"09 September 2020" Archive

AGM due date extension by ROC in few States, will others follow

ROC, NCT of Delhi & Haryana Extends AGM & Annual Accounts Laying Date for Delhi &Haryana based Companies by Three Months from the Due Date of 30.9.2020. Will Other States Follow? By virtue of the provisions of first proviso to section 96(1) of the Companies Act, 2013, every Indian Company is required to hold an […]...

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Posted Under: Company Law |

Analysis of Section 169 to 174 of CGST ACT 2017

Article analyses Section 168- Power to issue instructions or directions, Section 169- Service of notice in certain circumstances, Section 170- Rounding off of tax, etc., Section 171- Anti-profiteering measure, Section 172- Removal of difficulties, Section 173- Amendment of Act 32 of 1994 and Section 174- Repeal and Saving....

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Posted Under: Company Law |

Re-lodgement of Transfer Requests of Shares

Press Release No. 45/2020 (09/09/2020)

It has been decided to fix March 31, 2021 as the cut-off date for re-lodgement of transfer deeds. Further, the shares that are re-lodged for transfer (including those request that are pending with the listed company / RTA, as on date) shall henceforth be issued only in demat mode....

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Operating Guidelines for Portfolio Managers in IFSC

Circular No. SEBI/HO/IMD/DF1/CIR/P/2020/169 (09/09/2020)

Based on the representations received from various stakeholders, it has been decided to put in place ‘Operating Guidelines for Portfolio Managers in IFSC’. The same is annexed herewith....

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SEBI automates disclosures under PIT Regulations for members of promoter group

Circular No. SEBI/HO/ISD/ISD/CIR/P/2020/168 (09/09/2020)

It has now been decided to implement the system driven disclosures for member(s) of promoter group and designated person(s) in addition to the promoter(s) and director(s) of company (hereinafter collectively referred to as entities) under Regulation 7(2) of PIT Regulations....

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Illustrations to Understand Significant Beneficial Ownership (Part 3 of 3)

This article is in continuation of my previous articles on Significant Beneficial Ownership which explains about this new concept. Significant Beneficial Ownership (Part 1 of 3) Significant Beneficial Ownership (Part 2 of 3) Below are some illustrations for better understanding of this new concept: Where Member is a Body Corporate: 1. A i...

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Posted Under: Company Law |

Significant Beneficial Ownership (Part 2 of 3)

Rule 3(2) of SBO Rules provide that every individual, who subsequently becomes a SBO, or where his significant beneficial ownership undergoes any change shall file a declaration in Form No. BEN-1 to the Reporting Company, within thirty days of acquiring such significant beneficial ownership or any change therein....

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Posted Under: Company Law |

Significant Beneficial Ownership (Part 1 of 3)

The concept of Significant Beneficial Ownership brought by the Ministry of Corporate Affairs (MCA) to identify those individuals who indirectly control or exercise significant shareholding in the Company through layers of artificial entities like Company’s or LLP’s....

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Posted Under: Company Law |

Pathetic work on scrutiny of GST returns

File No.GEXCOM/VIG/MISC/114/2020-O/o COMMR-CGST-GANDHINAGAR (09/09/2020)

As of now, more than 3 months have been passed and number of returns scrutinised by your superintendents are hopeless. Incidences have also come to my notice where the officers were making nuisance excuses to avoid the work. Now it’s time to fix all such useless elements....

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ITR-V, -Time Limit to submit & what if not submitted in time

What is an ITR-V? ITR-V stands for ‘Income Tax Return – Verification’ form. This form is received when you e-file without using a digital signature. Income Tax Department needs to verify the authenticity of income tax return when filed online without using a digital signature. On receipt of ITR-V you have to sign the co...

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