Rakesh Kumar Singhal ラケシ　クマール　シング ראקש קומאר

Chartered Accountant ( 公認会計士) (공인 회계사 )(CONTABILISTAS) (CONTADORES PÚBLICOS) (ДИПЛОМИРОВАННЫЕ БУХГАЛТЕРЫ СЧЕТОВОДИТЕЛИ) (会计师事务所) (COMPTABLES CHARTERES) (WIRTSCHAFTSPRÜFER) (сметководители) (MUHASEBE MÜTEAHHİTLİĞİ) (محاسبون قانونيون) (CHARTERED AKUNTAN)(Geoktrooieerde Rekenmeesters)(registeraccountants)(RAGIONIERI REGISTRATI)חשבונות רואי חשבון) (This blog is non-commercial and is used here to put important news only for the educational purpose of Students doing CA and CS.

Sunday, August 31, 2025

PM Modi-Xi Jinping meet: From trade to rare earths, big issues on the table:--

Prime Minister Narendra Modi landed in Tianjin on Saturday for his first visit to China in seven years, ahead of the Shanghai Cooperation Organisation (SCO) Summit. His most closely watched engagement will be Sunday’s meeting with President Xi Jinping, as both sides seek to repair ties strained by border tensions and global economic shifts. Discussions are expected to cover trade, rare earths, and terrorism, while steps are being taken to normalise people-to-people exchanges, restore flights, and open channels for dialogue.

India-China SCO Meet News Live Updates: Putin arrives in China for summit hosted by Xi: Russian state media:-

India-China SCO Meet News Live Updates: Russian President Vladimir Putin landed in the northern Chinese city of Tianjin on Sunday to attend a summit hosted by counterpart Xi Jinping with around 20 other world leaders, Russian state media reported.

Chandrayaan-5 Mission: India & Japan's big leap to the Moon; what they’ll discover, how it will launch, and every detail inside :--

India and Japan have formalised an agreement for the Chandrayaan-5 mission, also known as the Lunar Polar Exploration (LUPEX) mission, to jointly explore the Moon’s south pole. ISRO and JAXA will collaborate to study volatile materials, particularly water, in the permanently shadowed regions.

Japan visit will be remembered for productive outcomes: PM Modi :-ET

Narendra Modi completed his two-day Japan visit. He thanked Japanese PM Shigeru Ishiba for the hospitality. Both leaders reviewed the India-Japan partnership, focusing on various sectors. Japan pledged a $68 billion investment in India. They explored collaboration in semiconductors and clean energy. Modi and Ishiba visited a semiconductor factory. Modi also interacted with the Indian community in Sendai.

Israeli airstrike kills Houthi rebel prime minister in Sanaa :-

Houthis claim an Israeli airstrike killed their Prime Minister, Ahmed al-Rahawi, in Sanaa. The strike also killed several ministers. Israel stated it targeted a Houthi military target. This attack follows increased tensions. Houthis have launched missiles at Israel during the Gaza conflict. Israel and its allies have responded with strikes on Houthi-controlled areas.

Tuesday, August 12, 2025

NCN REPORT ON RHI MAGNESITA INDIA LIMITED Q 1 RESULTS

RHI Magnesita India Limited reports mixed Q1 FY26 results with revenue growth and profit decline

RHI Magnesita India, a leading refractory manufacturer, announced its Q1 FY26 results, reporting increased revenue alongside a significant decrease in net profit.

Financial highlights

Revenue Growth: Revenue increased by 14.29% year-over-year, reaching ₹8.00 billion from ₹7.00 billion in the previous year's first quarter, indicating strong demand.
Profit Decline: Despite the revenue growth, net profit decreased by 43.01% year-over-year, to ₹465.00 million from ₹816.00 million in the same quarter last year.
EBITDA and Margin Compression: EBITDA declined from ₹1.30 billion to ₹821.00 million, resulting in a significant EBITDA margin compression from 18.32% to 10.19%.

Analysis of performance

The disparity between revenue growth and declining profitability suggests potential challenges in maintaining profit margins. Factors potentially contributing to this include increased operational costs, shifts in the product mix, or pricing pressures within the refractory market.

Strategic initiatives and outlook

RHI Magnesita India maintains a strong market position, holding a 30% share in the Indian refractory market. The company has made technological advancements, including deploying India's first complete robotic solution in a continuous casting system. Strategic acquisitions, such as acquiring Ashwath Technologies Private Limited for ₹14.12 crore, are aimed at enhancing capabilities. The Indian refractory market is expected to grow, offering opportunities for expansion. RHI Magnesita India has also started cost optimization programs focusing on various efficiencies.

