Corporate Law Reporter - The Daily Journal

Extension of last date of in filing of forms MGT-7 (Annual Return) and AOC-4 (Financial Statement) under the Companies Act, 2013

MCA has released circular no. 10/2015 dated 13/07/2015 w.r.t Relaxation of additional fees and extension of last date of in filing of the following forms: Annual Return - Form MGT-7: Original due date: 60 days from the date of AGM. Revised due date: 31st Oct, 2015 Financial Statement (Non XBRL) - Form AOC-4: Original due… Read More

Important Instruction for filing quarterly TDS/TCS statements

Dear Deductor/Collector, All Deductors/Collectors are required to file quarterly TDS/TCS statements on or before the due dates prescribed by Income Tax Department (ITD) for the respective Forms (i.e. Form 24Q, 26Q, 27Q or 27EQ). Due date for filing of quarterly Regular TDS/TCS Statement(s) for the 1st quarter of Financial Year 2015-16 is as mentioned below.… Read More

Masterclass on Companies Act, 2013 and the Recent Amendments on 24th July, 2015 at Mumbai

CorpKonnect Presents Companies Act 2013 and Recent Amendments Masterclass 24th July 2015 - Mumbai at Hotel Hilton (Mumbai Int. Airport) INTRODUCTION The New Companies Act 2013 which was enacted in August 2013 is considered to be a milestone in the arena corporate reforms in India as it laid down a new regime of business… Read More

FAQ’s on Liaison / Branch / Project Offices of foreign entities in India

Q.1. How can foreign companies open Liaison /Branch office in India? Ans. As enlisted below: A. Foreign companies/entities desirous of setting up of Liaison Office / Branch Office (LO/BO) are required to submit their application in Form FNC along with the documents mentioned therein to the General Manager, Foreign Exchange Department, Central Office Cell, Reserve Bank of India,… Read More

Electronic Verification Code (EVC) for electronically filed Income Tax Return

Explanation to sub rule (3) of Rule 12 of the Income tax Rules 1962, states that the purposes of this sub-rule "electronic verification code" means a code generated for the purpose of electronic verification of the person furnishing the return of Jncome as per the data structure and standards specified by Principal Director General 0… Read More

Prepaid Payment Instrument (PPI) guidelines Introduction of New Category of PPI for Mass Transit Systems (PPI-MTS)

RBI/2015-16/123 DPSS.CO.PD.No. 58/02.14.006/2015-16 July 09, 2015 All Prepaid Payment Instrument Issuers, System Providers, System Participants and all other Prospective Prepaid Payment Instrument Issuers Madam / Dear Sir Prepaid Payment Instrument (PPI) guidelines Introduction of New Category of PPI for Mass Transit Systems (PPI-MTS) A reference is invited to the Master Circular on Policy Guidelines on… Read More

Requirement for obtaining prior approval of RBI in cases of acquisition/transfer of control of NBFC’s

RBI/2015-16/122 DNBR (PD) CC.No. 065/03.10.001/2015-16 July 09, 2015 All Non-Banking Financial Companies (excluding Primary Dealers) Dear Sirs, Requirement for obtaining prior approval of RBI in cases of acquisition/ transfer of control of Non-Banking Financial Companies (NBFCs) Please refer to DNBS (PD) CC.No.376/03.10.001/2013-14 and Notification No. DNBS(PD) 275/GM(AM)-2014 dated May 26, 2014 on the ˜Non-Banking Financial Companies (Approval of Acquisition… Read More

Exchange Traded Mutual Fund houses expect EPFO entry to boost equity ETF space

Mutual fund houses are bullish about the phased entry of the EPFO into exchange traded equity funds from this month, as they believe it will boost investors sentiment. The Employees Provident Fund Organisation (EPFO), which is the second largest institutional investor into Indian equities after LIC, sits over around Rs 6.4 trillion funds contributed by… Read More

Sebi told to align related-party business norms with Companies Act

The corporate affairs ministry has asked the Securities and Exchange Board of India (Sebi) to align its guidelines for related party transactions with the amended Companies Act, which will significantly ease the very strict rules for listed companies. In the Companies Act 2013 through an amendment, allowing an ordinary resolution with over 50% approval from… Read More

Opening of Current Accounts by Banks – Need for Discipline

RBI/2015-16/112 DBR.Leg.BC.25./09.07.005/2015-16 July 02, 2015 The Chairman / Chief Executive All Scheduled Commercial Banks (excluding RRBs) Dear Sir, Opening of Current Accounts by Banks - Need for Discipline Please refer to our circular DBOD.No.Leg.BC.84/09.07.005/2003-04 dated May 15, 2004 advising banks to scrupulously ensure that their branches do not open current accounts of entities which enjoy credit facilities… Read More

Prior / advance adjournment motion for seeking adjournment of any hearing

CLB has issued instruction to all the Learned Counsels who are appearing on behalf of their clients to file prior / advance adjournment motion for seeking adjournment of any hearing. It has been found that the Learned Counsels are seeking adjournment at the time of hearing itself. All Learned Counsels shall circulate adjournment motion atleast one… Read More

Tough times trigger as black money law faces execution challenges

Having been deluged with queries from professionals regarding the implication of the new law for them, the lack of clarity and paucity of time are the two main challenges facing the implementation of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015. The Act, enacted after high-pitched politicking, deals with… Read More

Sebi asks govt to appoint women directors on PSU boards

In order to ensure parity between listed PSUs and their private sector peers, SEBI has asked the Government to fill all vacancies for women and Independent Directors at the Central Public Sector Enterprises (CPSEs). All listed companies, whether PSUs or from the private sector, are required to have at least one woman Director on their Board.… Read More