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Latest Developments dt 07.09.2019

CASE STUDIES COMPILATION (Company Law) (1)

Whistle Blowed blow to Infosys: Company’s share prices plunged 16.21 per cent to settle at Rs 643.30 on the BSE. This is the sharpest intra-day fall in Infosys shares in more than six years. It erased the IT major’s market cap by Rs 53,131 crore and dragged it below Rs 3 trillion.In its filing with the exchanges, Infosys said its internal auditor EY and law firm Shardul Amarchand Mangaldas & Co would conduct an independent probe while its statutory auditor Deloitte had been informed about the investigation. Individual investors with an aggregate holding of 10 per cent and financial institutions like Life Insurance Corporation, which holds over 6 per cent, witnessed the biggest erosion in their portfolio value.ICICI Prudential Life Insurance Company, with a holding of another 1.32 per cent, was another major loser.

About 30,000 individuals who sent money abroad under the Liberalised Remittance Scheme (LRS) have come under the income tax authority’s lens for the current assessment year. The department has sent scrutiny notices to these people, seeking details of the foreign accounts, properties and shares in the relevant company abroad. Under Current Regulations the limit is $250000 per FY

Google India, the arm of the technology giant operating in the country, reported a 56 per cent fall in revenue in the year ended March 31, 2019. The fall was attributed to a new accounting standard.Revenue from advertising fell to 28 per cent from 69 per cent a year ago.The changes have happened because of changes in accounting standards from IND AS 18 to IND AS 115, according to the filing

Ola is betting big on the food business and is planning to launch a portfolio of in-house food brands and take them across the country. These brands would not only be available on external platforms like food delivery apps Swiggy and Zomato, but also offline stores including restaurants, cloud kitchens, food trucks.SoftBank-backed company has launched its flagship brand ‘Khichdi Experiment’ which has gone live in Bengaluru, Hyderabad, Mumbai, Pune and Chennai. It is offering more than 16 varieties of ‘khichdi’ and the flavours will keep expanding depending upon the feedback from the customers

The Reserve Bank of India has banned the use of direct selling agents (DSAs) to source retail loans and carry out physical verification of documents of borrowers

The Supreme Court (SC) has transferred all the petitions related to linking of Aadhaar to social media profiles, pending in various high courts to itself. The case will be next heard in January next year, after the central government finalises its rules to prevent misuse of social media

The Securities and Exchange Board of India (Sebi) has appealed in the Supreme Court against the Securities Appellate Tribunal (SAT) order in the Price Waterhouse (PW) case.On September 9, the tribunal had quashed the order passed by the regulator against the global audit firm for its role in the Satyam scandal.In January 2018, Sebi had issued an order banning PW firms and two of its auditors from providing services to listed firms and market intermediaries for two years, for their involvement in the accounting scam.

Bank of Maharashtra Q2 net profit jumps over four-fold to Rs 114.66 crore.Kotak Mahindra Bank posted a 15.5 per cent rise in consolidated profit before tax (PBT) at Rs 2,944.71 crore for the quarter ended September 30, 2019 (Q2FY20), from Rs 2,549.91 crore in the year-ago quarter.RBL Bank's Q2 profit before tax plunges 67% as provisions jump three fold

Online proficiency self-assessment test for independent directors from Dec: All independent directors will soon have to take an “online proficiency self-assessment test” before they are appointed to company boards. The online proficiency self-assessment test to be conducted by the IICA will evaluate the candidate's knowledge of the Companies Act, securities law, basic accountancy and of other subjects that are required for the individual to perform as an independent director.

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Government accords 'Maharatna' status to Hindustan Petroleum, Power Grid Corp The grant of 'Maharatna' status to the PSUs will impart enhanced powers to their boards to take financial decisions