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The Securities and Exchange Board of India ( Sebi) on Wednesday asked listed companies and their promoters to make more disclosures about pledging of shares, including the purpose of the encumbrance, and also disclose name of the lender. So far, companies and their promoters were only disclosing the names of trustees holding the pledged shares, rather than making the disclosure about the real lender. Under the revised disclosure requirements, which Sebi said are aimed at helping investors take " an informed decision" about the state of affairs at the concerned company, the listed firm and its promoters would need to specifically disclose “ the purpose of collateral for loans taken by the company, personal borrowing, third party pledge, etc.” Business Standard, New Delhi,6th August 2015

MOVE TO ENABLE smooth transition to new accounting standards (Ind-AS) The Securities and Exchange Board of India may relax disclosure rules for companies planning to go for initial public offering in order to enable a smooth transition to the new accounting standards (Ind-AS), which will kick in next financial year. The market regulator has recently written to the Institute of Chartered Accountants of India (ICAI) seeking its views on the matter. ICAI and audit firms are holding discussions with the regulator on the implications of the new standards, said a person familiar with the matter. The new standards are in line with International Financial Reporting Standards (IFRS). Current Sebi rules mandate firms to disclose the previous five years' financial statements in IPO document. There is no clarity under the new standards whether a company needs to restate its accounts for the previous years if it goes in for IPOs immediately after the new rules come into effect. Because ...

All central government ministries have been asked to ensure employees Aadhaar numbers are recorded in their service books. An action taken report has been sought from ministries in this regard, a senior official in the Department of Personnel and Training said. Business Standard, New Delhi, 6th August 2015

The Lok Sabha passed the Scheduled Castes and Scheduled Tribes (Prevention of Atrocities) Amendment Bill, 2014 on Tuesday, replacing the Scheduled Castes and Scheduled Tribes (Prevention of Atrocities) Amendment Ordinance, 2014. The Bill aims to prohibit the commission of certain offences against members of the scheduled castes and scheduled tribes (SCs and STs) and establishes special courts for the trial of such offences and rehabilitation of victims. The move came on a day when most opposition parties boycotted the House, after Lok Sabha speaker Sumitra Mahajan on Monday suspended 25 Congress MPs for five days for repeatedly causing “grave disorder” in the House. Several parties, including Janata Dal (United), Left parties, Aam Aadmi Party, Rashtriya Janata Dal and Samajwadi Party expressed solidarity with the Congress and decided not to attend the Lok Sabha proceedings for the next five days. “Several steps have been taken by the National Democratic Alliance government in...

1.   Non-deduction of TDS on reimbursement expenses would not lead to disallowance of such reimbursement expenditure.[CIT vs. DLF Commercial Project Corporation, High Court of Delhi] 2.  Penalty u/s 78 is leviable if tax recovered not paid and information of unpaid taxes not furnished in service tax returns. [ IWI Cryogenic Vaporization System India vs.CCE, Vadodra (CESTAT Ahmedabad)] 3.  Input credit not reversible in case of remission of duty on destroyed goods.[ Honorable Madras High Court in Joy Foam Pvt. Ltd.] 4.  ESIC has decided to extend the ESI Scheme to the construction site workers deployed in the implemented areas w.e.f 01.08.2015. 5.  Parliament passes bill to increase pecuniary limit to Rs 2 crore from present Rs 2 lakhs for suits before Delhi High court. Parliament passes Delhi High Court (Amendment) Bill. 6.  Format of regulation 31 of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 amended.