eMinds Legal Advocates & Solicitors
eMinds Legal is a Corporate Law Firm based in Gurgaon, India specializing in Corporate Legal, Corporate Secretarial and Compliance. The Firm comprises of a team of Corporate Lawyers and Company Secretaries with in-depth subject matter knowledge and participative industry experience of over 15 years.
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Sebi to release 10-pager abridged prospectus for IPOs
CLR Note: The Securities and Exchange Board of India is planning to come out and release a 10-pager document called Abridged Prospectus from a 400 to 500 pager document which is running currently. The regulator that this document would contain a brief snapshot of all the requisite details and would allow the investor to make… Read More
Conference on IT-Legal National Conclave by ICSI on 17th October 2015 from 9:30 AM to 05:30 PM
ICSI is organising a Conference on IT-Legal National Conclave by ICSI on 17th October 2015 from 9:30 AM to 05:30 PM Stakeholders are requested to attend the same. To view please access the link given below: https://www.icsi.edu/Docs/Website/Cyber%20crime%20(003)%20(1)%20(2).pdf Read More
Pension fund regulatory body proposes MoF to increase its equity investments
CLR Note: The Pension fund regulatory body has preferred a proposal to the Ministry of Finance to increase the investment limit of pension funds upto 50 per cent in the equity in the stock market. As currently, the pension funds under the regulatory body is allowed to invest up to 15 per cent of the… Read More
GST to be implemented w.e.f April 1, 2016
GST constitutional amendment may be passed in Winter Session of Parliament The GST, a much-awaited reform to replace multiple indirect taxes with one levy shall be implemented with effect from April 1, 2016 as all preparations including rules, legislation and others have been duly undertaken. GST will be a very efficient system of tax collection… Read More
Supreme court verdict on amendment to overrule a judgement is not valid
Honourable Supreme Court in ACIT (Agr. IT) vs. Netley 'B' Estate has held that while an amendment to overrule a judgement is not valid, it is permissible to retrospectively alter the character of the levy so as to save it from illegality - (2015-ITRV-SC-163) Read More
Supreme court verdict on profits of charitable institutions
Honourable Supreme Court in Queens Educational Society vs. CIT has held that mere surplus does not mean institution is existing for making profit. The predominant object test must be applied. The AO must verify the activities of the institution from year to year to allow exemption u/s 10(23C)(v) & (vi) - (2015-ITRV-SC-154) Read More
Supreme court verdict on Section 37 expenses of Income Tax
Honourable Supreme Court in Taparia Tools Ltd vs. JCIT has held that normally revenue expenditure incurred in a particular year has to be allowed in that year and if the assessee claims that expenditure in that year, the Department cannot deny the same (s.36(1)(iii)/ 37(1)) . Fact that assessee has deferred the expenditure in the… Read More
Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) (Ninth Amendment) Regulations, 2015
RESERVE BANK OF INDIA (Foreign Exchange Department) (CENTRAL OFFICE) NOTIFICATION Mumbai, the 6th October, 2015 No. FEMA. 353 /2015-RB Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) (Ninth Amendment) Regulations, 2015 G.S.R. 759 (E).”In exercise of the powers conferred by clause (b) of sub-section (3) of Section 6 and… Read More
Policyholders to benefit from Insurance Regulatory and Development Authority of India (IRDAI) move
According to data from the Insurance Regulatory and Development Authority of India (IRDAI), as of March this year, there were 278,992 complaints against life insurance companies. Of these, 52 per cent were related to mis-selling. Also, banks and their employees would be held liable for all insurance policies sold by them. Corporate agents, including banks,… Read More
Risk Weights for Claims on Foreign Central Banks
RBI/2015-16/202 DBR.BP.BC.No.43/21.06.001/2015-16 October 8, 2015 All Commercial Banks (Excluding Local Area Banks and Regional Rural Banks) Dear Sir, Risk Weights for Claims on Foreign Central Banks Please refer to paragraph 5.3 of the Master Circular DBR.No.BP.BC.1/21.06.201/2015-16 dated July 1, 2015 on Basel III Capital Regulations prescribing risk weights for claims on Foreign Sovereigns. 2. The matter of… Read More
Doctors, engineers lead black money declarant compliance list
A total of Rs 4,147 crore were declared in the 628 disclosures made during the 90-day black money compliance window that ended on September 30. Surprisingly, against the popular perception, professionals including Doctors, engineers and former senior managers who used to work overseas outnumbered the companies and trusts in the declaration of unaccounted wealth. There's… Read More
RBI rationalizes LTV ratios and risk weights for individual housing loans
CLR Note: The Reserve Bank of India has issued a circular no.44/08.12.015/2015-16 dated 8th October, 2015 where it has been decided to fix the Loan to Value (LTV) ratios and risk weights for individual housing loans.Please read below the full details of the slabs and their risk weights along with the LTV ratios. RBI/2015-16/200 DBR.BP.BC.No.… Read More
Offline Payment not allowed for filing LLP e-forms between 8-Oct-2015 to 18-Oct-2015
The Ministry of Corporate Affairs(MCA) has issued a General notice dated 8th October 2015 to inform the stakeholders that only Online payment options (Credit/Debit/Prepaid Card/Net Banking) would be available for making payment of MCA fee for LLP e-forms between 8-Oct-2015 to 18-Oct-2015. Offline payments through Bank Challan, Pay later and NEFT options will not be available… Read More
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