The country’s accounting regulator is doing a reality check on whether Indian accountants stand to gain from the opening up of the sector, ahead of a fresh meeting between officials from India and Singapore for reviewing a bilateral trade pact.
A committee constituted by India’s securities market regulator, the Securities and Exchange Board of India, or Sebi, is considering a proposal to separate the role of chairman and managing director (MD) or CEO of listed companies to prevent concentration of management powers in the hands of one individual.
Fearing that their fiscal autonomy will be impacted by the uniform tax structure, state finance ministers are likely to bargain for some flexibility on proposed Goods and Services Tax when they meet Union Finance Minister Pranab Mukherjee on July 21.
Takeovers are set to get costlier with a Sebi panel favouring making it mandatory for the acquirer to make an offer for up to 100 per cent stake in any listed company.As of now, an open offer for a minimum of 20 per cent in the target company is required to be made by any entity that has purchased 15 per cent equity, either from the promoters or from the open market.
Although Circular has been issued for the purpose of non- seizure of jewellery during the course of search, the basis for the same recognizes customs prevailing in Hindu Society. In the circumstances, unless the revenue shows anything to the contrary, it can safely be presumed that the source to the extent of the jewellery as stated in the Circular stands explained.
Notification No. 55/2010-Income Tax In the Notification of Government of India, Ministry of Finance, Department of Revenue (Central Board of Direct Taxes), number 41/2010 dated 31st May, 2010 bearing S.O. 1261(E) and published in the Gazette of India, Extraordinary, Part II, Section 3, sub-section (ii), dated 31st May, 2010-
The contract may be in writing or it may be oral but the liability to pay tax arises when the recipient of the said amount receives payment in excess of Rs. 20,000.
ICAI has expressed its serious concern to rename the ICWAI body to a name identical to Institute of Chartered Accountants of India. The matter of renaming Institute of Cost & Works Accountants of India proposed to name Institute of Cost & Management Accountant of India has been resurfaced again because of sub-clause II of clause (i) of Section 3 of the Cost and Works Accountants (Amendment) Bill, 2010 (Bill No. XXVI of 2010).
It is known that section 397/398 of Companies Act, 1956 substantially provide relief to the minority shareholders/shareholders against the oppression/mismanagement by the Company or the Majority Shareholders in the Company.
Company takeover rules in India are set to get egalitarian and move closer to global practices, if the market regulator accepts the suggestions of a panel it constituted.The recommendations of the group include treatment of all shareholders of the target company, including promoters, on a par, and allowing investors to own up to a fourth of a company without an obligation to buy more from minority shareholders.
