Top headlines: DoT objects to RCom resolution plan, AGR case update, & more

Here are the top headlines on Thursday morning

Reliance Communications' resolution in limbo as DoT raises objection

The Department of Telecommunications (DoT) has objected to the resolution plan for Reliance Communications (RCom), as well as its unit Reliance Telecom, at the National Company Law Tribunal (NCLT), Mumbai. The NCLT has adjourned its hearing on the resolution plan for the firms till August 21. The DoT will file written submissions by then. According to the resolution plan approved by lenders, the DoT will not get any proceeds following resolution of the companies, because it has been labeled an operational creditor. Read More...

Sebi proposes to increase minimum free float for firms post-insolvency

The Securities and Exchange Board of India (Sebi) has proposed to increase the minimum free float for companies relisting after undergoing the corporate insolvency resolution process (CIRP). The capital markets regulator has also called for greater disclosures to ensure better price discovery and transparency. The move is triggered by the extreme movement in the Ruchi Soya Industries' stock. The company's shares had surged more than 450 times after it got relisted following the acquisition by Pantanjali Ayurved under the CIRP. The sharp rise on the ultra-low free float of less than a per cent had sparked a debate whether Sebi and the stock exchanges should revisit rules to ensure fair price discovery. Read More...

Apple becomes first US company to cross $2 trillion in market value

Apple Inc became the first publicly listed US company with a $2 trillion stock market value on Wednesday, as Wall Street investors put aside challenges to its iPhone ecosystem in favor of bets it will only prosper more in the post-coronavirus world. Shares in the company have surged since blowout quarterly results in July that saw the iPhone maker eclipse Saudi Aramco as the world's most valuable listed company, up about 57% in value so far in 2020. Read More...

AGR case: Liquidation the only option without spectrum sale, RCom tells SC

Reliance Communications told the Supreme Court on Wednesday that it will be forced to go into liquidation if spectrum is not allowed to be sold under the insolvency process. Senior advocate Harish Salve, who represents RCom and its committee of creditors, said "this won’t help anyone". Read More...

3 more airports to be leased to private firms for 50 years, says govt

The airports in Jaipur, Thiruvanthapuram and Guwahati airports will be leased to private companies for development, operation and maintenance on a public-private partnership (PPP) model for 50 years, said the government on Wednesday as it sought to open up the aviation sector, which has been hit hard by the coronavirus pandemic. The three airports are part of the six airports won by the Adani group under a competitive bidding process. The group had in February signed a concession agreement with state-run Airports Authority of India (AAI) to manage airports in Ahmedabad, Lucknow and Mangalore but approval regarding the other three had been deferred. Read More...

Cabinet eases procedure of selection for Railways, PSU bank jobs

The Union Cabinet on Wednesday moved to ease the selection process for non-gazetted staff in the biggest recruiters, Indian Railways and banks, and those chosen through staff selection commission, amid the ongoing unemployment crisis. This process could later be extended to other public sector undertakings, state government entities, as well as the private sector. According to I&B Minister Prakash Javadekar, and MoS in the Prime Minister’s Office (PMO) Jitendra Singh, the Cabinet approved the creation of a National Recrui­tment Agency (NRA) for conducting a common eligibility test (CET) for such jobs. Read More...

National Payments Corp to take UPI, Rupay global through new subsidiary

National Payments Corporation of India (NPCI) is taking its business beyond Indian shores through its subsidiary NPCI International Payments Limited (NIPL). It wants to take its products UPI and RuPay Card global and assist other countries in establishing a ‘real time payment system’ or a ‘domestic card scheme’. The primary focus of the subsidiary would be the internationalisation of RuPay and UPI, along with a some other NPCI offerings. Read More...

Corp affairs ministry allows companies to extend AGMs for up to 3 months

The Ministry of Corporate Affairs has allowed more time for companies that were unable to hold their annual general meetings for the year ending March 31, 2020 despite earlier relaxations asking them to file an application with the registrar of companies for the same, a government circular said. In a circular dated August 17, MCA has advised the registrar of companies to consider all such applications liberally in view of the hardships faced by the stakeholders. The RoC can give an extension upto a maximum period of three months. Read More...

Single-agenda GST Council meeting on Aug 27 to discuss compensation

Expanding the scope of the compensation cess under the goods and services tax (GST) regime will be part of the deliberations at the much-anticipated ‘single-agenda’ GST Council meeting on August 27 to thrash out an alternative compensation mechanism for states in light of inadequate cess collections. It will hold another meeting on September 19 to discuss other issues such as the e-way bill on gold and overarching tech changes in GST returns. Read More...

Niti Aayog fast-tracks development of poverty index to rank states

The Niti Aayog has fasttracked the development of India's own poverty index to rank states on measures they have adopted to pull people out of poverty. The exercise, in line with the Global Multidimensional Poverty Index (MPI), is aimed at compelling states to take aggressive poverty reductions measures, accoring to Economic Times report.