Repayment of these loans have become a real task particularly when their revenue flows are which are either minimal or nothing due to delays or very long gestation periods. As a result, they are unable to make loan repayments and are branded as Non-Performing Assets by their Lenders. The situation for some companies is very bad because even though their projects/plants are completed/ready for operations, they are unable to operate due to non-availability of natural gas/coal etc.
- Balance con rmations, wherever received in case of trade receivables, loans & advances and trade payables, are under reconciliation and impact is pending to be given in books of account.
- These values are the driving force behind IEX’s constant endeavour to become a world-class organisation by fostering an inclusive, highly collaborative and open work culture for its people, led by technology and innovation.
- It is committed to provide a commodity Exchange platform for market participants to trade in a wide spectrum of commodity derivatives.
The https://1investing.in/-to-book ratio is a company’s current market price to its Book Value. Traditionally, any value under 1.0 is considered a good P/B value, indicating a potentially undervalued stock. Market cap or market capitalization is the total market value of all of a company’s outstanding shares. IEX was in the news last week after the company put out its business update for the month of November, where it initially said that it has maintained its market share at 95 percent but revised it lower to 91 percent later in the day.
Cumulatively, the total volume traded in H1 FY2023 marginally declined by 1% over H1 FY22. The Exchange broadens participation in the electricity market in India and improves the efficiency and speed with which trades may be executed. In addition to facilitating trades, the exchange also provides settlement services such as electronic transaction confirmation, access to clearing services, and risk management tools.
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Although there is a relatively healthy voluntary market at present, there is almost no formal guidance regarding the tax consequences to a taxpayer upon the issuance of carbon credits in exchange for undertaking a greenhouse gas reducing project. Without any authority to the contrary, the general rules of tax law should apply. It is a general principle of tax law that any “undeniable accessions to wealth, clearly realized” is income to a taxpayer. Currently, there are several exchanges for trading carbon credits under voluntary or state-imposed restrictions, but in the future, some federally created exchange would exist under the Cap and Trade Program. If the Waxman-Markey Bill passed in USA, it would essentially create carbon credits as a form of currency.
From the above discussion, it can be said that CERs qualify as”goods”as they have intrinsic value and are movable and freely transferable. Despite the withdrawal of IFRIC 3, there remains a number of existing standards that provide authoritative guidance on relevant accounting on which companies must draw in forming their policies for carbon related transactions including IAS 2, 20, 37, 38 and 39. As per Kyoto Protocol, each Annex I country is allotted afixed amount of AAUsby the United Nations Framework Convention on Climate Change . This represents the maximum GHGs the Annex I Country can emit into the atmosphere. The Annex I Country in turn will distribute AAUs to industrial organizations in its country who want to emit carbon into the atmosphere.
Industry bodies oppose commodities transaction tax
The GST law in India since large has been elusive with regard to intangibles and given that in the case of supply of CERs, there is no delivery of tangible goods, the applicability of GST on carbon credit trading has led to some warring viewpoint. Indian Energy Exchange has achieved 8639 MU total volume in January 2023, including Green Power trade of 347 MU, and 3.95 lakh RECs . The total electricity volume on the Exchange in January ’23 at 8245 MU saw an increase of 9% on year-on-year and 4% on month-on-month basis.
There are no significant/material orders passed by the Regulators or Courts or Tribunals impacting the going concern status ofyour Company and its operations in future. The various authorities has started investigations against the directors / promoters as well as SRS group on the basis of complaints led for fraud committed by the directors / promoters. Certain debtors have claimed ‘no dues in their balance con rmations to the Company for the year ended 31 March 2019 since as per them, they had actually made sales to the Company or they were entitled to certain discounts. The transaction of sale and writing o of property, plant and equipment pertains to period prior to commencement of CIRP i.e. However, the matter of recovery of these property, plant and equipment is pending with Honble NCLT Chandigarh currently.
It is pertinent to mention that that the period of low dispatch of power from our stations and “supply overhang” in the country seems to be over. Due to the strong demand, it is expected that the PLF of coal-based stations may further increase. Even though our coal-based project pipeline has become slim, all the remaining projects are either pithead or situated on the mine.
