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Going only by numerical threshold could create further ambiguities in determinig control definition in takeover code, they argue Top law firms have expressed concern over the proposed move by the Securities and Exchange Board of India ( Sebi) to introduce a ‘Brightline’ test for determination of ‘control’ in the takeover code for listed companies. While some say the current definition should be retained, others say not giving exit options in situations where control is transferred by means other than acquiring a specified shareholding could go against the objective of the code. In March, Sebi had floated a discussion paper titled Brightline Tests for Acquisition of ‘ Control’ under its Takeover Regulations. In this paper, Sebi had discussed two options. The first was to prescribe a framework of protective rights, which would not amount to control. The second was to set a numerical threshold of 25 per cent and exclude other means such as special rights from open offer requirements

Act mandates registration of projects, including those that have not got completion or occupancy certificates The Real Estate (Regulation and Development) Bill, 2016, became an act on May 1, kick-starting the process of making rules as well as putting in place institutional infrastructure to protect the interests of home buyers in India. While acknowledging that the act is a positive development, property experts said the new rules should address problems faced by builders in getting sanctions and approvals in a timely manner. “Government authorities should also be made accountable for timebound approvals through the rules that will be made,“ said Anshuman Magazine, managing director of property advisory firm CBRE South Asia. He said that if this happens, it will be one of the major steps towards the recovery of the Indian real estate market and will improve the confidence of both consumers and institutional investors ­ domestic or foreign. “Of course, it should not become anothe

www.caonline.in News... 1.Entire cenvat credit cannot be disallowed for part wrong availment. [ SIFY Technologies Ltd. vs. Commissioner of Service Tax, LTU Chennai (CESTAT Chennai)]. 2.CBDT notifies new form 35 for e-filing of appeal with CIT (A). IT notification no. 11/2016. 3.Transactions having contingent impact on profit/ losses are not international transactions. [ Siro Clinpharm Pvt. ltd. vs. DCIT (ITAT Mumbai)]. 4.Taxis that run on petrol or diesel will not be allowed to ply in NCR from May 1. 5.Government increases interest rates on employee provident fund (EPF) contributions from 8.7% to 8.8% for 2015-16. For more News Like us onhttps://www.facebook.com/caonlineofficial Or Subscribe on mail visit : www.caonline.in

www.caonline.in News... 1.Updation of SCOMET list classifying export and import Items. Notification no. 05 / (2015-2020). 2.TDS on commission paid to non-resident for services rendered outside India. [ CIT vs. Farida Leather Company (Madras HC)]. 3.Today (30.04.2016) is due date to file excise return for F.Y. 2014-15 in ER-5 (By units paying duty above 1Cr) & ER-7 (by other units). 4.Today (30.04.2016) is due date to deposit TDS deducted during March, 2016. TDS statements for Q4 by all deductors to be filed by 15.05.2016. 5.MCA clarifies that the companies (AS) amendment rules, 2016 dated 30.03.16, to be applicable from F.Y.2016-17. Circular no. 04/2016. For more News Like us on https://www.facebook.com/caonlineofficial Or Subscribe on mail visit : www.caonline.in

The government could check the records of loan defaulters categorised as “wilful” to examine if they have been regular in giving out employee benefits including provident funds (PF) to their staff. The Employees’ Provident Fund Organisation (EPFO) recently set up an investigation team to check if Vijay Mallya-promoted Kingfisher Airlines (KFA) was irregular in PF  payment. The labour ministry, which is the nodal ministry for EPFO, may also take up the issue. “We want to rule out discrepancies in payment of employee benefits by other defaulter companies as there were complaints in the case of KFA have come to the fore,” said an official source. “The focus has only been on KFAbut the fact is that there are several other companies in a similar situation or even worse.” It has been underlined, recently, by a consultative committee attached to the finance ministry that there was need to bring in more transparency in revealing the names of the defaulters whose loans have been written off by

In a first, the Supreme Court ordered corporate entities on Friday to deposit money for an early hearing of their dispute that pertains to rights over cricket-match information. A bench headed by Chief Justice of India TS Thakur directed Star India and BCCI to make a pre-deposit of Rs.50 lakh each, noting corporate cases were consuming a lot of judicial time. “People file cases and take chances here without realising what will happen,” the bench said. It asked three respondents — Idea Cellular, Akuate Internet and OnMobile Global — to together deposit Rs.50 lakh, rejecting their contention that they should not be penalised for defending the case. The order came a day after Attor ney General Mukul Rohatgi floated the idea of charging pre-deposits in corporate cases. Opposing the creation of National Courts of  Appeal in four regions, Rohatgi had on Thursday said the top court should adopt a self-regulatory mechanism to reduce pendency of cases. There are 60,000 cases awaiting a final d

Raises interest rate to 8.8% for this year, but advises labour ministry to create reserve fund In a third flip- flop, the government has decided to reverse its earlier decision of reducing the interest rate on Employees’ Provident Fund deposits for 2015- 16 and  instead keep it at 8.8 per cent, in line with the stand of the Central Board of Trustees ( CBT) of the EPF Organisation ( EPFO). The labour ministry had tried to persuade its finance counterpart to give in and the consultations worked, said labour minister Bandaru Dattatreya. The CBT had  recommended 8.8 per cent in February; on Monday, the minister had informed the Lok Sabha that the finance ministry was approving only 8.7 per cent —a CBT decision has to be ratified by the latter on this issue. It was probably the first such occasion when the finance ministry had so disagreed. There have been other retreats in recent days on EPF decisions. Such as on the earlier decision to tax 60 per cent of PF money on withdrawal and also o