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The Department <keyword id="6310265" type="COMPANY" weightage="20" keywordseo="of-economic-affairs">of Economic Affairs</keyword> had earlier raised red signals over the likely collapse of IL&amp;FS in a confidential note on September 30, 2018 and expressed concerns over its impact on the Indian economy, according to a latest affidavit filed by the <keyword id="153101" type="COMPANY" weightage="20" keywordseo="Corporate-Affairs">corporate affairs</keyword> <keyword id="8787526" type="COMPANY" weightage="20" keywordseo="ministry-the-ministry">ministry.The Ministry</keyword> of Corporate Affairs (MCA) in the affidavit said the DEA had opined that if IL&amp;FS group collapses, the Indian economy may have to face repercussions as redemption pressure would continue, debt market sell-off expected, may create liquidity crunch and NBFC licenses could be cancelled. "DEA had raised red signals of the likely collapse of IL&amp;FS and had expressed its deep concern of such a collapse on the Indian economy," said MCA in the affidavit filed before the National Company Law Appellate Tribunal (NCLAT). Immediately after that, the MCA had moved the National Company Law Tribunal to take over the management of IL&amp;FS, which had a debt exposure of over Rs 91,000 crore. According to DEA, "AMCs having exposure of Rs 2,800 crores to IL&amp;FS bonds would get redemption pressure from Corporate Clients". It further added that it was impossible for such mutual fund schemes to get the redemption amounts in a short period of time. "Further, illiquid Corporate Debt Market and DHFL saga may force AMCs to sell government securities. Hence, the government securities would face a huge selling pressure so either Bond Yield will shoot up to 8.30-8.50 per cent levels or the RBI has to do OMO (open market operations). "If RBI opts for OMO, then the government's spending capacity will reduce by an equal amount," it had said. DEA said that NBFC licenses could be cancelled also. "In the wake of the IL&amp;FS crisis, as many as 1,500 smaller NBFCs may have their license cancelled because they do not have adequate capital," it had said. Moreover, there also could be liquidity crunch and recent events hitting market sentiments will lead to cost of fund for NBFCs increasing, impacting profitability. The RBI's liquidity inducing measures and announcements have helped government bond yields to drop to 8.05-8.08 levels, but corporate bond yields have risen further by about 40-50 bps post IL&amp;FS crisis. "Primary market in Corporate bonds has completely dried up as no one is willing to bar currently in expectation of further redemption from MF's," it added. Though IL&amp;FS group is not inconsequential, but exposure of the banks to the NBFC sector is about 16 per cent. "Therefore, there is a substantial public interest in ensuring financial solvency and good governance and management of this group," it added. According to the affidavit, IL&amp;FS has an aggregate debt of Rs 94,215 crore as of January 2020, in which Rs 10,173 crore (around 10.79 per cent) is collectively from public fund creditors as pension funds, provident funds, employee welfare funds, gratuity funds and army group insurance funds etc. Rs 44,075 crore debt, which is 47 per cent, is collectively from the commercial banks, the affidavit said. Moreover, the aggregate debt of its four key holding companies -- Infrastructure Leasing &amp; Financial Services (IL&amp;FS), IL&amp;FS Financial Services, IL&amp;FS <keyword id="5054155" type="DOMAIN" weightage="20" keywordseo="Transportation-Networks-Ltd">Transportation Networks Ltd</keyword> (ITNL) and IL&amp;FS <keyword id="719770" type="DOMAIN" weightage="20" keywordseo="Energy-Development-Company-Ltd">Energy Development Company Ltd</keyword> (IEDCL) - is almost 51 per cent, which is Rs 48,000 crore. IL&amp;FS group comprised of 302 entities, of which 169 entities are incorporated in India and 133 entities abroad. The new board has classified the 169 companies into different categories and has asked to release 55 companies from its protection shield of order dated October 15, 2018. In the affidavit, it has also asked the NCLAT to release nine other companies from the scope and operation of the October 2018 order so that they can discharge their debt obligations. While for rest 105 IL&amp;FS group companies, it has sought additional 270 days to complete their resolution process. Passing an interim order on October 15, 2018, the NCLAT had stayed all proceedings against IL&amp;FS group companies, whose total debt is Rs 94,215 crore. The government is conducting resolution process of IL&amp;FS based on the principles enunciated in the Insolvency and Bankruptcy Code. It has appointed retired Supreme Court judge Justice D K Jain to supervise the entire process.