The bills realization stood at Rs 1,16,148 crore which is 100% of the billed amount. Your Company enjoys the most favored borrower status due to its prudent management of debt financing. The proactive refinancing strategy adopted by your Company to leverage market conditions for availing low-cost debt has resulted in your Company being able to raise the most competitive debt in the market. We are continuously working on optimization, process improvement to reduce the overheads and increase profitability for ensuring sustained returns to the shareholders. In the current fiscal, your Company achieved the 100 BUs generation mark in 88 days which is the best achievement till date. We have registered the highest single day generation of 1245 MUs on June 10, 2022.
mba or emba: what’s the difference were briefly traded in India as futures trading in the Multi Commodity Exchange of India Limited and the National Commodity & Derivatives Exchange Limited in 2008, but their trading was abruptly stopped since carbon derivatives market had failed to develop locally. Globally, 7,845 projects have been registered under the CDM mechanism and a total of 2,195,926,698 CERs have been issued. One of the largest financial tools to combat climate change is a carbon tax. A carbon tax is imposed by a government to put a direct price on greenhouse gas emissions produced by companies or industries. It works as economic incentive for polluters to lower emissions or switch to more efficient processes or cleaner fuels. Developed countries with emission reduction targets can simply trade in the international carbon credit market.
If they did that, carbon prices would go up, but we would be on track for a cleaner and safer future,” she adds. The section does not specifically categorize income from carbon credits as a capital receipt or a revenue receipt. In the absence of a clear categorization, the existing judgments in the matter, which have clearly established that income from carbon credits is a capital receipt, may still hold true. Though the section uses the term income, which generally means revenue less expenditure, clause 2 specifically prohibits deduction of any expenditure / allowance in calculating the tax base under this section.
The Company is under CIRP and information pertaining to the process are available at the Company website The directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively. The percentage increase in the median remuneration of employees during the financial year was 0%. In terms of the provisions of Section 197 of the Companies Act, 2013 read with sub-rules and of Rule 5 of the Companies Rules, 2014, there are no employees drawing remuneration in excess of the limits set out in the said Rules. There were various pending compliances of Companies act 2013 as well as SEBI , 2015.
A reading of definition of the term”money”under Section 2 of theCentral Goods and Services Tax Act, 2017(“CGST Act”)makes it apparent that CERs are not money nor they are classifiable under specifically mentioned instruments therein. Moreover, use of such certificates as consideration to settle an obligation has not been recognised by Reserve Bank of India. However it is to be noted that in USA, as mentioned above if the Waxman-Markey Bill is adopted, then they will be treated as money.
Evolution of Environmental Attributes in India
This will mean a lot for our ability to bring you news, perspectives and analysis from the ground so that we can make change together. B) the amount of income-tax with which the assessee would have been chargeable had his total income been reduced by the amount of income referred to in clause . In India, National Clean Development Mechanism Authority is the designated national authority that evaluates and approves CDM projects. 30-day online access to the magazine articles published during the subscription period. “Service sector activity continued to pick up pace led by a faster inflow of new business.
The company was founded in 1991 and is headquartered in Concord, California. In order to reduce its carbon footprints, IEX said that it voluntarily canceled CERs from clean projects registered under the Clean Development Mechanism of UNFCCC and used market-based tradable instruments. NVVNL traded over 24 BUs of power, which is the highest volume since its inception registering a growth of 29% vis-a-vis previous year. NVVNL has also been appointed as the trading licensee for Indian Railways. They have also started electric buses at Bengaluru in addition to Port Blair.
Lalit Kumar, Independent Director, has resigned from directorship of the Company on 9th April, 2018, due to other preoccupations. Jogindar Lal Chhabra, Independent Director, has resigned from directorship of the Company on 7th May, 2018, due to some unavoidable reasons & circumstances. Sachin Goyal, Chief Financial Officer, has resigned from the Company on 28th April, 2018.
Today, on 10th Apr 2023, the price of Cerus Corp Shares in India is $ 2.87.
This has resulted in divergent schools of thought for accounting and also taxation of the carbon credits across nations. The necessity of reducing carbon emissions was first recognized at the Kyoto Protocol of the United Nations Framework on Climate Change signed in 1997 wherein the member countries, including India, committed to limit and reduce the greenhouse gas emissions. The interplay between each of these programmes is not entirely clear in India. I-RECs prevent double counting of ‘green component’ of electricity, by not allowing projects registered under RECs in India or availing other concessional benefits to register under the I-REC Standard.