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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
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