NEW DELHI | FRIDAY, 20 DECEMBER 2019 BRAND WORLD 17 . < T E NARASIMHAN Chennai, 19 December W ith a little over a month to go for what used to be one of the biggest theatrical productions for the auto industry, the Auto Expo 2020, it now seems likely that marquee brands such as Hero, TVS, Honda, Bajaj, Harley Davidson, Royal Enfield, Nissan, BMW, Ford, Daimler, PSA Citroën will sit this one out. Just as many did in 2018. However, China’s SAIC- owned Morris Garage (MG), its SUV manufacturers Great Wall Motors and Changan Automobiles and some electric two-wheeler makers have all signed on for the show. A spokesperson for M G Motors said they were planning a big bang presentation with 20 products at the Expo. Great Wall Motors, one of China’s largest SUV and pickup manu- facturers, is expected to kick- start its Indian journey with the show where it plans to show- case its brand Haval. Maruti Suzuki, Hyundai, Tata Motors, M&M, Renault, Kia, Mercedes Benz are among the others that have committed their presence at the Expo. Most two-wheeler brands are absent this year too, though. Besides the big four, Hero, Bajaj, Honda and TVS, brands such as Royal Enfield, Harley- Davidson, will also not be at Auto Expo. Auto experts and analysts point out, the show that was once the domain of Japanese and European brands, is now the plyground for a new pack of brands from China. Is this the new order for the new year? For most of the brands keep- ing away, the big factor appears to be cost of participation. So much so that even European auto major PSA Citroën, which is expected to launch its first car in India next year, is not par- ticipating. Costs are dispropor- tionate to the exposure compa- nies said. Given the gloom in the sector, but more impor- tantly because of the rising attraction of digital marketing channels. SIAM did not respond to an email seeking comments for the story. A spokesperson for Hero MotoCorp said, “As the market leader, Hero MotoCorp has always been a flagship partici- pant. However, participation in the Expo would require months of preparation and allocation of massive resources, both in terms of financial spends and manpower. In keeping with our prioritised objectives, we have decided to skip the upcoming Expo.” K N Radhakrishnan, presi- dent, CEO & Additional Whole- Time Director, TVS Motor Company said that it was a combination of things (eco- nomic gloom, lack of new mod- els, cost and so on) keeping peo- ple away. A senior marketing official said that companies now track Return on Investment (RoI) on every rupee spent on advertising. On digital, programmatic advertising along with virtual showrooms that allow one a complete feel of the automo- bile before they step into a showroom are among the major draws for auto brands today. A study by Google with Kantar TNS earlier this year found that 90 per cent of car buyers research online before setting foot into a dealership and once they’re at the dealer- ship, 65 per cent of car buyers continue to do research on their smartphones. The need to go to an annual jamboree is shrinking for consumers, as are the reasons for auto makers to spend big bucks on large events, said marketing profes- sionals at several companies. A senior official says if a brand wants to put up a decent show, it will need around 1,800 square feet sized stalls (major brands book spaces that are at least double of four times this size). For this the rents alone make for around ~2-2.5 crore. Add to this the cost of logistics, taxes and affiliate services, the budget balloons to at least Rs 15-20 crore, he adds. Returns are not commensurate with costs involved said another auto maker. Companies are also shying off because there is not much to showcase. Besides the BS-IV to BS-VI transition, electric and other new technology develop- ments are the major focus now, said an analyst. Even electric vehicles are the toast of the pre- vious season. However the CEO of an auto company said that par- ticipating in an expo is part of a long term India commit- ment and it cannot be given up owing to temporary slow- down. This is a sentiment echoed by many who have already logged in their partic- ipation. Manohar Bhat, vice president and head, Sales & Marketing, Kia Motors India said, “Our idea is to play to our strengths, which is to show- case our premium quality products. Auto Expo warrants a lot of eyeballs and creates inquisitiveness amongst the audiences. It is also an essen- tial part of our customer study and buying behaviour.” Digital tilts the wheel at auto shows Even as big auto brands plan to skip the 2020 Auto Expo, as many did two years ago, Chinese carmakers are stepping in to claim their spot Hyundai has said that it will take part in the Auto Expo 2020, as it had done in 2018 Business fears hit... In fact, before October, whatever was claimed as ITC in GSTR 3B, was being released by the authorities. In October, the government restricted this to 20 per cent of eligible credit. And, now, to 10 per cent. Archit Gupta, chief executive at fintech service platform ClearTax, says the new restriction will be challenging for businesses. "They will have to do regular follow-ups with their suppliers." M S Mani, partner at con- sultants Deloitte India, said the restric- tions on ITC increase the blockages of working capital. Rule 36 (4) under the Central GST Act, which enables such restrictions, is already under challenge at the Delhi high court. "Businesses would welcome the elim- ination of such restrictions which are not in