1. Loan moratorium cannot be exceeded beyond six months: RBI tells Supreme Court
The Reserve Bank of India (RBI) filed an affidavit before the Supreme Court, stating that it cannot give more time as relief for sectors affected by the Covid-19 pandemic. It also said that it is not possible to extend the moratorium period beyond six months, as it might affect credit discipline. On October 2nd, the government had announced that interest-on-interest for loans up to Rs 2 crore will be waived off.
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2. Vedanta delisting offer fails
Mining company Vedanta Limited’s delisting offer is deemed to have failed as per terms of delisting regulations. On Friday, the company had closed a five-day reverse book building (RBB) process. According to the BSE data, only 125.47 crore bids have been confirmed, out of the 134.1 crore shares that are needed to successfully delist. Delisting refers to the removal of a listed stock from trading on a stock exchange. Reverse book building is the process by which a company that wants to delist from the stock market, decides on the price that needs to be paid to public shareholders to buy back shares.
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3. Fuel demand in India registers first monthly gain since June
The consumption of refined oil in India, which is a proxy for oil demand, saw a rise of 7.2% (from the previous month) to 15.47 million tonnes in September. The main reason for this could be due to the removal of coronavirus restrictions. However, the demand for fuel has declined by 4.4% from the same period last year.
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4. FICCI fined Rs 20 lakh for violating dust control norms
The Delhi Pollution Control Committee (DPCC) has imposed a fine of Rs 20 lakh on the Federation of Indian Chambers of Commerce and Industry (FICCI). They have been found guilty of violating dust control norms at a demolition site on Tansen Marg. DPCC had earlier asked FICCI to stop work at the site for not installing anti-smog guns.
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5. RBI appeals to Supreme Court to allow NPA classification
RBI has appealed to the Supreme Court of India to let banks classify loans as non-performing assets (NPA). It also stated that failure to lift the stay on this matter would cause huge complications for borrowers and commercial banks. The court is set to make a ruling on this matter on 13th October.
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6. SEBI amends debenture trustee norms to protect interest of investors
The Securities and Exchange Board of India (SEBI) has strengthened the role of debenture trustees, and have asked them to independently evaluate and monitor the asset cover. A debenture trustee is a person or entity that serves as the holder of debenture stock for the benefit of another party. This decision comes as several defaults (non-payments) were seen in the debt markets.
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7. Bharat Biotech asked to submit Phase-2 data of Covaxin before Phase-3 trial
The Drugs Controller General of India (DGCI) has requested Bharat Biotech to submit complete data for the ongoing Phase-2 trial of its coronavirus vaccine- ‘Covaxin’. The Hyderabad-based company had applied to DGCI on 2nd October, for obtaining permission to conduct Phase-3 trials. Covaxin is being developed by Bharat Biotech in collaboration with the Indian Council of Medical Research (ICMR).
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