Corporate Law Reporter - The Daily Journal

Review of Prudential Guidelines – Revitalising Stressed Assets in the Economy

BI/2015-16/330 DBR.BP.BC.No.82/21.04.132/2015-16 February 25, 2016 All Scheduled Commercial Banks (excluding RRBs) All-India Term-lending and Refinancing Institutions (Exim Bank, NABARD, NHB and SIDBI) Dear Sir, Review of Prudential Guidelines - Revitalising Stressed Assets in the Economy The Reserve Bank of India has issued various guidelines aimed at revitalising the stressed assets in the economy. The measures… Read More

Know Your Customer (KYC) Direction, 2016

RBI/DBR/2015-16/18 DBR.AML.BC.No.81/14.01.001/2015-16 February 25, 2016 Know Your Customer (KYC) Direction, 2016 In terms of the provisions of Prevention of Money-Laundering Act, 2002 and the Prevention of Money-Laundering (Maintenance of Records) Rules, 2005, Regulated Entities (REs) are required to follow certain customer identification procedure while undertaking a transaction either by establishing an account based relationship or… Read More

CBEC has notified and appoints 1st day of April, 2016 as the date on which the provisions of sub-section (1) of section 109 of Finance Act, 2015

GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) New Delhi, the 18th February, 2016 Notification No. 06/2016-Service Tax G.S.R.___ (E). - In exercise of the powers conferred by section 109 of the Finance Act, 2015 (No. 20 of 2015), the Central Government hereby appoints the 1st day of April, 2016 as the date on which the… Read More

Clarification regarding nature of share Buy-back transactions under Income-tax Act, 1961

As per provisions of Section 46A of the Income-tax Act, 1961('Act'), applicable with effect from 01.04.2000, any consederation received by a shareholder or a holder of other specified securities from any company on purchase of its own shares/other specified securities. To View complete Notification, please click on the link below: Clarification regarding nature of share… Read More

Highlights of Railway Budget for 2016-17

Following are highlights of the Railway Budget for 2016-17 (Apr-Mar), presented by Railway Minister Suresh Prabhu in Parliament today: GENERAL * Budget reflects aspirations of the entire railway family * Rail Budget reflects aspiration of all * Core objective is to improve individual experience * Rail Budget is the vision of PM Modi * Making… Read More

Start- up, Stand up initiative of the Hon’ble Prime Minister’

Dear Student, PRESIDENT, ICSI INVOKES ‘LET COMPANY SECRETARY BE PARTNERING START- UP, STAND UP INITIATIVE OF THE HON’BLE PRIME MINISTER’ Hon’ble Prime Minister Narendra Modiji's esteemed visit to the Pavilions just after the inauguration ceremony at the 'MAKE IN INDIA' week at Mumbai. Seen with HIS honoured gracious self outside the Ministry of Corporate Affairs Pavilion… Read More

SEBI amended Issue of Capital and Disclosure Requirements, Regulations 2009

SEBI has notified a new set of norms to provide an exit route to the dissenting shareholders in case a listed company diverts from its stated objective of raising funds from the public. The SEBI has amended SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009 and prescribed the conditions and manner of providing Exit Opportunity to dissenting… Read More

Highlights of Taxation

CBDT has issued Clarification for implementation of FATCA and CRS. An Inter-Governmental Agreement between India and USA was signed for implementation of Foreign Account Tax Compliance Act (FATCA). The Government of India has also joined the Multilateral Competent Authority Agreement (MCAA) for Automatic Exchange of Information as per Common Reporting Standard (CRS). Based on comments and… Read More

Threshold for monitoring of frauds in NBFCs (All Deposit taking NBFCs, including RNBCs and NBFCs- ND-SI)

RBI has decided to revise the threshold for monitoring of frauds in NBFCs (All Deposit taking NBFCs, including RNBCs and NBFCs- ND-SI). The threshold for reporting frauds and submission of quarterly progress reports on frauds to Central Fraud Monitoring Cell, Reserve Bank of India, Department of Banking Supervision, has been revised from Rs. 25 lakh as on date to… Read More

Report of the Expert Committee on Prior Permissions & Regulatory Mechanism

The Department Of Industrial Policy & Promotion has issued a Report of the Expert Committee on Prior Permissions & Regulatory Mechanism, to download the complete report, please click on the following link: Report of the Expert Committee on Prior Permissions & Regulatory Mechanism Read More

MCA issues a notice for inviting comments on the Draft Companies (Cost Records and Audit) Amendment Rules 2016

Ministry of Corporate Affairs issued a notice inviting comments on the Draft Companies (Cost Records and Audit) Amendment Rules 2016 on 23rd February, 2016. The draft Companies (Cost Records and Audit) Amendment Rules, 2016 has been placed on the Ministry’s website for suggestions/comments along with justification in brief which may be sent latest by 08th March, 2016 through email at cra@mca.gov.in.… Read More

SEBI Circular on Mutual Funds

CIRCULAR SEBI/HO/IMD/DF2/CIR/P/2016/37 February 25, 2016 All Mutual Funds/Asset Management Companies (AMCs)/ Trustee Companies/Boards of Trustees of Mutual Funds/ Association of Mutual Funds in India (AMFI) Sir/ Madam, Subject: Circular on Mutual Funds A. Treatment of unclaimed redemption and dividend amounts Please refer to SEBI circular dated November 24, 2000 on treatment of unclaimed redemption and… Read More

MCA Notices

Kindly note that a new LLP Front Office Service ‘Enter Form 3 or Form 3 & 4 details for LLP filing’ has been introduced. This service will enable users to insert relevant details of Form 3 or Form 3 & Form 4 (both) in case corresponding Form 3 & Form 4 (both) are pending for… Read More