Corporate Law Reporter - The Daily Journal

Unique Client Code (UCC) and Mandatory requirement of Permanent Account Number (PAN)

CIRCULAR SEBI/HO/CDMRD/DMP/CIR/P/2016/87 September 16, 2016 To, The Managing Directors / Chief Executive Officers All Commodity Derivatives Exchanges Dear Sir / Madam, Sub: Unique Client Code (UCC) and Mandatory requirement of Permanent Account Number (PAN) 1. As per Section 131(4) of Finance Act, 2015 all rules, directions, guidelines, instructions, circulars, or any like instruments, made by… Read More

Settlement Guarantee Fund, Stress Testing and Base Minimum Capital

CIRCULAR SEBI/HO/CDMRD/DRMP/CIR/P/2016/86 September 16, 2016 To, The Managing Directors/Chief Executve Officers, National Commodity Derivatives Exchanges Sir/Madam, Sub: Settlement Guarantee Fund, Stress Testing and Base Minimum Capital 1. As per Section 131 (4) of the Finance Act, 2015 all rules, directions, guidelines, instructions, circulars, or any like instruments, made by the erstwhile Forward Markets Commission (FMC)… Read More

Report of the Working Group on Development of Corporate Bond Market in India

Chapter 1: Introduction 1. It has been well recognized that a well-developed corporate bond market complements a sound banking system in providing an alternative source of finance to the real sector for its long-term investment needs. An active corporate bond market also helps in the diversification of risks in the financial system. In order to… Read More

Meeting taken by Prime Minister to review the preparedness for rollout of Goods and Services tax(GST)

Meeting taken by Prime Minister to review the preparedness for rollout of Goods and Services tax(GST) The Prime Minister held a meeting to review the preparedness for rollout for GST on 14th September, 2016. The meeting was attended by Union Finance Minister, both the Ministers of State for Finance, senior officers from the Prime Ministers… Read More

INDIA’S FOREIGN TRADE: August, 2016

I. MERCHANDISE TRADE EXPORTS (including re-exports) During August,2016 exports were valued at US$ 21518.60 million (Rs.144044.67 crore) which was 0.30 per cent lower in Dollar terms (2.56 per cent higher in Rupee terms) than the level of US$ 21582.67 million (Rs.140443.43 crore) during August,2015. Cumulative value of exports for the period April-August 2016-17 was US$ 108519.94… Read More

Standardization and Simplification of Procedures for Transmission of Securities

CIRCULAR SEBI/HO/MIRSD3/CIR/P/2016/0000000085 September 15 , 2016 To All recognized Stock Exchanges All Registrars to an Issue and Share Transfer Agents registered with SEBI All Depositories, Sir / Madam, Sub: Standardization and Simplification of Procedures for Transmission of Securities 1. With a view to make the process of transmission of securities more efficient and investor friendly,… Read More

Security and Risk Mitigation Measures for Card Present and Electronic Payment Transactions – Issuance of EMV Chip and PIN Cards

RBI/2016-17/63 DPSS.CO.PD No.812/02.14.003/2016-17 September 15, 2016 All Scheduled Commercial Banks including RRBs/ Co-operative Banks / State Co-operative Banks/ Central Co-operative Banks/ Authorised Card Payment Networks Dear Madam / Sir, Security and Risk Mitigation Measures for Card Present and Electronic Payment Transactions – Issuance of EMV Chip and PIN Cards A reference is invited to our… Read More

Clarifications on the Direct Tax Dispute Resolution Scheme, 2016

Circular No.33 of 2016 F.No.142/11/2016-TPL Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes (TPL Division) *** Dated: 12th September, 2016 Clarifications on the Direct Tax Dispute Resolution Scheme, 2016 The Direct Tax Dispute Resolution Scheme, 2016 (hereinafter referred to as ‘the Scheme’) incorporated as Chapter X of the Finance… Read More

Clarification on tax audit report date extension

Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes North Block, New Delhi Dated the 14th of September, 2016 Clarification req. u/s 119 of the Income-tax Act, 1961 dated 9th September 2016 Central Board of Direct Taxes, vide order u/s 119 of the Income-tax Act, 1961 (Act) dated 9th September, 2016, has… Read More

National Company Law Tribunal (NCLT)

The National Company Law Tribunal (NCLT) is a quasi-judicial body in India that adjudicates issues relating to Companies in India. The National Company Law Tribunal was formed or established under the Companies Act, 2013 which was constituted with effect from 1st June, 2016. The Ministry of Corporate Affairs (Central Government) constituted National Company Law Tribunal (NCLT) and National… Read More

Solving the Ambiguity around the Transferability of Shares under the Company Law of India

The capital of a company is the most important driving force behind a company i.e. money invested in it.[1] The capital of a company is raised primarily by virtue of shares, which is a testament to the fact that a person owns certain funds in a company. Shares are considered to be movable property[2] and… Read More

Restrictions on Promoters and Whole-Time Directors of Compulsorily Delisted Companies Pending Fulfillment of Exit Offers to the Shareholders

To All Listed Entities All Registered Registrar & Share Transfer Agents All Depositories All Recognised Stock Exchanges 1. In terms of section 21A of the Securities Contracts (Regulation) Act, 1956 (SCR Act) read with rule 21 of the Securities Contracts (Regulation) Rules, 1957 and Chapter V of Securities and Exchange Board of India (Delisting of… Read More

Unfair Terms in Commercial Contracts

Contracts have become a natural occurrence in today’s society. The existence of unfair terms is not a new concept within a contract. They can be of vital importance in commercial disputes, with them often rendering the contract unusuable. Contracts fall into two categories, which are B2B (business to business) and B2C (business to consumer) contracts.… Read More