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Showing posts from November 5, 2015

Will the deadlock on GST finally end?

Jaitley says NDA willing to reach out to Congress but Anand Sharma wants Narendra Modi to first shed his confrontationist stance The National Democratic Alliance (NDA) has signalled its willingness to once again reach out to the Congress for a consensus on the passage of a constitutional amendment to roll out the goods and services tax (GST) legislation. In an interview to Bloomberg on Tuesday, Union finance minister Arun Jaitley said that the NDA “was willing to speak to any of their (Congress) leaders, including vice-president Rahul Gandhi to break the impasse”. But given the heightened tensions between the parties on the issue of “increased intolerance” under the NDA regime, it remains to be seen if the Congress will reciprocate. On Tuesday, the Congress led by president Sonia Gandhi presented a memorandum to the President claiming that a sinister campaign is being conducted by forces close to the government to create social tensions. Jaitley countered the allegations by saying that th…

New Stringent Corporate Laws Make CFOs, Auditors Quit Cos

These professionals can now land in jail in case their co is found involved in any financial fraud The chief financial officer of a BSE-listed infrastructure company recently quit his job within months of joining, fearing he could be prosecuted because his employer — part of a group that has half a dozen other listed firms —was fabricating its accounts. “They literally made three sets of balance sheets; one for the auditor, one for the banks and one for everyone else,” the former CFO said on the condition that he and his former employer would not be named. He had quit one of the biggest oil companies in the country to join the infrastructure company about six months ago and now he is hunting for a job with some auditing firms in Mumbai at 55. It may sound like a one-off case, but it’s not; industry insiders say there have been several incidents of CFOs and other professionals fleeing from such companies, and that such cases have increased in the past six months due to stricter laws. Under…

Sebi issues format forboard meeting voting results

The Securities and Exchange Board of India ( Sebi) on Wednesday asked listed firms to make a disclosure, within 48 hours of a board meeting about the number of shareholders who attended such meeting and the mode of voting within the prescribed format. The new norms will come into force with effect from December 1. The markets regulator said companies would have to inform about the date of the annual general meeting and extraordinary general meeting, total number of shareholders on the record date, number of shareholders (promoter and public) who attended the meeting either in person or through proxy and those who attended it through video conferencing. Business Standard, New Delhi, 5th Nov. 2015

Six-month limit likely to declare firms bankrupt

The government- appointed Bankruptcy Law Committee has recommended aspeedy process and a timeline of six to a maximum of nine months to deal with insolvency and enable windingup of operations of a company or a limited liability entity. The draft law prepared by the panel has also proposed early identification of financial distress so that steps can be taken to revive the ailing company. The committee has prescribed a timeline of 180 days for dealing with applications but it can be extended for another 90 days by the adjudicating authority, only in exceptional cases. During the insolvency resolution period, an interim resolution professional would manage the debtor. The professional would prepare a plan that needs to be approved by a majority of 75 per cent of voting share of the financial creditors. Once the plan is approved, the adjudicating authority must give its nod. However, if an insolvency resolution plan is rejected, the adjudicating authority will order for liquidation. The 15-…

Updates of the day....

Updates Of the Day
1.Government has notified interest rate of 2.25% and 2.50% under gold monetization scheme.
2.SEBI has prescribed the disclosure requirements in the abridged prospectus in accordance with the provisions of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009 and the Companies Act, 2013.
3.Application for duty credit scrips of additional 2% under market linked focus product scheme. Trade notice 08/2015.
4.Extension to 15.12.15 of last date to file online reconciliation return in form 9 for the year 2014-15.Circular No. 28 of 2015-16.
5.Interest under section 215 cannot be levied if partner had paid advance tax in individual capacity on bonafide estimate of firm’s income. (Punjab and Haryana High Court) in [CIT vs Mahesh Munjal HUF].
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