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10 July, 2020, 09:15 AM IST

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SC to examine if transactions regarding sale of BS-IV vehicles during lockdown genuine

The bench, also comprising Justices S A Nazeer and Indira Banerjee, noted that benefit of its March 27 order "cannot be taken two ways by making more sales during the period of lockdown and grace period of ten days further after March 31."

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  • Pharma and fertilisers sectors showed resilience, with positive quarterly revenue growth on yoy basis, largely due to their essential nature of service, said the Ind-Ra. It further said equity foreign portfolio investments saw a rebound to near pre-COVID levels during the first week of June 2020, reaching Rs 21,900 crore, whereas the debt segment saw a sell-off to the tune of Rs 1,600 crore.

    Not more than 15% of the polluting particulate matter in urban air is due to vehicles, he said, citing studies. On top of that, under the BS-VI emission rules, the particulate matter emissions of diesel vehicles are substantially lower than before.

    Maharashtra has the highest vehicle population of over 3.75 crore and a revenue of over Rs 8,300 crore is collected annually in the form of taxes. A senior RTO official said most of the vehicles registered in the past two months were sold in March.

    The company said it has also decided to advance payments of incentives and reimbursements across the 3 functions (sales, service and spare parts) and entirely bear the interest cost of BS-VI inventory (physical as well as those in transit) with the dealers for the 21 days of nationwide lockdown. Rival Hero MotoCorp has also announced plans to buy back unsold BSIV inventory.

    India will migrate to BS-VI emission standards on April 1, and as per a previous court order vehicles compliant with the outgoing regulations cannot be sold or registered beyond March 31. The 21-day lockdown to tackle the Covid-19 outbreak, if not extended, will end only on April 14.

    With the Supreme Court having given a 10- day breather to sell 10% of unsold BS4 inventory and BS6 emission vehicles set to come in from April 1, auto makers have no other choice but to increase their digital footprint.

    Indian auto dealers registered unsold BS-IV stock in their own names as the financial year drew to a close, seeking to minimize inventory losses on expectations that they could sell the vehicles later after marking down the sticker price.

    Two-wheeler and commercial vehicle makers and dealers that hold unsold Bharat Stage-IV stock may offer huge discounts in the coming days, with less than three weeks left to register such vehicles, industry executives said.

    Industry experts told that auto makers are currently budgeting for a phased end to the lockdown while planning output schedules. What’s worrying them are obvious gaps in the supply chain.

    Daimler India Commercial Vehicles (DICV) on Friday said it has been able to exhaust its entire BS-IV stock before the March 31 deadline.

    The lockdown across the country to combat the Covid-19 pandemic has jeopardised Rs 6,400 crore worth of unsold BS-IV vehicle stock with dealers as it cannot be sold after 31 March when BS-VI norms become effective.

    Fada is trying for an earlier listing of 24th or 25th of March But there is also a possibility of the supreme court shutting down for some time as yesterday it has been suggested by the Supreme Court Bar Association to the Chief Justice of India, it said that statement.

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