consonance with key GST principles which mandate seamless credits across the value chain," said Mani. Abhishek Rastogi, partner at Khaitan & Co., said the restriction on credits due to the fault of the vendors will have to cross the constitutional test. "Further, even the percentage of either 10 or 20 per cent is not based on any logic and hence is completely arbitrary," he said. Harpreet Singh, partner at consultan- cy KPMG. He says many multinational companies have completely forgone the 20 per cent or 10 per cent credit, on account of the hassle of month-on-month reconciling of credit. Abhishek Jain, tax partner at consultancy EY, says the new restrictions are due to falling tax collec- tions and to plug fraudulent credits. "It is imperative for businesses to ensure timely credit reconciliation, including follow-up with vendors, timely correction and maintaining of adequate date for the said compliance. Wherever proper reconciliations are not done, it may lead to cash flow issues,” he said. Gupta of ClearTax feels further reduc- tion in credit could have been considered later, with the new return filing process. In the latter, there is the concept of invoice matching — ITC cannot be claimed on invoices not reconciled. These returns would come into effect from April 1. Govt to implement... Though the code has become an Act in August, the government is yet to issue a separate order notifying the date of its implementation. The code’s main feature was to ensure minimum wages to workers across sectors. The previous minimum wages law was only applicable to a few industries and establishments. A later date of implementation of the Code on Wages Act will also imply that the indus- try may get some relief from a rise in its wage bills due to any possible hike in the minimum wages. The official explained that the consol- idation of 36 labour laws into four codes will result in the harmonisation of various key definitions related to wages, employ- ees, employers, and workplace, among others. "If basic con- cepts such as what will consti- tute wages vary across labour laws, it may lead to confusion and arbitration," the official said. However, some industry representatives criticised the move and said it would “postpone the labour law reforms”. “All good moves do not have to happen together. I don’t agree with the govern- ment’s myopic view. The code on wages Act clearly defines wages, overtime and other such concepts so why should it wait for other Bills to become a law?” Pradeep Bhargava, president of the Mahratta Chamber of Commerce said. Bhargava added that the intent of the government to push for labour law reforms would be nullified as some labour Bills may even take more than a year to become an Act. It took exactly two years for the code on wages Bill, which was introduced in Lok Sabha in August 2017 and sub- sequently referred to a standing committee, to become a law. The standing committee had submitted its report in December 2018. The code on occupational safety, health and working conditions, which was introduced in the Lok Sabha in July 2019, was referred to a Parliamentary standing committee. It has already held three meetings so far. The other two codes on industrial relations and social securi- ty were introduced in the recently con- cluded winter session of Parliament. Cummins is IPL’s... Robin Uthappa and Jaydev Unadkat were picked up by Rajasthan Royals for ~3 crore each. Among other interesting buys was England team captain Eoin Morgan, who was picked up for ~5.25 crore by KKR, while cricketers Kane Richardson and Aaron Finch headed to Royal Challengers Bangalore at ~4 and ~4.4 crore each. Some Indian cricketers who didn’t find takers on Thursday included Yusuf Pathan and Cheteshwar Pujara. Tatas plan to move... Cyrus Pallonji Mistry’s counsel had stated that the decision for conversion was taken by the board of directors in a hurried manner with the “help of Registrar of Companies.” NCLAT called the decision of conversion illegal, direct- ing RoC to reverse the conversion. But, Mohit Saraf, a corporate lawyer, asked ‘’if majority shareholders have exercised their right to convert a public company into private company, how can one validly set aside such a conversion”. He said questioning the shareholders’ intent has no relevance under the Companies Act unless one is alleging fraud or other criminal action. The legal opinion is indeed divided on this. For instance, some legal experts believe the RoC Mumbai will have to immediately change the status of Tata Sons from a private company to a public company without waiting for any board resolutions from Tata Sons. “The RoC need not wait for any board resolutions or documentation/communication from Tata Sons. What Tata Sons did was ille- gal. As soon as the RoC gets the copy of NCLAT order, it will have to change the status into public limited company in its records,” said H P Ranina, a senior lawyer. Conversion of Tata Sons into a pri- vate limited company is believed to have restricted the prospects of minority shareholders like the Mistry family (Shapoorji Pallonji) and others to sell their shares. Shapoorji Pallonji group holds around 18.5 per cent in Tata Sons, while Tata Trusts is the biggest share- holder with a 66 per cent stake. A Tata Sons spokesperson did not respond to an email seeking their views on the road ahead. A Mistry spokesperson said the group had not received any communication from Tata Sons regarding the conversion into a private company. > FROM PAGE 1 SOLUTION TO #2924 Very Hard: ±±±±± Solution tomorrow HOW TO PLAY Fill in the grid so that every row, every column and every 3x3 box contains the digits 1 to 9 > BS SUDOKU # 2925 Form No. 5 DEBTS RECOVERY TRIBUNAL 600/1, University Road, Near Hanuman Setu Mandir, Lucknow-226007 (Area of Jurisdiction-Part of Uttar Pradesh) O.A. No. 623/2019 (Summons to defendant under section 19(3) of the Recovery of Debts due to Banks and Financial Institutions Act, 1993 read with Rules 12 and 13 of the Debts Recovery Tribunal (Procedure Rules, 1993) CANARA BANK PREETI SONTHALIA & OTHERS To, 1. Mrs. Preeti Sonthalia wife of Sri Vishal Srivastava R/o Khasra No. 36/4/2, House No. 105/3, Gali No.3, RameshTyagi Colony, Jharoda Majra, Burari, Delhi-110084. 