NCLT
MCA has notified National Company Law Tribunal Rules, 2016 (NCLT Rules) on 21st July,
2016. As per the provisions of Rule 23, every petition, application,
caveat, interlocutory application, documents and appeal shall be
presented in triplicate by the appellant or applicant or
petitioner or respondent, as the case may be, in person or by his duly
authorised representative. In this regard, NCLT
has issued an order directing all concerned to file the petition,
application, caveat, interlocutory application, documents and appeal in triplicate before all Benches of the NCLT.
SEBI
SEBI through its Circular has asked intermediaries to upload KYC documents with the central server for all new individual accounts that will be opened from August 1. The
'live run' of the Central KYC Records Registry (CKYCR) has already been
started with effect from July 15 in a phased manner beginning with new
individual accounts. Further, Test Environment has also been made
available by the central server for the use of the reporting
entities. The government had authorised the CERSAI (Central Registry of
Securitisation and Asset Reconstruction and Security Interest of India)
to take the task of a central KYC registry. CERSAI was created in 2011
to prevent frauds in lending, performs functions like receiving,
storing, safeguarding and retrieving the KYC records in digital form.
Besides, CERSAI has operationalised a help desk for addressing any
difficulty in uploading KYC records to CKYCR.
CBDT
The Finance Act, 2016 has amended the
definition of “Distributed Income”, with effect from 01.06.2016, to mean the
consideration paid by the Company on buy back of shares as reduced by the
amount, which was received by the Company for issue of such shares, determined
in the manner as may be prescribed. In this regard, draft rules providing for
determination of amount received by Company for use of its shares under
different circumstances have been formulated and uploaded on the Ministry’s
website (www.finmin.nic.in) and website of the Income-tax Department
(www.incometaxindia.gov.in) for comments from stakeholders and general public.
The Central Board of Direct Taxes has invited Comments/
Suggestions on draft rules. Further, Comments/ suggestions may be
sent by 31st July, 2016 electronically at the email address, ustpl1@nic.in.
Thanks & Regards,
Meetesh Shiroya
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