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Board of Bharti Airtel approves scheme of amalgamation
Mar 06,2017

Bharti Airtel announced that the Board of Directors of the Company has approved the Scheme of amalgamation (Scheme) between Telenor (India) Communications (Transferor Company / Telenor India) and Bharti Airtel (Transferee Company / Airtel) and their respective shareholders and creditors (under Sections 230 to 232 of the Companies Act, 2013).

The aforesaid Scheme inter-alia envisages the issuance and allotment of 5 (five) fully paid up equity shares of face value Rs. 5/- (rupees five only) of Airtel to Telenor South Asia Investment (the shareholder of the Telenor India) upon the Scheme becoming effective.

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Work on Shahpur Kandi Dam to Resume Soon Punjab and J&K sign agreement to this effect
Mar 06,2017

In a major step towards utilization of Indias rights on Eastern rivers of Indus basin, the mediation efforts of Ministry of Water Resources , RD&GR persuaded the States of J&K and Punjab to reach an agreement to resume works on Shahpur Kandi Dam project in Pujab/ J&K. The agreement to this effect was signed by Shri KS Pannu,Secretary (Irrigation),Punjab and Shri Saurabh Bhagat, Secretary ( Irrigation),J&K in the presence of Union Water Resources Secretary Dr.Amarjit singh in New Delhi last evening.

The project was being built with an estimated cost of Rs. 2285.81 crore (April, 2008 price level) and is included in the Scheme of National Projects by Government of India. Under the scheme, MoWR, RD&GR provides central assistance @ 90% of the balance cost of works component of irrigation and water supply.

The construction of Shahpur Kandi project was taken up in May 1999 but later halted in 2014 due to dispute between Punjab and J&K. The Ministry of WR,RD&GR had been making all out efforts to resolve the issues and resume construction which resulted in yesterdays agreement.

The design of the project shall be as already agreed by both the states while concurrently model studies will be done to ensure that the mandated share of 1150 cusecs of water is available to the State of J&K, which will be binding on both the States.

The project will continue to be implemented by the Government of Punjab. However, there will be a tripartite team headed by Member, CWC and consisting of Chief Engineers of two States to monitor the project as and when required but atleast once in three months to ensure that the construction is as per the agreement.

The balance costs on account of compensation for land acquisition in respect of Thein Dam, as per the agreement would be paid for by the Government of Punjab promptly. In addition, jobs to the oustees would be given by the State Government of Punjab as per the agreed R&R policy of both the State Governments.

The Government of Punjab would be making available to the Govt. of J&K 20% share in the total power generated at the Thein Dam at the mutually agreed rate of Rs. 3.50 per unit immediately, subject to the confirmation of the rates by the Central Electricity Regulatory Commission.

Both the States agreed that other issues will be referred to Arbitration mechanism provided in the agreement signed between two states of 1979 without affecting the progress of work. It was unanimously agreed that the work on the Shahpur Kandi Dam Project would resume as soon both the State Governments formally approve the agreed decisions.

The 55.5 high Shahpur Kandi dam, located in Gurdaspur district of Punjab, will help in providing irrigation facility to 5000 hectares of land in Punjab and 32173 hectares in J&K besides generation of 206 MW power.

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Goods and Services Tax Council approves the Central Goods and Services Tax (CGST) Bill and the Integrated Goods and Services Tax (IGST) Bill
Mar 06,2017

The Goods and Services Tax GST) Council, in its meeting held today in Vigyan Bhawan in New Delhi under the Chairmanship of the Union Minister for Finance & Corporate Affairs, Shri Arun Jaitley has approved the draft CGST Bill and the draft IGST Bill as vetted by the Union Law Ministry. This clears the deck for the Central Government to take these two Bills to the Parliament for their passage in the ongoing Budget Session.

Some of the main features of the two Bills, as finalized by the GST Council, are as follows:

i. A State-wise single registration for a taxpayer for filing returns, paying taxes, and to fulfil other compliance requirements. Most of the compliance requirements would be fulfilled online, thus leaving very little room for physical interface between the taxpayer and the tax official.

ii. A taxpayer has to file one single return state-wise to report all his supplies, whether made within or outside the State or exported out of the country and pay the applicable taxes on them. Such taxes can be Central Goods and Services Tax (CGST), State Goods and Services Tax (SGST), Union Territory Goods and Services Tax (UTGST) and Integrated Goods and Services Tax (IGST).

iii. A business entity with an annual turnover of upto Rs. 20 lakhs would not be required to take registration in the GST regime, unless he voluntarily chooses to do so to be a part of the input tax credit (ITC) chain. The annual turnover threshold in the Special Category States (as enumerated in Article 279A of the Constitution such as Arunachal Pradesh, Sikkim, Uttarakhand, Himachal Pradesh, Assam and the other States of the North-East) for not taking registration is Rs. 10 lakhs.

