reconstruction

NOTIFICATION NO. G.S.R. 276(E), DATED 31-3-2011 These rules may be called the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (Central Registry) Rules, 2011. 2) They shall come into force on the date of their publication in the Official Gazette. Full Article

Manufacturing of a new product with a new technology at the same place after taking a fresh approval from SEZ authority does not amount to ‘splitting up or reconstruction’ of an existing business for the purpose of section 10A of the Act. Full Article

Home loan frauds may become a thing of the past with the country moving closer to a central registry for equitable mortgages. Once a central registry is in place, it would be virtually impossible for a borrower to raise loans twice against the same property or raise loans using forged documents. Full Article

The principal of accrual of profit does not come in the way of allocation of profit in the two periods; deduction under different sections can be allowed on different profits, if the same are admissible. Full Article

Know Your Customer (KYC) norms / Anti-Money Laundering (AML) standards / Combating Financing of Terrorism (CFT) / Obligation of banks under Prevention of Money Laundering Act, 2002 – Urban Co-operative Banks. Full Article

THE INSTITUTE of Chartered Accountants of India (ICAI) has raised questions about ICICI Bank’s home loans business and has sought a fresh central bank audit of a two-year-old sale deal of dud loans, after a Mumbai-based chartered accountant spotted irregularities in some loans.“The regulator should re-audit assets sold to ARCIL,” ICAI president Uttam Prakash Agarwal [...] Full Article

SUMMARY OF CASE LAW The concept of reconstruction of business as contemplated by section 80-1B(2)(i) would not be attracted when a company which is already running one industrial unit sets up another industrial unit; the new industrial unit would not lose its separate and independent identity even though it has been set up by a [...] Full Article

In recovering debts or enforcing security interests, the State’s right to sales tax dues, etc will have priority over claims of banks, financial institutions and secured creditors, the Supreme Court has ruled. A bench comprising Justices B N Agarwal, G S Singhvi and Aftab Alam, while upholding the Bombay and Kerala High Courts’ judgments, said [...] Full Article