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September 1, 2026
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Personal guarantor insolvency: repayment plan stayed pending majority determination, with restraint on direct or indirect asset alienation.
Personal-guarantee insolvency proceedings involve a stay on implementation of a repayment plan because the earlier members' views did not produce a clear majority capable of taking effect. The personal guarantor has been restrained from directly or indirectly alienating assets pending further hearing. The dispute follows split views on approval of the plan, claim admission and voting, followed by a third-member opinion that did not resolve the absence of a determinative majority. Creditors dispute the proposed recovery, claim treatment and declared net worth relevant to the guarantees.
September 1, 2026
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Rupee exchange-rate movement reflects portfolio inflows, growth data and possible central-bank support, while crude oil prices constrain gains.
Foreign-exchange market conditions strengthened the rupee by 28 paise to 94.94 against the US dollar, supported by domestic growth, controlled fiscal slippage and portfolio inflows. Possible Reserve Bank of India intervention was also identified as supportive. Higher crude oil prices, weak domestic equities and hawkish US monetary-policy signals were identified as constraints on further appreciation. Foreign investment flows, stronger-than-expected domestic growth and the fiscal-deficit position remained material factors affecting currency conditions.
September 1, 2026
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Money-laundering probe into public service recruitment irregularities examines alleged question-paper leaks, selection manipulation, and laundering through purported CSR donations.
Money-laundering investigation under the Prevention of Money Laundering Act concerns alleged irregularities in Public Service Commission recruitment examinations. Allegations include question-paper leaks, manipulation of candidate selection, and illegal gratification for securing appointments of relatives and favoured candidates. Recruitment rules were allegedly amended to facilitate selection of relatives. Alleged proceeds of crime were collected in cash and routed through layered banking transactions, including through a family-controlled samiti presented as receiving corporate social responsibility donations for a non-existent college.
September 1, 2026
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Personal guarantor settlement scrutiny intensifies as asset alienation is restrained pending review of a disputed creditor repayment proposal.
A five-member special bench found that no clear majority view existed under section 419(5) of the Companies Act and stayed the third member's order that had permitted the proposed recovery. Notices were directed to all parties, and the guarantor was restrained from directly or indirectly alienating property pending further consideration. The dispute concerns approval of a personal guarantor's repayment proposal, treatment of guarantee claims, creditor voting support, assessment of the personal estate, and scrutiny of declared net worth.
September 1, 2026
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Personal insolvency proceedings restrict property alienation while notices issue to parties in the debtor's case.
A five-member special National Company Law Tribunal bench hearing Subhash Chandra's personal insolvency matter issued notices to all parties and restrained him from alienating property directly or indirectly. The restraint applies during the continuing insolvency proceedings and concerns dealings with the relevant property. The procedural measure requires the interested parties to participate in the matter.
September 1, 2026
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Aadhaar authentication alternatives enable eligible farmers with failed fingerprint verification to access loan-waiver benefits after identity verification.
Elderly farmers whose fingerprints cannot be captured for Aadhaar authentication may approach an Aaple Sarkar Seva Kendra with their Aadhaar card and bank passbook. Loan-account details are verified on the scheme portal before authentication is initiated. If authentication fails, the concerned tehsildar verifies identity using the Aadhaar card, bank passbook and 7/12 land record extract. Eligible farmers receive loan-waiver benefits directly in their bank accounts after authentication, identity verification and satisfaction of the scheme's eligibility criteria.
September 1, 2026
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GST collections recorded year-on-year growth in August, with gross receipts reaching about Rs 2 lakh crore. Domestic transaction revenue increased to over Rs 1.37 lakh crore, while import-related revenue rose to Rs 62,604 crore. Refunds increased to Rs 31,795 crore, and net GST collections stood at Rs 1.68 lakh crore after refunds.
September 1, 2026
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Personal insolvency repayment plan faces fresh hearing after a split bench prevents enforcement and restrains guarantor property transfers.
Personal insolvency proceedings were reopened before a five-member special bench after a split view on a repayment plan. As no majority view existed, including that of the third member, no final order was in force and the repayment-plan determination could not be acted upon. Notices were issued to all parties, including dissenting creditors, and the guarantor was restrained from directly or indirectly alienating property pending further consideration. Dissenting creditors also challenged the repayment-plan determination before the appellate tribunal.
September 1, 2026
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Equity-market sentiment weakened as higher crude oil prices, renewed US-Iran tensions, and expectations of prolonged tight US monetary policy reduced emerging-market risk appetite. The Sensex and Nifty declined, while domestic GDP growth above projections offered partial support. Weakness in several Asian markets, a lower US market close, and net foreign institutional equity sales reinforced cautious trading conditions.
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Money laundering investigation triggers searches linked to alleged Public Service Commission irregularities, including premises of a former chief minister's assistant.
A money-laundering investigation under the Prevention of Money Laundering Act has led to searches at seven locations in Chhattisgarh in connection with alleged irregularities at the Chhattisgarh Public Service Commission. The search operation includes the premises of K. K. Chandrakar, personal assistant to former Chief Minister Bhupesh Baghel. The investigation remains at the search and inquiry stage.
September 1, 2026
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Income-tax return filing: non-audit business and professional taxpayers use applicable forms by prescribed due dates.
August 31, 2026 was the due date for taxpayers having business or professional income who were not subject to audit. Such non-audit taxpayers may use ITR-3, ITR-4, ITR-5 or ITR-7, as applicable. ITR-3 applies to individuals and Hindu Undivided Families with proprietary business or professional income, while ITR-4 is intended for small and medium taxpayers. ITR-5 applies to firms, limited liability partnerships and cooperative societies, and ITR-7 applies to trusts and charitable institutions.
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Gold smuggling enforcement targets transit abuse, concealed carriage, and border routes through coordinated seizures and arrests nationwide.
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September 1, 2026
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Predictive consumption-expenditure framework will use household survey data to support poverty estimation, consumption analysis, and economic planning.
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August 31, 2026
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Personal insolvency repayment plans: conflicting views on binding dissenting creditors prompted reconsideration through an expanded adjudicatory bench.
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Personal insolvency repayment plans raise unresolved questions on dissenting creditors' rights and uniform extinguishment of claims.
Personal insolvency proceedings were referred for fresh adjudication because no majority emerged on the repayment plan. The Technical Member rejected the plan; the Judicial Member confined it to consenting creditors while preserving dissentents' recovery rights; and the Third Member approved it with uniform extinguishment of all creditors' claims. The dispute concerns whether creditor approval under section 115(1) binds dissenting creditors, the effect of section 79(2)(g), and the Adjudicating Authority's power to examine the Resolution Professional's creditors' meeting report.
August 31, 2026
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August 31, 2026
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Income-tax return filing for non-audit business and professional taxpayers closes at midnight, requiring use of applicable forms.
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August 31, 2026
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Personal guarantor insolvency distinguishes guarantee liability from borrower debt while creditor voting challenges question repayment-plan approval.
Personal insolvency proceedings concerning personal guarantees distinguish a guarantor's liability from the underlying borrowing entities' debts. Claims against the guarantor arise from guarantees furnished for loans obtained by Essel Group-associated entities, while the borrowers' repayment obligations remain enforceable and creditors may pursue corporate assets and securities. Dissenting lenders have challenged the resolution-plan voting process, alleging that family-linked associates or related parties should have been excluded from committee of creditors voting.
August 31, 2026
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National accounts revisions align GDP and sectoral estimates with updated price, production and banking service indicators.
National Accounts Statistics-2026 incorporates updated Producer Price Index, Index of Industrial Production and Banking Services Price Index series with base year 2022-23 into annual and quarterly GDP estimates. The revised indicators expand coverage, update weights and improve price mapping for national-account activities. GDP and gross value added estimates from 2022-23 onwards are revised at current and constant prices, with sector-specific effects in mining and quarrying, manufacturing, trade services, general government and departmental enterprises. Supply and Use Tables for 2022-23 and 2023-24 are also updated.