iv. A business entity with turnover upto Rs. 50 lakhs can avail the benefit of a composition scheme under which it has to pay a much lower rate of tax and has to fulfil very minimal compliance requirements. The Composition Scheme is available for all traders, select manufacturing sectors and for restaurants in the services sector.

v. In order to prevent cascading of taxes, ITC would be admissible on all goods and services used in the course or furtherance of business, except on a few items listed in the Law.

vi. In order to ensure that ITC can be used seamlessly for payment of taxes under the Central and the State Law, it has been provided that the ITC entitlement arising out of taxes paid under the Central Law can be cross-utilised for payment of taxes under the laws of the States or Union Territories. For example, a taxpayer can use the ITC accruing to him due to payment of IGST to discharge his tax liability of CGST / SGST / UTGST. Conversely, a taxpayer can use the ITC accruing to him on account of payment of CGST / SGST / UTGST, for payment of IGST. Such payments are to be made in a pre-defined order.

vii. In the Services sector, the existing mechanism of Input Service Distributor (ISD) under the Service Tax law has been retained to allow the flow of ITC in respect of input services within a legal entity.

viii. To prevent lock-in of capital of exporters, a provision has been made to refund, within seven days of filing the application for refund by an exporter, ninety percent of the claimed amount on a provisional basis.

ix. In order to ensure a single administrative interface for taxpayers, a provision has been made to authorise officers of the tax administrations of the Centre and the States to exercise the powers conferred under all Acts.

x. An agriculturist, to the extent of supply of produce out of cultivation of land, would not be liable to take registration in the GST regime.

xi. To provide certainty in tax matters, a provision has been made for an Advance Ruling Authority.

xii. Exhaustive provisions for Appellate mechansim have been made.

xiii. Detailed transitional provisions have been provided to ensure migration of existing taxpayers and seamless transfer of unutilised ITC in the GST regime.

xiv. An anti-profiteering provision has been incorporated to ensure that the reduction of tax incidence is passed on to the consumers.

xv. In order to mitigate any financial hardship being suffered by a taxpayer, Commissioner has been empowered to allow payment of taxes in instalments.

The remaining two Bills namely, State Goods and Services Tax (SGST) Bill and the Union territory Goods and Services Tax (UTGST) Bill, which would be almost a replica of the CGST Act, would be taken-up for approval after their legal vetting in the next meeting of GST Council scheduled on 16 March 2017.

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Bharti Airtel in focus on entering into an agreement with Millicom to merge telecom operations in Ghana
Mar 06,2017

Bharti Airtel and Millicom International Cellular SA announced that they have through their respective subsidiaries entered into an agreement for Tigo Ghana and Airtel Ghana to combine their operations in Ghana. As per the agreement, Airtel and Millicom would have equal ownership and governance rights in the combined entity. The announcement was made after market hours on Friday, 3 March 2017.

The combined business would serve nearly 10 million customers, of which 5.6 million are data customers. It would cover more than 80% of Ghanas population with high speed data and would have revenues close to $300 million, making it one of the largest communications companies in Ghana, Airtel said.

Cipla announced that it has entered into agreements, through its Wholly Owned Subsidiary Inyanga Trading 386 Proprietary (Inyanga), with the group companies of Ascendis Health, South Africa for divesting its animal health business in South Africa and Sub-Saharan Africa. The announcement was made on Saturday, 4 March 2017.

Under the agreements, Cipla will divest its 100% stake in Cipla Agrimed Proprietary (Cipla Agrimed), South Africa and Cipla Vet Proprietary (Cipla Vet), South Africa. The total consideration of transaction would be ZAR 375 million with potential revision linked to FY2017 performance along with customary adjustment (within the price band of R250m and R500m) in relation working capital and net debt/cash adjustments. The deal is subject to customary closing conditions including approval from competition commission of South Africa and is expected to close in the next 3 months.

Dr Reddys Laboratories has announced the completion of the acquisition of 100% stake in Imperial Credit, a non-banking finance company, based in Kolkata, for a consideration of Rs 2.05 crore. The acquisition process was consummated on receipt of applicable regulatory approvals. The company proposes to undertake the groups captive financial activities through this entity. The announcement was made after market hours on Friday, 3 March 2017.

IndusInd Bank opened a new branch in Gurgaon to expand presence across Haryana. IndusInd Bank had recently inaugurated a branch in Gurgaon, one of the leading financial and industrial hubs in India. With the inauguration of this branch, the bank now has 29 branches in Gurgaon city. The announcement was made after market hours on Friday, 3 March 2017.

