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Gujarat NRE Coke allots equity shares

Gujarat NRE Coke allots equity shares

Jun 30,2016

Gujarat NRE Coke announced that the Management Committee of the Company at its meeting held 30 June 2016, has considered and allotted 2,44,66,745 equity shares of Rs. 10/- each at Rs. 11.03 (including a premium of Rs. 1.03 per equity share) to IDBI Bank on preferential basis consequent upon the option exercised by the said Bank to convert its debt into equity shares of the Company under CDR package in accordance with the resolution passed by the members of the Company.

Consequently, the paid-up capital of the Company has increased from Rs. 1632,56,99,100 to Rs. 1657,03,66,550 comprising of 160,45,48,645 Equity Shares of Rs. 10/- each and 5,24,88,010 B Equity Shares of Rs. 10/- each.

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Cabinet approves India - Singapore MoU to give a boost to Innovation, Creativity and Technological Advancement
Sep 28,2016

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval to the Memorandum of Understanding (MoU) in the field of Industrial Property Cooperation between Department of Industrial Policy and Promotion under the Ministry of Commerce & Industry and the Intellectual Property Office of Singapore (IPOS), Ministry of Law, Government of Singapore. The MoU will be signed at the upcoming visit of Singapores Prime Minister to India from 4-7 October, 2016.

The MoU will enhance bilateral cooperation activities in the arena of Industrial Property Rights of Patents, Trademarks and Industrial Designs. It is intended to give a boost to innovation, creativity and technological advancement in both regions. The Priority initiatives under the MoU would be:

n++ Exchange of best practices, experiences and knowledge on Intellectual Property awareness among the public, businesses and educational institutions of both countries

n++ Exchange of experts specialized in the field of intellectual property

n++ Exchange and dissemination of best practices, experiences and knowledge on IP with the industry, universities, R & D organizations and Small and Medium Enterprises

n++ Cooperation in the development of automation and implementation of modernization projects

n++ Partnership in IP-related training for local IP and business communities

The MoU will enable India to exchange experiences in the innovation and IP ecosystems that will substantially benefit entrepreneurs, investor and businesses on both sides. The exchange of best practices between the two countries will lead to improved protection and awareness about Indias range of Intellectual creations which are as diverse as its people. It will be a landmark step forward in Indias journey towards becoming a major player in global innovation and will further the objectives of the National IPR Policy, 2016.

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Cabinet approves ratification of the Paris Agreement
Sep 28,2016

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval to ratify the Paris Agreement (on Climate Change) on 2nd October 2016, the day of Gandhi Jayanti.

Paris Agreement was adopted by 185 nations last year on 12th December 2015 and India signed the Paris Agreement in New York early this year on 22nd April 2016. A total of 191 countries have signed to the Paris Agreement so far. As per the provisions of the Paris Agreement, the treaty will come into force as and when 55 countries contributing to 55 % of total global emission ratify the agreement. So far, 61 countries have deposited their instruments of ratification, acceptance or approval accounting in total for 47.79% of the total global greenhouse gas emissions.

Indias decision to ratify the agreement will take the number of cumulative level of emission of countries that have ratified the agreement so far to 51.89%. With the gathering momentum and willingness expressed by several other countries to ratify the agreement before the end of this year, it is expected that the Agreement will enter into force soon and give a thrust to the global actions to address climate change.

With its decision to ratify the Agreement, India will be one of the key countries that will be instrumental in bringing the Paris Agreement into force. Given the critical role that India played in securing international consensus on Paris Agreement, todays decision will further underline Indias responsive leadership in the community of nations committed to global cause of environmental protection and climate justice.

While agreeing to ratify the Paris Agreement, the Cabinet has also decided that India should declare that India will treat its national laws, its development agenda, availability of means of implementation, its assessment of global commitment to combating climate change, and predictable and affordable access to cleaner source of energy as the context in which the Agreement is being ratified.

Paris Agreement pertains to post-2020 climate actions. In the pre-2020 period, developed countries are to act as per Kyoto Protocol and some developing countries have taken voluntary pledges.