2. Sri Vishal Srivastava son of Sri Jagdish Prasad Srivastava, In the above noted application, you are required to file in Paper Book form in two sets along with documents and affidavits (if any), personally or through your duly authorized agent or legal practitioner in this Tribunal, after serving copy of the same on the applicant or his counsel / duly authorised agent after publication of the summons, and thereafter to appear before the Tribunal on 24.02.2020 at 10:30 A.M. failing which the application shall be heard and decided in your absence. R/o Khasra No. 36/4/2, House No. 105/3, Gali No.3, RameshTyagi Colony, Jharoda Majra, Burari, Delhi-110084. ...Applicant ...Defendants AND Registrar Debts Recovery Tribunal, Lucknow Date : 25.11.2019 SUMMONS FOR FILING & APPEARANCE BY PUBLICATION Original Application No. 623 of 2019 FINANCE DEPARTMENT CHENNAI - 9 DIPR/1475/Display/2019 GOVERNMENT OF TAMILNADU Dated: December 20, 2019 PRESS COMMUNIQUE It is nofied for general informaon that the outstanding balance of 8.25% Tamil Nadu Government Stock, 2020 issued in terms of the Government of Tamil Nadu, Finance Department, Noficaon No.202(L)/W&M-II/2010, dated 13 January 2010 will be repaid at par on January 20, 2020, with interest due up to and including January 19, 2020. In the event of a holiday being declared on the aforesaid date by any State Government under the Negoable Instruments Act, 1881, the loan will be repaid by the paying offices in that State on the previous working day. No interest will accrue on the loan from and aſter January 20, 2020. 2. As per sub-regulaon 24(2) and 24(3) of Government Securies Regulaons, 2007 payment of maturity proceeds to the registered holder of Government Security held in the form of Subsidiary General Ledger or Constuent Subsidiary General Ledger account or Stock Cerficate shall be made by a pay order incorporang the relevant parculars of his bank account or by credit to the account of the holder in any bank having facility of receipt of funds through electronic means. For the purpose of making payment in respect of the securies, the original subscriber or the subsequent holders of such a Government Securies, as the case may be, shall submit to the Bank or Treasury and Sub-Treasury or branch of State Bank of India, where they are enfaced/registered for payment of interest, as the case may be, the relevant parculars of their bank account. 3. However, in the absence of relevant parculars of bank account/mandate for receipt of funds through electronic means, to facilitate repayment on the due date, holders of 8.25% Tamil Nadu Government Stock, 2020, should tender their securies at the Public Debt Office, 20 days in advance. The securies should be tendered for repayment, duly discharged on the reverse thereof as under:- “Received the Principal due on the Cerficate”. 4. It should be parcularly noted that at places where the treasury work is done by a branch of the State Bank of India, the securies, if they are in the form of Stock Cerficates, should be tendered at the branch of the bank concerned and not at the Treasury or Sub-Treasury. 5. Holders who wish to receive payment at places other than those where the securies have been enfaced for payment should send them duly discharged to the Public Debt Office concerned by Registered and Insured Post. The Public Debt Office will make payment by issuing a draſt payable at any Treasury/Sub-Treasury or branch of State Bank of India conducng Government Treasury work in the State of Tamil Nadu. S. KRISHNAN Addional Chief Secretary to Government, Finance Department, Chennai-9. CIN: L26102DL1984PLC019542 Registered Office: Unit No. 203 to 208, Tribhuwan Complex, Ishwar Nagar, Mathura Road, New Delhi - 110 065, Phone: (011) 49454900 Corporate Office: 5 th Floor, Tower - B, Global Business Park, Mehrauli - Gurgaon Road, Gurugram - 122 002 (Haryana) Email: [email protected], Website: www.aisglass.com Phone: (0124) 4062212-19, Fax: (0124) 4062244/88 ASAHI INDIA GLASS LIMITED Notice is hereby given to the shareholders pursuant to the provisions of Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016 notified by the Ministry of Corporate Affairs effective from 7 th September, 2016 as under: The shares (physical/ demat) in respect of which dividend has been lying unpaid or unclaimed with the Company for a consecutive period of seven years i.e. from Financial Year 2006-07 onwards shall be mandatorily transferred by the Company to Investor Education and Protection Fund in compliance with the aforementioned Rules. In this regard, it is noticed from the records that certain Shareholders had not claimed the dividend amounts for a consecutive period of 7 years from 2006-2007, despite reminder letters sent to their last known address. Therefore, in terms of Rule 6 of the aforementioned