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Customs, DGFT & SEZ

NOTICE INVITING COMMENTS ON THE DRAFT COMPANIES (COST RECORDS AND AUDIT) AMENDMENT RULES, 2016

February 24, 2016

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GOVERNMENT OF INDIA

Ministry of Corporate Affairs

NOTICE INVITING COMMENTS ON THE DRAFT COMPANIES (COST RECORDS AND AUDIT) AMENDMENT RULES, 2016   Dated the 23rd February, 2016

1.   The Draft Companies (Cost Records and Audit) Amendment Rules, 2016 has been placed on the Ministry’s website at www.mca.gov.in. It has been decided to invite suggestions/comments on the above draft.

2.   Suggestions/comments on above mentioned draft along with the justifications in brief may be sent latest by 08.03.2016 through email at [email protected]. It is requested that the name, contact number and postal address of the sender be indicated clearly at the time of sending suggestions/comments.  

Name, Postal Address, Contact No. of Stake holder ________________  

SL.No

Rule No.

Suggestion (s)

Justification (s)

 

 

 

 

 

[To be published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i)]

GOVERNMENT OF INDIA MINISTRY OF CORPORATE AFFAIRS

DRAFT NOTIFICATION

New Delhi, the …………… March, 2016

G.S.R… (E).-  In exercise of the powers conferred by sub-sections (1) and (2) of section 469 and section 148 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following rules further to amend the Companies (cost records and audit) Rules, 2014, namely:- 

1. (1) These rules may be called the Companies (cost records and audit) Amendment Rules, 2016.

