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#Linkfest: The Bad Auditors, Taxmen Hating Refunds, Maruti Leaves Gurgaon


At Capitalmind Premium, we have a very active Slack channel where we discuss a lot of interesting topics. In there,  a number of interesting links come our way. Here’s a list:

  1. So, Deloitte Haskins & Sells, Ernst and Young affiliate SRBC & Co. and KPMG affiliate BSR & Associates LLP, overlooked important and warning signs in IL&FS, IFIN and ITNL, respectively, according the latest probe report of ICAI. Which warning signs? The mismatch between assets and liabilities, application of cash flows and stability of IL&FS group companies, were not reported. ​​​​​​​
  2. Xiaomi has approached the RBI for NBFC license. It’s planning to offer NBFC services via Xiaomi Financial Services India. Xiaomi is already operating in the fintech lending space through it’s two entities – MI Credit and MI Finance.
  3. Speaking of elections, market players are already worrying about it. Why? Because BJP has already lost in three states and doubts about PM Narendra Modi’s return may cause panic. And hedgers are worried that which ever way it picks, it will go fast and hard.​​​​​​​
  4. Gurgaon has not only become densely populated for people, but also for this vintage and dominant car company of India – Maruti. After decades of giving joy of owning a first car to millions of Delhi’s middle class families, it’s going to move the manufacturing facility to some other place, but within Haryana. However, the present facility will not be shut off completely. There would only be operational changes.​​​​​​
  5. Taxmen hate refunds. See what’s happening between Vodafone and the IT department. Earlier, the telecom company filed an appeal for its tax refunds pending to be received from the Department of Revenue. Delhi High Court dismissed the plea after the Department successfully quoted various provisions of the law. Their point? There could be potential tax demands in the future, so legally they can withhold the tax refunds should such demands materialize.​​​​​​​​​​​​​​
  6. The Finance Ministry has levied various penalties to over 6,000 PSB employees who have part taken in activities that caused these banks to suffer bad loans.
  7. The car industry was banking on aggregator services like Uber and Ola since the last few years. But now due to low acceptance of these services in smaller cities, the volume of car sales will tend to be less.
  8. Even after Urjit Patel’s resignation, RBI and the Government are still at loggerheads. With all the cases of defaults, RBI is of the opinion that relaxing capital requirements norms for banks at this stage would hurt the economy.
  9. The Railway ministry has come up with a policy to allow companies to advertise their products on trains as long as passengers can use them in the train.
  10. The stock market watchdog is planning on improving their surveillance systems and tools to quickly analyze trade data and figure out anomalies such as insider tradings, front running, share price manipulation etc.

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