Management commentary

Parmod Sagar, Chairman, MD & CEO, highlighted the operating model's resilience in a competitive market. He expressed confidence in the company's market position and strategies for growth and productivity. Management is expected to address profitability challenges in future communications.

Monday, August 11, 2025

NICAI UPDATES

NICAI Updates;

1. Bombay High Court held that serving order on chartered accountant doesn't count as service on assessee. The issue before the bench was whether the copy of the order passed by the Tribunal when served upon the Chartered Accountant is sufficient service and whether it can be construed as 'copy received by the assessee / applicant'.

2. Justices Bharati Dangre and Nivedita P. Mehta stated that the Chartered Accountant since is not also authorised specifically to accept copy of the order, cannot be said to be a recognised agent of the Assessee.

3. In this case, the applicant/assessee has filed an application for condonation of delay of 40 days in filing the appeals.

4. The applicant/assessee along with her husband, were assessed to tax for the Assessment Year 2009-2010 and they having filed the Appeals before the Commissioner of Income Tax (Appeals), their appeals came to be allowed.

5. The Income Tax Appellate Tribunal heard the Appeals of the Revenue, where the Assessees were represented by Sandeep Bhandare, a Chartered Accountant.

6. The department submitted that the authorised representative of the applicant, Sandeep P. Bhandare, Chartered Accountant has received the copy of the order and therefore the Applicants cannot claim that they were unaware of the order passed.

7. After looking into Rule 35 of the Income-tax (Appellate Tribunal) Rules, 1963 the bench observed that upon the order being passed under Section 254 by the Appellate Tribunal, it shall send a copy of the order to the assessee and even the Rules make it imperative for the Tribunal, after the order is signed to cause it to be communicated to the assessee and to the Commissioner.

8. The bench further opined that “the parlance of Order 5 Rule 12 of CPC cannot be made applicable in the present case as Rule 12 contemplate an agent empowered to accept service and a Chartered Accountant definitely do not act as an agent of the assessee but he represent the assessee in the proceedings before the Income Tax Officer/Appellate Authority and there is no specific authorisation to a Chartered Accountant as it may be in case of a lawyer, who, by taking Vakalatnama, has agreed to accept documents on behalf of his client.”

9. The bench opined that service upon the Chartered Accountant do not absolve the Tribunal of serving the copies of the order upon the assessee, who has adopted a specific stand that it is only upon receipt of the recovery notice the applicant gained knowledge about the impugned order and thereafter preferred an application for certified copy of the order which was received on 17.05.2024 and the appeal was preferred with a delay of 40 days.

10. In view of the above, the bench allowed the application. Case Title: Mrs. Neelam Ajit Phatarpekar v. The Assistant Commissioner of Income Tax. Case Number: MISCELLANEOUS CIVIL APPLICATION NO.491 AND 492 OF 2024

By CA RAJ CHAWLA

Wednesday, July 23, 2025

Ahead of PM Modi's visit, Cabinet approves free trade agreement between India and UK:-livemint

As Prime Minister Narendra Modi prepares for his highly anticipated trip to the UK – his first since Keir Starmer came to power - the Cabinet on Tuesday approved the free trade agreement, news agency PTI reported, quoting sources. The pact, described by PM Modi as a "landmark deal," will be signed during the Prime Minister's visit to London this week. Commerce and Industry Minister Piyush Goyal will accompany Modi.

The two countries announced the conclusion of negotiations for the trade agreement on May 6, where Starmer had hailed it as Britain’s “biggest trade deal” since Brexit.

These discussions come at a time when the Trump dispensation in the United States is seeking to reshape global trade rules by imposing a wave of tariffs.

Once the free trade agreement is signed, it will require approval from the British Parliament before it can take effect. The India-UK free trade agreement (FTA) will come into force after signing and ratification by both countries.

India-UK Deal: What’s at stake

This move is likely to boost major industries such as textiles, leather, footwear, sports goods, toys, marine products, gems and jewellery, engineering goods, auto parts and engines, and organic chemicals.

Under the agreement, India will reduce tariffs on 90 per cent of British goods, with 85 per cent becoming completely duty-free over a period of 10 years. In return, Britain has agreed to lower its tariffs on certain products, resulting in 99 per cent of India's exports to the UK facing zero duties.

Currently, India-UK trade accounts for approximately 2 per cent of India's total trade, underscoring an underutilised partnership given the size and potential of both economies.