Rules, THE COMPANY SHALL TRANSFER THE SUBJECT EQUITY SHARES TO THE‘IEPF SUSPENSE ACCOUNT’. Individual notices have already been sent to concerned shareholders, whose shares are liable to be transferred to IEPF Suspense Account, at their latest available address. The details of such shareholders are also displayed on the website of the company at www.aisglass.com. The shareholders whose shares are in physical mode that are liable to be transferred to IEPF Suspense Account may note that the company would be issuing duplicate share certificate(s) in lieu of the Details of the original share certificate(s) held by them for this purpose. Upon such issue, the original share certificate(s) will stand automatically cancelled and hence cannot be traded. The unclaimed dividends and the shares transferred to IEPF authority/ Suspense account including all benefits accruing on shares, if any, can be claimed back by the shareholders from IEPF authority after following the due process prescribed under the Rules. No claim shall lie against the company. In terms of Rule 7 of the said Rules, any person may claim his/ her shares from IEPF authorities by filing an application in form IEPF-5 and follow the prescribed procedure for re-transfer of such shares. For any communication/ clarification, you may contact the Registrar & Share Transfer Agent and/ or the Company at the following address: M/s. Link Intime India Pvt. Ltd., C-101, 247 Park, LBS Marg, Vikhroli (West), Mumbai – 400 083, Tel. No.: (022) 4918 6270, e-mail: [email protected]. Asahi India Glass Ltd., Regd. Office: Unit No. 203 to 208,Tribhuwan Complex, Ishwar Nagar, Mathura Road, New Delhi – 110 065, Tel: 011-4945 4900, e-mail: [email protected]. For Asahi India Glass Ltd., Sd/- Gopal Ganatra Executive Director Date: 19 th December, 2019 General Counsel & Company Secretary Place: Gurugram Membership No. F7090 1. Government of Tamil Nadu has offered to sell by auction the Re-issue of 7.22% Tamil Nadu State Development Loan 2028 for Rs.1000.00 crore and 7.17% Tamil Nadu State Development Loan 2029 for Rs.1000.00 crore in the form of Stock to the Public by auction for an aggregate amount of Rs.2000.00 crore. Securities will be issued for a minimum nominal amount of Rs.10,000/- and multiples of Rs.10,000/- thereafter. Auction which will be price-based under multiple price format will be conducted by Reserve Bank of India at Mumbai Office (Fort) on December 23, 2019. 2. The Government Stock upto 10% of the notified amount of the sale will be allotted to eligible individuals and institutions subject to a maximum limit of 1% of its notified amount for a single bid as per the Revised Scheme for Non-competitive Bidding facility in the Auctions of State Government Securities of the General Notification (Annexure II). Under the scheme, an investor can submit a single bid only through a bank or a Primary Dealer. 3. Interested persons may submit bids in electronic format on the Reserve Bank of India Core Banking Solution (E-Kuber) System as stated below on December 23, 2019. a) The competitive bids shall be submitted electronically on the Reserve Bank of India Core Banking Solution (E-Kuber) System between 10.30 A.M. and 12.00 P.M. b) The non-competitive bids shall be submitted electronically on the Reserve Bank of India Core Banking Solution (E-Kuber) System between 10.30 A.M. and 11.30 A.M. 4. The price expected by the bidder should be expressed up to two decimal points. An investor can submit more than one competitive bid at different rates in electronic format on the Reserve Bank of India Core Banking Solution (E-Kuber) System. However, the aggregate amount of bids submitted by a person should not exceed the notified amount. 5. The result of auction will be displayed by Reserve Bank of India on its website on December 23, 2019. Successful bidders should deposit the price amount of Stock covered by their bids by means of a Bankers’ Cheque or Demand Draft payable at Reserve Bank of India, Mumbai (Fort) or Chennai on December 24, 2019 before the close of banking hours. 6. The Government Stock will bear interest at the rate of 7.22%per annum paid half yearly on April 30 and October 30 and 7.17% per annum paid half yearly on May 27 and November 27. The Stock will be governed by the provisions of the Government Securities Act, 2006 and Government Securities Regulations, 2007. 7. The stocks will qualify for ready forward facility. 8. For other details please see the notifications of Government of Tamil Nadu Specific Notification No.454(L)/W&M-II/2019 and No.455(L)/W&M-II/2019, dated December 19, 2019. GOVERNMENT OF TAMIL NADU Re-issue of 7.22% Tamil Nadu State Development Loan 2028 and 7.17% Tamil Nadu State Development Loan 2029 sell by aucon DIPR/1474/DISPLAY/2019 S. KRISHNAN, Additional Chief Secretary to Government, Finance Department, Chennai-9
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Digitaltiltsthewheel atautoshows · 2020-02-13 · case its brand Haval. Maruti Suzuki,Hyundai,TataMotors, M&M, Renault, Kia, Mercedes Benzareamongtheothersthat havecommittedtheirpresence
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NEW DELHI | FRIDAY, 20 DECEMBER 2019 BRAND WORLD 17. <
T E NARASIMHANChennai, 19 December
W ith a little over amonth to go for whatused to be one of the
biggest theatrical productionsfor the auto industry, the AutoExpo 2020, it nowseems likelythat marquee brands such asHero,TVS,Honda,Bajaj,HarleyDavidson, Royal Enfield,Nissan, BMW, Ford, Daimler,PSACitroënwillsit thisoneout.Just asmanydid in 2018.