Punjab National Bank said that it has raised Rs 1500 crore Additional Tier I (Basel III Compliant) Capital Bonds at a coupon rate of 8.95% per annum, payable semi - annually on private placement basis on 3 March 2017. The announcement was made after market hours on Friday, 3 March 2017.

Shares of Jagran Prakashan will be in focus as the initial public offer (IPO) of Music Broadcast will open for subscription today, 6 March 2017. The price band for the IPO is Rs 324 to Rs 333 per share. The IPO closes on 8 March 2017. Music Broadcast, promoted by Jagran Prakashan, operates radio stations under the brand Radio City.

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Coal India provides update on subsidiary - Central Coalfields
Mar 04,2017

Coal India announced that the Board of Directors of its subsidiary, Central Coalfields (CCL) meeting held on 03 March 2017 has considered and approved the buyback of 5,21,000 fully paid equity shares of face value of Rs 1000 each from the members of CCL on a proportionate basis through tender offer representing 5.54% of total equity shares in the paid up share capital for an aggregate amount not exceeding Rs 1001.88 crore, at a price of Rs 19,230 per equity share, subject to approval of shareholders of CCL.

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Dr Reddys Laboratories acquires a NBFC - Imperial Credit
Mar 04,2017

Dr Reddys Laboratories announced that it has completed the acquisition of 100% stake in Imperial Credit, a Non Banking Finance Company, for a consideration of Rs 2.05 crore. The Company proposes to undertake the groups captive financial activities through this entity.

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Board of Diamond Power Infrastructure appoints director and COO
Mar 04,2017

Diamond Power Infrastructure announced that the Board of Directors of the Company at its meeting held on 04 March 2017 has appointed Surinder Kumar Negi as an Additional Director and has appointed Naba Mukherjee as COO with immediate effect.

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Board of Upper Ganges Sugar & Industries appoints directors
Mar 04,2017

Upper Ganges Sugar & Industries announced that the Board of Directors has considered and appointed Kailash Chand Gupta and Brij Mohan Agarwal, as Additional Directors of the Company with effect from 04 March 2017.

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Karnataka Bank bags four ASSOCHAM Social Banking Excellence Awards
Mar 04,2017

Karnataka Bank has bagged four Social Banking Excellence Awards under the following categories, instituted by the Associated Chamber of Commerce & Industry of India (ASSOCHAM), under Small Bank Category.

Winner - Government Scheme
Winner - Priority Lending
Runner up - Agricultural Banking
Runner up - Overall Best Social Bank

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Shrenuj & Company announces resignation of director
Mar 04,2017

Shrenuj & Company announced that Dr. M Y Khan, Independent Director of the Company has tendered his resignation from the Board due to personal and health reasons. The resignation will be effective from 3 March 2017.

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Board of Celebrity Fashions allots equity shares and warrants
Mar 04,2017

Celebrity Fashions announced that the Board of Directors of the Company at its meeting held on 04 March 2017 have issued and allotted 30,67,484 equity and 56,96,756 Convertible Warrants at an issue price of Rs 11.41 per share on Preferential basis to Promoters and Director.

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Reliance Power provides update on subsidiary - Reliance Green Power
Mar 04,2017

Reliance Power announced that its subsidiary, Reliance Green Power has disposed off its entire shareholding of 10,000 equity shares of Rs 10 each, aggregating Rs 1 lakh held in its subsidiary, RPL Aditya Power at its par value.

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ARSS Infrastructure Projects JV wins work order worth Rs 140.52 crore
Mar 04,2017

ARSS Infrastructure Projects announced that a work order amounting to Rs.140.52 crore, namely Execution of work of track linking (Excluding Supply of Rails, Thick Web Switches and PSC Lime sleeper) OHE, S&T and other allied works from Haridaspur (KM 0.00) to Kendrapara (KM 43.873) including Kendrapara yard in connection with construction of New BG Railway Line from Haridaspur to Paradeep (KM 81.200) in Khurda Road Division of east Coast railway in the State of Odisha, India has been awarded in favour one of the Companys Joint Venture (JV) i.e. ARSS-SIPS (JV) by Rail Vikas Nigam on 3 March 2017.

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Lloyd Electric & Engineering announces change in registered office
Mar 04,2017

Lloyd Electric & Engineering has shifted its registered office to the following address with effect from 03 March 2017 -


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Housing Development & Infrastructure decides to divest subsidiary -Excel Arcade
Mar 04,2017

Housing Development & Infrastructure announced that the Finance Committee of the Board at its meeting held on 04 March 2017 has decided to divest its 100% shareholding of its wholly owned subsidiary , viz. Excel Arcade. HDIL was holding 1954000 shares and had invested Rs. 10,81,50,100 in that Company. It was meant to be a SPV for a project at Vikroli. Since the timeline for the project is uncertain, it was decided to divest the Investment in the Subsidiary Company for Rs. 17,00,00,000.

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