     (2) They shall come into force from the date of their publication in the official Gazette.

2. In the Companies (cost records and audit) Rules, 2014,-

(i) in rule 3, for the Table A and Table B, the following Table A and Table B shall respectively be substituted, namely:-

 (A) Regulated Sectors

Sl. No.

Industry/ Sector/ Product/ Service

CETA Heading (wherever applicable)

1.

Telecommunication services made available to users by means of any transmission or reception of signs, signals, writing, images and sounds or intelligence of any nature under the authorization/ license issued by the Department of Telecommunications, Government of India under Indian Telegraph Act, 1885 and regulated by the Telecom Regulatory Authority of India under the Telecom Regulatory Authority of India Act, 1997 (24 of 1997);

Not applicable.

2.

Generation, transmission, distribution and supply of electricity regulated by the relevant regulatory body or authority under the Electricity Act, 2003 (36 of 2003), other than for captive generation (referred to in the Electricity Rules, 2005);

Generation- 2716; Other Activity- Not Applicable

3.

Petroleum products including activities regulated by the Petroleum and Natural Gas Regulatory Board under the Petroleum and Natural Gas Regulatory Board Act, 2006 (19 of 2006);

2709 to 2715; 

Other Activity- Not Applicable

4.

Drugs and pharmaceuticals;

2901 to 2942; 3001 to 3006.

5.

Fertilisers;

3102 to 3105.

6.

Sugar and industrial alcohol;

1701; 1703; 2207. 

 

(B) Non-regulated Sectors  

Sl. No.

Industry/ Sector/ Product/ Service

CETA Heading (wherever applicable)

1.

Machinery and mechanical appliances used in defence, space and atomic energy sectors excluding any ancillary item or items;  Explanation. - For the purposes of this sub-clause, any company which is engaged in any item or items supplied exclusively for use under this clause, shall be deemed to be covered under these rules

8401; 8801 to 8805; 8901 to 8908.

2.

Turbo jets and turbo propellers;

8411

3.

Arms, ammunitions and Explosives;

3601 to 3603; 9301 to 9306.

4.

Propellant powders; prepared explosives (other than propellant powders); safety fuses; detonating fuses; percussion or detonating caps; igniters; electric detonators;

3601 to 3603

5.

Radar apparatus, radio navigational aid apparatus and radio remote control apparatus;

8526

6.

Tanks and other armoured fighting vehicles, motorised, whether or not fitted with weapons and parts of such vehicles, that are funded (investment made in the company) to the extent of ninety per cent or more by the Government or Government agencies;

8710

7.

Port services of stevedoring, pilotage, hauling, mooring, re-mooring, hooking, measuring, loading and unloading services rendered by a Port in relation to a vessel or goods regulated by the Tariff Authority for Major Ports under section 47A of the Major Port Trusts Act, 1963(38 of 1963);

Not applicable.

8.

Aeronautical services of air traffic management, aircraft operations, ground safety services, ground handling, cargo facilities and supplying fuel rendered by airports and regulated by the Airports Economic Regulatory Authority under the Airports Economic Regulatory Authority of India Act, 2008 (27 of 2008);

Not applicable

9.

Iron and Steel;

7201 to 7229; 7301 to 7326

10

Roads and other infrastructure projects corresponding to para No. (1) (a) as specified in Schedule VI of the Companies Act, 2013;

Not applicable

11

Rubber and allied products including products regulated by the Rubber Board constituted under the Rubber Act, 1947 (XXIV of 1947).

4001 to 4017

12

Coffee and tea;

0901 to 0902

13

Railway or tramway locomotives, rolling stock, railway or tramway fixtures and fittings, mechanical (including electro mechanical) traffic signalling equipment’s of all kind;

8601 to 8608

14

Cement;

2523; 6811 to 6812

15

Ores and Mineral products;

2502 to 2522; 2524 to 2526; 2528 to 2530; 2601 to 2617

16

Mineral fuels (other than Petroleum), mineral oils etc.;

2701 to 2708

17

Base metals;

7401 to 7403; 7405 to 7413; 7419; 7501 to 7508; 7601 to 7614; 7801 to 7802; 7804; 7806; 7901 to 7905; 7907; 8001; 8003; 8007; 8101 to 8113.

18

Inorganic chemicals, organic or inorganic compounds of precious metals, rare-earth metals of radioactive elements or isotopes, and Organic Chemicals;

 

2801 to 2853; 2901 to 2942; 3801 to 3807; 3402 to 3403; 3809 to 3824.

19

Jute and Jute Products;

5303, 5310

20

Edible Oil;

1507 to 1518

21

Construction Industry as per para No. (5) (a) as specified in Schedule VI of the Companies Act, 2013 (18 of 2013)

Not applicable.

