Page 15 - Banking Finance November 2025

ROUNDUP

that AI's future in fintech will hinge on escape from their personal liability submissions are accessed by the officer
its ability to deliver customised, tar- under Section 138 of the NI Act," he concerned. This brings clarity and as-
geted financial products to consumers. said. surance that their responses are under

The case involved a Rs. 15 lakh loan consideration, eliminating earlier un-
IBC proceedings don't extended in 2015, for which the certainty."
shield directors from company's cheque bounced in 2018. A The feature ensures every action is
trial court had earlier dropped pro- digitally time-stamped, creating an
cheque bounce liability: ceedings citing a moratorium under audit trail and encouraging prompt
HC IBC, which the High Court has now processing. Mrinal Mehta, Joint Secre-
overturned. tary of the Bombay Chartered Accoun-
The Nagpur bench of the Bombay High
tants' Society, said the update "reduces
Court has ruled that insolvency pro-
ceedings under the Insolvency and Taxpayers to get real-time uncertainty for taxpayers, letting them
know their documents have been seen
Bankruptcy Code (IBC) cannot protect ITR submission tracking on
company directors or authorised signa- before any action is taken."
tories from prosecution under Section new e-filing portal
138 of the Negotiable Instruments Act The Income Tax Department has intro- Electronics manufacturing
(NI Act) in cheque dishonour cases. duced a new feature on its e-filing por- scheme draws Rs. 1.15
tal enabling taxpayers to view the ex-
Justice M.M. Nerlikar, while hearing a act date and time when their submis- lakh crore investment
petition by a Nagpur-based hospital
sions are accessed by an Assessing Of- The Electronics Component Manufac-
against Amravati Distilleries and its
directors, clarified that the pendency ficer (AO) or Commissioner of Income turing Scheme has received investment
of insolvency proceedings does not Tax (Appeals) [CIT(A)]. The update commitments worth Rs. 1.15 lakh
nullify the personal liability of individu- aims to increase transparency, ac- crore from 249 applicants, nearly
als. "It makes no difference whether countability, and trust in the faceless double the government's initial expec-
the proceedings are initiated prior to assessment system. tations of Rs. 59,000 crore, said S.
the IBC proceeding or thereafter. The Gaurav Jain, Partner at Forvis Mazars Krishnan, Secretary, Ministry of Elec-
Supreme Court has in unequivocal India, said, "Taxpayers can now track tronics and Information Technology
terms held that natural persons cannot the exact date and time when their (MeitY).
Speaking at the inauguration of the IT
Skill Development Centre at MEPZ SEZ
Anant Goenka named FICCI President-Elect for in Tamil Nadu, Krishnan said 41 of the
2025-26 applicants are from Tamil Nadu. He

The Federation of Indian Chambers of Commerce and Industry (FICCI) has added that states have been asked to
appointed Anant Goenka, Vice-Chairman of RPG Group, as its President- support new investors in setting up
Elect for 2025-26. The announcement was made during FICCI's National manufacturing units. "The fundamen-
Executive Committee Meeting (NECM). Goenka will succeed Harsha tal thing we are attempting is to bring
Vardhan Agarwal at the conclusion of FICCI's 98th Annual General Meet- essential parts of the supply chain
ing on November 28-29 in New Delhi. within the country," he said.
Goenka, who previously served as Managing Director and CEO of CEAT Ltd The initiative aims to raise value addi-
from 2012 to 2023, led the company's market capitalisation to grow 25- tion in India's electronics sector from
fold and earned the World Economic Forum's Lighthouse recognition. CEAT the current 18-20% to 35-40%.
also became the first tyre manufacturer globally to win the Deming Grand Krishnan noted that the sector is find-
Prize in 2023. ing its home in Tamil Nadu, much like
the automotive component industry
An alumnus of the Wharton School and Kellogg School of Management,
did earlier, and highlighted growing
Goenka has been recognised as one of India's top young business leaders, investor confidence despite global chal-
including Forbes' "Next Generation Business Leader of the Year" in 2017.
lenges.

14 | 2025 | NOVEMBER | BANKING FINANCE