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Cabinet approves acquisition of 29.9 percent stake in LLC Taas-Yuryakh Neftegazodobycha and 23.9 percent stake in JSC Vankorneft by Indian Consortium
Sep 28,2016

The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Shri Narendra Modi, has given its approval to an Indian Consortium comprising Oil India (OIL), Indian Oil Corporation (IOCL) and Bharat Petro Resources (BPRL) for acquiring 23.9 percent stake in JSC Vankorneft and 29.9 percent stake in LLC Taas-Yuryakh from M/s Rosneft Oil Company (Rosneft), the National Oil Company (NOC) of Russian Federation (Russia). Rosneft operates Vankor and Tass-Yuryakh fields and are its wholly owned subsidiaries.

The acquisition of stake in Vankorneft will provide 6.56 Million Metric Ton of Oil Equivalent (MMTOE) and 29.9 percent stake in Taas-Yuryakh will provide 0.5 MMTOE initially and 1.5 MMTOE by 2019. The acquisition is in line with Indias stated objective of adding high quality international assets to its Exploration & Production portfolio and thereby augmenting Indias energy security. The Consortium will be paying US $ 2020.35 million for acquiring stake in Vankorneft and US $ 1242 million for acquiring stake in Taas-Yuryakh. Earlier in May 2016 ONGC Videsh (OVL) completed the formalities of acquiring15% stake in Vankorneft at the cost of US $ 1.284 billion which gave OVL 4.11 MMTOE.

The acquisition will add 8.06 MMTOE to Indias overseas oil and gas asset. It will also provide an opportunity to Indian public sector Oil and Gas companies to absorb newer technologies with Rosneft and British Petroleum (BP). BP acquired 20% stake in Taas-Yuryakh from Rosneft last year.

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Cabinet approves financial assistance to retired employees of Bharat Pumps and Compressors, Allahabad
Sep 28,2016

The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Shri Narendra Modi has approved the proposal of Department of Heavy Industry for providing financial assistance amounting to Rs. 111.59 crore as Non-Plan loan to Bharat Pumps and Compressors Limited, Allahabad.

The CCEA also accorded in principle approval for strategic disinvestment of the company.

The statutory dues such as provident fund and gratuity of retired employees will be discharged and the outstanding dues of CISF will be cleared. It will motivate the employees and improve the performance of the Company. This will put an end to further legal complications and penal action against the Company.

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Cabinet approves Administrative and Financial Sanction towards the implementation of the Project SAKSHAM
Sep 28,2016

The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Shri Narendra Modi has approved Project SAKSHAM, a New Indirect Tax Network (Systems Integration) of the Central Board of Excise and Customs (CBEC).

The total project cost involved is Rs.2256 crore which will be incurred over a period of seven years.

It will help in:

n++ implementation of Goods and Services Tax (GST),

n++ extension of the Indian Customs Single Window Interface for Facilitating Trade (SWIFT) and

n++ other taxpayer-friendly initiatives under Digital India and Ease of Doing Business of Central Board of Excise and Customs.

The implementation strategy for the project will be to ensure readiness of CBECs IT systems by April, 1, 2017, when GST is to be introduced. The upgrade of the IT systems will be carried out while keeping the existing Tax-payer services running.

All Taxpayers/lmporters/Exporters/Dealers under various indirect tax laws administered by CBEC- presently about 36 lakhs, likely to go up to over 65 lakhs after introduction of GST.

CBECs IT systems need to integrate with the Goods & Services Tax Network (GSTN) for processing of registration, payment and returns data sent by GSTN systems to CBEC, as well as act as a front-end for other modules like Audit, Appeal, Investigation. There is no overlap in the GST-related systems of CBEC and GSTN.

This IT infrastructure is also urgently required for continuation of CBECs e-Services in Customs, Central Excise & Service Tax, implementation of taxn++payer services such as scanned document upload facility, extension of Indian Customs Single Window Interface for Facilitating Trade (SWIFT) initiative and integration with Government initiatives such as E-Nivesh, E-Taal, e-Sign.