However, China’s SAIC-ownedMorris Garage (MG), itsSUVmanufacturersGreatWallMotors and ChanganAutomobilesandsomeelectrictwo-wheeler makers have allsigned on for the show. Aspokesperson for M G Motorssaid they were planning a bigbang presentation with 20products at the Expo. GreatWall Motors, one of China’slargest SUVandpickupmanu-facturers, is expected to kick-start its Indianjourneywiththeshow where it plans to show-case its brand Haval. MarutiSuzuki,Hyundai, TataMotors,M&M, Renault, Kia, MercedesBenzareamongtheothersthathavecommittedtheirpresenceat theExpo.
Most two-wheeler brandsareabsentthisyeartoo,though.Besidesthebigfour,Hero,Bajaj,Honda and TVS, brands suchas Royal Enfield, Harley-Davidson, will also not be atAuto Expo. Auto experts andanalysts point out, the showthat was once the domain ofJapanese and Europeanbrands, is now the plygroundfor a new pack of brands fromChina. Is this theneworder forthenewyear?
Formostofthebrandskeep-ingaway, thebigfactorappearsto be cost of participation. So
much so that even EuropeanautomajorPSACitroën,whichis expected to launch its firstcarinIndianextyear, isnotpar-ticipating.Costsaredispropor-tionatetotheexposurecompa-nies said. Given the gloom inthe sector, but more impor-tantly because of the risingattraction of digital marketingchannels. SIAM did notrespond to an email seekingcomments for the story.
A spokesperson for HeroMotoCorp said, “As themarketleader, Hero MotoCorp hasalways been a flagship partici-pant.However,participationintheExpowouldrequiremonthsof preparation and allocationof massive resources, both interms of financial spends andmanpower. Inkeepingwithourprioritised objectives, wehave decided to skip theupcomingExpo.”
K N Radhakrishnan, presi-dent,CEO&AdditionalWhole-Time Director, TVS MotorCompany said that it was acombination of things (eco-nomicgloom,lackofnewmod-els,costandsoon)keepingpeo-ple away. A senior marketingofficial said that companies
now track Return onInvestment (RoI) on everyrupee spent onadvertising.
On digital, programmaticadvertising along with virtualshowrooms that allow one acomplete feel of the automo-bile before they step into ashowroom are among themajor draws for auto brandstoday. A study by Google withKantar TNS earlier this yearfound that 90 per cent of carbuyers research online beforesetting foot into a dealershipand once they’re at the dealer-ship, 65 per cent of car buyerscontinuetodoresearchontheirsmartphones. The need to goto an annual jamboree isshrinkingforconsumers,asarethe reasons for automakers tospend big bucks on largeevents, said marketing profes-sionals at several companies.
A senior official says if abrandwants toputupadecentshow, itwillneedaround1,800square feet sized stalls (majorbrands book spaces that are atleast double of four times thissize). For this the rents alonemake for around ~2-2.5 crore.Addto this thecostof logistics,taxes and affiliate services, the
budget balloons to at least Rs15-20 crore, he adds. Returnsare not commensurate withcosts involved said anotherautomaker.
Companies are also shyingoffbecausethereisnotmuchtoshowcase.Besides theBS-IV toBS-VI transition, electric andothernewtechnologydevelop-mentsarethemajor focusnow,said an analyst. Even electricvehiclesarethetoastof thepre-vious season.
However the CEO of anauto company said that par-ticipating in an expo is part ofa long term India commit-ment and it cannot be givenup owing to temporary slow-down. This is a sentimentechoed by many who havealready logged in their partic-ipation. Manohar Bhat, vicepresident and head, Sales &Marketing, Kia Motors Indiasaid, “Our idea is toplay toourstrengths, which is to show-case our premium qualityproducts.AutoExpowarrantsa lot of eyeballs and createsinquisitiveness amongst theaudiences. It is also an essen-tial part of our customer studyand buying behaviour.”
Digital tilts thewheelatauto showsEvenasbigautobrandsplantoskipthe2020AutoExpo,asmanydidtwoyearsago,Chinesecarmakersaresteppingintoclaimtheirspot
Hyundaihas saidthat itwill takepart in theAutoExpo2020, as ithaddone in2018
Business fears hit...In fact, before October, whatever wasclaimed as ITC in GSTR 3B, was beingreleased by the authorities. InOctober, thegovernment restricted this to20per centof eligible credit.And,now, to10 per cent.
