Wilful defaulters, dubious promoters as well as those involved in fraudulent transactions would not be able to bid for companies going insolvent, with the Centre deciding to amend the Insolvency and Bankruptcy Code.
The Cabinet approved an ordinance on Wednesday. The amendments would come in force with immediate effect (after the President promulgates it), Finance and Corporate Affairs Minister Arun Jaitley said after the meeting.
Jio & Airtel to use customer bank to challenge Paytm
Reliance Jio and Bharti Airtel are set to declare war on Paytm — king of mobile wallet business that launched its payments bank in May. The telcos are leveraging their mobile customer base and distribution network in trying to compete with Paytm. Jio is already signing up a large number of merchants on its soon-to-be-launched payments bank.
Task force to draft new direct tax law
The government has brought back the main author of the now junked Direct Taxes Code (DTC) as a convenor of the task force to review the decades-old provisions of the Income-Tax Act and draft a replacement. The government has, however, already implemented many provisions of the draft DTC, such as the General Anti-Avoidance Rules (GAAR) and on Place of Effective Management.
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