Currently, an 8-12 per cent duty is levied by the UK on apparel and home textiles imported from India. With tariffs being eliminated on 99 per cent of Indian goods, including textiles, incremental capacities are likely to be added in the next 4-5 years to execute orders.

Why China's neighbours are worried about its new mega-dam project:-ET

China has commenced construction on a massive $170 billion hydropower project on the Yarlung Zangbo River, raising concerns among downstream neighbors like India and Bangladesh about water security. The project, set to dwarf the Three Gorges Dam, aims to provide clean energy and stimulate China's economy.

China has broken ground on what it says will be the world's largest hydropower project, a $170  billion feat capable of generating enough electricity each year to power Britain.The scheme dwarfs the mighty Three Gorges Dam, currently the world's largest, and Chinese construction and engineering stocks surged after Premier Li Qiang unveiled it on the weekend.

Supreme Court upholds Gujarat HC relief to Vodafone Idea, strikes down Rs 7.64 cr stamp duty penalty :-ET

The Supreme Court supported the Gujarat High Court's decision. It cancelled a Rs 7.64 crore penalty on Vodafone Idea Telecom. The penalty was imposed by Gujarat's stamp department. The High Court found the penalty disproportionate. The case originated from a merger scheme. Vodafone Idea transferred its fiber infrastructure to Vodafone Idea Telecom. The stamp duty assessment led to the penalty.

Monday, May 19, 2025

Reliance Power teams up with Bhutan for country's largest ever solar energy project at Rs 2000 crore;-ET

Reliance Power and Bhutan's Green Digital Private Limited have partnered to construct Bhutan's largest solar power plant, generating 500 MW of electricity. This Rs 2,000 crore project, a 50-50 venture with Druk Holding and Investments, aims to boost clean energy in the region. Reliance Power has initiated the bidding process for construction and is securing funding for the project.

Tuesday, May 6, 2025

Japan's financial powerhouse SMBC moves a step closer to taking control of Yes Bank:-ET

Mumbai: Japanese financial powerhouse Sumitomo Mitsui Banking Corp. (SMBC) is in advanced discussions to buy a significant stake in Yes Bank, following months of negotiations, said people aware of the matter. The move is expected to trigger an open offer for an additional 26% of the bank, the sixth-largest private lender by assets.

From blackouts to bunkers: Inside India’s civil defence mock drills across 244 districts on May 7 :-ET

A civil defence mock drill is a large-scale preparedness exercise. It tests how quickly and effectively a civilian population can respond to an emergency — particularly during war-like situations such as missile strikes or aerial attacks. The drills simulate real-world scenarios: air raid sirens go off, lights in cities are switched off, civilians practice taking shelter, and emergency services respond in real-time. The aim is to reduce panic, avoid chaos, and save lives.

These measures date back to the Cold War era. While they may seem outdated, global tensions have once again brought them into sharp focus.

What will happen on May 7?

On 7 May 2025, a national-level civil defence rehearsal will be held across 244 officially designated Civil Defence districts. States and union territories have been instructed to organise and oversee the drill. It will involve local government authorities, Civil Defence wardens, Home Guards, National Cadet Corps (NCC), National Service Scheme (NSS

) volunteers, Nehru Yuva Kendra Sangathan (NYKS) members, and students from schools and colleges

These measures date back to the Cold War era. While they may seem outdated, global tensions have once again brought them into sharp focus.

What will happen on May 7?

The Ministry of Home Affairs (MHA) issued the directive following a communication dated 2 May 2025. According to officials, the drill falls under the Civil Defence Rules, 1968.

Also Read: Home Ministry orders civil defence drills nationwide as India-Pakistan tensions rise after Pahalgam attack

Drill Activities: A Step-by-Step Breakdown

The drill will include five major components, each targeting a key aspect of civil protection:

Air Raid Sirens

Sirens will be tested and activated in vulnerable urban centres and installations. These alarm systems alert the public to aerial threats, giving people crucial seconds to find safety.

Training Civilians

Workshops will be held in schools, offices, and community centres. Participants will learn how to respond during an attack — such as drop-and-cover techniques, locating nearby shelters, basic first aid, and staying calm under stress.

Crash Blackouts

Cities will simulate sudden blackouts, turning off all visible lights to avoid detection during potential night-time airstrikes. This tactic was last widely used during the 1971 Bangladesh Liberation War.

Camouflage Exercises

Strategic buildings and installations — including military bases, communication towers, and power plants — will undergo camouflaging. This will make them harder to detect during satellite or aerial surveillance.

Evacuation Drills

Officials will rehearse evacuation plans, moving people from high-risk zones to safe areas. These dry runs help identify bottlenecks and ensure smooth operations in real emergencies.

