Corporate Law : Corporate insolvency resolution process (CIRP) can be commenced when a corporate debtor commits a default – section 4(1) of ...
Income Tax : Consider a situation where RST Limited was a loss making company. Ind ASs were adopted by this company from the year 2016-17. Sinc...
Income Tax : Issues that need to be addressed under clause (viib) of sub-section (2) of section 56: Cut off time to examine the status of Comp...
Company Law : The Supreme Court vide its Order on January 20, 2020, accepted the proposal of the Centre to take over the management control of e...
Finance : With an aim to create take off thrust for sale of ailing Air India, the Government on 27th January, 2020 (re)invited bids for a 10...
Business Enterprises and Government Departments are making increasing use of Information Technology to better manage their operations and offer value added services to their clients/ citizens. While this increasing deployment of IT has given immense benefits there have been increasing concerns on the efficiency and effectiveness of the massive investments made in IT,
As per the extant guidelines, Indian companies in the infrastructure sector, where infrastructure is as defined under the extant guidelines on External Commercial Borrowings (ECB), have been allowed to import capital goods by availing of short term credit (including buyers’/suppliers’ credit) in the nature of ‘bridge finance’, under the approval route, subject to the following conditions:
1. The Cabinet has approved the proposal of the Department of Industrial Policy & Promotion (DIPP) for permitting FDI in multi-brand retail trading, subject to specified conditions. The proposal had earlier been approved by the Cabinet in its meeting on 24-11-2011. However, implementation of the proposal had been deferred, for evolving a broader consensus on the subject.
CA Kamal Garg The Cabinet has vide PRESS RELEASE, DATED 14-9-2012, approved the proposal of the Department of Industrial Policy & Promotion for amendment of the existing policy on Foreign Direct Investment in Single-Brand Product Retail Trading. Vide Press Note 1 (2012 Series) dated 10-1-2012, Government had permitted FDI, up to 100%, in single brand product […]
The objective of the Guidance Note issued by ICAI is to provide guidance to the practitioners in certification of XBRL formatted statements in terms of the requirements of the Ministry’s General Circular No. 57/ 2011 dated July 28, 2011 read with MCA’s General Circular No. 43/2011 dated July 07, 2011. These Circulars require that besides signing by signatories as specified under section 215 of the Companies Act, 1956, the financial statements prepared in XBRL mode for filing on MCA-21 portal would also need to be certified by, inter alia, a Chartered Accountant. The financial statements referred here would mean the balance sheet, the profit and loss account, the cash flow statements and the related notes to account.
In very broad terms, audit risk is the risk of a material misstatement of a financial statement item that is or should be included in the audited financial statements of an entity. In this regard, a financial statement item includes any related notes to the financial statements.
Under the provisions of Section 299 of the Companies Act, 1956, every director of a company, whether directly or indirectly, who is concerned or interested in a contract or arrangement entered or to be entered, is required to disclose the nature of his concern or interest at the meeting of Board of Directors. A general notice given to the board under section 299(3) to the effect that he is a director or member of a specified body corporate or is a member of a specified firm and is to be regarded as concerned or interested in any contract or arrangement which after the date of notice, be entered into with the body corporate or firm, shall be deemed to be a sufficient disclosure.
XBRL (eXtensible Business Reporting Language) is a language for the electronic communication of business and financial data that has revolutionized business reporting around the world. Its major benefits include ease in preparation, analysis and communication of business information by the corporates. It offers cost savings, greater efficiency, improved accuracy as well as reliability to all those involved in supplying or using financial data. With increased coverage, it is hoped that the XBRL data thus collected would significantly enhance the Ministry’s capabilities in policy formulation and regulatory functions for advantage of corporates as well as public and investors at large.
(1) Overseas investments in Joint Ventures (JV) and Wholly Owned Subsidiaries (WOS) have been recognised as important avenues for promoting global business by Indian entrepreneurs. Joint Ventures are perceived as a medium of economic and business co-operation between India and other countries. Transfer of technology and skill, sharing of results of R&D, access to wider global market, promotion of brand image, generation of employment and utilisation of raw materials available in India and in the host country are other significant benefits arising out of such overseas investments.
1. Reporting of FDI for fresh issuance of shares: (i) Reporting of inflow:(a) The actual inflows on account of such issuance of shares shall be reported by the AD branch in the R-returns in the normal course.(b) An Indian company receiving investment from outside India for issuing shares / convertible debentures / preference shares under the FDI Scheme, should report the details of the amount of consideration to the Regional Office concerned of the Reserve Bank through it’s AD Category I bank, not later than 30 days from the date of receipt in the Advance Reporting Form. Noncompliance with the above provision would be reckoned as a contravention under FEMA, 1999 and could attract penal provisions.
