{"id":427,"date":"2015-11-02T07:09:05","date_gmt":"2015-11-02T07:09:05","guid":{"rendered":"http:\/\/caindelhiindia.com\/blog\/?p=427"},"modified":"2021-07-07T13:14:49","modified_gmt":"2021-07-07T13:14:49","slug":"corporate-bulletins-for-the-month-of-nov-2015","status":"publish","type":"post","link":"https:\/\/www.caindelhiindia.com\/blog\/corporate-bulletins-for-the-month-of-nov-2015\/","title":{"rendered":"CORPORATE BULLETINS FOR THE MONTH OF OCT 2015"},"content":{"rendered":"

CORPORATE BULLETINS FOR THE MONTH OF OCT 2015<\/strong><\/p>\n

\u00a0<\/strong>Direct Tax<\/strong><\/p>\n

\u00a0CBDT asks AOs to compare tax returns of mining Cos with annual returns to ascertain suppressed stock<\/strong><\/p>\n

\u00a0The assessees engaged in the business of mining are required to file a Annual Return with Indian Bureau of Mines (‘IBM’)(Form H-1 in case of Iron Ore mining and Form H-2 to H-8 in case of mining in other Ores). 2. Follow-up enquiries, in regard to some of the companies which find mention in the report of the Justice M.B. Shah Commission of Enquiry, which was constituted by the Government to probe illegal Iron and Manganese Ore mining, shows that in some cases there were significant\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0[\u2026.] Read more at:<\/p>\n

\u00a0E-biz launches composite application form for PAN, TAN, DIN and incorporation of company<\/strong><\/p>\n

\u00a0This joined up service enables the applicant to fill a common form for ‘MCA-COI, CBDT-PAN, TAN, MoLE- ESIC and EPFO’ services and the same is then routed sequentially to the respective department for processing. While applying for these services, eBiz reference number is generated which is used by the applicant for further tracking of application. Once the incorporation forms (INC-7, DIR-12 and INC 22) are sent to MCA, the Registrar of companies issues a certificate of incorporation (CO\u00a0\u00a0\u00a0[\u2026.] Read more at:<\/p>\n

\u00a0https:\/\/www.ebiz.gov.in\/joinedupservicesmcacbdt<\/a><\/p>\n

\u00a0Indirect Tax<\/strong><\/p>\n

\u00a0Service Tax on services provided in relation to remittance of money to India from overseas<\/strong><\/p>\n

\u00a0Whereas, the Central Government is satisfied that in the period commencing on and from the 1st\u00a0day of July, 2012 and ending with the 13th\u00a0day of October, 2014 (hereinafter referred to as the said period) according to a practice that was generally prevalent, there was\u00a0 non\u2013levy of service tax on the services provided by an Indian Bank or other entity acting as an agent to the Money Transfer Service Operators (hereinafter referred to as MTSO),\u00a0 in relation to remittance of foreign currency\u00a0\u00a0\u00a0\u00a0[\u2026.] Read more at:<\/p>\n

\u00a0http:\/\/www.cbec.gov.in\/htdocs-servicetax\/st-notifications\/st-notifications-2015\/st19-2015<\/a><\/p>\n

\u00a0No service-tax on entrance fee collected by club which doesn’t confer any access to services<\/strong><\/p>\n

\u00a0This appeal of M\/s Cricket Club of India, Mumbai (CCI) relates to payment of service tax of Rs. 96,06,434, along with interest of Rs. 4,86,855, on the entrance fee of Rs. 9,41,80,745 collected from new members during the period from 16 June 2005 to 30 January 2006. This amount was remitted \u2018under protest\u2019 on 27 February 2006 following letters issued by Superintendent of Central Excise (Tax Group XIV), Mumbai in early 2006 consequent upon introduction of levy of tax for rendering of<\/p>\n

\u00a0Customs- Introduction of electronic messaging for issue of Delivery Order<\/strong><\/p>\n

\u00a0As part of Government’s initiatives for improving\u00a0\u201cEase of Doing Business\u201d, several facilitation measures are being taken by the Central Board of Excise & Customs. After consultation with stakeholders, it has emerged that introduction of electronic messaging for issue of Delivery Order instead of a paper based Delivery Order will result in considerable simplification in the Customs Clearance process, and can demonstrably reduce transaction costs and time taken in the clearance of Cargo.\u00a0\u00a0\u00a0\u00a0[\u2026.] Read more at:<\/p>\n

