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Showing posts from August 27, 2015

Updates of the Day

1. CBDT enables e-Filing of form No. 61B relating to statement of reportable account u/s 285BA(1) of the Income Tax Act, 1961 has been enabled for “Registration” and “Submission of nil statement”.

2. Changes in Singapore's Companies Act exempts private limited companies from audit requirements.

3. The Supreme Court, on 25 August, 2015, has held that cash discount is deductible from transaction value under new Section 4 of Central Excise Act, 1944 also as amended in the year 2000. [Purolator India Ltd. vs. CCE]

4. SEBI issues guidance note on Insider Trading Regulations, 2015; Clarifies that exercise of ESOPs shall not be considered to be “Trading” except for the purposes of Chapter III (relating to ‘disclosure of trading by insiders’).

5. DVAT Authorities have notified the Delhi Value Added Tax (Amendment) Rules, 2015 which shall come into force on the date of their publication in the Delhi Gazette.

6. Empanelment of Members to Act as observers at the examination centers for CA examin…

Sebi for exemption from open offer in forfeiture of shares

The Securities and Exchange Board of India ( Sebi) on Wednesday proposed exemption from making an open offer for entities whose shareholding in a listed company increases due to forfeiture of shares. Currently, there is no provision for exemptions under the takeover regulations in case of increase in the voting rights of a shareholder due to the expiry of call notice period and forfeiture of partly paid- up shares. Under the new norms, Sebi has proposed "for providing general exemption from the open offer obligations in the cases of increase in voting rights as a result of the expiry of call notice period and the forfeiture of shares in line with general exemptions available with respect to rights issues, buybacks, etc".

Business Standard, New Delhi, 27 August 2015

Labour reforms: Talks fail, unions to strike on Sept 2

Central trade union leaders on Wednesday refused to withdraw their nationwide strike call for September 2 to protest against proposed labour reforms, after their meeting with a group of ministers (GoM) failed to make any headway.

The GoM, headed by finance minister Arun Jaitley, will meet the union leaders again on Thursday to break the logjam and deliberate on their demands, senior labour ministry officials told HT.

The 12-point charter of demands include urgent measures for containing price rise through universalisation of the public distribution system (PDS), ban on speculative trade in the commodity market, strict enforcement of basic labour laws without any exemption or exception, and stringent punitive measures for violation of labour laws, among others.

“There are 7-8 demands, which are agreeable and the discussion is an ongoing process….the government is positive about the demands (of labour unions). The meeting will continue tomorrow,” labour minister Bandaru Dattatreya said aft…

Regulator at receiving end This Watchdog may be Bitten With Service Tax

CBEC says Sebi liable to pay as its services are not exempted from taxation

Foreign portfolio investors, or FPIs, may have gotten off the taxman's hook on the issue of minimum alternate tax, but their regulator isn't going to be as lucky if the tax authorities have their way . The Central Board of Excise & Customs has backed the view of the tax authorities that the Securities & Exchange Board of India is liable to cough up service tax, in what will be seen as an odd spectacle of a regulator being asked to stump up money .

In a clarification to a report put up before it by field officers, the government's apex indirect taxes body has given the go-ahead for a formal investigation in the matter, in the process backing the view that because services provided by the stock market regulator were not specifically exempted from taxation or kept in the negative list, they were liable to be taxed.

Service tax officials will now closely examine Sebi's books to ascertain its t…

Sebi mulls delisting firms suspended for over 5 years

BSE proposes to market regulator the counters be dropped off; NSE also in talks

The Securities and Exchange Board of India (Sebi) is considering delisting companies suspended on exchanges for more than five years, a source said.

In a representation to Sebi recently, the BSE ( formerly Bombay Stock Exchange) proposed counters that had been suspended for seven years be delisted. The National Stock Exchange ( NSE), which has close to 170 suspended companies, is also in talks with Sebi.

“Sebi has received the BSE’s proposal and is favourably considering it,” said a source. An email to Sebi did not get a response. “ We have made a representation to the regulator,” said an NSE spokesperson. “A suspended company that does not intend to remain listed cannot go through the reverse book- building exercise for delisting. There is a need for them to be exempted,” said asource. A merchant banker said Sebi had informally started allowing suspended companies to delist. “ If I approach Sebi with a propo…