern basis and the proposed slump sale by Citicorp of an undertaking comprising its consumer banking activities to the Acquirer on a going concern basis.  

The Acquirer is a private sector bank listed on BSE Limited and National Stock Exchange of India Limited.

For Details, Click Here

SUPREME COURT 

SC asks govt to curb election freebies; calls it a ‘very serious issue’ (JUL 26, 2022)

The apex court was hearing a plea that sought to direct the Election Commission of India to not permit parties to promise or distribute irrational freebies from public funds. 

The lawyer appearing for the ECI informed the court that rules relating to freebies and poll promises have been incorporated in the Model Code of Conduct, but any law to ban or penalise the practice would have to be made by the government.

During the hearing, Advocate Ashwini Upadhyay, who is the petitioner in the PIL, informed the court that all Indian states combined have a debt of "over Rs 70 lakh crore."

For Details, Click Here

MINISTRY OF FINANCE

Debt raised by state PSUs to be considered borrowing by state: FM Nirmala Sitharaman (JUL 26, 2022)

Finance Minister Nirmala Sitharaman said the borrowing by state public sector undertakings or their special purpose vehicles (SPVs) will be considered as borrowing by the state government needing consent.

Instances of borrowing by certain state public sector companies, SPVs and other equivalent instruments, where principal and/or interest are to be serviced out of the state budgets, had come to the notice of the Ministry of Finance, she said in a written reply to the Lok Sabha.

This kind of borrowing would need the consent of the Union Government under Article 293(3) of the Constitution of India, she said.

For News Report, Click Here

NEWS AT GLANCE

  • Five-G auctions begin today; Over 72 thousand Mega Hertz of spectrum for a period of 20 years being auctioned. 
  • Five more Indian wetlands have got Ramsar recognition as wetlands of international importance.
  • Government sanctioned over one crore 22 lakh houses so far under Pradhan Mantri Awas Yojana-Urban.  
  • West Bengal minister Partha Chatterjee and his aide Arpita Mukherjee remanded to ED custody till August 3 in SSC recruitment scam.  
  • Prime Minister Narendra Modi congratulates Sheikh Ahmad Nawaf Al Ahmed Al-Sabah on his appointment as Prime Minister of Kuwait.  
  • Indian Army peacekeepers foil looting bid by armed groups in Congo.  
  • India's Indermit Gill appointed Chief Economist of World Bank.

WORD OF THE DAY 

A Special Purpose Vehicle (SPV) is a separate legal entity created by an organization. The SPV is a distinct company with its own assets and liabilities, as well as its own legal status. Usually, they are created for a specific objective, often to isolate financial risk. As it is a separate legal entity, if the parent company goes bankrupt, the special purpose vehicle can carry on.

MARKET TODAY (as on 26.7.2022)

BSE SENSEX               55,268.49 ▼ 497.73 (0.89%)     

NIFTY 50                      16,483.85 ▼ 147.15 (0.88%)

1 US Dollar = 79.79 Indian Rupee (Last updated · 26 July at 12:30 pm UTC)

MyLawman is now on Telegram (t.me/mylawman) Follow us for regular legal updates. Follow us on Google News, Instagram, LinkedIn, Facebook & Twitter or join our Whatsapp group .You can also subscribe for our Newsletter for Email Updates.