\u00a0http:\/\/www.cbec.gov.in\/htdocs-cbec\/customs\/cs-circulars\/cs-circulars-2015\/circ24-2015cs<\/a><\/p>\n

\u00a0<\/strong>Rate of exchange of conversion of foreign currency with effect from 16th October, 2015<\/strong><\/p>\n

\u00a0In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in super session of the notification of the Central Board of Excise & Customs No.\u00a097\/2015-CUSTOMS (N.T.), dated 1st\u00a0October, 2015, except as respects things done or omitted to be done before such supersession, the Central Board of Excise & Customs hereby determines that the rate of exchange of conversion of each of the foreign currencies specified in column (2) of each of Schedule I and\u00a0\u00a0Schedule II annexed hereto, into Indian currency or\u00a0vice versa,\u00a0shall, with effect from 1\u00a0\u00a0\u00a0[\u2026.] Read more at:<\/p>\n

\u00a0http:\/\/www.cbec.gov.in\/htdocs-cbec\/customs\/cs-act\/notifications\/notfns-2015\/cs-nt2015\/csnt101-2015<\/a><\/p>\n

\u00a0Amendment in the Principal Notification No. 61\/94-Custosm(N.T) dated 21.11.1994<\/strong><\/p>\n

\u00a0In exercise of the powers conferred by clause (a) of sub-section (1) of \u00a0section 7 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue) No. 61\/94-Customs (N.T.), dated the 21st\u00a0November, 1994, published in the Gazette of India, vide number S.O. 828 (E), dated the 21st\u00a0November, 1994, namely:- In the said notification, in the\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0[\u2026.] Read more at:<\/p>\n

\u00a0http:\/\/www.cbec.gov.in\/htdocs-cbec\/customs\/cs-act\/notifications\/notfns-2015\/cs-nt2015\/csnt99-2015<\/a><\/p>\n

\u00a0Govt may hike import duty on wheat to 25% to check imports<\/strong><\/p>\n

\u00a0The Centre might raise import duty on wheat to 25 per cent \u2014 from the current 10 per cent \u2014 to restrict overseas purchases when there is surplus domestic stock. In August, the government imposed a 10 per cent import duty on wheat \u2014 for the first time since 2006 \u2014 after private flour millers started importing from Australia amid sluggish supply of high-protein wheat varieties used to make pastas and pizzas. Millers are resorting to imports despite surplus stocks of other varieties of wheat with FCI,\u00a0\u00a0\u00a0[\u2026.] Read more at:<\/p>\n

\u00a0http:\/\/www.business-standard.com\/article\/economy-policy\/govt-may-hike-import-duty-on-wheat-to-25-to-check-imports-115101400581_1.html<\/a><\/p>\n

\u00a0Company Law<\/strong><\/p>\n

\u00a0MCA site to remain closed from 8:00 pm today<\/strong><\/p>\n

\u00a0Services on MCA portal will not be available from 16th Oct, 2015 08:00 PM to 19th Oct, 2015 8:00 AM. MCA regrets the inconvenience caused and request the stakeholders to plan accordingly.\u00a0\u00a0\u00a0\u00a0\u00a0[\u2026.] Read more at:<\/p>\n

\u00a0http:\/\/www.mca.gov.in\/<\/a><\/p>\n

\u00a0Dispute among Shareholder\u2019s nominees after his demise<\/strong><\/p>\n

\u00a0Company was incorporated with two groups as shareholders, one group is a family headed by DK Jain and another is headed by Mr. Sushi! Gupta each holding fifty percent shares in the company. After demise of DK Jain on 18.3.2014, the differences have crept into Jain family resulting into family members filing various legal proceedings against each other before various forums fighting for properties DK Jain left behind. Late Shri D.K. Jain has three daughters and one Son, his elder daughter M<\/p>\n

\u00a0SEBI<\/strong><\/p>\n

\u00a0Modus operandi of running CIS through private trust are also within the purview of SEBI, says SAT – Mumbai<\/strong><\/p>\n

\u00a0In view of the close proximity between the appellant and the Trustee as also the AMC (appellant itself) no fault can be found with the decision of SEBI in holding that the appellant had adopted a modus operandi of operating CIS through the medium of a Trust. It appears that the appellant was under the erroneous belief that if the CIS operated through a Trust, it would be outside the purview of SEBI and under that erroneous belief the appellant adopted the modus operandi of run<\/p>\n

