"06 November 2019" Archive - Page 2

Guidance Note on Division III – Schedule III to Companies Act, 2013

Guidance Note on Division III to Schedule III to the Companies Act 2013 provides guidance on each of the items of the Balance Sheet & Statement of Profit and Loss. Few illustrations have also been included on application of the principles provided in the Guidance Note....

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Posted Under: Company Law |

Khadi gets separate unique HS code, export to get a boost

Khadi has once again come out of its customary veil, marking its presence in the exclusive HS code bracket, issued by the central government on 4th Nov’19 to categorize its products in export. In a long awaited move to make export of Khadi, exclusively categorized from the general league of textile products, the ministry of commerce an...

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Posted Under: Company Law |

MCACMS – AI based Compliance Monitoring System

Ministry of Corporate Affairs Compliance Monitoring System (MCACMS) is the newly introduced online Compliance tracing mechanism that works on Artificial Intelligence. This portal will catch non-compliance of any company automatically and send show-cause notices to the non-compliant companies/directors digitally. Such defaulting companies/...

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Posted Under: Company Law |

Repeal of VAT Act – Savings clause saves all rules, regulations, orders, notifications, etc

Magma Fincorp Limited Vs State of Maharashtra & Anr. (Bombay High Court)

Magma Fincorp Limited Vs State of Maharashtra & Anr. (Bombay High Court) Section 78 of Maharashtra Goods and Services Tax Related Laws (Amendments, Validation and Savings) Act, 2017, which saves Section 64 of Maharashtra Value Added Tax Act, 2002 is constitutionally valid. Bombay High Court has held that by virtue of Section 78 of Sta...

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RBI Report on Regulatory & Supervisory Framework for Core Investment Companies

Press Release: 2019-2020/1118-RBI 06/11/2019

A Core Investment Company (CIC) is a Non-Banking Financial Company (NBFC) which carries on the business of acquisition of shares and securities and holds not less than 90% of its net assets in the form of investment in equity shares, preference shares, bonds, debentures, debt or loans in group companies. Further investments in equity shar...

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 HC Sets Limitation Period For Preferring Appeal from a Decision of Family Court 

Kuldeep Yadav Vs  Anita Yadav (Rajasthan High Court)

We are inclined to follow the view taken by the Bombay High Court, which in any case, was also the view taken by this Court in Smt. Anita Chaudhary (supra). Since this appeal has been filed within 90 days which is prescribed period of limitation under Section 28(4) of the Act of 1955, the same is held to be within limitation....

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Safeguard investigation on imports of Single Mode Optical fibre

Case No. (SG) 05/2019 06/11/2019

Safeguard investigation concerning imports of Single Mode Optical fibre in to India - Preliminary Findings – Proceedings under Customs Tariff Act, 1975 and the Custom Tariff (identification and Assessment of Safeguard) Rules, 1997- Reg....

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SC orders IRP to complete CIRP concerning Jaypee Infratech within 90 days

Jaiprakash Associates Ltd & Anr. Vs IDBI Bank Ltd. & Anr. (Supreme Court of India)

We direct the Interim Resolution Professional (IRP) to complete the Corporate Insolvency Resolution Process (CIRP) within 90 days from today. In the first 45 days, it will be open to the IRP to invite revised resolution plan only from Suraksha Realty and NBCC respectively, who were the final bidders and had submitted resolution plan on th...

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Sluggishness of real estate sector needs to be addressed

Sluggishness of real estate sector needs to be addressed; Government is working with RBI to examine how existing laws can be tweaked to help the people who have been affected in the real estate sector: Finance Minister...

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Posted Under: Company Law |

No GST on membership/admission fees collected by Rotary Club

In re Rotary Club of Mumbai Queens Necklace (GST AAAR Maharashtra)

The Appellate Authority for Advance Ruling, hereby, hold that the amount collected as membership subscription and admission fees from members is not liable to GST as supply of services....

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