Exclusive: MCA likely to strike off upto 400 Chinese companies over next 3 months

The Ministry of Corporate Affairs is likely to strike off as many as 400 Chinese companies in 17 states over the next three months due to incorporation and financial frauds. Over 700 Chinese companies are under probe by the MCA, a government official said. “The inquiry on almost 600 Chinese companies stands completed. There will be a substantial number of anywhere between 300-400 companies which will be struck off. These include loan apps, online job companies, etc.,” the official told Moneycontrol. Read here

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Friendship Day
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Nifty snaps 5-day winning streak, ends near 24,700; Bank Nifty continues to underperform

The Nifty 50 index snapped five-day winning run and ended lower on August 2, on the back of weak global markets and selling across the sectors, barring pharma and healthcare. The index opened at gap-down on August 2, went below 24,800 and hovered around same level throughout the session. However, final hour selling dragged it below 24,700, but it closed at 24,717.70, down 293.20 points or 1.17 percent. For the week, Nifty 50 index shed 0.4 percent. Coal India, Power Grid Corp, Shriram Finance, Dr Reddy's Labs, and ONGC were among the top gainers on the Nifty. Biggest Nifty losers were Eicher Motors, Maruti Suzuki, Tata Motors, Hindalco Industries, JSW Steel. Read more here

Tech startup Infra.Market in talks to appoint i-banks for $300-400 million IPO

Infra.Market, a tech startup that supplies construction and building materials, has initiated exploratory talks with investment banks for its public market debut, sources aware of the development told Moneycontrol. “They have been engaging with bankers and are likely to soon call for formal pitches for the IPO mandate,” said one of the sources cited above. The company is likely to pick a syndicate of four to five investment banks to manage its IPO. The size of the IPO, which will be a mix of primary and secondary share sales, is likely to be around $300-400 million, sources said. However, they added that since the IPO discussions are at an early stage, these numbers are likely to change. Read more here

Put your idle money to work by investing in liquid mutual funds

Money market mutual funds such as liquid funds and overnight funds offer convenience, liquidity and a high degree of safety, and much better returns than savings accounts for money that you may not need for a few days, few weeks or few months. Liquid funds invest primarily in money market instruments such as treasury bills, certificates of deposit, commercial papers, etc., that have a residual maturity of less than or equal to 91 days, with the objective of providing investors an opportunity to earn higher returns on very short-term deposits. Read on

Can employees switch from old to new regime mid-year? CAs seek clarification from I-T dept

Salaried taxpayers, who had chosen the old income-tax (I-T) regime at the start of the financial year 2024-25 and wish to shift to the new tax regime now, find themselves in a bind, even though Finance minister Nirmala Sitharaman has further sweetened the deal in her Budget speech on July 23. So, can salaried individuals revise their proposed investment declarations submitted to employers now, to convey their intention to switch to the new tax regime this financial year? Read on

Govt may decriminalise delay in TCS filing in Finance Bill, says CBDT chairman

The Union Budget has proposed a number of tax simplification measures, and the Finance Bill is likely to include decriminalisation of delay in filing of Tax Collected at Source (TCS), according to Ravi Agarwal, Chairman, Central Board of Direct Taxes. Any delay in filing TCS falls under the purview of a criminal offence. However, the proposed relief is being considered on the similar lines as announced for Tax Deducted at Source (TDS) in the Union Budget. Read here