Today's Sector News – 24.06.2019
* BANKING: Viral Acharya, Reserve Bank of India's deputy governor, has resigned six months before the scheduled end of his term.
-The Indian Banks' Association has put together an inter-creditor agreement incorporating details
relating to meetings of lenders, voting matters, payment to dissenting lenders and additional funding.
* COMMODITY: Maharashtra government is considering a proposal to invest in distilleries being set up by sugar mills in the state to convert sugarcane juice into ethanol, a senior government official said.
* ECONOMY: Finance Minister Nirmala Sitharaman held a pre-Budget consultation with finance ministers of states and Union territories, where she asserted that no goals can be achieved if states and the centre do not work in cohesion.
* FINANCE: IL&FS Financial Services has defaulted on a 114.2-mln-rupee payment on non-convertible debentures, including interest, due Friday. The Employees' Provident Fund Organisation is looking to avoid investing in corporate bonds issued by private companies in the wake of payment defaults by some companies, and the consequent rating downgrade of their debt, a senior government official said.
* INFRASTRUCTURE: Cafe Coffee Day founder V.G. Siddhartha has deferred plans to sell his real estate venture Tanglin Developments to New York-based private equity giant Blackstone Group Lp for an estimated 27-28 bln rupees.
* IRRIGATION: Telangana Chief Minister K. Chandrasekhar Rao inaugurated the 800-bln-rupee Kaleshwaram Lift Irrigation Project, designed to facilitate farming of two crops on around 4.5 mln acres of land.
* MINING: Community dependent on mining in Goa, including leaseholders, hopes that the Centre will soon amend the Goa, Daman and Diu (Abolition and Declaration of Mining Leases) Act (Abolition Act), 1987, to pave way for resumption of mining, which came to a standstill in March last year after a Supreme Court order.
* TAXATION: GST Council extended the last date for filing annual goods and services tax returns for 2018-19 (Apr-Mar) for companies by two months to Aug 30, Revenue Secretary Ajay Bhushan Pandey said.
* REGULATION: Deloitte Haskins & Sells and KPMG firm BSR & Associates said the National Company Law Tribunal has no jurisdiction to decide on the government's demand for a five-year ban against the auditors of IL&FS Financial Services.
* TELECOMMUNICATION: India's broadcasting regulator is open to "finetuning" the new cable TV tariff regime to address any "aberrations", but won't rush into this without adequate data backup, Chairman R.S. Sharma said.
-Huawei has urged India to make an "informed and independent decision" on permitting its 5G trials in the country as the Chinese telecom giant reeled under pressure following the US ban.
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-The Indian Banks' Association has put together an inter-creditor agreement incorporating details
relating to meetings of lenders, voting matters, payment to dissenting lenders and additional funding.
* COMMODITY: Maharashtra government is considering a proposal to invest in distilleries being set up by sugar mills in the state to convert sugarcane juice into ethanol, a senior government official said.
* ECONOMY: Finance Minister Nirmala Sitharaman held a pre-Budget consultation with finance ministers of states and Union territories, where she asserted that no goals can be achieved if states and the centre do not work in cohesion.
* FINANCE: IL&FS Financial Services has defaulted on a 114.2-mln-rupee payment on non-convertible debentures, including interest, due Friday. The Employees' Provident Fund Organisation is looking to avoid investing in corporate bonds issued by private companies in the wake of payment defaults by some companies, and the consequent rating downgrade of their debt, a senior government official said.
* INFRASTRUCTURE: Cafe Coffee Day founder V.G. Siddhartha has deferred plans to sell his real estate venture Tanglin Developments to New York-based private equity giant Blackstone Group Lp for an estimated 27-28 bln rupees.
* IRRIGATION: Telangana Chief Minister K. Chandrasekhar Rao inaugurated the 800-bln-rupee Kaleshwaram Lift Irrigation Project, designed to facilitate farming of two crops on around 4.5 mln acres of land.
* MINING: Community dependent on mining in Goa, including leaseholders, hopes that the Centre will soon amend the Goa, Daman and Diu (Abolition and Declaration of Mining Leases) Act (Abolition Act), 1987, to pave way for resumption of mining, which came to a standstill in March last year after a Supreme Court order.
* TAXATION: GST Council extended the last date for filing annual goods and services tax returns for 2018-19 (Apr-Mar) for companies by two months to Aug 30, Revenue Secretary Ajay Bhushan Pandey said.
* REGULATION: Deloitte Haskins & Sells and KPMG firm BSR & Associates said the National Company Law Tribunal has no jurisdiction to decide on the government's demand for a five-year ban against the auditors of IL&FS Financial Services.
* TELECOMMUNICATION: India's broadcasting regulator is open to "finetuning" the new cable TV tariff regime to address any "aberrations", but won't rush into this without adequate data backup, Chairman R.S. Sharma said.
-Huawei has urged India to make an "informed and independent decision" on permitting its 5G trials in the country as the Chinese telecom giant reeled under pressure following the US ban.
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