Company Law - As I have already discussed the provisions relating to Debentures in my earlier article series. In this article I will share the complete process of issue of debenture under Companies Act 2013. Work required to done before calling of Meeting: Identify the person to whom you will issue Debentures. Prepare the list of such persons t...
Read MoreCompany Law - कम्पनीज एक्ट 2013 में सिक्योरिटीज इशू करने के उपर बहुत सारे बदलाव किये गए है, अब यदि एक प्राइवेट लिमिटेड कंपनी भी सिक्योरिटीज इशू कर...
Read MoreCompany Law - Under Section 81 (1A) of the Companies Act, a public company may make a preferential allotment of shares only by passing a special resolution in a general meeting. On 24 May 2011 the Ministry of Corporate Affairs has issued a new set of draft rules [Unlisted Public Companies (Preferential Allotment) Rules, 2011] to replace the Unlisted P...
Read MoreCompany Law - Interest paid on funds borrowed for acquiring controlling stake in a company will not be exempt from tax. The Income Tax Appellate Tribunal (ITAT) has ruled that such expenditure for investing in shares of a company cannot be exempted, since it has not been incurred ‘wholly and exclusively’ for the purpose of earning dividend income....
Read MoreCompany Law - A bill enabling the State Bank of India (SBI) to split its shares and issue bonus shares may be placed in the current winter session of Parliament. Besides, the amendments to the State Bank of India Act, 1955, envisage the preferential or private placement of shares. The SBI (Amendment) Bill also proposes to allow India’s No. 1 bank to ...
Read MorePanatone Finvest Ltd. (ITAT Mumbai) - The Taxpayer incurred interest expenditure on the funds borrowed for investing in shares of a company, with a view to acquire controlling interest. The ITAT held that the interest expenditure incurred is not allowable under Section 57(iii)(Section) of the Indian Tax Law (ITL), since it is not incurr...
Read MoreF.No. 12/13/2011-Legal - (24/05/2011) - In exercise of the powers conferred by sub Section (1-A) of Section 81 of the Companies Act 1956 read with Section 642 of the said Act, the Central Government hereby makes the following rules in supersession of unlisted Public companies (Preferential Allotment) Rules, 2003. 1. Short Title and Commen...
Read More
F.No. 12/13/2011-Legal - (24/05/2011) -
Panatone Finvest Ltd. (ITAT Mumbai) -