Background:

Introduction of GST will result in a several-fold increase in the number of taxpayers and resultant document load on the system. CBECs current IT system was set up in 2008. It cannot cater to the increased load under GST without an immediate upgrade of its IT Infrastructure. Further, CBEC has implemented the Indian Customs Single Window Interface for Facilitating Trade (SWIFT) and is integrating other partner agencies involved in Customs clearance in order to make the process simple and fast. The Customs EDI system which is currently operational at about 140 locations in India has to be extended to many more locations with improved response time and better service delivery. Taxpayers have to be given a facility for Upload of Digitally Signed Scanned Documents in order to reduce the physical interface with tax authorities and to increase the speed of clearance. CBEC also aims to introduce mobile services for taxpayers and departmental users to increase the outreach of its services.

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MRF spurts on fresh buying
Sep 28,2016

Meanwhile, the BSE Sensex was up 90.32 points, or 0.32%, to 28,314.02.

On BSE, so far 7,868 shares were traded in the counter, compared with average daily volume of 1,702 shares in the past one quarter. The stock hit a high of Rs 50,000 so far during the day, which is also a record high for the counter. The stock hit a low of Rs 46,701 so far during the day. The stock hit a 52-week low of Rs 30,464.25 on 24 June 2016. The stock had outperformed the market over the past 30 days till 27 September 2016, rising 24.29% compared with 1.15% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 39.63% as against Sensexs 5.55% rise.

The large-cap tyre maker has equity capital of Rs 4.24 crore. Face value per share is Rs 10.

Net profit of MRF rose 2.4% to Rs 490.93 crore on 0.3% rise in net sales to Rs 3462.94 crore in Q1 June 2016 over Q1 June 2015.

MRF manufactures the largest range of tyres in India and exports to various countries worldwide.

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Cabinet approves Productivity Linked Bonus to railway employees
Sep 28,2016

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi, has given its approval to pay Productivity Linked Bonus (PLB) equivalent to 78 days wages to eligible non-gazetted railway employees (excluding RPF/RPSF personnel) for the financial year 2015-16. The approval entails a financial implication of approximately Rs.2090.96 crore.

Payment of PLB would result in motivating a large number of railway employees to improve the performance of the Railways and enhance the productivity levels further besides maintaining industrial peace.

The payment of this Bonus to eligible Railway Employees will be made before Dussehra/Puja holidays.

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NIIT ties up with University of Danang, Vietnam
Sep 28,2016

NIIT and University of Danang have entered into a strategic tie up wherein NIIT will facilitate its state its state of the art Inside Model in the University. This is the first ever NIIT Inside Model in Vietnam designed for the students of University of Danang.

NIIT Inside Model is a unique curriculum integration model for co-operation with universities and colleges in Vietnam where NIIT programs will be embedded in University/ College IT curriculum.

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Prerna Infrabuild announces change in registered office
Sep 28,2016

Prerna Infrabuild announced that the registered office of the Company has been changed as under:

Old Address: 6th Floor, Doctor House, C G Road, Ahmedabad - 380006

New Address: PRERNA, Survey No. 820/1, In Lane of Panchvati Auto, Opp. Ananddham Derasar, S.G. Road, Ahmedabad-380058.

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Arrow Greentech gets patent for Destructive Irreversible Security Packaging Film
Sep 28,2016

Arrow Greentech has received one more United States Patent Office (USPTO) Patent grant titled Self Destructive Irreversible Security Packaging Film Patent No. 9421575 from the United States Patent Office.

The invention relates to a self-destructive irreversible security packaging water soluble film and method for manufacturing the same. The water soluble packaging film is embedded with various security elements, and this security feature will get destroyed irreversibly upon final usage as the whole package along with its contents, one the package is dissolved in water. This process of self destruction will control the duplication of package or alteration of the product inside the package. This invention will help in brand protection of many multinational and transnational Agro-Chemical companies, FMCG companies and cosmetic industry.

