"27 July 2010" Archive

Takeover Regulations — Proposed Makeover

The Takeover Advisory Committee has proposed to replace the Securities Exchange Board of India ("SEBI") (Substantial acquisition of shares and takeovers) Regulations, 1997 ("Takeover Code") in line with international standards and changing economic environment. The Committee constituted vide SEBI order dated 4 September, 2009, under the C...

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Posted Under: SEBI | ,

Arbitration and Conciliation Act applies to non-commercial disputes also

The Supreme Court has stated that the Arbitration and Conciliation Act would apply to all civil disputes, and not merely to commercial disputes. It set aside the view of the Karnataka high court in the case, H Srinivas Pai vs H V Pai, in which the high court remarked that the law will apply only to “commercial agreement matters and inte...

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Posted Under: SEBI |

Default u/s 194C does not result in s. 40(a)(ia) disallowance if TDS paid before due date of filing ROI

Bapushaeb Nanasaheb Dhumal Vs. ACIT (ITAT Mumbai)

The assessee made payments to sub-contractors during the previous year and though s. 194C requires TDS at the stage of payment/credit, did not do so. The tax was, however, deducted on 31st March and paid over in Sept before the due date for filing the return. The AO took the view that while the payment made to the sub-contractor for March...

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ICAI Discontinues CA Final Examination under the old syllabus

Students are hereby informed that the CA Final (Old) Course shall be discontinued with the holding of the November, 2010 examination. In other words, November, 2010 examination will be the last attempt available to Final (Old) students and no further extension shall be granted under any circumstances. Final (Old) syllabus students shall ...

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Posted Under: SEBI |

Kapil Sibal unveils prototype for $35 touch-screen computer

Here we go again! India's Human Resource Development Minister Kapil Sibal has "launched" a $35 computer, evidently a "dream project" of his. The touch-screen, Linux-based device looks iPad-inspired, but we know little about how it works....

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Posted Under: SEBI |

CAG report suggests Massive tax evasion may upset GST rollout

While the government is lobbying hard with Opposition parties to implement Goods and Services Tax (GST) from April next year, a study carried out to assess the current tax base in states and the compliance level could upset its gameplan. The study revealed rampant evasion to the extent of 50% in half of the 23 states where tax audits were...

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Posted Under: SEBI |

Loan facilities to the physically/visually challenged by NBFCs

Notification No. DNBS.CC.PD.No. 191 /03.10.01/2010-11 (27/07/2010)

NBFCs are therefore advised that there shall be no discrimination in extending products and facilities including loan facilities to the physically / visually challenged applicants on grounds of disability. NBFCs may also advise their branches to render all possible assistance to such persons for availing of the various business facilities...

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SEBI mulls separate days for retail and institutional investors

As part of efforts to attract more retail investors to the stock market, Sebi is considering a proposal wherein the institutional investors would be first asked to submit their bids, possibly in the first two days, and then the remaining two days would be open only for retail investors, provided the IPO is open for four days....

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Posted Under: SEBI | ,

Mutual Funds resist SEBI proposal of same charges for small, big investors

Mutual fund houses are strongly resisting a proposal from market regulator SEBI for treating small investors at par with large institutional ones in terms of various charges, such as exit-loads, with the argument that retail investors are costlier to service....

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Posted Under: SEBI | ,

Bombay High Court Rules Overdraft facility can’t be attached for tax recovery

The taxman does not have claim over the bank overdraft facility of a defaulter since the lender does not owe money, but has promised a loan for business, the Bombay High Court has ruled. By taking an overdraft facility, a taxpayer becomes a debtor to the bank and hence, no authority has the right to attach overdraft facility for recoverin...

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Posted Under: SEBI |