This exercise does not come in isolation. It follows the Pahalgam terror attack on 22 April 2025, in which 26 Indian tourists lost their lives in Jammu and Kashmir. The attack, reportedly backed by Pakistan-based groups, has sharply escalated tensions between the two countries.

In the days since the attack, Prime Minister Narendra Modi has held multiple high-level security meetings. "We will hunt down the perpetrators and conspirators and bring them to justice in a manner that goes beyond their imagination," he said.

The MHA’s renewed focus on civil defence traces back to the ‘Chintan Shivir’ held in October 2022, where both the Prime Minister and Union Home Minister highlighted the need for enhanced civil preparedness.

A subsequent letter from the Union Home Secretary in January 2023 echoed this urgency. It called on states and union territories to strengthen civil defence capabilities, especially in border and coastal areas.

Also Read: A woman spy who helped India defeat Pakistan in 1971

Ferozepur leads by example

Even before the nationwide drill, some regions have already begun similar exercises. On Sunday evening, Ferozepur Cantonment in Punjab — located close to the India-Pakistan border — carried out a 30-minute blackout drill. The exercise offered a preview of what much of the country will experience on 7 May.

Who is involved?

The Ministry has instructed the participation of multiple stakeholders:

District Authorities will oversee coordination.
Civil Defence Wardens and Home Guards will carry out ground-level operations.
Students, NSS, NYKS and NCC cadets will be involved in training sessions and mock scenarios.
Every participating state and UT is required to submit an "Action Taken Report" after the exercise, detailing execution, findings, and areas for improvement.

The move to revive Cold War-era drills is not just symbolic. It signals a broader strategy — that national defence extends beyond the battlefield. When citizens know what to do, when to do it, and how to stay calm, the country's overall resilience grows stronger.

Monday, May 5, 2025

Flash back to March 26, 2021. JSW Steel had just completed its largest acquisition—Bhushan Power and Steel (BPSL)— under the Insolvency and Bankruptcy Code (IBC). “This acquisition not only aligns with our core business and purpose but also establishes our presence and accelerates our growth vision in eastern India,” Sajjan Jindal, chairman of JSW Steel, had written to BPSL employees after paying financial creditors ₹19,350 crore. Four years later, on May 2, 2025, that vision took a severe blow when the Supreme Court rejected JSW Steel’s resolution plan for BPSL and ordered its liquidation.:-Bar and Bench

In a scathing judgment, the Supreme Court of India on Friday quashed JSW Steel's ₹19,700 crore resolution plan for Bhushan Power and Steel Ltd (BPSL) calling it a "flagrant violation of the IBC's mandatory provisions" and a dishonest and fraudulent attempt made by JSW.

In a strongly worded judgment, a Bench of Justices Bela Trivedi and Satish Chandra Sharma said that JSW did not make upfront payments as committed by it and unjustly enriched itself. It then sought to comply with the terms of the resolution plan after rise in the price of steel, the Court said while also flagging collusion with the resolution professional (RP) and the committee of creditors (CoC).

"There was a dishonest and fraudulent attempt made by JSW, misusing the process of the Court by not making the upfront payments as committed by it for about two and a half years and thereby enriching itself unjustly, and thereafter considering the rising prices of steel in the market, JSW sought to comply with the terms of Resolution Plan at a very belated stage, in collusion with the CoC and the Resolution Professional,” the Court stated.

Therefore, it set aside resolution plan approved by National Company Law Appellate Tribunal (NCLAT) earlier, and directed liquidation of the debt-laden steelmaker.

The court criticised JSW Steel's conduct, stating that the company had "played smart" and demonstrated mala fide and dishonest intention throughout the insolvency process.

"Nobody should be permitted to misuse the process of law nor should be permitted to take undue advantage of the pendency of any proceedings in any Court or Tribunal," the Court observed, rejecting JSW's attempts to present a situation of fait accompli before the Supreme Court.

Justice Bela M Trivedi and Justice Satish Chandra Sharma

The judgment highlighted that JSW did not implement the approved resolution plan for about two years after its approval by the NCLAT, despite no legal impediment. The upfront payments, which were to be made within 30 days of the NCLT's approval, were delayed by 540 days for financial creditors and 900 days for operational creditors.

"Such flagrant violation of the terms of the resolution plan, has frustrated the very object and purpose of the Code," the Court stated.

