"09 September 2020" Archive

Factoring Regulation (Amendment) Bill, 2020 passed by Parliament

Bill No. 115 of 2020 09/09/2020

Lok Sabha has passed The Factoring Regulation (Amendment) Bill, 2020 on 26th July 2021 and bill was further passed by Rajys Sabha on 28th July 2021. The Factoring Regulation (Amendment) Bill, 2020 was introduced in Lok Sabha on September 14, 2020. Bill was than referred to Standing Committee who has given its report on 3rd […]...

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HC explains when effect of Section 83 of CGST Act comes to an end

UFV India Global Education Vs. Union of India (Punjab & Haryana High Court)

UFV India Global Education Vs. Union of India (Punjab & Haryana High Court) The bare reading of Section 83 of the Act would show that the Commissioner has to form an opinion that for the purpose of protecting the interest of the Government revenue, it is necessary to provisionally attach either the property or the […]...

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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: Corporate 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: Corporate 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: Corporate 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: Corporate 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: Corporate Law |

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