RBI

Guidelines on Digital Lending (SEP 2, 2022)

It is reiterated that outsourcing arrangements entered by Regulated Entities (REs) with a Lending Service Provider (LSP)/ Digital Lending App (DLA) does not diminish the REs’ obligations and they shall continue to conform to the extant guidelines on outsourcing1. 

The REs are advised to ensure that the LSPs engaged by them and the DLAs (either of the RE or of the LSP engaged by the RE) comply with the guidelines contained in this circular.

CIRCULAR : Reserve Bank of India - Notifications (rbi.org.in)

DELHI HIGH COURT

No Property Can Be Demolished without Giving Owner Opportunity Of Hearing: Delhi High Court (SEP 2, 2022)

The court further said that it is no answer to compliance with the principles of natural justice to contend that if an opportunity was granted, the persons affecting would not have had any defence to offer. This order has been passed by the High Court on a civil suit filed by Hnunpuii, a resident of Chattarpur, Delhi.

The petitioner praying for demolition has alleged that a person namely Ambawat was raising illegal and unauthorised construction on the seventh and eighth floors of the suit property.

NEWS REPORT : No Property Can Be Demolished without Giving Owner Opportunity Of Hearing: Delhi High Court (ndtv.com)

MINISTRY OF CORPORATE AFFAIRS 

MCA mulls imposing fines on unicorns over delay in filing financials (SEP 2, 2022)

Swiggy had delayed its FY21 result filing by 11 months and Ola Electric was at least 13 months late in filing the financials with the RoC, the report added.  Razorpay, a new unicorn, filed its FY21 financial in March 2022, 12 months late. Experts believe that the delays in filing the reports may impact funding rounds.

According to current rules, a company is required to file its annual results with the RoC within seven months of the end of the financial year. After that, a fine of Rs 200 per day is charged by the MCA.

DETAILS : MCA mulls imposing fines on unicorns over delay in filing financials | Business Standard News (business-standard.com)

NEWS AT GLANCE 

  • India and the UAE reiterate commitment to achieve goal of 100 billion US dollars of bilateral trade in next five years.  
  • The United States says, UN report on Human Rights Violations in China's Xinjiang province reaffirms that Beijing is committing genocide against the Uyghurs.
  • NIA announces 25 lakh rupees cash reward on underworld gangster Dawood Ibrahim. 
  • IMF agrees to provide 2.9 billion dollar to Sri Lanka to help the island nation overcome its worst economic crisis.

WORD OF THE DAY 

Oral Contract is an agreement made with spoken words and either no writing or only partially written. An oral contract is just as valid as a written agreement. The main problem with an oral contract is proving its existence or the terms. 

MARKET TODAY (as on 2.09.2022)

BSE SENSEX              58,803.33 ▲ 36.74 (0.063%)

NIFTY 50                    17,539.45 ▼ 3.35 (0.019%)

1 US Dollar = 79.80 Indian Rupee (Last updated · 2 September at 12:36 pm UTC)

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