Legal Updates - Corporate Law Reporter

MCA amends Companies (Transfer of Pending Proceedings) Rules, 2016

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)] Ministry of Corporate Affairs Notification New Delhi, the 29th June, 2017 GSR _(E).- In exercise of the powers conferred under sub-sections (1) and (2) of section 434 of the Companies Act, 2013 (18 of 201 3) read with sub-section (1)… Read More

CBDT to notify Income–tax (18th Amendment) Rules, 2017 w.e.f.19 July 2017

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 3rd July, 2017 G.S.R. 821(E).—In exercise of the powers conferred by section 44AB read with section 295 of the Income-tax Act, 1961 (43 of 1961) (hereinafter referred to as the Income-tax Act), the Central Board of Direct Taxes hereby makes… Read More

MCA issues order to remove difficulties in proceedings under the CA, 1956

MINISTRY OF CORPORATE AFFAIRS ORDER New Delhi, the 29th June, 2017 S.O. 2042(E).—Whereas clause (c) of sub-section (1) of section 434 of the Companies Act, 2013 (hereinafter referred to as the 2013 Act) provides that on a date which may be notified by the Central Government for the purpose of transfer of pending proceedings,… Read More

MCA invites comments on amendments to Companies (Specification of Definitions Details) Rules, 2014

Government of India Ministry of Corporate Affairs Policy Section No. 3/3/2017-CL-I New Delhi, the 28th June, 2017 Public Notice The proviso to clause (87) of section 2 of the Companies Act, 2013 provides for restricting class or classes of holding companies from having layers of subsidiaries beyond prescribed number. Based on suggestions received, the Ministry… Read More

CCI exempts enterprises entering into combination for 5 years

MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, the 29th June, 2017 S.O. 2039(E).—In exercise of the powers conferred by clause (a) of section 54 of the Competition Act, 2002 (12 of 2003), the Central Government, in public interest, hereby exempts every person or enterprise who is a party to a combination as referred to in… Read More

RBI to withdraw exemption allowed to Exporters on clearance of outstanding shipping bills w.e.f.1 July 17

The Reserve Bank of India introduced comprehensive integrated computerised system for effective monitoring and follow-up of export transactions. This will help in reporting of advance remittance for exports and migration of old XOS data. A comprehensive IT- based system called Export Data Processing and Monitoring System (EDPMS) has been developed for better monitoring of export… Read More

SEBI revises guidelines on Offer for Sale of Shares through stock exchange mechanism

SEBI reviews the guidlines CIRCULAR CIR/MRD/DP/ 65 /2017 June 27, 2017 To All Stock Exchanges Dear Sir / Madam, Sub: Review of Offer for Sale (OFS) of Shares through Stock Exchange Mechanism Comprehensive guidelines on Offer for Sale of Shares through stock exchange mechanism were issued vide circular no CIR/MRD/DP/18/2012 dated July 18, 2012. These… Read More

CBDT amends IT Rules, defines standard for verification of Adhaar & PAN details in application

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 27th June, 2017 G.S.R. 642(E).—In exercise of the powers conferred by section 139A and section 139AA, read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further… Read More

SEBI issues Consultation paper on SEBI (Investment Advisers) Regulations, 2013

Consultation paper on Amendments/Clarifications to the SEBI (Investment Advisers) Regulations, 2013 SEBI had issued a consultation paper on October 07, 2016 seeking public comments on the clarifications/amendments to SEBI (Investment Advisers) Regulations, 2013 (‘IA Regulations’). Large number of comments have been received on the proposals enumerated in the consultation paper. Based on the feedback received… Read More

RBI directs Banks to record Details of Transaction in Statement of Account

RBI/2016-17/326 DBR.No.Leg.BC.76/09.07.005/2016-17 June 22, 2017 All Scheduled Commercial Banks (including RRBs) All Small Finance Banks and Payments Banks Dear Sir/ Madam, Recording of Details of Transactions in Passbook/ Statement of Account Please refer to instructions contained in Paragraphs 6 and 7 of our circular DBOD.No.Leg.BC.74/09.07.005/2003-04 dated April 10, 2004 on "Committee on Procedures and Performance… Read More

MCA amends Auditors Rules w.r.t. limits for “Class of Companies” vide Not. dt. 22 June 2017

MCA, vide Notification dated 22nd June, 2017, has amended the Companies (Audit and Auditors) Rules, 2014. By this notification, the word "twenty" mentioned in Rule 5(b) has been substituted by the word "fifty". Pursuant to Section 139(2) of Companies Act, 2013, listed companies and certain class of companies are required to do rotation of their statutory… Read More

CBEC extends the service tax return filing to 15 August 2017 vide Noti. 18/2017

Central Government extends the due date for service tax return for the period April 2017 to June 2017 to be submitted by 15th August 2017 in Form ST-3 or ST-3C which ever is applicable. The service tax rules also provide for submission of revised return for the period April 2017 to June 2017 to be… Read More

CBEC vide Notification no.14/2017-delegates certain powers to subordinate Central Excise officers

Central Board of Excise and Customs vide Notification No. 14/2017- Central Excise (N.T), dated the 9th June 2017 exercises the powers conferred by Central Excise Rules, 2002 and Service Tax Rules, 1994. The board delegates the powers to subordinate Central Excise Officers for issuing show cause notices for the purpose of assignment of adjudication… Read More