Improvements in health infrastructure would boost confidence in the economic recovery, according to FM Sitharaman

September 1, 2021

Finance Minister Nirmala Sitharaman said on Tuesday that improvements in the country’s health infrastructure would boost trust in the economy’s recovery, and she urged the completion of the Rs 50,000-crore Loan Guarantee Scheme for Covid-Affected Sectors as soon as possible.

During a webinar titled ‘Building Healthcare Facilities for New India,’ the finance minister added that completing the Loan Guarantee Scheme, which is targeted at strengthening healthcare infrastructure in non-metros, on time will aid in dealing with a prospective third wave of the coronavirus pandemic.

“This (scheme) must be completed promptly. We need to do this across the country, especially in areas where medical infrastructure is lacking; thus, I believe the Department of Financial Services collaborates with industry players and banks. I believe that there should be a lot more information sharing in local communities, “According to Sitharaman.

The programme, which the Union Cabinet approved in June, will apply to all qualified loans issued till March 31, 2022, or until a total of Rs 50,000 crore is approved, whichever comes first. It will provide a guarantee to scheduled commercial banks for loans for healthcare infrastructure projects. Loans are accessible at a lower interest rate of 7.95 percent under the scheme.

According to the finance minister, the second wave of the COVID-19 epidemic highlighted the need to focus on and build medical and healthcare infrastructure so that India may emerge stronger from any such healthcare catastrophe.

CISCO’S contribution towards Environmental Sustainability

Himanwita Mazumdar

September 1, 2021

Companies may now minimize their carbon footprint seamlessly and practically thanks to technological advancements. Cisco Systems is well-known for developing such solutions.

The Silicon Valley tech behemoth has taken on the fastest-growing tech markets—the Internet of Things (IoT), domain security, and energy management—and transformed them into solutions that make sustainability affordable and straightforward for many developing businesses, including their own.

Cisco believes that bringing together passionate people, innovative ideas, and disruptive technology may greatly impact solving the world’s most important challenges. Cisco’s Conservation programme is an example of a successful wildlife conservation campaign made possible by shared enthusiasm, digital skills, and close collaboration between Cisco executives, key partners, and major environmental organizations.

In 2006, Cisco announced its first public goal towards helping the environment by reducing business air travel. Today, Cisco’s programs range from using renewable energy to managing minerals in its supply chain.

In 2019, Cisco realized a 49% reduction in Scope 1 and 2 greenhouse gas emissions. 83% of the energy needed for operations came from renewable sources – solar fields and wind farms. And one million metric tonnes of supply chain greenhouse gas emissions were avoided.

Cisco began purchasing renewable energy for use at its facilities around the world over 20 years ago. Today, Cisco’s U.S. facilities are 100% powered by renewable electricity. Cisco is also driven to make its operations more energy efficient – from replacing lighting with LED to eliminating unnecessary equipment in labs and data centres, thus reducing cooling and electrical demand.

Cisco continues to set lofty goals for the future – many that are close to being realized. By 2022, Cisco aims to reduce global Scope 1 and 2 greenhouse gas emissions by 60%. Also, by 2022, Cisco will undoubtedly exceed its goal of purchasing 85% of the energy needed for its global electricity demand from renewable sources. By 2030, Cisco seeks to have an absolute 30% reduction in its supply chain-related Scope 3 greenhouse emissions.

Cisco helps to influence policy all over the world to make electricity grids cleaner. By engaging with its customers, some of the biggest companies in the world, Cisco works to set renewable electricity targets and collectively drive for cleaner energy solutions.

Environmental sustainability is quite essential for the employees at CISCO, and they have an enormous impact. For example, the India Green Team recently transformed the facilities by eliminating single-use items like paper cups and plastic cutlery. The passion of Green Team employees got this initiative off the ground.

The NCLT will hear the government’s petition against Videocon Industries today

BRL Editor

August 31, 2021

On Tuesday, the National Company Law Tribunal (NCLTMumbai)’s bench will hear a plea filed by the Ministry of Corporate Affairs against Videocon Industries Ltd and other related group entities.

Under Sections 241 and 242 of the Companies Act, 2013, the ministry has applied with the National Company Law Tribunal (NCLT) in Mumbai.

The clause allows the central government to act against a firm if its operations are deemed to be detrimental to the general public’s interests.

“The central government, if it is of the opinion that the operations of the company are being handled in a way injurious to public interest, it may apply to the tribunal for an order under this chapter,” says Section 241 of the Companies Act of 2013.

