SEBI has issued comprehensive guidelines for the Investor Protection Fund (IPF) and Investor Services Fund (ISF) at Stock Exchanges and Depositories. The guidelines aim to enhance investor protection and improve the functioning of IPF and ISF. The guidelines cover various aspects such as the constitution and management of IPF, contribution to IPF by stock exchanges […]
MCA imposes penalty as company failed to circulate annual audited financial statements to its members directors statutory auditors before AGM
MCA imposes penalties on Draeger India Private Limited for violation of Section 118(2) of Companies Act, 2013 as company incorrectly mentioned in its meeting minutes that audited financial statements were adopted by members
CBDT issued Notification No. 33/2023-Income Tax on May 29, 2023. This notification introduces the e-Appeals Scheme, 2023 under the provisions of the Income-tax Act, 1961. The key points of the scheme are as follows: 1. The scheme is called the e-Appeals Scheme, 2023 and it comes into force from the date of its publication in […]
DGFT issued Notification No. 09/2023 dated 29th May, 2023. The notification pertains to an amendment in the policy conditions of SI.No. 55 and 57, Chapter 10 Schedule-2, ITC(HS) Export Policy, 2018. According to the notification, the Central Government has amended the existing entries of Chapter 10 at Sl. No. 55 and 57 related to the […]
The company failed to hold its 3rd board meeting within the prescribed time frame, with a delay of 45 days. The penalties imposed are as follows: Rs. 54,000 on the company, Rs. 50,000 on Mr. Kamal Bali (Managing Director), and Rs. 50,000 on Ms. Alka Mishra (Company Secretary).
Ministry of Corporate Affairs (MCA) in India has issued an adjudication order imposing penalties on auditors for their failure to comply with the provisions of Section 143 of the Companies Act, 2013. The penalties are imposed on the auditors of Strong Infracon Private Limited for non-disclosure of various key financial information in the company’s audit reports.
Strong Infracon Private Limited and Elite Realcon Private Limited were identified as violators of Section 134(5)(a) of the Companies Act, 2013, following an inspection conducted under Section 206(5) of the Act. These violations date back to the fiscal years 2010-11 to 2015-16. The penalty imposed amounts to a total of INR 400,000, distributed between the […]
Ministry of Finance introduced ‘Vivad se Vishwas II (Contractual Disputes)’ scheme to settle pending contractual disputes. The scheme applies to disputes involving the Government of India, autonomous bodies, public sector banks, public sector financial institutions, central public sector enterprises, and certain other organizations. The settlement amount is determined based on the type of dispute, and […]
CBDT issued Notification No. 32/2023- Income Tax on May 29, 2023. This notification introduces the Income-tax (Sixth Amendment) Rules, 2023, which further amend the Income-tax Rules, 1962. The key changes made by these rules are as follows: Rule 45: The words “Commissioner (Appeals)” in the marginal heading and sub-rule (1) are replaced with “Joint Commissioner […]
