Corporate Law Reporter - The Daily Journal

CSR Activities by Corporate Houses

Corporate Social Responsibility (CSR) provision of the Companies Act, 2013 came into force from 1stApril, 2014. The year 2014-15 was the first year of implementation of CSR by companies under the legislation. During this year, a total of 460 listed companies which have placed annual CSR returns on their websites, have spent about Rs. 6337… Read More

Rules in respect of Fund Manager Regime under Section 9A of the Income-tax Act, 1961

Section 9A of the Income-tax Act, 1961 (the Act) provides for special taxation regime with effect from 01.04.2016 to facilitate location of fund managers of off shore funds in India. Under this regime, the fund management activity carried-out through an eligible fund manager in India by an eligible investment fund does not constitute business connection… Read More

Impact of ‘make In India’ Programme

The Prime Minister of India launched the “Make in India” global initiative on 25th September 2014. ‘Make in India’ initiative aims at promoting India as an important investment destination and a global hub for manufacturing design and innovation, to invite both domestic and foreign investors to invest in India. The initiative is aimed at creating… Read More

FDI in E-Commerce

Enforcement Directorate conducts investigations under the Foreign Exchange Management Act, 1999 (FEMA) for possible contravention of FDI norms/ policy by various entities as and when any credible information is received in this regard. Based on the outcome of the investigation, appropriate action under the provision of FEMA is taken in such cases. With a view… Read More

India Aviation’ 2016 resonates well with our policy initiatives of ‘Make in India’

‘India Aviation’ 2016 resonates well with our policy initiatives of ‘Make in India’, ‘Stand up India’ and ‘Start up India’, says President The President of India, Shri Pranab Mukherjee inaugurated the 5thEdition of ‘India Aviation’ today (March 16, 2016) at Hyderabad. Speaking on the occasion, the President said India is at the threshold of taking… Read More

Banks Holiday List for March, 2016

March 2016 4 7 22 23 24 25 Agartala Ahmedabad • • Aizawl • • Belapur • • • Bengaluru • • Bhopal • • Bhubaneswar • • • Chandigarh • • • Chennai • Dehradun • • • • Gangtok • • Guwahati • • Hyderabad • • Imphal • • Jaipur • Jammu… Read More

Investments by FPIs in REITs, InvIts, AIFs and corporate bonds under default

CIRCULAR CIR/IMD/FPIC/39/2016 March 15, 2016 To, 1. All Foreign Portfolio Investors ("FPIs") through their Designated Depository Participants ("DDPs")/ Custodian of Securities. 2. All Recognized Stock Exchanges. 3. The Depositories (NSDL and CDSL). Sir/ Madam, Sub: Investments by FPIs in REITs, InvIts, AIFs and corporate bonds under default. A. REITs, InvIts and AIFs 1. RBI had… Read More

Discussion Paper on “Brightline Tests for Acquisition of ‘Control’ under SEBI Takeover Regulations ”

Objective 1. This discussion paper seeks comments of the public for certain proposals related to Brightline Tests for Acquisition of ‘Control’ under the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 (hereinafter referred to as the "Takeover Regulations”). Background 2. The Takeover Regulations prescribe that an acquirer acquiring substantial shares or voting rights i.e.,… Read More

Non-enforcement of recovery of demand against the assessee where tax has been deducted but not deposited by the deductor

Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes PRESS RELEASE New Delhi, 11 th March, 2016 Subject: - Non-enforcement of recovery of demand against the assessee where tax has been deducted but not deposited by the deductor - regarding The Central Board of Direct Taxes had issued directions to… Read More

ICAI President’s Message – March 2016

Dear Friends, The wise see knowledge and action as one; they see truly ... so go the words of wisdom in the Bhagavad Gita, which are worth emulating by one and all, specifically in the present scenario when a new cohesive team of elected members is commencing its fresh tenure as representatives of the Indian… Read More

Government Discretionary power under I.D.ACT 1947 for reference of Industrial disputes.

1.As in the case of State of Bombay vs KP Krishnan SC while explaining government discretionary power while referring a dispute SC said “Chapter III which consists of ss. 10 and 10A deals with reference of dispute to Boards, Courts or Tribunals. Section 10(1) provides that where the appropriate Government is of opinion that any… Read More

SEBI Board Meeting

PR No. 56/2016 SEBI Board Meeting The SEBI Board met in New Delhi today and took the following decisions: A. Imposing restrictions on wilful defaulters The Master Circular on "Wilful Defaulters" issued by the Reserve Bank of India from time to time lays down safeguards to be exercised by banks to contain the… Read More

Union Finance Minister addresses Board members and senior officials of SEBI

PR No. 55/2016 Union Finance Minister addresses Board members and senior officials of SEBI Shri Arun Jaitley, Hon'ble Union Finance Minister, interacted with the members of the SEBI Board and senior officials of SEBI at New Delhi today. Shri Jayant Sinha, Minister of State for Finance, Shri Shaktikanta Das, Secretary, Ministry of Finance,… Read More