IL&FS crisis was red-flagged in 2018 'confidential' note by the DEA

<ul><li>The Ministry of Electronics and <keyword id="6363148" type="General" weightage="80" keywordseo="information-technology" source="Orion">Information Technology</keyword> (MeitY) has released proposed amendments to the IT Rules.</li><li>The amendments include the establishment of a Grievance Appellate Committee.</li><li>The committee will be appointed by and report directly to the IT ministry.</li></ul>The Ministry for Electronics and Information Technology (MeitY) has released proposed amendments to Part I and II of the Information Technology (Intermediary Guidelines and Digital Media Ethics Code) Rules 2021, also known as IT Rules. The proposed amendments include the setting up of a grievance appellate committee that will be established by the government and will directly report to it. <cmsannotation type="cmsannotation" annotationid="Grievance redressal mechanism" comment="subhead" text="Grievance redressal mechanism">Grievance redressal mechanism</cmsannotation> The proposals mandate social media platforms to establish a grievance redressal mechanism that will allow users to request for removal of content or a user or complain against the removal of content or blocking of any user on their platform. The grievance officer will be required to acknowledge a complaint filed by a user within 24 hours and dispose of the complaint within 15 days from the receipt of the complaint. The grievance officer will also be required to acknowledge and perform directions given by the central government, the courts or any competent authority. If the grievance officer fails to perform this or performs this in an unsatisfactory manner, the user or the authority can approach the proposed Grievance Appellate Committee. <cmsannotation type="cmsannotation" annotationid="Grievance Appellate Committee" comment="subhead" text="Grievance Appellate Committee">Grievance Appellate Committee</cmsannotation> According to the proposed amendment, the government will constitute one or more Grievance Appellate Committees that will include a chairperson and other members appointed by the government. Any person aggrieved by an order passed by the grievance officer will be able to appeal to the committee within 30 days. The Grievance Appellate Committee will dispose of the appeal within 30 days from the receipt of the appeal and the social media platforms will be required to comply with its orders. In a sense, this offers the government complete control over the content and users on social media platforms as the committee members will be appointed and answer to the government. This will make it easier for the government to remove content or users it does not like and will also prevent the removal of content it wants to propagate. <cmsannotation type="cmsannotation" annotationid="Government asks for comments and recommendations" comment="subhead" text="Government asks for comments and recommendations">Government asks for comments and recommendations</cmsannotation> In addition to the proposals, the government has also sought comments and recommendations from the public. The last date for submission of comments is June 22, 2022. <cmsannotation type="cmsannotation" annotationid="How to submit comments or recommendations to the government" comment="subhead" text="How to submit comments or recommendations to the government">How to submit comments or recommendations to the government</cmsannotation> To submit your comments to the IT ministry, you can send an email till June 22 to the following email addresses – - <a href="mailto:dhawal@meity.gov.in">dhawal@meity.gov.in</a> or <a href="mailto:notan.roy@meity.gov.in">notan.roy@meity.gov.in</a>. The comments are required to be sent in the format mentioned <a href="https://www.meity.gov.in/writereaddata/files/MeitY%20NOTICE%20dated%2001-06-2022-for%20public%20comments%20on%20proposed%20amendment%20in%20IT%20Rules%2C%202021.pdf">here</a>. <cmsannotation type="cmsannotation" annotationid="Not the first controversial decision in recent times" comment="subhead" text="Not the first controversial decision in recent times">Not the first controversial decision in recent times</cmsannotation> This isn’t the first controversial decision from the IT ministry in recent times. Earlier this year, the Indian Computer Emergency Response Team (CERT-In) passed <a href="https://www.businessinsider.in/business/telecom/news/what-is-the-impact-of-new-vpn-guidelines-on-users-and-vpn-providers/articleshow/91468069.cms">guidelines</a> that mandate companies offering virtual private network (VPN) services in the country to record and store the details of their users. This has resulted in ExpressVPN <a href="https://www.businessinsider.in/tech/news/new-vpn-rules-expressvpn-removes-its-servers-from-india-other-companies-may-pull-out-too/articleshow/91959389.cms">removing its servers</a> from the country and more companies are expected to follow its footsteps. SEE ALSO: <a href="https://www.businessinsider.in/business/telecom/news/what-is-the-impact-of-new-vpn-guidelines-on-users-and-vpn-providers/articleshow/91468069.cms">Indian government's VPN guidelines will impact over 270 million users as VPN providers have no option but to leave the country</a> <a href="https://www.businessinsider.in/business/telecom/news/5g-spectrum-auctions-in-india-may-get-delayed-once-again/articleshow/91944509.cms">5G spectrum auctions in India may get delayed once again</a> <a href="https://www.businessinsider.in/business/ecommerce/news/indias-competition-watchdog-is-probing-deals-between-amazon-flipkart-and-their-preferred-sellers/articleshow/91909512.cms">India’s competition watchdog is probing deals between Amazon, Flipkart and their preferred sellers</a>

