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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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Income Tax (11th Amendment) Rules, 2015 – Notified by CBDT
The Central Board of Direct Taxation has notified the Income Tax (11th Amendment) Rules, 2015 dated 7th August, 2015 which shall come into force form the date of publication in the official gazette. The notification containing the amendment rules can be accessed at the link given below. CBDT notifies Income Tax (11th Amendment) Rules, 2015… Read More
Sebi to align governance norms with Cos Act
The Securities and Exchange Board of India (Sebi) will align its corporate governance norms in accordance with amendments to the Companies Act legislated in May this year by Parliament. The ministry of corporate affairs (MCA) wrote to Sebi after the Companies Act was amended asking it to align its norms with the law. According to the amended Companies Act,… Read More
Mandatory filing of Cost Audit Reports in XBRL mode
The Ministry of Corporate Affairs (MCA), Government of India has mandated filing of cost audit reports in XBRL Mode. The Institute of Cost Accountants of India has developed Costing Taxonomy-2015 in this regard. The tenders have been floated by the apex body regulating the cost accountants and the same shall be available to use once… Read More
Spending limit to be raised by RBI on e-wallets
The Reserve Bank will raise the spending limit on e-wallets, which are fast becoming the preferred mode of payment for utility bills and online purchases. An e-wallet is an electronic card, which works like credit and debit card for making secure online transactions.Many mobile wallet companies have asked the central bank to hike the limit.… Read More
Section 23 of the Banking Regulation Act, 1949 – Relaxations in Branch Authorisation Policy
RBI/2015-16/148 DBR.No.BAPD.BC.34/22.01.001/2015-16 August 6, 2015 All Domestic Scheduled Commercial Banks (excluding RRBs) Madam / Dear Sir Section 23 of the Banking Regulation Act, 1949 - Relaxations in Branch Authorisation Policy Please refer to circulars DBOD.No.BAPD.BC.54 and 60/22.01.001/2013-14 dated September 19, 2013 and October 21, 2013 respectively on the above subject, permitting domestic scheduled commercial banks (other than RRBs) to… Read More
Stakeholders to be cautious while subscribing open offers by companies
Markets regulator Sebi asked investors to be 'alert' about public announcements of share purchase plans of the companies where they have invested.A company needs to issue a 'public announcement' in newspapers and through stock exchanges for the benefit of investors. The delisting and open offer decisions can impact the interest of shareholders in a big… Read More
Formats under SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011(Regulations)
SEBI CIRCULAR CIR/CFD/POLICYCELL/3/2015, August 05, 2015 To All Recognised Stock Exchanges All Registered Merchant Bankers Dear Sir/Madam, Sub: Formats under SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011(Regulations). 1. The formats for the reports/disclosures to be filed under the Regulations have been prescribed by SEBI vide circular No SEBI/CFD/DCR/SAST/ 1/2011/09/23 dated September 23, 2011,… Read More
Cabinet gives nod to the amendments in Arbitration Act
Due to the reason of ensuring the faster settlement of commercial disputes , the cabinet had cleared the amendments to the Arbitration Act which sets a drop dead timeline for the settlement of cases by the arbitrators. Under the amendments to the Arbitration and Conciliation Act, 1996 cleared by the Union Cabinet, an arbitrator will… Read More
Ministry of Finance (MoF) to issue more FAQs on black money law
The government will issue another set of clarifications in the form of ˜Frequently Asked Questions (FAQs)™ on the Undisclosed Foreign Income and Assets Act, popularly known as the Black Money Act. There will be a next set of FAQs and further clarifications on a number of queries being raised. The ministry had released 32 FAQs… Read More
Introduction of Composite caps for simplification of Foreign Direct Investment(FDI) Policy to attract Foreign Investments in various sectors
The Department of Industrial Policy and Promotion has issued a press note No. 8 (2015 Series) after reviewing the caps in FDI Policy on various sectors in the Consolidated FDI Policy Circular of 2015 which is in force from 12th May, 2015 by introducing various composite caps to ensure and bring up simplification and uniformity… Read More
No Requirement of Registration of Ship Repair Unit with Director General of Shipping under Customs Act, 1962
GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 43/2015-Customs New Delhi, the 4th August, 2015 G.S.R. (E).- In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied that it is necessary in the public interest so… Read More
SEBI releases FAQs on delisting of Securities
1. What is meant by delisting of securities? The term "delisting" of securities means permanent removal of securities of a listed company from a stock exchange. As a consequence of delisting, the securities of that company would no longer be traded at that stock exchange. 2. What is the difference between Voluntary delisting and… Read More
Introduction of GST Bill may be delayed
The Narendra Modi-government may wait for the Budget session to get the Constitution Amendment Bill for introduction of Goods and Service Tax passed. The Bill has not been listed for consideration yet. If the Constitution Amendment Bill does not get passed during the current session, the chances of implementing the GST from April 1 next… Read More
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