Companies amendment Bill goes to Standing Committee

The Bill seeking to make further amendments to the Companies Act has been referred to the Parliamentary Standing Committee, which is expected to prepare its report within three months. Corporate Affairs Minister Arun Jaitley had introduced the Companies (Amendment) Bill, 2016 on March 16 in the Lok Sabha. After taking into consideration suggestions made by… Read More

Compliance under The Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013

Procedure : 1) Internal Complaint Committee : Committee needs to be constituted as under : 1) Senior most women member of organisation. 2) One member from NGO 3) In any case, there should be equal no of women workers in the committee. 2) Meeting : There is nowhere mentioned in the act about the no… Read More

Foreign Direct Investment in Limited Liability Partnerships

Limited Liability Partnership [hereinafter, LLP] has been recognized as a premium vehicle for business administration of service providers on account of its perpetual succession, restricted liability and efficient structure. The principal Act, i.e., the Limited Liability Partnership Act, 2008 [hereinafter, LLP Act], whose primary object is to enable professional expertise and entrepreneurial initiative, was widely… Read More

Critical Analysis and over all effect of Interplay between SICA1985 & SARFASI ACT,2002

As in M/S Madras Petrochem Ltd.& Anr vs Bifr & Ors in this case Hon ble Supreme Court decided a interesting questions on the interplay between the Sick Industrial Companies (Special Provisions) Act, 1985 and the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 and overall position and effect under… Read More

New System for MVAT & CST Returns & C form application from April 2016 onwards

Maharashtra Sales Tax Department is making substantial changes in its automation processes relating to taxpayer interface, w.e.f F.Y 2016-17. This is expected to result into significantly more efficiency in the working of the Department, less errors due to minimum human intervention and maximum benefits in relation to time management. The application is being developed on… Read More

Place of Effective management: A critical analysis

Introduction [1] The Finance Act 2015 brought a new method for the taxation of a company in India with the concept of PoEM. As per the concept, the company, whether foreign or domestic, which has the place of effective management in India at any time of year will be deemed to be resident of India… Read More

Government Discretionary power under I.D.ACT 1947 for reference of Industrial disputes.

1.As in the case of State of Bombay vs KP Krishnan SC while explaining government discretionary power while referring a dispute SC said “Chapter III which consists of ss. 10 and 10A deals with reference of dispute to Boards, Courts or Tribunals. Section 10(1) provides that where the appropriate Government is of opinion that any… Read More

Adjustment Is Allowed On Finalisation of the Provisional Assessment By Way of Neutralising the Short Paid Duty With The Excess Paid Duty

[In the matter of M/s. Tafe Motors & Tractors Ltd v. Commissioner of Excise, Jaipur] Date of Hearing/Decision: 02.03.2016 BRIEF FACTS The Appellant is engaged in the manufacture of automotive IC Engine and was working under the provisional assessment for the period 01.04.2006   to 31.03.2007 which was finalised only on 16.11.2007. On finalisation of the… Read More

Service Charges And Other Charges Paid To Overseas Supplier Towards Various Services Which Have No Nexus With Import Of Goods Not Addable To The Transaction Value Of Imported Goods Covered In Their Appeals Under Rule 10 (1) (C) Of Customs Valuation Rules, 2007- South Zonal Bench, Chennai

Citation [M/s Schwing Stetter (India) Private Limited v. Commissioner of Customs (Imports) Chennai in Appeal No. C/40309/2015] FINAL ORDER No.40280/2016 pronounced in open Court on February 17, 2016 BRIEF FACTS The Appellant imported machinery i.e. Schwing mobile concrete pump placers from their related supplier. Though both the foreign supplier and the Appellant are related, as… Read More

Auditor’s Role & Responsibilities under Companies Act, 2013

The new Companies Act (hereinafter referred as COMPANIES ACT 2013) is replacing old Companies Act, 1956 (hereinafter referred as CA1956). The CA 2013 makes comprehensive provisions to govern all listed and unlisted companies in the country. The CA 2013 is partially made effective w.e.f. 12th September, 2013, by way of implementing 98 Sections and repealing… Read More

Process of Removal of Director under Companies Act, 2013

Power to remove directors has always been bestowed on shareholders, as we all know that at the end of the day, directors are answerable to shareholders. Nothing has changed in the procedural aspect under Companies Act, 2013 as well. Shareholders can remove any director before the expiry of his tenure, except any director appointed by… Read More

Bonus Shares – A Shareholders’ Delight

Karan Singh Sahi, ACS[1] Introduction One thing which every shareholder across various Companies would dream for is receipt of Bonus shares. The word “Bonus” has a very positive connotation, implying something extra or some gains at no cost.  Issue of bonus shares is the most popular way by which companies like to utilize their large accumulated… Read More

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Not for Profit Organizations: What The Companies Act, 2013 says

“With any new business deal, don’t think about how much you can afford to get—think about how much you can afford to give. A spirit of giving will allow you to get.” ― Jarod Kintz Not for profit organizations or as we simply say NPO, are those organizations which are established for promoting a cause, it… Read More

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