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Showing posts from December 17, 2015

Onus of disclosures likely on promoters

After SAT rap, Sebi to provide clarity on requirement under takeover code regulations The Securities and Exchange Board of India ( Sebi) would soon need to provide clarity on the disclosure requirement under
the takeover code regulations. Specifically, if the yearly disclosure requirement is of the individual promoter or the promoter group. This is a fallout of a Securities and Appellate Tribunal ( SAT) ruling which opted for the latter view. It was critical of the Sebi stance in a number of cases. SAT said Sebi's was an inconsistent approach : In some cases, it had ruled one way on this issue and then the other. SAT had clubbed around 15 appeals against Sebi rulings in these matters. "Since there is no uniformity among the ( Officers) of Sebi in determining the obligation to make yearly disclosure under the regulations in question, we call upon counsel for Sebi to inform us accordingly," it stated last month. Adding: "It is the duty of Sebi to ensure consistency in imple…

32 Nifty companies spent less on CSR in 2015 Study

Six companies don’t have a woman director, five of these are from public sector Thirty- two of the Nifty 50 companies did not spend their prescribed amount for corporate social responsibility ( CSR) in 2015, a survey on Indias secretarial practices said on Wednesday. The top 50 companies, which include blue- chip stocks such as ACC, Adani, Bank of Baroda, and Infosys collectively spent Rs.3,989 crore on CSR, 79 per cent of the prescribed amount of Rs. 5,046 crore. Bengaluru- based CimplyFive Corporate Secretarial Services, which offers research and technology- based solutions for companies to comply with the Companies Act, surveyed the companies to look at compliance of secretarial practices for the first time in the country. “The Companies Act, 2013 is a new legislation with unique concepts like secretarial audit and mandated CSR activities being introduced for the first time in any country across the world. This report compiles and compares various ways corporates have dealt with compl…

NITI to seek allocation for reform incentives in states

A meeting in this regard was held in the Aayog on Wednesday, attended by secretaries of major ministries and departments NITI Aayog plans to seek some allocation in the 2016-17 Union Budget for incentivising reforms in states and for backward regions. Officials said as part of its outreach to states, the Aayog plans to try and get the former to align their schemes, programmes and objectives with the 14th Finance Commission recommendations and with the Shivraj Singh Chouhan panel recommendations on restructuring of centrally sponsored schemes (CSS).  A meeting in this regard was held in the Aayog on Wednesday, attended by secretaries of major ministries and departments. Officials said the Aayog plans to work with state governments to improve their budgetary process and rationalising of schemes in line with the Shivraj recommendations. The latter have been accepted by the government. It had favoured lowering the number of CSS to 30 from the current 72, in three major categories — core, core…

Updates of the day...

Updates Of the Day
1.NICASA of NIRC of ICAI is organising seminar on Forensic Audit and ERM for CA Students on 20.12.2015 at ICAI Bhawan, Vishwas Nagar, Delhi from 10AM- 5PM, with Lunch, No Fee.
2.Modified versions of LLP Form 4 and Form 27 to be available w.e.f 18.12.2015.
3.Delhi VAT- Filling of reconciliation return for year 2014-15- Date extended to 15.01.2016. Circular No. 32 of 2015-2016 In partial modification to this department Circular No.28 of 2015-2016.
4.Discount on ESOP being in the nature of employee cost, allowed u/s 37 subject to adjustment for lapsed /unvested options. [ACIT vs. People Interactive India Private Ltd. (ITAT Mumbai)].
5.PAN mandatorily to be quoted on transactions exceeding Rs.2 Lakh w.e.f. 01.01.2016 regardless of the mode of payment. CBDT press release of 15.12.2015.
6.CBDT notifies forms for reporting by investment funds u/s. 115UB(7). Notification no. 92/2015 statement under sub-section (7) of section 115UB. 12CB.
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