Page 10 - BANKING FINANCE OCTOBER 2021

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Industry News
Industry News
Industry News
Industry News
Industry News

I-T returnsdeadline ex- indulging in anticompetitive practices. benchmarking all disclosures, including
promotional material wherever the
tended to Dec 31 The regulator found that MSIL had an scheme performance is highlighted.
agreement with its dealers whereby
The deadline for filing 2020-21 returns the dealers were restrained from of- "The disclosure needs to be included in
by those whose accounts are not au- fering discounts to the customers be- the 'scheme information document'
dited has been extended to December yond those prescribed by the company, for new fund offers," it said. For inter-
31 owing to glitches in the new tax- the release said. national benchmarks, SEBI said risk-o-
payer portal. The time limit, which in
meter score can be in line with the
a normal year is July 31, had already score assigned to foreign securities as
been pushed back to September end Creditors cannot recover specified in the product labelling
because of the second wave. The last dues from bankrupt firms' norms.
date for belated or revised returns for revenues
the last financial year will now be "MFs have to enter into arrangements
March 31, 2022. Lenders managing the accounts of with their selected Index to source risk-
bankrupt companies cannot recover o-meter for their benchmarks within
Competition Commission their dues from the revenues of these five days subsequent to the end of the
companies while efforts are on to month," it said. The norms will come
slaps Rs. 200cr fine on stitch together a rescue package, ac- into effect from October 1.
Maruti cording to a set of code of conduct for
the committee of creditors proposed No online test to become
The Competition Commission of India
by Insolvency and Bankruptcy Board of Independent Director for
has imposed a fine of Rs. 200 crore on
India (IBBI).
car maker Maruti Suzuki India Ltd specified persons: MCA
(MSIL) for indulging in unfair business IBBI said the panel of creditors that The Corporate Affairs Ministry (MCA)
practices. stays in control of the defaulting com- has specifically exempted certain indi-
pany during the bankruptcy resolution
The fine has been slapped for "indulg- process should respect the moratorium viduals from taking the online profi-
ing in anti-competitive conduct of Re- on recovery of dues during this period. ciency self-assessment test for them to
sale Price Maintenance (RPM) in the get into or retain their Board positions
passenger vehicle segment by way of as independent directors in companies.
implementing Discount Control Policy SEBI tightens risk disclo- It has now specifically ruled that indi-
vis-à-vis dealers," the regulator said in sure norms for MFs viduals who are or have been for at
a release. SEBI has made it mandatory for mutual least 10 years an advocate of a Court;
Besides, the watchdog has directed funds (MFs) to reveal the risk-o-metre or in practice as a chartered accoun-
the company to cease and desist from and scheme performance against its tant; or in practice as a cost accoun-

10 | 2021 | OCTOBER | BANKING FINANCE