Vinod Kothari & Company

Concurrence of Pledgee Sufficient For Creating Pledge

SEBI - The Securities and Exchange Board of India (SEBI) vide its notification dated July 25th, 2017 has come up with SEBI (Depositories and Participants) (Second Amendment) Regulations, 2017 (hereinafter referred to as “DP Second Amendment Regulations, 2017) substituting sub-regulation (3) of regulation 58 of the SEBI (Depositories and Partic...

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SEBI allows Category III AIFs to invest in commodities market

SEBI - Alternate Investment Funds (AIFs) are privately pooled investment funds, incorporated in India, in the form of a trust, company, LLP or body corporate not covered under any other regulations prescribed by SEBI. These funds are governed by Securities and Exchange Board of India (Alternative Investment Funds) Regulations, 2012[1]....

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MCA continues to shower relaxations on private companies

SEBI - MCA vide notification dated 22nd June, 2017 issued Companies (Audit and Auditors) Second Amendment Rules, 2017, effective immediately from the above date. The Rules are meant to further amend the Companies (Audit and Auditors) Rules, 2014. The amendment pertains to corresponding rule for Section 139(2), regarding rotation of auditors in t...

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GST implications for sale of repossessed assets

SEBI - Lending is always to good borrowers but often the good borrowers become bad borrowers. Thus, the business of lending brings with it the trouble of enforcement of security interests as well. The repossession of the collateral asset and eventual sale for recovery of the losses due to default are a common phenomenon in lending business. This...

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Tax Provisions for Housing Finance Companies (HFCs)

SEBI - The Income Tax Act, 1961 does not contain specific provisions relating to Housing Finance Companies (HFCs). Thus, all the general provisions for computation of income shall apply to HFCs. It can also be established that as the main source of income of HFCs is interest, income will be computed under section 28 to 43 of the Income Tax Act, ...

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Principle of imposition of minimum penalty is non-mandatory in compounding of offenses cases: NCLT

Re. M/S UW International Training & Education Centre for Health Pvt. Ltd. (NCLT Delhi) - NCLT held that the principle of imposition of minimum penalty is non-mandatory in compounding of offenses cases, it is necessary to define and understand offense. The term offence has been defined by s 3(38) of General Clauses Act, as any act or omission made punishable by any law for the time being...

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Liability of Directors for Events Taken Place Before Appointment- SAT Ruling

Mr. Nimain Charan Biswal (Securities And Exchange Board Of India) - In one of the recent rulings of the SAT, Mumbai, the interim order passed by SEBI in the matter of Neesa Technologies Limited(Company) has been quashed qua one of the directors i.e. Mr. Nimain Charan Biswal who had joined and resigned from the directorship of the Company before the issuance of Non-c...

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SEBI considers amending SEBI (ICDR) Regulations to align with FEMA Regulations

RBI/2014-15/123 A.P.(DIR Series) Circular No. 3 - (21/01/2015) - Securities and Exchange Board of India (hereinafter known as SEBI) in its Board Meeting held on 21st January, 2015 has approved proposal to carry out some amendments in SEBI (ICDR) Regulations, 2009 ( Regulations, 2009) with FEMA Act so as to harmonize the norms on receipt of upfront payment and ten...

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Recent Posts in "Vinod Kothari & Company"

Concurrence of Pledgee Sufficient For Creating Pledge

The Securities and Exchange Board of India (SEBI) vide its notification dated July 25th, 2017 has come up with SEBI (Depositories and Participants) (Second Amendment) Regulations, 2017 (hereinafter referred to as “DP Second Amendment Regulations, 2017) substituting sub-regulation (3) of regulation 58 of the SEBI (Depositories and Partic...

Read More
Posted Under: Company Law |

SEBI allows Category III AIFs to invest in commodities market

Alternate Investment Funds (AIFs) are privately pooled investment funds, incorporated in India, in the form of a trust, company, LLP or body corporate not covered under any other regulations prescribed by SEBI. These funds are governed by Securities and Exchange Board of India (Alternative Investment Funds) Regulations, 2012[1]....

Read More
Posted Under: Company Law |

MCA continues to shower relaxations on private companies

MCA vide notification dated 22nd June, 2017 issued Companies (Audit and Auditors) Second Amendment Rules, 2017, effective immediately from the above date. The Rules are meant to further amend the Companies (Audit and Auditors) Rules, 2014. The amendment pertains to corresponding rule for Section 139(2), regarding rotation of auditors in t...

Read More
Posted Under: Company Law |

Principle of imposition of minimum penalty is non-mandatory in compounding of offenses cases: NCLT

Re. M/S UW International Training & Education Centre for Health Pvt. Ltd. (NCLT Delhi)

NCLT held that the principle of imposition of minimum penalty is non-mandatory in compounding of offenses cases, it is necessary to define and understand offense. The term offence has been defined by s 3(38) of General Clauses Act, as any act or omission made punishable by any law for the time being in force....

Read More
Posted Under: Company Law |

GST implications for sale of repossessed assets

Lending is always to good borrowers but often the good borrowers become bad borrowers. Thus, the business of lending brings with it the trouble of enforcement of security interests as well. The repossession of the collateral asset and eventual sale for recovery of the losses due to default are a common phenomenon in lending business. This...

Read More
Posted Under: Company Law |

Tax Provisions for Housing Finance Companies (HFCs)

The Income Tax Act, 1961 does not contain specific provisions relating to Housing Finance Companies (HFCs). Thus, all the general provisions for computation of income shall apply to HFCs. It can also be established that as the main source of income of HFCs is interest, income will be computed under section 28 to 43 of the Income Tax Act, ...

Read More
Posted Under: Company Law |

Analysis of recent Exemption notification for Section 8 Company

Section 149(1) of the Act, 2013- Every company shall have a Board of Directors consisting of individuals as directors and shall have- a minimum number of three directors in the case of a public company, two directors in the case of a private company, and one director in the case of a One Person Company; and a maximum of fifteen directors...

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Posted Under: Company Law |

MCA favorably revisits exemption notification relating to private companies

The proviso to section 2(40) of Act, 2013 has been substituted to provide exemption from furnishing cash flow statement by such private companies that are recognized as start-up in accordance with DIPP notification....

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Posted Under: Company Law |

Beneficial Interest and the concept of property

Through this article, we try and understand a very interesting question of whether beneficial interest can be considered a property. To get a better insight, we first need to understand the concept of beneficial interest in law and what amounts to property....

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Posted Under: Company Law |

Analysis of IBC (Removal of Difficulties) Order 2017

The Government on 24th May 2017 released the Insolvency and Bankruptcy Code (Removal of Difficulties) Order, 2017 making additions in the Eighth Schedule of the Code, which originally amends the Sick Industrial Companies (Special Provisions) Repeal Act, 2003 (SICA), in order to clarify the matter in view of the repeal of the Sick Industri...

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Posted Under: Company Law |
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