The Indian government may soon have more control over how social media companies moderate content and block users

(Eds: Updating, adding govt statement) New Delhi, Apr 27 () As India enters final week of the lockdown, Prime Minister Narendra Modi on Monday conveyed to chief ministers that the country will have to give importance to the economy as well as to continue the fight against coronavirus.In a video conference with the chief ministers, fourth such interaction since March 22 when he first spoke to them on the pandemic, Modi also highlighted the importance for states to enforce prescribed guidelines strictly in the coronavirus hotspots zones, the government said in a statement.The prime minister underlined that the lockdown has "yielded positive results as the country has managed to save thousands of lives in the past one and a half months", it said."Prime Minister said that the country has seen two Lockdowns till now, both different in certain aspects, and now we have to think of the way ahead. He said that as per experts, the impact of coronavirus will remain visible in the coming months," the statement added.Modi also said that masks and face covers will become part of lives of people in the days ahead, adding everyone's aim must be to ensure rapid response under the current circumstances.Among those present at the virtual meet, included Home Minister Amit Shah, Health Minister Harsh Vardhan and top officials from the PMO and the Union Health Ministry.The chief ministers who attended the meeting included Arvind Kejriwal (Delhi), Uddhav Thackeray (Maharashtra), E K Palaniswami (Tamil Nadu), Conrad Sangma (Meghalaya) Trivendra Singh Rawat (Uttarakhand) and Yogi Adityanath (Uttar Pradesh). NAB MPB PYKPYK

