related party transactions

These alerts relate to related party transactions, non-payment of deposits, etc. In reply to an unstarred question in the Lok Sabha today, Minister of Corporate Affairs, Shri Salman Khurshid said that the Registrars of Companies and the regional directorates, have also been involved in this exercise. He also informed the House that strengthening of MCA-21 System is an on-going exercise and the Ministry of Corporate Affairs takes steps on regular basis to update and modif.. Full Article

The Corporate Affairs Ministry said on Monday that around 30 per cent of the 80,000 public limited companies are not filing their annual returns.The Ministry has asked the Registrar of Companies (RoC) not to strike off the names of companies by classifying them as defunct, even if they have not filed their annual returns for three years. This is to find out if any of such companies have committed violations of law. Full Article

The Central Vigilance Commission (CVC) has charged the chartered accounting fraternity with giving erroneous advice to banks resulting in huge losses for the lenders.  It has pointed out that in several cases, the advice given by CAs to banks and financial institutions was deficient, especially regarding the status of loans, creditors, sundry debtors, assets, known [...] Full Article

The method adopted by a company to arrive at a transfer price is valid unless the tax officer can prove that the company had manipulated the price to shift profits outside India, the Income-Tax Appellate Tribunal (ITAT) has ruled. The tribunal has also observed that the transfer pricing officer (TPO) should have sufficient ground to suspect the shift in profits before invoking the transfer pricing rules. Full Article