"10 November 2022" Archive

Applicability of GST on fees remitted to SEBI – Reg.

Circular No. SEBI/HO/DDHS/DDHS_Div1/P/CIR/2022/0000000152 10/11/2022

Applicability of GST on fees remitted to SEBI - Revision in Chapter - XX of Operational Circular for issue and listing of Non-convertible Securities,  Securitised Debt Instruments, Security Receipts, Municipal Debt Securities and  Commercial Paper...

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Certificates issued by Peer Review Board to Practice Units without end date

The Practice Units may note that the Peer Review Certificates issued by the Peer Review Board to Practicing Units (PUs) in the past till April 16, 2015 mentioned the date of issuance of certificate, however, the date till which the certificate is valid is not mentioned on the Certificate....

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Posted Under: SEBI |

IBBI penalises IP for conducting CIRP & Liquidation proceeding in a very casual & careless manner

Order No. IBBI/DC/139/2022 10/11/2022

From the aforesaid discussion, DC finds that Ms. Sonu Jain was conducting CIRP and Liquidation proceeding in a very casual and careless manner which is not at all expected from an Insolvency Professional. Ms. Jain was not only casual in keeping the records of the proceeding and submitting the same to IA, but she was […]...

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Notice not to be given to Personal Guarantor before appointment of IRP

Central Bank of India Vs Kothapatti Raju (NCLT Amaravati)

NCLT Amaravati held that no notice is required to be given to the Personal Guarantor at the stage of appointment of Interim Resolution Professional (IRP)....

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Posted Under: SEBI | |

Income Tax section 269SS Violation not dismisses prosecution u/s 138 of Negotiable Instruments Act

Harcharan Singh Vs Surender Singh (District Court)

District Court New Delhi held that the prosecution u/s 138 of Negotiable Instruments Act, 1881 cannot be dismissed or stalled for non-compliance of Section 269 SS of the Income Tax Act. Such violation may give rise to an independent criminal offence, but, the prosecution of the accused for the alleged dishonour of cheque u/s 138 NI Act do...

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Posted Under: SEBI | |

Committee of Creditors empowered to decided coverage of related party transaction during CIRP

Babubhai Shrimali Vs Committee of Creditors (NCLT Ahmedabad)

NCLT Ahmedabad held that Committee of Creditors (CoC) has power to take commercial decision to undertake or not to undertake related party transaction during CIPR of Corporate Debtors. If in commercial wisdom the CoC has rejected the resolution for payment of salary to the Applicants, the question of reversing the decision cannot be consi...

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Posted Under: SEBI | |

Entertaining PIL on mere allegation not justifiable: SC

State of Jharkhand Vs Shiv Shankar Sharma (Supreme Court of India)

Supreme court held that High Court cannot entertain Public Interest Litigations (PIL) which is based on mere allegations by the person who has not been able to fully satisfy his credentials....

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Detention order set aside for supply of illegible/ dim/ blank pages of RUDs

Ravi Chandra Mishra Vs Union of India (Delhi High Court)

Delhi High Court granted release from detention to detenu on the ground of supply of illegible/ dim/ blank pages of Relied Upon Documents (RUDs). Detention order set aside....

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GST as a Tax – Regressive, Progressive or Hybrid?

Based on a certain criteria, taxes are of two types – progressive and regressive. A progressive taxation means that as a person’s ability to pay tax keeps on increasing, he should be paying more taxes. The tax rates increase with every higher slabs of taxable income. In simple terms, a person with higher ability to […]...

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Posted Under: SEBI |

MEF Form due date extended till 15th November, 2022

Last date for submission of Multipurpose Empanelment Form MEF for year 2022-23 extended from 9th November 2022 to 15th November 2022....

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Posted Under: SEBI |

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