\u00a0SEBI asking rating agencies to avoid suspending cos not a \u2018right move\u2019<\/strong><\/p>\n

\u00a0Market experts have expressed their reservations over a SEBI move asking credit rating agencies (CRAs) to avoid suspension of ratings in the event of companies not providing them the requisite information. SEBI is said to have told CRAs in a meeting last Thursday to devise other methods and submit a draft paper (in 30 days) on these methods, besides continuing their evaluation based on publicly available information, according to a senior rating agency official. The regulator seems to\u00a0\u00a0\u00a0[\u2026.] Read more at:<\/p>\n

\u00a0http:\/\/www.thehindubusinessline.com\/todays-paper\/tp-markets\/sebi-asking-rating-agencies-to-avoid-suspending-cos-not-a-right-move\/article7762829.ece<\/a><\/p>\n

\u00a0RBI<\/strong><\/p>\n

\u00a0Advance against Pledge of Gold ornaments\/jewellery<\/strong><\/p>\n

\u00a0Please refer to para 3 of the circulars UBD.CO.BPD.PCB.Cir.No.60\/13.05.001\/2013- 14 dated May 09, 2014 and RPCD.RRB.RCB.B.C.No.8\/03.05.33\/2014-15 dated July 01, 2014 wherein it was stipulated that in order to standardize the valuation and make it more transparent to the borrower, gold jewellery accepted as security\/ collateral will have to be valued at the average of closing price of 22 carat gold for the preceding 30 days as quoted by Indian Bullion and Jewellers Association Limi\u00a0\u00a0\u00a0\u00a0[\u2026.] Read more at:<\/p>\n

\u00a0https:\/\/rbidocs.rbi.org.in\/rdocs\/Notification\/PDFs\/N207233785FBA8E840B8B995D99BF0EB56A1.PDF<\/a><\/p>\n

\u00a0Financial Inclusion Fund (FIF) \u2013 Revised Guidelines<\/strong><\/p>\n

\u00a0As you may be aware, the Financial Inclusion Fund (FIF) and Financial Inclusion Technology Fund (FITF) was constituted in the year 2007-08 for a period of five years with a corpus of Rs. 500 crore each to be contributed by Government of India (GOI), RBI and NABARD in the ratio of 40:40:20. The guidelines for these two funds were framed by GOI. In April 2012, RBI decided to fund FIF by transferring the interest differential in excess of 0.5% on RIDF and STCRC deposits on\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0[\u2026.] Read more at:<\/p>\n

\u00a0https:\/\/rbidocs.rbi.org.in\/rdocs\/Notification\/PDFs\/F20626C9DE770E5145738FADC7A72EF47DE8.PDF<\/a><\/p>\n

\u00a0Miscellaneous Laws<\/strong><\/p>\n

\u00a0ICAI warns students submitting fictitious\/forged documents for Exam<\/strong><\/p>\n

\u00a0Submission of fictitious\/forged documents by students and candidates for Institute\u2019s examinations \u2013 attestation by members thereof. The Institute has observed certain instances where students and candidates for Institute\u2019s examination have submitted fictitious \/ forged documents to the Institute duly attested by members. While the Executive Committee of the Institute has decided that such students\/ candidates be debarred from pursuing the Chartered Accountancy course perm<\/p>\n

\u00a0The Securities Contracts (Regulation) Act, 1956 As amended by Finance Act, 2015<\/strong><\/p>\n

\u00a0An Act to prevent undesirable transactions in securities by regulating the business of dealing therein, 1[***] by providing for certain other matters connected therewith. BE it enacted by Parliament in the Seventh Year of the Republic of India as follows : PRELIMINARY Short title, extent and commencement. 1. (1) This Act may be called the Securities Contracts (Regulation) Act, 1956. (2) It extends to the whole of India. (3)\u00a0 It shall come into force on such date2 as the Central Government m<\/p>\n

\u00a0Admissibility of HRA on non-acceptance or surrender of railway residential accommodation<\/strong><\/p>\n

\u00a0Admissibility of House Rent Allowance in the event of non-acceptance or surrender of railway residential accommodation. Ref : PNM-NFIR Item No. 40\/2012 During a meeting held on 15.07.2015 with the Board and the NFIR on the subject mentioned\u00a0above. the Federation pointed out that railway quarters which are unfit for occupation or in a\u00a0dilapidated condition are being allotted by the railway administration in the Zonal Railways\/Units and\u00a0thereby the affected railway<\/p>\n