22

Health services, namely functioning as or running hospitals, diagnostic centres, clinical centres or test laboratories;

Not applicable.

23

Education services, other than such similar services falling under philanthropy or as part of social spend which do not form part of any business.

Not applicable.

24

Milk powder;

0402

25

Insecticides;

3808

26

Plastics and polymers;

3901 to 3914; 3916 to 3921; 3925

27

Tyres and tubes;

4011 to 4013

28

Paper;

4801 to 4802.

29

Textiles;

5004 to 5007; 5106 to 5113; 5205 to 5212; 5303; 5310; 5401 to 5408; 5501 to 5516

30

Glass;

7003 to 7008; 7011; 7016

31

Other machinery and Mechanical Appliances;

8402 to 8487

32

Electricals or electronic machinery;

8501 to 8507; 8511 to 8512; 8514 to 8515; 8517; 8525 to 8536; 8538 to 8547.

33

Production, import and supply or trading of following medical devices, namely:-

(i) Cardiac stents; 

(ii) Drug eluting stents; 

(iii) Catheters; 

(iv) Intra ocular lenses; 

(v) Bone cements; 

(vi) Heart valves; 

(vii) Orthopaedic implants; 

(viii) Internal prosthetic replacements;

(ix) Scalp vein set; 

(x) Deep brain stimulator; 

(xi) Ventricular peripheral shud; 

(xii) Spinal implants; 

(xiii) Automatic impalpable cardiac deflobillator;

(xiv) Pacemaker (temporary and permanent);

(xv) Patent ductus arteriosus, atrial septal defect and ventricular septal defect closure device; 

(xvi) Cardiac re-synchronize therapy ; 

(xvii) Urethra spinicture devices; 

(xviii) Sling male or female; 

(xix) Prostate occlusion device; and 

(xx) Urethral stents: 

9018 to 9022

(ii) in rule 6, in sub-rule (1), the following proviso shall be inserted, namely: - “Provided that before such appointment is made, the written consent of the cost auditor to such appointment, and a certificate from him or it that the appointment, if made, shall be in accordance with the following conditions shall be obtained from the cost auditor: 

(a) the individual or the firm, as the case may be, is eligible for appointment and is not disqualified for appointment under the Act, the Cost and Works Accountants Act, 1959 and the rules or regulations made thereunder; 

(b) the individual or the firm, as the case may be, satisfies the criteria provided in section 141 of the Act;

(c) the proposed appointment is within the limits laid down by or under the authority of the Act; 

(d) the list of proceedings against the cost auditor or audit firm or any partner of the audit firm pending with respect to professional matters of conduct, as disclosed in the certificate, is true and correct.”

(iii) in rule 6, in sub-rule (3), the following proviso shall be inserted, namely: - “Provided that the cost auditor appointed under these rules may be removed from his office before the expiry of his term only through a resolution passed in the meeting of Board of Directors after recording the reasons for such removal in writing: Provided further that the form CRA-2 to be filed with the Central Government for intimating appointment of another cost auditor shall enclose the relevant Board Resolution to the effect: Provided also that nothing contained in this sub-rule shall prejudice the right of the cost auditor to resign from such office of the company.”

(iv) in rule 6, after sub-rule (3A), following sub-rule shall be inserted, namely:-  “(3B) The cost statements, including other statements to be annexed to the cost audit report, shall be approved by the Board of Directors before they are signed on behalf of the Board by any of the director authorized by the Board, for submission to the cost auditor to report thereon” 

(v) in rule 6, for sub-rule (5), the following sub-rule shall be substituted, namely:- “Every cost auditor shall forward his duly signed report to the Board of Directors of the company within a period of one hundred and eighty days from the closure of the financial year to which the report relates and the Board of Directors shall consider and examine such report, particularly any reservation or qualification contained therein.”

(vi) in rule 6, for sub-rule (6), the following sub-rule shall be substituted, namely:-

 “Every company covered under these rules shall, within a period of thirty days from the date of receipt of a copy of the cost audit report, furnish the Central Government with such report alongwith full information and explanation on every reservation or qualification contained therein, in form CRA-4 in Extensible Business Reporting Language (XBRL) format in the manner as specified in the Companies (Filing of Documents and Forms in Extensible Business Reporting language) Rules, 2015 alongwith fees specified in the Companies (Registration Offices and Fees) Rules, 2014.”  

[F. No. 1/40/2013-CL-V]  

AMARDEEP SINGH BHATIA,

Jt. Secy., Government of India 

Note.- The principal rules were published in the Gazette of India, Extraordinary, Part II, Section 3, Subsection (i), vide number G.S.R. 425 (E), dated the 30th June, 2014 and amended vide number G.S.R. 01(E), dated the 31st December, 2014 and vide number G.S.R. 486 (E), Dated the 12th June, 2015.

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