Need to give importance to economy, battle COVID-19: PM to CMs

New Delhi, Apr 28 () The number of COVID-19 hotspot districts in India as on Wednesday morning has come down to 129 from 170 a fortnight ago, but in the same period the number of infection-free districts or green zones too decreased from 325 to 307, according to official sources.During this time, the number of non-hotspot districts, also known as orange zones, increased from 207 to 297, they said.The Centre had on April 15 classified districts into three categories.Those with high load of COVID-19 cases or which have a high growth rate of the disease are marked as hotspots or red zones, while those with considerably fewer cases of the respiratory infection fall in orange zone or non-hotspots. Districts with no COVID-19 cases are categorised as green zones.However, a red zone or orange zone district can be demarcated as green zone if no new coronavirus case is reported from those places for 28 and 14 days respectively.On April 15, the Centre had declared 170 districts across 25 states and Union Territories as coronavirus hotspots. Of these, 123 were hotspot districts with large outbreaks and 47 with clusters. It had also said 325 districts had not reported any coronavirus case because of actions initiated at field level.Union Health Minister Harsh Vardhan on Tuesday said that 80 districts in the country have not reported any new case of COVID-19 in last seven days while 47 districts have not registered any fresh case in the last 14 days.Also, 39 districts have not reported any instance of the infection in the last 21 days and 17 districts have not registered any new case for the last 28 days, he had said.The government has already identified 15 districts in nine states, including Delhi, Maharashtra and Gujarat, as having "high case load". Of these, seven -- Hyderabad (Telangana), Pune (Maharashtra), Jaipur (Rajasthan), Indore (Madhya Pradesh), Ahmedabad (Gujarat), Mumbai (Maharashtra) and Delhi show particularly high case volumes.Other high case load places that are "critical" in the battle against COVID-19 include -- Vadodara (Gujarat), Kurnool (Andhra Pradesh), Bhopal (Madhya Pradesh), Jodhpur (Rajasthan), Agra (Uttar Pradesh), Thane (Maharashtra), Chennai (Tamil Nadu) and Surat (Gujarat)."These 15 districts are critical in our battle against COVID-19. Of them 7 show particularly high case volumes. India's success in battling COVID-19 is dependent on them. We must aggressively monitor, contain, test, treat in these districts! We must win here," Niti Aayog CEO Amitabh Kant tweeted on Monday.A senior health ministry said the doubling time of coronavirus cases in India was three to 3.25 days before the nationwide lockdown was imposed on March 25 and now it is 10.2 to 10.9 days. The death toll due to COVID-19 rose to 1,007 and the number of cases climbed to 31,332 in the country on Wednesday, according to the Union Health Ministry.The highest number of confirmed cases in the country are from Maharashtra at 9,318, followed by Gujarat at 3,744, Delhi 3,314, Madhya Pradesh 2,387, Rajasthan 2,364, Tamil Nadu 2,058 and Uttar Pradesh 2,053. The number of COVID-19 cases has gone up to 1,259 in Andhra Pradesh and 1,004 in Telangana. PLB NSDNSD

