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Archive: 17 April 2021

Posts in 17 April 2021

IRDAI fines Bajaj Allianz General Insurance Company Ltd.

April 17, 2021 1113 Views 0 comment Print

The inspection, inter-alia, revealed that the insurer had been transacting motor insurance business through certain Automobile Dealers without appointing them as Motor Insurance Service Providers (MISP) to distribute and/ or service motor insurance policies. Based on the motor insurance premium register for the period 1st November, 2017 to 31st January, 2018, submitted by the insurer during the inspection, it was observed that the insurer had transacted the insurance business through automobile dealers who were not appointed as MISPs.

Retirement Planning: Five key milestones to check before you turn Fifty

April 17, 2021 1956 Views 0 comment Print

Retirement planning is not an easy task. It requires an organized approach to ensure that life post retirement for a person remains worry free for an individual. Since in our country, social security is conspicuous by absence for majority of people, it becomes very important for a person to prepare for retirement as early as […]

Insolvency Ordinance on Pre-packaged Deals – A Lifeline in Havoc

April 17, 2021 1809 Views 0 comment Print

The IBC region witnessed another IBC amendment ordinance 2021 that provides relief to the micro, small and medium enterprises.  Any default of one crore or less can be initiated under the pre-packaged process by the corporate debtor.

Annual Compliances For Private Limited Company

April 17, 2021 38892 Views 8 comments Print

As per Section 2(68) of Companies Act, 2013, “Private Company“ means a company having a minimum paid-up share capital as may be prescribed, and which by its articles: > restricts the right to transfer its shares; >  except in case of One Person Company, limits the number of its members to two hundred: Provided that […]

Bank of England: The economic position of United Kingdom in Q1, 2021

April 17, 2021 588 Views 0 comment Print

While browsing the website of the prestigious Bank of England, I happened to come to the following interesting study on the U.K. economy published by the Bank based on its 12 agents’ discussions with at least 700 businesses across the UK for the first quarter of 2021. The heads covered were consumer demand, business, and […]

Changes in Companies Audit and Accounts Rules 2014

April 17, 2021 1998 Views 0 comment Print

1. Changes in Companies (Audit and Auditors) Rule 2014: – The auditor’s report shall also include their views and comments on the following matters: > Whether the management has represented that, other than as disclosed in the notes to accounts, no funds have been advanced or loaned or invested (either from borrowed funds or share […]

E Commerce business operations in non essential items under Covid guidelines

April 17, 2021 765 Views 0 comment Print

Confederation of All India Traders has requested Minister of Commerce and Industry Shri Piyush Goyal to intervene & ensure that e-commerce companies are not allowed to deliver non-essentials in States where lockdown has been announced as same is Extremely important to maintain parity between online & offline trade. Confederation of all India Traders  Ref. No.: […]

Section 144 Assessment based on credit entries in bank- Draft Submission

April 17, 2021 9951 Views 0 comment Print

Looking only at the credit entries of the bank and assessment made u/s 144. The assessment framed is vague without looking at the complete bank of the assessee. This article contains the written submissions regarding how important it is looking at the complete material for reopening of assessment and assessment framed u/s 144 of the […]

Emergency Credit Line Guarantee Scheme (ECLGS)

April 17, 2021 84570 Views 32 comments Print

Detailed Guidelines & FAQs of Emergency Credit Line Guarantee Scheme for all Business Enterprises/MSME Institution borrowers with loans of up to Rs. 25 Cr. & annual turnover of up to Rs. 100 Cr. The Emergency Credit Line Guarantee Scheme (ECLGS) has been formulated as a specific response to the unprecedented situation caused by COVID-19 and […]

HC dismisses challenge to summon for preliminary hearing

April 17, 2021 549 Views 0 comment Print

Larsen & Toubro Limited Vs Senior Intelligence Officer (Madras High Court) The challenge to the summons itself is pre-mature, insofar as it only calls upon the addressees to appear before the officials for a preliminary hearing.  One cannot assume or hypothesize on what the purpose of the summons is and I am thus loathe to […]

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