Archit Gupta, chief executive atfintech service platform ClearTax,says the new restriction will bechallenging for businesses. "Theywill have to do regular follow-ups withtheir suppliers."MSMani,partnerat con-sultants Deloitte India, said the restric-tions on ITC increase the blockages ofworking capital.
Rule36 (4)under theCentralGSTAct,whichenablessuchrestrictions, isalreadyunder challenge at the Delhi highcourt.
"Businesseswouldwelcome the elim-inationof such restrictionswhicharenotin consonance with key GST principleswhich mandate seamless credits acrossthe value chain," saidMani.
Abhishek Rastogi, partner at Khaitan& Co., said the restriction on creditsdue to the fault of the vendors will haveto cross the constitutional test. "Further,even thepercentageof either 10or 20percent is not based on any logic and henceis completely arbitrary," he said.
Harpreet Singh, partner at consultan-cy KPMG. He says many multinationalcompanies have completely forgone the20 per cent or 10 per cent credit, onaccountof thehassleofmonth-on-month
reconciling of credit.Abhishek Jain, tax partner at
consultancy EY, says the newrestrictions are due to falling tax collec-tions and to plug fraudulent credits."It is imperative for businesses toensure timely credit reconciliation,including follow-up with vendors,timely correction and maintaining ofadequate date for the said compliance.Wherever proper reconciliations arenotdone, itmay lead tocash flow issues,”he said.
GuptaofClearTax feels further reduc-tion incredit couldhavebeenconsideredlater,with thenewreturnfilingprocess. Inthe latter, there is the concept of invoicematching — ITC cannot be claimed oninvoices not reconciled. These returnswould come into effect fromApril 1.
Govt to implement...Though the code has become an Act inAugust, the government is yet to issue aseparate order notifying the date of itsimplementation.
The code’s main feature was toensureminimumwages toworkersacrosssectors. The previous minimum wageslaw was only applicable to a fewindustries and establishments. A laterdate of implementation of the Code onWagesActwill also imply that the indus-try may get some relief from a rise in itswage bills due to any possible hike in theminimumwages.
Theofficial explained that theconsol-idation of 36 labour laws into four codeswill result in theharmonisationofvariouskeydefinitions related towages, employ-
ees, employers, andworkplace,among others. "If basic con-cepts such as what will consti-tute wages vary across labourlaws, it may lead to confusionand arbitration," the officialsaid.
However, some industryrepresentatives criticised themove and said it would“postpone the labour lawreforms”. “All good moves donot have to happen together. Idon’t agree with the govern-ment’s myopic view. The codeon wages Act clearly defineswages,overtimeandothersuchconcepts sowhy should it waitforotherBills tobecomealaw?”PradeepBhargava,presidentofthe Mahratta Chamber ofCommerce said.
Bhargava added that theintent of the government topush for labour law reformswould be nullified as somelabour Bills may even takemore thanayear tobecomeanAct. It took exactly two yearsfor the code on wages Bill,which was introduced in LokSabha inAugust 2017 and sub-sequently referredtoastandingcommittee, to become a law.The standing committee hadsubmitted its report in
December 2018.The code on occupational safety,
health and working conditions, whichwas introduced in the Lok Sabha in July2019, was referred to a Parliamentarystanding committee. It has already heldthreemeetingsso far.Theother twocodeson industrial relations and social securi-ty were introduced in the recently con-cludedwinter session of Parliament.
Cummins is IPL’s...Robin Uthappa and Jaydev Unadkatwere picked up by Rajasthan Royals for~3 crore each.
Among other interesting buyswas England team captain EoinMorgan, who was picked up for~5.25 crorebyKKR,while cricketersKaneRichardson and Aaron Finch headed toRoyal Challengers Bangalore at ~4 and~4.4 crore each.
SomeIndiancricketerswhodidn’t findtakers on Thursday included YusufPathan andCheteshwar Pujara.
Tatas plan to move...Cyrus Pallonji Mistry’s counsel hadstated that the decision for conversionwas taken by the board of directors in ahurried manner with the “help ofRegistrar of Companies.” NCLAT calledthe decision of conversion illegal, direct-ing RoC to reverse the conversion.
But,Mohit Saraf, a corporate lawyer,asked ‘’if majority shareholders haveexercised their right to convert a publiccompany into private company, howcanone validly set aside such a conversion”.He said questioning the shareholders’intent has no relevance under theCompanies Act unless one is allegingfraud or other criminal action.
The legal opinion is indeed dividedon this. For instance, some legal expertsbelieve the RoC Mumbai will have toimmediately change the status of TataSons fromaprivate company to a publiccompanywithoutwaiting for any boardresolutions from Tata Sons.