JSW Steel had emerged as the successful resolution applicant for BPSL in 2019 after offering to pay over ₹19,000 crore to financial creditors. The plan was approved by the National Company Law Tribunal (NCLT) in September 2019. It was later upheld by the NCLAT as well despite legal challenges, including concerns raised by the Enforcement Directorate (ED) regarding the attachment of BPSL’s assets.

The matter reached the Supreme Court amid growing concern that JSW Steel had not implemented the plan for the years since approval. The Court noted that the resolution applicant failed to fulfill essential post-approval obligations, undermining the very objectives of the IBC, which includes time-bound resolution of insolvency and maximization of asset value.

Notably, in December 2024, the ED decided not to pursue its appeal before the Supreme Court against JSW Steel's takeover of BPSL under the IBC.

The Court severely criticised the resolution professional for "utterly failing to discharge his statutory duties" during the Corporate Insolvency Resolution Process (CIRP).

According to the judgment, the RP did not adhere to the mandatory timeline for completing the CIRP within the prescribed 270 days from the commencement date.

"The Committee of Creditors had failed to exercise its commercial wisdom while approving the Resolution Plan of the JSW, which was in absolute contravention of the mandatory provisions of IBC and CIRP Regulations," the Court noted, questioning the changing stance of the CoC throughout the proceedings.

The Court also said that NCLAT’s decision in the case was "perverse, coram non judice and liable to be set aside."

The Court specifically ruled that NCLAT had exceeded its authority when it entertained JSW Steel's appeal against conditions imposed by NCLT. According to the judgment, JSW's appeal before NCLAT was not legally maintainable since none of the grounds specified in Section 61(3) of the IBC existed to challenge the NCLT's approval of JSW's own resolution plan.

"The NCLAT vide the impugned judgment dated 17.02.2020, not only entertained but also allowed the said Appeal of JSW which was not legally maintainable, modified the conditions which were not suitable to JSW, and dismissed all the other Appeals filed by the Operational Creditors, the Ex-Promoters and the State of Odisha," the Court noted.

The Court was particularly critical of NCLAT's decision to rule on matters related to the Prevention of Money Laundering Act (PMLA). After the NCLT approved JSW's resolution plan on September 5, 2019, the ED provisionally attached BPSL's assets under the PMLA on October 10, 2019.

The Supreme Court found that NCLAT had no power to review decisions made by statutory authorities under public law statutes like the PMLA.

"The observations made and the findings recorded by the NCLAT in the impugned judgment with regard to the PAO dated 10.10.2019 passed by the Directorate of Enforcement under the PMLA, being without any authority of law and without jurisdiction, were coram non judice," the Court ruled.

The Court identified several critical failures in the insolvency resolution process:

The RP failed to file an application for extension of time before the expiry of the 180-day period as required by Section 12(2) of the IBC, and submitted the resolution plan for approval after nearly one and a half years, far beyond the 270-day maximum period.
The resolution plan violated Regulation 38 of the CIRP Regulations by not giving priority to payments for operational creditors over financial creditors.
JSW failed to implement the approved resolution plan for about two years, delaying upfront payments to financial creditors by 540 days and to operational creditors by 900 days.

In its final order, the Supreme Court:

- Quashed and set aside the judgments of both the NCLT and NCLAT;

- Rejected JSW's resolution plan for non-conformity with Section 30(2) of the IBC;

- Directed the NCLT to initiate liquidation proceedings against BPSL;

- Ordered that payments made by JSW to creditors be dealt with according to previous statements recorded by the Court;

The appellants were represented by Senior Advocate Dhruv Mehta with Advocate Ranjeeta Rohatgi, Milind Kumar, VD Khanna, Arup Banerjee, Mayank Kshirsagar and Samapika Biswal.

The CoC was represented by Senior Advocate Abhishek Manu Singhvi with a team from Cyril Amarchand Mangaldas.

Abhishek Singhvi

BSPL was represented by Senior Advocates Shyam Divan and Navin Pahwa with a team from Shardul Amarchand Mangaldas.

JSW was represented by Senior Advocates Neeraj Kishan Kaul, Gopal Jain and Madhavi Divan with a team from Karanjawala & Co.

The Government of India was represented by Additional Solicitor General KM Natraj.

[Read Judgment]

Friday, May 2, 2025

I-Sec maintains Buy on IDFC First Bank, raises target price to Rs 80:-ET

ICICI Securities maintains a Buy call on IDFC First Bank, revising the target price to Rs 80. The bank's Q4FY25 PAT was impacted by elevated provisioning, though funded assets and deposits showed strong YoY growth. While NIM declined slightly, MFI slippages are expected to have peaked, with ICICI Securities anticipating RoA to reach 1% by the end of FY26E.