In a fortnight, number of COVID-19 hotspot districts decreases to 129 from 170

(Eds: Updating, adding details, combining related stories) New Delhi, Apr 27 () As India entered the last week of the 40-day nationwide lockdown, Prime Minister Narendra Modi on Monday told chief ministers that the country will have to give importance to economy as well as continue the fight against coronavirus, in a clear indication that strict restrictions could be limited to COVID-19 hotspots while curbs can be eased gradually in areas not affected by the virus. In a video conference with the chief ministers, fourth such interaction since March 22 when he first spoke to them about the pandemic, Modi stressed on the need for the states to strictly enforce lockdown guidelines in the coronavirus hotspots zones, and strongly pitched for the mantra of 'do gaz doori' (a distance of two yards) to protect people from the infection, according to a government statement. During the meeting, a majority of the chief ministers wanted the lockdown to continue after May 3 and told the prime minister that some economic activity should be started slowly, Puducherry Chief Minister V Narayanasamy told reporters. Asserting that "the lockdown has yielded positive results as the country has managed to save thousands of lives in the past one and a half months", Modi, however, forewarned that "the danger of the virus is far from over and constant vigilance is of paramount importance". He also asked the states to focus on "rapid response" in dealing with the pandemic, adding wearing masks and face covers would become part of people's lives for times to come. India is under a 40-day nationwide lockdown since March 25. The first phase of the nationwide lockdown of 21 days was announced by Modi on March 24, it was later extended by 19 days till May 3 to cut the transmission of the virus, which has infected around 28,000 people and claimed 872 lives in India. The prime minister's interaction with the chief ministers came amid calls from some states to allow economic activities to reduce the devastating impact of the COVID-19 lockdown on the economy as well as on livelihoods of lakhs of migrant workers. "We have to give importance to the economy as well as continue the fight against COVID -19," Modi said, adding it is important for "states to enforce guidelines strictly in the hotspots i.e the red zone areas and the efforts of the states should be directed towards converting the red zones into orange and thereafter to green zones." Sources in the government said the lockdown may be lifted in a gradual manner and restrictions are likely to continue in the coronavirus hotspots. Chief ministers were unanimous in telling the prime minister that there should be a cautious approach in lifting the lockdown, given that the coronavirus cases were still rising in the country, Naraynswamy said."The prime minister should take a call on what needs to be done," he added. Office of Maharashtra Chief Minister Uddhav Thackeray, in a statement, said Modi asked the states to try to convert the COVID-19 challenge into opportunities through administrative reforms, and form their own policies on relaxing the lockdown based on ground realities. According to a Gujarat government official, Chief Minister Vijay Rupani favoured a gradual lifting of the coronavirus-enforced lockdown during the interaction. Goa Chief Minister Pramod Sawant said his government is of the opinion that the lockdown in the coastal state should be extended beyond May 3. Meghalaya Chief Minister Conrad Sangma, in a series of tweets, said he favoured extending the lockdown while allowing activities in areas not affected by COVID-19. Sangma said he also suggested that an 'Economic Task Force' be set-up by all the states for the exchange of ideas and possible solutions to initiate economic activities by adhering to necessary precautionary protocols. Meanwhile, West Bengal Chief Minister Mamata Banerjee alleged that the Centre was making contradictory statements on enforcement of the lockdown, and wanted greater clarity on the recent union home ministry order on reopening shops.Claiming that many states were not allowed to speak during Modi's video conference owing to the rotation system, Banerjee said given a chance she would have raised several questions,including the need to send central teams to Bengal.Jharkhand Hemant Soren also said the state government has decided not to implement till May 3 the Centre's guidelines giving relaxations to some shops due to a sudden spurt in COVID-19 cases.According to Kerala Chief Minister Pinarayi Vijayan's office, he did not participate in the video conference as only nine chief ministers had the opportunity to interact. The state was represented by Chief Secretary Tom Jose and Additional Chief Secretary Vishwas Mehta at the video conference. Bihar Chief Minister Nitish Kumar told Modi that the state is scrupulously adhering to the central guidelines on the lockdown, and it will not be possible to bring back students from places like Kota until the directions are suitably amendedThe prime minister emphasized on the importance of use of technology as much as possible and also to utilize time to embrace reform measures, the statement said, adding he also talked about the significance of ensuring that more people download the Aarogya Setu app to bolster the efforts of the country in the battle against COVID-19. "We have to be brave and bring in reforms that touch the lives of common citizens," Modi said.India's population is comparable to that of the combined population of several countries, Modi said, adding that the situation in many countries, including India, was almost similar at the start of March. "However, due to timely measures, India has been able to protect many people," he added. On the issue of bringing back Indians stranded abroad, Modi said it has to be done keeping in mind the fact that they do not get inconvenienced and their families do not come under any risk. The prime minister also urged chief ministers to factor in the changes in weather - advent of summer and monsoon - and the illnesses that can potentially come in this season, while planning for the way ahead, the government said. Among those present at the virtual meet, included Home Minister Amit Shah, Health Minister Harsh Vardhan and top officials from the PMO and the Union Health Ministry.The chief ministers who attended the meeting included Arvind Kejriwal (Delhi), Trivendra Singh Rawat (Uttarakhand) and Yogi Adityanath (Uttar Pradesh). NAB MPB PYKPYK

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IL&FS crisis was red-flagged in 2018 'confidential' note by the DEA

PTI

The Indian government may soon have more control over how social media companies moderate content and block users

Sourabh Jain

Need to give importance to economy, battle COVID-19: PM to CMs

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In a fortnight, number of COVID-19 hotspot districts decreases to 129 from 170

PTI

India will have to give importance to economy while battling COVID-19: PM to CMs

PTI

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