“The RoC need not wait for anyboard resolutions ordocumentation/communication fromTata Sons. What Tata Sons did was ille-gal. As soon as the RoC gets the copy ofNCLAT order, it will have to change thestatus into public limited company in itsrecords,” said H P Ranina, a seniorlawyer.
Conversion of Tata Sons into a pri-vate limited company is believed to haverestricted the prospects of minorityshareholders like the Mistry family(Shapoorji Pallonji) and others to selltheir shares. Shapoorji Pallonji groupholds around 18.5 per cent in Tata Sons,while Tata Trusts is the biggest share-holder with a 66 per cent stake.
A Tata Sons spokespersondid not respond to an email seekingtheir views on the road ahead. AMistryspokesperson said the group had notreceived any communication fromTataSons regarding the conversion into aprivate company.
> FROM PAGE 1
SOLUTION TO #2924 VVeerryy HHaarrdd::
Solutiontomorrow
HOW TO PLAYFill in the grid sothat every row,every columnand every 3x3box containsthe digits 1 to 9
> BS SUDOKU # 2925
Form No. 5DEBTS RECOVERY TRIBUNAL
600/1, University Road, Near Hanuman Setu Mandir, Lucknow-226007(Area of Jurisdiction-Part of Uttar Pradesh)
O.A. No. 623/2019(Summons to defendant under section 19(3) of the Recovery of Debts due to Banks and FinancialInstitutions Act, 1993 read with Rules 12 and 13 of the Debts Recovery Tribunal (Procedure Rules, 1993)
CANARA BANK
PREETI SONTHALIA & OTHERSTo,1. Mrs. Preeti Sonthalia wife of Sri Vishal Srivastava R/o Khasra No. 36/4/2, House No.
105/3, Gali No.3, Ramesh Tyagi Colony, Jharoda Majra, Burari, Delhi-110084.
2. Sri Vishal Srivastava son of Sri Jagdish Prasad Srivastava,
In the above noted application, you are required to file in Paper Book form in two sets alongwith documents and affidavits (if any), personally or through your duly authorized agent orlegal practitioner in this Tribunal, after serving copy of the same on the applicant or his counsel/ duly authorised agent after publication of the summons, and thereafter to appear before theTribunal on 24.02.2020 at 10:30 A.M. failing which the application shall be heard and decidedin your absence.
It is notified for general information that the outstandingbalance of 8.25% Tamil Nadu Government Stock, 2020issued in terms of the Government of Tamil Nadu, FinanceDepartment, Notification No.202(L)/W&M-II/2010, dated13 January 2010 will be repaid at par on January 20, 2020, withinterest due up to and including January 19, 2020. In the eventof a holiday being declared on the aforesaid date by any StateGovernment under the Negotiable Instruments Act, 1881, theloan will be repaid by the paying offices in that State on theprevious working day. No interest will accrue on the loan fromand after January 20, 2020.
2. As per sub-regulation 24(2) and 24(3) of GovernmentSecurities Regulations, 2007 payment of maturity proceeds tothe registered holder of Government Security held in the formof Subsidiary General Ledger or Constituent Subsidiary GeneralLedger account or Stock Certificate shall be made by a pay orderincorporating the relevant particulars of his bank account or bycredit to the account of the holder in any bank having facilityof receipt of funds through electronic means. For the purposeof making payment in respect of the securities, the originalsubscriber or the subsequent holders of such a GovernmentSecurities, as the case may be, shall submit to the Bank orTreasury and Sub-Treasury or branch of State Bank of India,where they are enfaced/registered for payment of interest, asthe case may be, the relevant particulars of their bank account.
3. However, in the absence of relevant particulars of bankaccount/mandate for receipt of funds through electronicmeans,to facilitate repayment on the due date, holders of 8.25%Tamil Nadu Government Stock, 2020, should tender theirsecurities at the Public Debt Office, 20 days in advance. Thesecurities should be tendered for repayment, duly dischargedon the reverse thereof as under:-
“Received the Principal due on the Certificate”.4. It should be particularly noted that at places where the
treasury work is done by a branch of the State Bank of India, thesecurities, if they are in the form of Stock Certificates, should betendered at the branch of the bank concerned and not at theTreasury or Sub-Treasury.
5. Holders who wish to receive payment at places otherthan those where the securities have been enfaced forpayment should send them duly discharged to the Public DebtOffice concerned by Registered and Insured Post. The PublicDebt Office will make payment by issuing a draft payableat any Treasury/Sub-Treasury or branch of State Bank ofIndia conducting Government Treasury work in the State ofTamil Nadu. S. KRISHNAN
Additional Chief Secretary to Government,Finance Department, Chennai-9.
