Ahewal Business Intelligence

1.GST Council to Hold 57th Meet on Sept 12

The GST Council is scheduled to hold its 57th meeting in New Delhi on September 12, 2026. Proposals on the agenda include protecting buyers from losing input tax credit if suppliers default on tax payments, provided the transactions were conducted via banking channels. Other anticipated reforms involve allowing companies to claim ITC on vehicles purchased for employee use, relaxing ITC rules for group health and life insurance, enabling multiple-state GST registrations for small businesses, and addressing legacy tax disputes in sectors like online gaming.

Proposed changes to input tax credit (ITC) rules, particularly concerning supplier defaults and employee benefits, will directly affect corporate working capital and tax compliance strategies.

GST Council Secretariat · The Hindu BusinessLine · Economic Times · The Hindu

2.Maharashtra FDA withdraws Cipla licence cancellation order after HC rap

The Maharashtra FDA withdrew its order cancelling the drug sale licence of Cipla Pharma and Life Sciences Ltd’s Carrying and Forwarding unit in Pune after facing severe criticism from the Bombay High Court. The Court observed that the FDA acted in a 'high-handed' manner against the principles of natural justice by cancelling the licence without granting a proper hearing, having emailed a notice for a hearing on a public holiday (August 26). The FDA will now issue a fresh show-cause notice.

Reaffirms that regulatory bodies cannot bypass principles of natural justice and fair hearing procedures when suspending business licences.

Maharashtra Food and Drug Administration (FDA) / Bombay High Court · Economic Times

3.Tata Sons secures RoC nod for 3-month extension for AGM

Tata Sons has obtained a three-month extension from the Registrar of Companies (RoC) under section 96(1) of the Companies Act to hold its annual general meeting (AGM) by the end of December. The extension was sought due to a lack of quorum, as the Sir Ratan Tata Trust (SRTT), whose joint participation is mandated by the Articles of Association, is currently restricted from holding meetings by the Charity Commissioner of Maharashtra. The delay impacts the finalisation of FY26 accounts, a ₹4,474 crore dividend declaration, and the reappointment of N.

Demonstrates the practical application of Section 96(1) of the Companies Act to secure AGM extensions during complex structural quorum deadlocks involving holding trusts.

Registrar of Companies (RoC) · section 96(1) of the Companies Act · Economic Times · The Hindu

4.Patnaik Urges Odisha BJP MPs to Oppose Mines Bill

Former Odisha CM Naveen Patnaik has written to BJP MPs from Odisha, urging them to demand the withdrawal of the Mines and Minerals (Development and Regulation) Amendment Act, 2026, which was passed by Parliament on August 13. Patnaik contends the law unjustly removes state control over mineral-bearing lands, estimating an annual loss of over ₹12,000 crores for Odisha, which holds 44% of India's mineral wealth. Jharkhand Chief Minister Hemant Soren is also leading opposition, planning to write to the Prime Minister.

The MMDR Amendment Act centralises control over mineral lands, potentially impacting state revenues and altering the regulatory framework for mining companies operating in resource-rich states.

Parliament of India / Naveen Patnaik · Mines and Minerals (Development and Regulation) Amendment Act, 2026 · Economic Times · The Hindu

5.Why is FSSAI tightening the rules on food claims?

The FSSAI has intensified its regulatory push against misleading food claims, issuing over 150 notices to major packaged-food and beverage companies, including Mondelez India, Nestlé India, and PepsiCo. The regulator is targeting absolute claims like '100%', pure', and 'natural', advising businesses to cease using such language as it conveys a false sense of absolute purity. Furthermore, FSSAI has expanded its scrutiny to e-commerce platforms, asserting that online product pages must align with physical packaging and cannot make unsubstantiated health claims.

The crackdown on absolute marketing language and the extension of regulatory scrutiny to e-commerce platforms directly impact the advertising compliance and labelling strategies of FMCG clients.

