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The Government has informed Lok Sabha that a Coordination and Monitoring Committee (CMC), co- chaired by Secretary, Ministry of Corporate Affairs and Chairman, Securities and Exchange Board of India (SEBI) has been set up to look into issues relating to companies that had come out with public issues and vanished and to monitor the progress of action taken against such vanishing companies and their promoters. Specific criteria have been adopted by CMC for identification of such vanishing companies.
Share transfers: We all know the settled law that the Private Company can have restrictions in its Articles restricting the right of its shareholders in transferring the shares. There can not be any such restriction in the articles of Public Companies as it is expressly prohibited under law. The Private Company can refuse to register the transfer or transmission of shares on certain grounds and the scope of refusal of registration of transfer or acceptance of transfer are very limited in Public Companies as everybody knows.
Order No. 3/JS(FT&TR-II)/2010 In exercise of the powers conferred under section 144C of the Income-tax Act, 1961 read with Income-tax (Dispute Resolution Panel) Rules, 2009 issued through Notification No. 84/2009 [F.No. 142/22/2009-TPL]/S.O. 2958(E), dated 20-11-2009 and keeping in view the workload and efficient functioning of Dispute Resolution Panel (DRP) at Headquarters Delhi and Mumbai, the Board hereby directs that the following DRPs
Income Tax Act is a comprehensive as well as a complex enactment of fiscal Statutes of the country. With the passage of time it has undergone various changes keeping in view the socio economic needs of the society and the broader objective of rationalization of the taxation structure. In the process one Act has been completely replaced by another Act. In this article without going into the niceties of the statue, let us in few lines embark upon and make an effort to look into the genesis along with an approach and objectives of the presently operating tax laws.
