Legal Updates

MCA extends date for Condonation of Delay Scheme, 2018 till 1st May 2018

General Circular No. 03/2018 F.No.02/04/2017-CL-V GOVERNMENT OF INDIA MINISTRY OF CORPORATE AFFAIRS 5th Floor, 'A' Wing Shastri Bhawan, Dr. R.P. Road, New Delhi Dated: 27.04.2018 To, All Regional Directors, All Registrars of Companies, All Stakeholders. Subject: Condonation of Delay Scheme, 2018.  Sir, In continuation to the Ministry's General Circular No. 16/2017 dated 29/12/2017 and General… Read More

MCA designates Special Court in UP for trial of Company Law offences

GOVERNMENT OF INDIA MINISTRY OF CORPORATE AFFAIRS Notification New Delhi, the23 April, 2018 S.o.  (E).- In exercise of the powers conferred by sub-section (1) of section 435 of the Companies Act, 2013 (18 of 2013), the Central Government, with the concurrence of the Chief Justice of the High Court of Allahabad hereby designates the following Court… Read More

IBBI prescribes conditions for Disciplinary Proceedings against insolvency Professional

Insolvency and Bankruptcy Board of India 7th Floor, Mayur Bhawan, Connaught Place, New Delhi-110001 CIRCULAR No: LA/010/2018 23rd April, 2018 To All Registered Insolvency Professionals All Registered Insolvency Professional Agencies (By mail to registered email addresses and on website of the IBBI) Dear Madam / Sir, Sub: Commencement of Disciplinary Proceeding The Insolvency and Bankruptcy… Read More

Govt. invites comments on draft Notification under section 112A as inserted by Finance Act, 2018 by 30th April, 2018

The Finance Act, 2018 has withdrawn the exemption under clause (38) of Section 10 of the Income-tax Act, 1961 (the Act) and has introduced a new section 112A in the Act, to provide that long term capital gains arising from transfer of a long-term capital asset being an equity share in a company or a… Read More

SEBI slams fine of Rs. 1 cr for Non-Compliance

SEBI imposes a total fine of Rs. 1 crore, including Rs. 5 lakh on Compliance officer of  Suzlon Energy, for failure to disclose the price sensitive  information required  under the insider trading regulations for several occassions. The violations made by the company pertains to, failure in making certain corporate announcements received by them. The regulator said,… Read More

RBI updates Know Your Customer (KYC) Direction, 2016

RBI/DBR/2015-16/18 Master Direction DBR.AML.BC.No.81/14.01.001/2015-16 February 25, 2016 (Updated as on April 20, 2018) Master Direction - Know Your Customer (KYC) Direction, 2016 In terms of the provisions of Prevention of Money-Laundering Act, 2002 and the Prevention of Money-Laundering (Maintenance of Records) Rules, 2005, Regulated Entities (REs) are required to follow certain customer identification procedures while… Read More

PFRDA prescribes New NPS Subscriber Registration Form- Additional Mandatory Requirements

Pension Fund Regulatory and Development Authority (PFRDA) has been established by the Government of India for regulation and development of Pension Sector in order to protect the old age income security of subscribers. PFRDA takes various initiatives from time to time in order to simplify and improve the operational issues in National Pension System (NPS)… Read More

Strengthening the Guidelines and Raising Industry standards for RTA, Issuer Companies and Banker to an Issue: SEBI

Securities and Exchange Board of India CIRCULAR SEBI/HO/MIRSD/DOP1/CIR/P/2018/73 April 20, 2018 To, All Listed entities (Through Stock Exchanges) All Registered Bankers to an Issue (BTIs), All Registrars to an Issue / Share Transfer Agents (RTAs) acting on behalf of listed entities All Depositories All Recognised Stock Exchanges Dear Sir/Madam, Subject: Strengthening the Guidelines and Raising… Read More

CBIC notifies Exchange Rate of Foreign Currency Relating To Imported and Export Goods

In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in supersession of the notification of the Central Board of Excise and Customs No.31/2018-CUSTOMS (N.T.), dated  5th April, 2018 except as respects things done or omitted to be done before such supersession, the Central Board of Indirect Taxes… Read More

Guidelines for issuance of debt securities by REITs and InvITs

CIRCULAR SEBI/HO/DDHS/DDHS/CIR/P/2018/71 April 13, 2018 To All Real Estate Investment Trusts (REITs) All Infrastructure Investment Trusts (InvITs) All Parties to REITs/InvITs All Stock Exchanges (other than Commodity Exchanges) All Merchant Bankers Dear Sir/Madam, Sub: Guidelines for issuance of debt securities by Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs) 1. SEBI (Real Estate… Read More

Amendment to SEBI (STP Centralised Hub and STP Service Providers) Guidelines, 2004

Securities and Exchange Board of India CIRCULAR SEBI/HO/MIRSD/DOSR1/CIR/P/2018/0000000072 April 17, 2018 To, 1. All Recognised Stock Exchanges, Clearing Corporations and Depositories 2. All recognised Depositories 3. Association of Mutual Funds in India 4. Custodians 5. STP service providers and STP Centralized Hub Dear Sir / Madam, Subject: Amendment to the Securities and Exchange Board of… Read More

Requirement for obtaining PAN card u/s 139A of IT Act, 1961 eased for corporate assessees

In case of a company, an application for incorporation, allotment of Permanent Account Number (PAN) and allotment of Tax Deduction and Collection Account Number (TAN) may be made through a Common Application Form submitted to the Ministry of Corporate Affairs (MCA). In these cases, the Certificate of Incorporation (COI) issued by MCA contains a mention… Read More

Govt. notifies Income-tax (5th Amendment) Rules, 2018

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 11th April, 2018 INCOME-TAX S.O.1558.(E).— In exercise of the powers conferred by section 295 read with section 9A of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend… Read More

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