If the adjudicating authority is determined that “the company’s affairs have been or are being managed in a way detrimental or oppressive to any member or members or harmful to the public interest,” Section 242 of the Act allows the company management to be suspended.

It should be mentioned that a resolution expert is now managing the firm’s affairs because the company is going through a corporate insolvency resolution process.

Facebook, Xiaomi, Amazon, and Google are all interested in the Indian digital lending industry

BRL Editor

August 31, 2021

Companies such as Facebook Inc, Xiaomi Corp, Amazon, and Google are now fighting for a piece of India’s $1 trillion digital lending market. As they seek a presence in India, these corporations have already declared plans or are in the process of forming partnerships with tiny Indian lenders.

Following the outbreak of the epidemic, tech companies are aggressively focusing on India’s digital payments business. Digital financing is predicted to reach $350 billion by 2023, according to a Bloomberg study, and $1 trillion in five years from 2019.

Facebook recently announced that it would expand its small business lending program, which provides loans to businesses that advertise on its platform through a partner. It was announced that India would be the first country to implement the program. The loans offered would range from $6,822 to $68,229 (Rs 5-50 lakh approx.). Interest rates of 17-20% will be charged, with no guarantee of repayment.

Manu Jain, the CEO of Xiaomi India, also stated that the business wants to partner with some of the country’s largest lenders and start-up digital lenders to offer loans, credit cards, and insurance products. Amazon.com also made its first venture in capital management with subsequent investment in fintech firm Small case Technologies.

Faering Capital, Premji Invest, Sequoia Capital India, Blume Ventures, Beenext, DSP Group, Arkam Ventures, WEH Ventures, and HDFC Bank also participated in the $40 million round.

Google has also formed partnerships with small bankers to facilitate the opening of time deposits. It already has wealth management goods on Google Pay, such as digital gold and mutual funds.

Even while the top names concentrate their efforts on the digital lending industry, it is not without risk. By March, the country’s bad loan ratio is forecast to reach 11.3 percent.

The Reserve Bank of India also intends to regulate internet lenders, which will include over 300 companies.

Former Reliance Capital CEO Ghosh Seeks SFB Licence

BRL Editor

August 31, 2021

Sam Ghosh, who led Reliance Capital for nine years until 2017, has applied for a Small Finance Bank (SFB) licence on behalf of his company Cosmea Financial participations. Ghosh is involved in financial services and, with the support of private equity investors, is pursuing various opportunities, including the sale of investment company Dependence Capital as part of a debt restructuring plan.

The RBI announced the names of applicants for a small finance bank licence on Monday. Along with Cosmea, Tally Solutions has applied for a banking licence. Tally Solutions is synonymous with accounting software in India. Businesses across India and in over 100 countries rely on tally’s products and services.

The asset monetization process at Reliance Capital is guided by the Bondholders Committee and Bond Trustee Vistra ITCL India, which collectively hold 93 percent of the company’s debt.

Ghosh, according to sources close to him, was bidding on RCap assets. The finance professional wishes to establish a new financial services company or to acquire an existing one. The application for an SFB is a component of the strategy for establishing new businesses.

Cosmea stated in response to an inquiry, “We confirmed our application for a small finance bank.” We are a private equity-backed company, and the licence is consistent with Cosmea’s strategy of building a strong multi-business presence in the BFSI sector. At this time, we are unable to provide additional information.

Ghosh arrived in India as a representative for German insurer Allianz, where he led the general joint venture and later the general insurance joint venture with Bajaj. He became CEO of Reliance Capital in 2008. He played a critical role in expanding the life and non-life insurance businesses and in forming a partnership with Nippon Life. He left the group in 2017 to join the Bharti group’s financial services business. Ghosh left Bharti in 2019 to pursue his plans in financial services.

Interview: Ankit Sehra, Founder, Ankit Sehra & Associates, New Delhi

Allwyn Mathew

August 30, 2021

Ankit Sehra & Associates is a modern-age Tax consulting firm offering legal & taxation services to startups and well-known businesses based in Delhi. Ankit Sehra is the Founder of Ankit Sehra& Associates, who has post graduated from Delhi University in Finance & Banking & he is an Advocate by profession & specialized in handling Income Tax & GST matters. He has over 12+ Years of experience in Corporate & Start-up consulting. Mr. Sehra will be sharing more details and insights about the firm with Business Review Live.

Would you please tell us more about yourself and your journey as the Founder of a modern-age tax consulting firm?

