"November, 2019" Archive

Highlights on Company Law Committee Report dated 18th Nov 2019

In Chapter 1 of its Report, CLC has recommended amendments to 46 more provisions , detailed below under CA 2013 to reduce or remove criminality and de-clog the criminal justice system by retention of status quo in case of non –compoundable offences. CLC has adopted a principle based approach to further remove criminality, in case of def...

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Posted Under: Company Law |

Indian Visa Requirements for Japanese Nationals

Under Indian law, the legal rights and the restrictions imposed on Japanese nationals depend on whether they are categorized as residents or non-residents. Entry into India generally requires a valid visa granted by an Indian Mission (that is, consulate of the Indian embassy) abroad. Furthermore, foreign nationals who enter India must reg...

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Posted Under: Company Law |

Amendment on Criteria of Related Party Transaction on 18.11.2019

Amendment in Criteria of threshold limits for  Related Party Transactions (RPT) vide Companies (Meetings of Board and its Powers) Second Amendment Rules, 2019 On 18th November,2019 Ministry of Corporate Affairs (MCA) had notified amendment in the Companies (Meeting of Board and its Powers) Rules, 2014 and amended criteria for Related Par...

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Posted Under: Company Law |

20% ITC Restriction under Rule 36(4) of CGST Rules, 2017

Clarification regarding New Rule 36(4) of CGST Rules, 2017, Restriction in Availment of  Input Tax Credit (ITC) Circular No. 123/42/2019– GST, Dt. 11 Nov 2019 This being a new provision, the restriction is not imposed through the common portal and it is the responsibility of the taxpayer that credit is availed in terms of the […...

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Incorrect Data in certain IECs

The Director General of Foreign Trade (DGFT) has recently issued a Trade Notice No. 38/2019-20 dated 19 November 2019 to highlight Incorrect Data in certain IECs (Import Export Code number). Please find below synopsis of Trade notice for your reference: On analysis of the DGFT IEC database, it has been observed that there are certain d...

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Posted Under: Company Law |

Mere admitted liability not enough to invoke Section 79 provision of CGST Act

M/s V.N. Mehta & Company Vs Assistant Commissioner (Madras High Court)

GST - Section 79- whether mere admitted liability is enough for invoking the provision under Section 79 of CGST Act - validity of recovery proceedings in the absence of assessment - term amount payable by a person - initiation of proceeding for provisional attachment -...

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Single member cannot pass order on matter heard by two Members: NCLAT

Raj Singh Gehlot, Director of Ambience Pvt. Ltd. Vs Vistra ITCL (India) Ltd. & Anr.(NCLAT, Delhi)

The order of ‘admission’ is challenged on the ground that the matter having been heard by two Hon’ble Members and the final order could not have been passed by Hon’ble Member (Judicial)....

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Posted Under: Company Law | |

Compulsory Registration of MFD (Printer Cum Scanner etc) for Import- HC allowed release of goods

M/s Genuine Copier Systems Vs Union of India and Ors. (Punjab and Haryana High Court)

The issue in these writ petitions is whether multi-function devices (MFDs) are covered under the term 'printers'. This dispute has arisen in view of the document Annexure P-12 by a clarification which was issued by way of Circular No.1 of 2019 dated 2.5.2019 as per which it was 'clarified' that multi-function devices which are basically p...

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HC takes note of Huge Pendency at CESTAT Chandigarh due to non availability of Member Technical

M/s S.K. Enterprises Vs. Union of India & Ors. (Punjab and Haryana High Court)

We request the learned President of CESTAT, Principal Bench, New Delhi to initiate some remedial measures by deputing a Member Technical for atleast two weeks during a month to hold Court at Chandigarh Bench so that the Divisional Bench, CESTAT, Chandigarh Bench can function for reducing the pendency....

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Officer who is in default | Section 2(60) | Companies Act, 2013

Section 2(60) of the Companies Act defines 'Officer who is in default' and it mentions officers such as whole-time director, KMP, directors, etc. who shall be liable to any penalty or punishment in case of default committed by the company under the Companies Act, 2013....

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Posted Under: Company Law |