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India Inc faces delay in its M&A, restructuring proposals, as NCLT grapples with Covid-19 related restrictions indiatimes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from indiatimes.com Daily Mail and Mail on Sunday newspapers.
Petitions filed in SC seeking extension of NCLT judges SECTIONS Share Synopsis The dedicated insolvency courts are already witnessing an acute shortage of judges. The Supreme Court Monday listed the matter for hearing on May 31 as the apex court accorded two weeks to the Centre to complete the process of selection of judges to NC Getty Images Half a dozen members will be completing their tenure of five years in May and June this year. At least three petitions have been filed at the Supreme Court and the Madras High Court seeking extensions for the National Company Law Tribunal judges retiring in the next few weeks. The proposed extensions are aimed at preventing bankruptcy cases from piling up. ....
Introducing freshers to company’s culture challenging amid Covid pandemic SECTIONS Share Synopsis The firms that are hitting the top management institutes are now concerned about how new recruits would learn the ropes in people centric situations which are critical in these knowledge centric businesses. Agencies Top recruiters such as Boston Consulting Group, Accenture, Deloitte, PwC, EY and KPMG have not cut down on hiring As top firms continue hiring from premium MBA institutes, introducing freshers to the culture of the company, creating high engagement levels, and enabling relationship building a crucial aspect in people centric firms has become a particularly challenging task amidst the Covid pandemic. ....
The merger and acquisitions (M&A) transactions are set to become costlier after the Budget announced on Monday proposed that goodwill (including existing goodwill) will not be eligible for tax depreciation. The amendments on goodwill are retrospective as depreciation on any past goodwill, partly claimed in the past, would not be available going forward. Therefore, while the amendment is prospective, it would adversely impact any goodwill created before March 31, 2021, say tax experts. The amendment is retrospective from April 1, 1998 and will also impact internal corporate restructuring where goodwill was claimed. ‘’This may lead to more litigation,” said a top tax expert. ....
Many companies will have to fork out higher tax on past M&A deals while some may renegotiate valuations of ongoing and future transactions with the budget ending Corporate India’s age-old practice on ‘goodwill’ accounting. In a balance-sheet, goodwill is typically captured as the extra amount a company pays either as stock or cash over the net worth of the entity that is acquired. After the acquisition or merger, the goodwill is treated as an ‘intangible asset’ and the depreciation claimed on it lets the acquiring company or resulting or surviving entity lower its taxable income. That depreciation on goodwill will now be disallowed not just for future deals but even those cut during the financial year 2020-21. Also, depreciation on goodwill on M&A deals done earlier cannot be claimed from 2020-21. The measure proposed in the budget would hurt profitability of several listed and unlisted companies. ....