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Archive: 20 December 2011

Posts in 20 December 2011

Companies eligible for shifting from Trade for Trade Settlement (TFTS) to normal Rolling Settlement – SEBI CIR/MRD/DP/14/2011

December 20, 2011 457 Views 0 comment Print

It is observed from the information provided by the depositories that the companies listed in Annexure ‘A’ have established connectivity with both the depositories. Towa Sokki Limited, Atreya Petrochem Limited, The Chemo-Pharma Laboratories Limited, Associated Fin Lease Limited, Hindoostan Mills Limited, Naisargik Agritech (India) Limited, Asianlak Capital And Finance Limited, Thyrocare Laboratories Limited, Moryo Industries Limited, Vivo Bio Tech Limited

Empowering MSMEs for Financial Inclusion and Growth – Issues and Strategies

December 20, 2011 666 Views 0 comment Print

The recent past has been a challenging time for the banking sector in India. You, along with the entrepreneurs, have coped well with these challenges and have emerged stronger from a difficult phase. While the banking sector has responded well so far, there are several challenges that lie ahead. Our banking system needs to equip itself to deal with emerging challenges and be prepared to cash in on the opportunities unleashed by higher growth. In dealing with the needs of small and medium enterprises, banks have to look for new delivery mechanisms.

Late Fees for XBRL returns filed after 31.12.2011 to be calculated from original due date of filing

December 20, 2011 2575 Views 0 comment Print

You are aware that a select class of companies have to file their financial statements for financial year 2010-11 using eXtensible Business Reporting Language (XBRL) vide Companies (Filing of Documents and Forms in eXtensible Business Reporting Language) Rules, 2011. Owing to fervent requests from stakeholders, last date of XBRL filings by a company have been extended up to 31.12.2011 or within 60 days from its due date of filing, whichever is later, without any additional fees vide the Ministry’s Circular No. 69/2011 dated 30.11.2011. Please note that companies filing after expiry of this extended timeline would be charged additional fee as per their normal 23AC and 23ACA filings. i.e., late fee for such companies would be calculated with effect from original due date of filing.

Search without satisfaction of ingredients of S. 132(1) is illegal and consequently Notice action U/s. 153A of the Act is also bad in law

December 20, 2011 2156 Views 0 comment Print

Spacewood Furnishers Pvt. Ltd. Vs. DGIT (Investigation)- Bombay HC – The mode and manner in which all these notes are prepared, show the absence of any relevant material with authorities which would have enabled them to have ‘a reason to believe’ that action under Section 132(1) of the Act was essential. No new material as such has been disclosed anywhere. No document or report of alleged discreet inquiry forms part of these notes.

Enforcement Mechanism Against Corporate Frauds

December 20, 2011 1060 Views 0 comment Print

Though fraud is not explicitly defined in the existing Companies Act there are offences in IPC which include aspects relating to fraud. Frauds of various types like falsification of financial statements through overstatement of assets/ understatement of liabilities, diversion of funds in Project financing, over/under invoicing and capital market, including criminal breach of trust, misappropriation of funds/assets etc. under the IPC have been reported by the SFIO in various cases investigated by it and cases against such companies are being pursued before the concerned courts, under provisions of relevant Act.

In the absence of valid comparable data furnished by the assessee, the use of comparables comparable controlled transactions for the purposes of benchmarking controlled transactions is permissible

December 20, 2011 1610 Views 0 comment Print

Bayer Material Science Private Limited v. ACIT (ITAT Mumbai) – The non segregation of the trading and indenting activity, inadequacy noticed by the Tribunal of the split-up between the said activities, non furnishing of comparable data by the assessee to validate the application of TNMM to indenting activities, ultimately led the Tribunal in the absence of valid comparable data, to allow the use of comparables controlled transactions for the purposes of benchmarking.

MCA invites Comments/Suggestions for future XBRL Implementation

December 20, 2011 627 Views 0 comment Print

A committee has been formed by MCA to develop the roadmap for future implementation of XBRL. The committee has its Terms of References as under: A. Identification of class of companies and various reports to be filed in XBRL in Phase-wise manner. B. Development of Taxonomies to be used by Corporates for their regulatory filings to government agencies.

New Look Companies Legislation to Come

December 20, 2011 594 Views 0 comment Print

The Indian Companies Act of 1956, the largest price of legislation of the world with over 700 sections is going to be a history soon. A new Companies Bill with over 400 sections has been very recently introduced in both houses of the Parliament. This Companies Bill, 2011 when enacted (likely to be in next session) shall become Companies Act, 2012, thus replacing 55 year old legislation, most of the provisions of which had in today’s business environment become redundant or purposeless, given the liberalized and global economic scenario.

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