Specific disclosures are required under the SEBI LODR Regulations in certain matters such as delay / default in payment of interest / principal on debt securities such as Non-Convertible Debt (NCDs), Non-Convertible Redeemable Preference Shares (NCRPS) etc. It has been observed that similar disclosures are generally not made by listed entities with respect to loans from banks and financial institutions.
Deepak Petrochem Ltd. Vs DCIT (ITAT Ahmedabad) Brief facts of the case are that the assessee has filed its return of income on 30.10.2002 declaring total loss at Rs.29,31,379/-. The case of the assessee was selected for scrutiny assessment and notice under section 143(2) was issued and served upon the assessee. On scrutiny of the […]
Residents are taxed on worldwide income and non-residents are taxed only on income sourced in India. Companies are treated as residents on satisfying either of the conditions: (a) incorporation in India (b) Place of Effective Management (‘POEM’) is in India. Accordingly, a company incorporated outside India and having its POEM outside India is considered as a non-resident.
Goods and Services Tax (GST) law has completed two years in our Country and entered into third year. Since very beginning there was a demand from various sectors to make this law simple and easy. Though Govt., from time to time made efforts for simplification of this law. But it is a matter of great […]
The Companies which are Listed on the Stock Exchange(s) has required to be comply with the various SEBI Regulations. In this Article we will discuss about the Quarterly/Half Yearly/Annually and General Compliance under the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, Securities and Exchange Board of India (Substantial Acquisition […]
MCA has notified the Companies (Meetings of Board and its Powers) Second Amendment Rules, 2019 vide notification dated 18th November, 2019 amended the criteria under which approval of shareholders are required for entering into related party transaction under Rule 15 of Companies (Meetings of Board and its Powers) Rules, 2014, namely:- 1. In sub-clauses (i) […]
In the present policy, the physical exports wherein goods move out of India are eligible for drawback and MEIS benefits. The deemed exports such as removal of goods to advance license holders / EOUs are eligible for duty drawback, refund of terminal excise duty for specified excisable goods and for advance license on annual basis.
Insolvency and Bankruptcy Code, 2016 contains an enabling provision under Section 227 wherein the insolvency and liquidation process of Financial Service Providers (FSPs) can be initiated. But until 14.11.2019, no FSPs were notified and no mechanism or procedure was provided under the Code in this regard.
You may perhaps be aware that the GST Council in its meeting held on 20.09.2019 at Goa recommended that in the case of registered persons other than body corporate (e.g. proprietorship, HUF or partnership firm) engaged in renting of vehicles and paying 5% GST (without availing ITC), GST should be paid by the recipient of […]
The Insolvency and Bankruptcy Code, 2016 (hereinafter known as the IBC or Code) has been establishing a knowledge-based approach in the Indian legal system. Moreover, since implication, it has also created a practical approach towards the inter-pretational and applicability of various provisions stipulated under the Code. In this article, we shall be discussing Section 5(8) of the Code, which […]