\u00a0Economy & News<\/strong><\/p>\n

\u00a0Narendra Modi government presses acceleration switch as reforms start having impact on ground<\/strong><\/p>\n

\u00a0India’s economy may be about to turn the corner on the back of robust public spending that’s beginning to have an impact on the ground coupled with strong urban consumer demand, economists and government officials said. Three months of sound industrial growth driven by manufacturing, signs of a pickup in investment, robust indirect tax collections and indications of a mining sector reboot suggest that the government’s attempts to revive the economy through reforms and higher publi\u00a0\u00a0\u00a0[\u2026.] Read more at:<\/p>\n

\u00a0http:\/\/economictimes.indiatimes.com\/articleshow\/49394340.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst<\/a><\/p>\n

\u00a0SC expands Aadhaar use to pension, PF and Jan Dhan Yojana\u00a0<\/strong><\/p>\n

\u00a0The Supreme Court on Thursday allowed the government to expand the use of Aadhaar-based verification to a few more services for now, even as it decided to set up a nine-judge bench to consider the legal validity of the biometric identification system. A five-member constitution bench, however, set a key condition to using Aadhaar for releasing pensions, provident fund and dispensing wages under the rural employment scheme through the Prime Minister’s Jan Dhan Yojana. The beneficiary ca\u00a0\u00a0\u00a0[\u2026.] Read more at:<\/p>\n

\u00a0http:\/\/economictimes.indiatimes.com\/articleshow\/49396163.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst<\/a><\/p>\n

\u00a0Labour law reforms: Narendra Modi government moves afresh for \u2018makeover\u2019 of 1948 Factories Act\u00a0<\/strong><\/p>\n

\u00a0The Narendra Modi-led government is making a fresh attempt at pushing labour law reforms, starting with a ‘complete makeover’ of the 1948 Factories Act to bring it in sync with the government’s plan to boost manufacturing and job creation. In the process, the government has indicated that it is not likely to pursue the passage of amendments to the same law that it had introduced in Parliament last August and were reviewed by a parliamentary panel that submitted its report in December 2014.\u00a0\u00a0\u00a0\u00a0\u00a0[\u2026.] Read more at:<\/p>\n

\u00a0http:\/\/economictimes.indiatimes.com\/articleshow\/49396382.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst<\/a><\/p>\n

\u00a0TPP accord to hit India’s textile exports: Report\u00a0<\/strong><\/p>\n

The Trans-Pacific Partnership (TPP) deal will hit India’s textile exports hard by providing zero-duty access to the US market to Vietnam, says a report today. “TPP is a trade agreement that will open markets and enable countries like Vietnam a zero-duty access to the US market for textiles while Indian players will have to pay 14-32 per cent duty, which will make it uncompetitive. It would have been much better had India too joined TPP,” the CII-Wazir Advisors report said.\u00a0\u00a0The US, Japan a\u00a0\u00a0\u00a0[\u2026.] Read more at:<\/p>\n

http:\/\/economictimes.indiatimes.com\/articleshow\/49393075.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst<\/a><\/p>\n

Digital India: Soon national sample surveys, economic census, other data to be made available for free\u00a0<\/strong><\/p>\n

The government is devising ways to ramp up online dissemination of data and make more data available to public for free, an effort that is in line with Prime Minister Narendra Modi’s Digital India initiative. The ministry of statistics and programme implementation is in the process of drafting an agenda note in which it has differentiated between data that can and cannot be shared on its website, officials said. It is planning to make the “sharable data” available to everyone for\u00a0\u00a0\u00a0\u00a0[\u2026.] Read more at:<\/p>\n

http:\/\/economictimes.indiatimes.com\/articleshow\/49394812.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst<\/a><\/p>\n

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CORPORATE BULLETINS FOR THE MONTH OF OCT 2015 \u00a0Direct Tax \u00a0CBDT asks AOs to compare tax returns of mining Cos with annual returns to ascertain suppressed stock \u00a0The assessees engaged in the business of mining are required to file a Annual Return with Indian Bureau of Mines (‘IBM’)(Form H-1 in case of Iron Ore mining …<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[647,142,146],"tags":[555,566,502,501,572,179,295,180,561,188,541,537,190,562,560,550,538],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/427"}],"collection":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/comments?post=427"}],"version-history":[{"count":2,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/427\/revisions"}],"predecessor-version":[{"id":457,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/427\/revisions\/457"}],"wp:attachment":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/media?parent=427"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/categories?post=427"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/tags?post=427"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}