"28 February 2020" Archive

Differences Between CARO 2020 and CARO 2016

Companies (Auditor’s Report) Order, 2020 (CARO 2020) v/s Companies (Auditor’s Report) Order, 2016 (CARO 2016) Salient Differences Between Companies (Auditor’s Report) Order, 2020 & Companies (Auditor’s Report) Order, 2016 :- Clause Companies (Auditor’s Report) Order, 2020 Companies (Auditor’s Report) Order, 2016 (i...

Read More
Posted Under: Company Law |

Format of reply to Notices for Interest on Gross GST Liability

Kindly note that we have been issued a demand notice stating that there was a delay in filing of GSTR 3B for the period of July’2017 to Dec’2019 and accordingly we are liable to pay interest under section 50 of the CGST Act, 2017....

Read More
Posted Under: Company Law |

Recent Development in respect of Independent Director

Ministry of Corporate Affairs amended the Companies (Appointment and Qualification of Directors) Rules, 2014. As per the amended Rule 6(1) every individual who has been appointed as an independent director in a company, on the date of commencement of the Companies (Appointment and Qualification of Directors) Fifth Amendment Rules, 2019, s...

Read More
Posted Under: Company Law |

Whether NCLT Moratorium Order covers pending GST proceedings

National Plywood Industries Ltd. Vs Union of India And Anr. (Gauhati High Court)

National Plywood Industries Ltd. Vs Union of India And Anr. (Gauhati High Court) In the given case the issue under consideration is whether the order of moratorium of the National Company Law Tribunal also covers the proceeding pending before the GST authorities under the GST Act 2017? The Hon’ble National Company Law Tribunal, Guwahati...

Read More

Loan Waiver due to one time settlement cannot be termed as revenue receipt

PCIT Vs Vibhadeep Investment & Trading Ltd. (Bombay High Court)

In the given case, Revenue has challenged the order passed by the ITAT. Here issue under consideration is that, whether, waiver off loan on account by the lender on account of one time settlement of loan can be termed as revenue receipt or not?...

Read More

Draft Format of Co-Working Membership Agreement

SAMPLE CO-WORKING MEMBERSHIP AGREEMENT 1. General In consideration for the mutual benefits exchanged by the The Pillar (the ‘Company’) and the undersigned (‘You’, the ‘Member’, collectively the ‘Parties’), the Parties hereby agree, warrant, consent and covenant to the following terms, condit...

Read More
Posted Under: Company Law |

Implementation of Customs automated clearance on All-India basis

Circular No. 15/2020-Customs (28/02/2020)

It has now been decided to extend the facility of automated clearance of Bills of Entry to all customs formations where the Customs EDI system is operational, with effect from 05.03.2020....

Read More

Companies (Appointment and Qualification of Directors) Amendment Rules, 2020

Notification No. G.S.R. 145(E) (28/02/2020)

Companies (Appointment and Qualification of Directors) Amendment Rules, 2020. Provided that an individual shall not be required to pass the online proficiency self-assessment test, when he has served as a director or key managerial personnel, for a total period of not less than ten years, as on the date of inclusion of his name in the dat...

Read More

Govt extends term of appointment of SEBI Chairman Ajay Tyagi

Notification No. S.O. 911(E) (28/02/2020)

Central Government hereby extends the term of appointment of Shri Ajay Tyagi as Chairman of the Securities and Exchange Board of India for a period of six months beyond 29.02.2020 or until further orders, whichever is earlier....

Read More

Much-awaited SBI Cards IPO to open on March 02; here’s everything you need to know

Payment solutions provider SBI Cards and Payments Services Ltd., a subsidiary of India’s largest public lender State Bank of India (SBI), is set to launch its Rs10,352cr IPO on March 02, 2020. The much-awaited SBI Cards IPO will be open for four days, unlike most other IPOs that usually remain open for 3 days. What’s […]...

Read More
Posted Under: Company Law |