Food Safety and Standards Authority of India (FSSAI) · The Hindu

6.Union Bank, Canara Bank, LIC Housing to contest NCLT order on Subhash Chandra’s ₹6.5-crore repayment plan

Public sector lenders, including Union Bank of India (UK) Ltd, Canara Bank, and LIC Housing Finance, alongside HDFC Bank, will challenge the NCLT's approval of Subhash Chandra's personal insolvency repayment plan before the NCLAT. The approved plan allows Chandra to repay only ₹6.25 crore against admitted claims of ₹22,006.57 crore, yielding a mere 0.03 per cent recovery for lenders. The plan bypassed dissenting minority creditors because it secured an 80.81 per cent majority vote from other financial creditors.

Demonstrates the severe haircuts (99.97%) possible in personal insolvency and highlights how majority creditor voting can force unfavourable terms on minority dissenting banks.

National Company Law Tribunal (NCLT) · The Hindu BusinessLine · The Hindu

7.Sashidhar Jagdishan decides not to seek reappointment as HDFC Bank CEO

Sashidhar Jagdishan will retire as MD and CEO of HDFC Bank on October 26, 2026, opting not to seek reappointment. Concurrently, it was disclosed that on July 23, 2026, the bank's board issued warning letters and a monetary penalty of ₹1 lakh each on Jagdishan, the CFO, and the Group Head of Retail Assets for 'business overreach' related to deposit mobilisation from the Maharashtra State Road Development Corporation in 2017 and 2021. The board is fast-tracking a shortlist of successor candidates for RBI approval.

Exposes regulatory and governance risks surrounding aggressive institutional deposit mobilisation, culminating in unprecedented monetary penalties against top executives.

HDFC Bank / Reserve Bank of India (RBI) · The Hindu BusinessLine · The Hindu

8.A pit stop before Pricol’s next lap

Pricol's board has approved the demerger of its instrument cluster business into a new entity, 'Pricol Autotech', pending NCLT and shareholder approvals. Shareholders will receive one share of Pricol Autotech for every Pricol share held. The company also announced a ₹700-crore capital expenditure plan over the next 18-24 months across its three verticals to support a management target of doubling revenue to ₹8,000 crore by FY31.

A major demerger in the auto component space will unlock shareholder value and require tracking of NCLT approvals for portfolio restructuring.

bl. research bureau · The Hindu BusinessLine · The Hindu

9.Stocks in F&O ban (for trade on Aug 31)

LIC Housing Finance (LICHSGFIN) and Steel Authority of India Ltd (SAIL) have been placed under the F&O ban period for trading on August 31, 2026.

Taking fresh derivative positions in banned scrips attracts severe exchange penalties, directly affecting client trading compliance.

The Hindu BusinessLine · The Hindu

10.The real price of rising pensions

Rising annuities offer 3-5 per cent annual payout increases to counter inflation but require the retiree to accept an initial payout that is roughly 24-46 per cent lower than a fixed-payout annuity. Based on a ₹10-lakh investment at age 60, it takes 20-21 years for the cumulative payouts of an increasing annuity to match a fixed annuity on a nominal basis. When factoring in a 6 per cent discount rate for the time value of money, the cumulative break-even point extends to 30-33 years.

Critically impacts retirement tax planning, as escalating taxable annuity payouts can inadvertently push clients into higher tax brackets during their later years while taking decades to break even.

bl. research bureau · The Hindu BusinessLine

11.FinMin kicks off FY28 Budget exercise

The Finance Ministry has initiated the FY28 Budget exercise, scheduling pre-meetings with Central Ministries and Departments starting October 12, with the Budget likely to be presented on February 1, 2027. Ministries have been instructed to submit measures to alter user charges to recover the current cost of providing services and to ensure proper expenditure estimation to avoid frequent mid-year re-appropriations. The fiscal deficit for the first quarter of the current fiscal year was reported at 18.2 per cent of the annual target.

Provides early visibility into the government's fiscal strategy and potential increases in user charges, which may impact corporate compliance and operational costs.

Economic Affairs Department of the Finance Ministry · Economic Times

12. Don’t just raise taxes, grow the tax base: TN industry bodies to Montek panel Tamil Nadu industry bodies

13. Gujarat Aims to Catch US Shrimp Orders With Turtle-safe Nets Gujarat State Government / Central Institute of Fisheries Technology