My name is Ankit Sehra, an Advocate by profession and Founder of ANKIT SEHRA & ASSOCIATES (ASA). Did my post-graduation from Delhi University in finance and banking. I have 12+ years of experience in the field of Tax consulting, Internal Auditing, M & A, Corporate financing, Insolvency management, Statutory Audit, Tax Audit/ Gst Audit/ Stock Audit, Corporate Laws, Cross Border Taxation Advisory, Withholding Tax Solution, Export credit, Duty Drawback, Liasioning & Negotiation work. I am also a Business Partner of AV Capital, an investment advisory firm that was established in 2015.

My journey has been Incredible so far as a founder, every day is a new lesson, and on a continuous basis, I am trying to make it better. No one prepares you to start a business from ground level; it’s all you who have to do everything from scratch. It’s an adventure as well as personal growth that you’ll never experience. I had been lying if I say that it was all roses and rainbow. And everything went on smoothly; no, it was not. I was stuck, and I wanted to build a team that could give their best to this firm because you cannot do everything alone; getting the right people to do the right task was challenging, which also took time. I was in the phase where I was also getting to know myself, that what I can do and what I cannot; many things go in one’s mind when you are building something that also makes you question yourself. Like, am I heading in the right direction or whether am I aligned to my goals.

But now, when I look back to those days, I am happy to say that those were days that motivated me and kept me going, which is why today ASA has become a successful modern age tax consulting firm.

India is home to many Tax consulting firms, and the competition is high; what makes Ankit Sehra & Associates unique?

Everybody thinks that their business is unique. But I believe that there is a huge difference between saying and getting those things done. Merely saying the word “unique” will not make your business unique, so we believe in getting the things done rather than just saying it. So, when we say that we don’t make our customers wait to reach out to us, or make them press 1 for English over a phone call, or provide them with the best possible service, we stand true to every word.

We promise to provide the kind of legal advice like no other firm will. We work with some of the finest people in the industry who will help you understand the legal environment in which a business has to function because these factors may determine its success or failure. Moreover, we believe in commitment & we will be committed to fulfilling our promise.

As a result, we have such a great clientele who believes in our services. We also ensure that our customers do not hesitate before obtaining our services and make sure that they are at no risk of trusting us, making ASA a unique and trustworthy firm.

What are the different services do you provide? Could you give us more insights into this?

We provide a number of services to our clients; we aim to simplify the complex process of filing any legal document related to Income Tax, GST & ROC Department. We mostly consult on every part of business, whether it’s business registration, licensing, filings, reportings, liasioning & tax depositing. We have a team of experts who provide these services to our clients with utmost excellence. Our firm offers various services like taxation, startup registration, business management, investment advisory, and insurance services.

Following are my organization’s services in elaborated version:

Income Tax Fillings

TDS & Withholding Tax
Tax Notices & Assessment
Income Tax Audit
Tax Saving Advisory

GST Regular fillings

GST Audit & Notice work
GST Advisory & Litigation Support

Company Incorporation Services

Private Limited Registration
Limited Liability Partnership
NGO Registration
Start up Registration

Trademark Registration

Copyright registration
Design & Patent Registration

Corporate law fillings

ROC Matters

Project Report & CMA Data

PF / ESI / Labour license
ISO/ MSME / DSC / PAN / TAN
IEC Code / FSSAI Registration
Shop & Establishment Registration

Legal Notices

Power of Attorney
Gift Deed/Partnership Deed/ HUF Deed
Check Bounce Notice
Money Recovery

We also help our clients obtain home loans, car loans or education loans, and drug and liquor licenses.

Not only this, but ASA also helps its clients to register and manage their business worldwide. We facilitate firm or companies’ registrations worldwide. ASA is a one-stop shop for all your financial dilemmas. With us, “consider it done.”

Who are your clients? Do you focus on only High-performing companies, any success stories you would like to share with us?

We have a diverse customer base, comprising individuals, HUFs, partnership firms, LLPs, Trusts & NGOs, Private or Public Limited companies, Govt organizations, and many others. Everyone files taxes to the Government & we enable them in filing it with ease. We handle different classes of businesses and serve them according to their specific requirements like restaurants, builders, IT companies, Exporters, salons, manufacturers, traders, Service centres, Water treatment services, Consulting services & many more. And a big group of startups has also been associated with us.

And as for achievements:

The firm has demonstrated successful history of working in Accounting, Taxation, Banking & Financial matters and is skilled in Start-up Consulting, Auditing, Financial Accounting, Corporate Law Formalities, Income Tax & GST related Issues, Scrutiny-Litigation & ITAT matters, Assessment & Appeal filling, and on the technical side firm is skilled in ERP Implementation, Block-chain related technologies, Smart Contracts, etc.

