Daily Updates and News

SEBI

SEBI in its Board Meeting and decided on various important issues relating to governance and willful default by the promoters. With the objective of restricting access to capital markets for raising funds from public, by willful defaulters, prohibited public issue of equity securities / debt securities / non-convertible redeemable preference shares, if the issuer company or its promoter or its director is in the list of the willful defaulters, prohibited to take control over other listed entity if any company or its promoter or its director is categorized as willful defaulter. However, if a listed company or its promoter or its director is categorized as willful defaulter, and there is a take-over offer in respect of the listed company, they may be allowed to make competing offer for the said listed company in accordance with SEBI (SAST) Regulations, 2011. SEBI also announced that the criteria for determining a ‘fit and proper person’ in SEBI Regulations will be amended to include that no fresh registration shall be granted to any entity if the entity or its promoters or its directors or key managerial personnel, as defined under SEBI (ICDR) Regulations, 2009, are included in the list of willful defaulters.

 

SEBI

SEBI has issued a Master Circular for Listing Requirements which is a compilation of all checklist/requirements list as on March 11, 2016 for listing/further listing/delisting/forfeiture etc., of securities on the exchange. SEBI lays down guidelines for listing of securities that are revised from time to time as per requirements of law and the stock exchange. Also, on the basis of the criteria laid down, the Exchange periodically issues checklists /requirements lists on its website to enable issuers for listing/further listing/delisting/forfeiture etc., of the securities to understand the requirements and submit the appropriate requirements. However, It may be noted that the documents and requirements mentioned in the Master Circular (checklists) are the basic requirements and that in certain cases, further documents/requirements may be called for as and when deemed necessary, in the interests of proper scrutiny and public disclosure.

INCOME TAX ACT
SECTION 158B
BLOCK ASSESSMENT IN SEARCH CASES - UNDISCLOSED INCOME
Where assessees had never filed their regular returns of income, amount found deposited in their bank accounts during search would be assessed as undisclosed income in block assessment and mere statement recorded under section 131 prior to search giving details of such bank accounts would not amount disclosure of income so as to tax said amount in regular assessment - [2016] 67 taxmann.com 102 (Delhi)
SECTION 234B
INTEREST, CHARGEABLE AS
Waiver of : Where assessee sought for waiver of interest under section 234B on basis of Notification F No. 400/234/95-IT(B), dated 23-5-1996, Chief Commissioner was empowered to decline said claim by applying subsequently issued Order-F. No. 400/234/95-IT(B) - [2016] 67 taxmann.com 98 (Kerala)
SERVICE TAX
SECTION 65(64)
TAXABLE SERVICE - SERVICE OF MANAGEMENT, MAINTENANCE OR REPAIRS
Service provided for management, maintenance and repairs of roads during the period 16-6-2005 to 25-7-2009 was exempted from payment of tax vide amendment to Finance Act, 2012 inserted with effect from 28-5-2012 -[2016] 67 taxmann.com 92 (Madhya Pradesh)
STATUTES
CORPORATE LAWS
Section 1 of the Election Laws (Amendment) Act, 2016 - Act - Enforcement of - Notified Date on which Provisions of said Act shall come into force - NOTIFICATION NO. SO 665(E) [F.NO.H-11027(2)/2015-LEG.II], DATED 4-3-2016
SEBI Board meeting - Imposing Restrictions on Wilful Defaulters; SEBI Budget for 2016-17; Review of Manner of Dealing with Audit Reports Containing Qualifications Etc. - PRESS RELEASE NO.56/2016, DATED 12-3-2016 Thanks & Regards, Meetesh Shiroya