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Fluidomat fixes record date for dividend
Sep 28,2016

Fluidomat has fixed record date of 26 September 2016 for dividend of Rs 2.50 per share. The dividend shall be paid on or after 03 October 2016.

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Religare Enterprises gets ratings assigned for secured LT debentures
Sep 28,2016

Religare Enterprises announced that India Ratings & Research, vide its letter dated 27 September 2016, has communicated IND AA-/Stable rating for Companys Rs. 1422 crore (enhanced from Rs. 722 crore) secured long term debentures.

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Grasim Industries fixes record date for stock split
Sep 28,2016

Grasim Industries has fixed 08 October 2016 as the Record Date for the purpose of sub-division of each Equity Share of the Company having a face value of Rs.10 each fully paid-up into 5 (Five) Equity Shares of the face value of Rs. 2 each fully paid-up.

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DPE issues guidelines to expedite the process for clousure of CPSEs
Sep 28,2016

Department of Public Enterprises (DPE), Ministry of Heavy Industries & Public Enterprise has recently issued guidelines to expedite the process for closure of CPSEs so that all administrative Ministries would follow uniform procedure for closure of the CPSEs. Earlier, DPE had issued guidelines for n++streamlining the mechanism for revival and restructuring of sick/ incipient sick and weak Central Public Sector Enterprises: General principles and mechanism of restrictingn++. As per these guidelines, the CPSEs were to be categorized into strategic and non-strategic and revival/restructuring strategy was prescribed. However, there are certain CPSEs in non-strategic sector which have no scope for revival and are to be closed in a time bound manner. Since there are employees working in these CPSEs, Government decided that closure should not cause hardship to them and has now laid down a uniform policy to give workers VRS at 2007 notional pay scale irrespective of the pay scale in which they are working.

The guidelines also prescribe the modalities for disposal of movable assets and immovable assets. The guidelines prescribe that leasehold land would be dealt as per the terms of the lease and freehold land would be offered in following order of priority:-

(i) Central Government Departments.

(ii) Central Government bodies/CPSEs.

(iii) State Government Departments.

(iv) State Government bodies/State PSEs/State authorities.

In case the above categories are not interested in taking the land for six months, then the land would be auctioned through MSTC to any entity so that it can be put to productive use.

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New Coal Distribution Policy amended to increase annual cap of coal through State Nominated Agencies and amend phrase of Small and Medium Sector
Sep 28,2016

Union Ministry of Coal has issued an order with respect to the amendment to the New Coal Distribution Policy (NCDP), 2007 to increase the annual cap of coal from 4200 tonnes per annum for sale through State Nominated Agencies (SNA) to 10,000 tonnes per annum. In addition to raising the annual cap of coal, the Ministry has also amended the phrase, small and medium sector, as mentioned in the NCDP to small, medium and others.

The Ministrys order issued yesterday states that the above guidelines will also stand applicable to the distribution of coal from Singareni Collieries Company (SCCL).

The NCDP was issued vide Ministry of Coal Office Memorandum No. 23011/4/2007-CPD dated 18th October, 2007, laying down the guidelines for distribution and pricing of coal to various sectors. As per the policy, the scope of coverage through State Nominated Agencies was increased up to 4200 tonnes per annum.

There have been requests from consumers and state governments for reconsideration of guidelines as mentioned in NCDP, 2007 for upward revision of annual cap on coal through SNAs and also for amending the condition of the small and medium sector to include other sectors where annual coal requirement is very low.

The rationale for the amendment, as cited in the order, is that only small and medium sector consumers, having requirement less than 4200 tonnes per annum were entitled to take coal through SNA, large units having requirement of less than 4200 tonnes per annum were not recommended for coal by the District Industries Centre (DIC). Moreover, the limit of requirement of less than 4200 tonnes per annum needed to be revised as small units might have expanded over a period of time.

As adequate quantity of coal at notified price through SNA would be available for this sector , this amendment is seen as one of the many steps taken by the Government to improve ease of doing business in the country and make more coal available for the small , medium and other sectors.

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