We have worked with LUMINOUS, CBSE, DBTB, CYCLE Brand, and several others.

Acknowledged and are trusted by more than 500 happy clients.

Have a single window and a couple of options from tax filing to revenue creation that is integrated for simplicity.

We have adopted advanced technology like ERP and cloud-based culture for higher delivery of services.

We are integrated with first-class experts in the market to provide 100% pleasant assistance.

How does technology help your finance consulting projects, any innovative financial insights you would like to share with us from your experience at ASA?

Technology is absolutely a game-changer, from physical meetings to zoom meetings. Things are changing at the work level, and it saves clients time, and things are getting more task-oriented nowadays. Even the Government is completely switching over to the digital environment from its traditional documented techniques. Tax concealment & tax stealing has been reduced in a big manner & financial transactions have become more traceable in this technological AI world. These days, the maximum no. of transactions are automated & reflected to us before the client reaches us. That is what you say technology has changed for us.

Technology has also helped organizations to develop innovative financial services. The development of a better payment system is, however, a key challenge for organizations. We at ASA make use of these technological changes as best as possible to make our client’s process more transparent and collaboration easier. Evolving technology is at the heart of efforts to serve customers better through customer experience management. Therefore, adopting new banking technology and techniques is our main focus.

How are you helping companies navigate through the COVID-19 pandemic crisis and financial challenges?

This crisis of COVID 19 has caused global devastation on a scale never seen in the lives of many of us. Despite the impact, the response has been positive: Financial services companies have taken action to protect labour and use flexible agreements and capital buffers while ensuring that customers have access to the assets, products, services, and advice they need. COVID-19 has forced us all to make a variety of changes, large and small.

ASA has also made changes in its functionality. We have extended our investment advisory support to corporates and retail clients who have faced setbacks during these challenging times. When they reached out to us, we provided the best investment service, which can help them overcome their setback.

Tell us more about your team of highly skilled and focused accounting and financial Consultants; what makes you unique?

ASA has a team of advisors who are qualified professionals and can understand the fickleness of the market and who knows what suits best to our clients. Our advisors understand the client’s investment goals and needs; they help them explore different investment options. Everyone at ASA stays up-to-date with the latest financial news and trends to ensure they offer relevant advice.

Could you please elaborate on AV Capital, your equity, and MF advisory firm?

We are glad to say that we are a well-diversified financial services company, established in 2015, offering services across brokerage investment banking, wealth management, distribution of third-party financial products, research, financing, depository services, insurance broking and clearing services to corporate, institutional, high net worth individuals and other retail clients. We are a registered sub-broker (AV Capital) of Motilal Oswal Group, wherein we are handling portfolios of many reputed HNI’s & Corporates and managing their wealth in a growing manner.

Our Services Includes –

Broking:
- Trading in Equities, Derivatives, Commodities, Currency & Debt
- Depository in Equity & Commodity

Distribution:
- IPOs, Mutual Funds, Bonds, Fixed Deposits
- Insurance – Life, Medical & General

Advisory:
- Investment banking – IPO, FPO

Wealth Management:
- Portfolio Management
- Multi Manager Investment Solutions, Quant Portfolio, Structured Products
- Real Estate Solutions
- Private Equity, Portfolio Advisory, Financial Planning
- Arbitrage & Hedging

And as equity and MF advisory, we offer hands-on support; one needs an in-depth understanding of all this. Nowadays, it is easier to gain information and compare online. But ASA offers expert guidance that can help put things in perspective.

Any available opportunities you would like to share with us from ASA?

ASA offers services that can be availed by everyone, from corporates to individuals. We provide end-to-end services for startups & established brands for setting up & managing their businesses in India. We further handle their legal compliance-related formalities, licenses approvals & also assist them in filling taxation returns for various Government departments.

Our Services include Business Incorporation, Government Registration & Licenses, Tax Fillings & Compliance work, Legal help & documentations, IPR Rights like Trademark, Copyright & Patent fillings, Registration like – ISO, IEC Code, MSME, FSSAI, APEDA, DIPP, NGO, TDS, PSARA, PF, ESI, Shop & Est., Section 8 co. and Trade License.