Notice is hereby given to the shareholders pursuant to the provisions ofInvestor Education and Protection Fund Authority (Accounting, Audit,Transfer and Refund) Rules, 2016 notified by the Ministry of Corporate Affairseffective from 7th September, 2016 as under:
The shares (physical/ demat) in respect of which dividend has been lyingunpaid or unclaimed with the Company for a consecutive period ofseven years i.e. from Financial Year 2006-07 onwards shall be mandatorilytransferred by the Company to Investor Education and Protection Fund incompliance with the aforementioned Rules. In this regard, it is noticed fromthe records that certain Shareholders had not claimed the dividend amountsfor a consecutive period of 7 years from 2006-2007, despite reminderletters sent to their last known address. Therefore, in terms of Rule 6 ofthe aforementioned Rules, THE COMPANY SHALL TRANSFER THE SUBJECTEQUITY SHARES TO THE ‘IEPF SUSPENSE ACCOUNT’.
Individual notices have already been sent to concerned shareholders, whoseshares are liable to be transferred to IEPF Suspense Account, at their latestavailable address. The details of such shareholders are also displayed on thewebsite of the company at www.aisglass.com.
The shareholders whose shares are in physical mode that are liable to betransferred to IEPF Suspense Account may note that the company would beissuing duplicate share certificate(s) in lieu of the Details of the original sharecertificate(s) held by them for this purpose. Upon such issue, the originalshare certificate(s) will stand automatically cancelled and hence cannot betraded.
The unclaimed dividends and the shares transferred to IEPF authority/Suspense account including all benefits accruing on shares, if any, can beclaimed back by the shareholders from IEPF authority after following the dueprocess prescribed under the Rules. No claim shall lie against the company.In terms of Rule 7 of the said Rules, any person may claim his/ her sharesfrom IEPF authorities by filing an application in form IEPF-5 and follow theprescribed procedure for re-transfer of such shares.
For any communication/ clarification, you may contact the Registrar & ShareTransfer Agent and/ or the Company at the following address:
M/s. Link Intime India Pvt. Ltd., C-101, 247 Park, LBS Marg,Vikhroli (West), Mumbai – 400 083, Tel. No.: (022) 4918 6270,e-mail: [email protected].
Date: 19th December, 2019 General Counsel & Company SecretaryPlace: Gurugram Membership No. F7090
1. Government of Tamil Nadu has offered to sell by auction theRe-issue of 7.22% Tamil Nadu State Development Loan 2028for Rs.1000.00 crore and 7.17%Tamil Nadu StateDevelopmentLoan 2029 for Rs.1000.00 crore in the form of Stock to thePublic by auction for an aggregate amount of Rs.2000.00 crore.Securities will be issued for a minimum nominal amount ofRs.10,000/- and multiples of Rs.10,000/- thereafter. Auctionwhich will be price-based under multiple price format will beconducted by Reserve Bank of India at Mumbai Office (Fort) onDecember 23, 2019.
2. The Government Stock upto 10% of the notified amount ofthe sale will be allotted to eligible individuals and institutionssubject to a maximum limit of 1% of its notified amount fora single bid as per the Revised Scheme for Non-competitiveBidding facility in the Auctions of State Government Securitiesof the General Notification (Annexure II). Under the scheme,an investor can submit a single bid only through a bank or aPrimary Dealer.
3. Interested persons may submit bids in electronic format on theReserve Bank of India Core Banking Solution (E-Kuber) Systemas stated below on December 23, 2019.a) The competitive bids shall be submitted electronically on
the Reserve Bank of India Core Banking Solution (E-Kuber)System between 10.30 A.M. and 12.00 P.M.
b) The non-competitive bids shall be submitted electronicallyon the Reserve Bank of India Core Banking Solution (E-Kuber)System between 10.30 A.M. and 11.30 A.M.
4. The price expected by the bidder should be expressed up totwo decimal points. An investor can submit more than onecompetitive bid at different rates in electronic format on theReserve Bank of India Core Banking Solution (E-Kuber) System.However, the aggregate amount of bids submitted by a personshould not exceed the notified amount.
5. The result of auction will be displayed by Reserve Bank ofIndia on its website on December 23, 2019. Successful biddersshould deposit the price amount of Stock covered by theirbids by means of a Bankers’ Cheque or Demand Draftpayable at Reserve Bank of India, Mumbai (Fort) or Chennaion December 24, 2019 before the close of banking hours.
6. The Government Stock will bear interest at the rate of 7.22%perannum paid half yearly on April 30 and October 30 and 7.17%per annum paid half yearly on May 27 and November 27. TheStock will be governed by the provisions of the GovernmentSecurities Act, 2006 and Government Securities Regulations,2007.
7. The stocks will qualify for ready forward facility.8. For other details please see the notifications of Government of
Tamil Nadu Specific Notification No.454(L)/W&M-II/2019 andNo.455(L)/W&M-II/2019, dated December 19, 2019.
GOVERNMENT OF TAMIL NADURe-issue of 7.22% Tamil Nadu State Development
Loan 2028 and 7.17% Tamil Nadu StateDevelopment Loan 2029 sell by auction
DIPR/1474/DISPLAY/2019
S. KRISHNAN,Additional Chief Secretary to Government,