SEBI has barred Kotak MF from introducing FMP plans for the next six months

BRL Editor

August 29, 2021

The Assets and Exchange Board of India (SEBI) has prohibited Kotak Mahindra Asset Management Company from establishing any new Fixed Maturity Plan (FMP) scheme and fined Rs 50 lakh for allegedly failing to refund investors in six FMP schemes that had invested in Essel Group securities.

The regulatory watchdog claimed in an 84-page judgment issued by SEBI whole-time member S K Mohanty that the fund house failed to conduct adequate due diligence while permitting the maturity duration of some instruments to be prolonged beyond the scheme’s expiry date.

Investors in certain FMP schemes of the fund house were not given their entire proceeds based on the announced NAV of the aforementioned schemes as of their respective maturity dates, prompting the SEBI investigation.

The fund house permitted investment in the zero-coupon non-convertible debentures (ZCNCDs) of two Essel Group businesses – Konti Infrapower & Multiventures and Edison Utility Works – without examining the issuers’ credit quality, according to the SEBI decision.

It also claimed that the fund house extended the maturity period of the instruments after the issuers pledged shares of Zee Entertainment Enterprises and the collateral value fell below the minimum prescribed level, despite the fact that the issuers had pledged shares of Zee Entertainment Enterprises.

In the wake of ITR site problems, the IRS is planning to extend crucial deadlines

BRL Editor

August 29, 2021

The Central Board of Direct Taxes (CBDT) plans to extend crucial deadlines for submitting income-tax returns (ITRs), even though the business has perked up since Infosys resolved issues with the new ITR site. The deadline extension occurs as a result of the taxpayers’ difficulties.

More than 4 lakh ITR returns have been filed each day for the previous four days, compared to a two-day filing halt on August 21. Given the circumstances, the Centre will extend major return-filing dates, providing taxpayers with enough time to submit ITRs.

Over 8 million ITRs for FY21 have been filed, accounting for about 14% of all reports issued by the end of FY20. The CBDT is also anticipated to release daily filing data for the new portal.

The deadline for reporting ITRs by salaried persons and those whose accounts need to be audited has been extended from July 31 to September 30.

The deadline for filing tax audit cases has been pushed up from September 30 to November 30.

Meanwhile, Finance Minister Nirmala Sitharaman has given Infosys, the company that was granted the Rs 4,242 crore contract to create the new platform, till September 15 to fix the technical issues.

Byju’s is planning an initial public offering (IPO) in the next 15 to 18 months

BRL Editor

August 29, 2021

Byju Raveendran, the founder of ed-tech firm Byju’s, has stated that the business plans to go public in the next 15 to 18 months.

This year alone, India’s most valuable company has garnered $660 million in venture financing. Byju’s has been expanding at 100% year over year; according to Raveendran, the company’s growth is now being accelerated on a more extensive basis due to the pandemic.

Byju’s is the world’s largest ed-tech enterprise and India’s biggest unicorn, with a valuation of $16.5 billion. It is presently in negotiations with several investors to raise $1-1.5 billion at a valuation of roughly $21 billion, up 27% from the $16.5 billion it received in the June funding round.

By 2023-2024, the firm hopes to generate $5 billion in sales, making it one of India’s five most valued enterprises.

Adani Green’s proposed foreign currency bonds have been given a ‘Ba3’ rating by Moody’s

BRL Editor

August 29, 2021

The proposed foreign currency denominated bonds issuance by Adani Green Energy has been awarded a Ba3 rating by Moody’s with a stable outlook, the firm announced on Friday. The proposed USD senior secured notes to be issued by Adani Green Energy Ltd (AGEL) have been awarded a Ba3 rating by Moody’s, with a ‘stable’ outlook.

Obligations rated ‘Ba’ on Moody’s ratings scale are considered speculative and exposed to significant credit risk.

The revenues from the USD notes will primarily be used to fund the construction of utility-scale renewable energy projects by AGEL’s direct and indirect subsidiaries.

Moody’s noted that if AGEL maintains a consolidated (CFO Pre-WC)/debt ratio of more than 6%, the rating could be upgraded over time.

According to the rating agency, the rating might be lowered if AGEL’s credit profile continues to deteriorate, possibly due to poor operational performance, a delay in the commissioning of new projects, or aggressive acquisitions and capital spending that exceed Moody’s estimates.

AGEL’s consolidated net profit increased tenfold to Rs 219 crore in the June quarter on a year-over-year basis, owing to greater revenues.

Total income grew to Rs 1,079 crore in the quarter under review, up from Rs 878 crore a year ago. SoftBank Energy’s acquisition of a high-quality renewable energy portfolio has bolstered the company’s position in India.

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