MCA
Ministry of Corporate Affairs has notified The Companies (Registration Offices and Fees) Amendment Rules, 2016. The Ministry has amended Forms GNL-1 and GNL-4 which shall be compatible with
the latest V2 platform designed by the MCA. Stakeholders are
advised to check the latest version of the Forms before filing / uploading the
same. The said amendment shall come into force from the date of their
publication in the Official Gazette.
DIPP - FDI
Department
of Industrial Policy and Promotion (DIPP), has liberalized its FDI
policy relating to Asset Reconstruction Companies (ARC). RBI has now
permitted a person Resident Outside India to invest up to 100% in an ARC
registered with Reserve Bank of India through Automatic Route. Investment limit
of a sponsor will be governed by the provisions of Securitisation and
Reconstruction of Financial Assets and Enforcement of Security Interest Act,
(SARFAESI ACT), 2002. RBI has also allowed total shareholding of an individual
FII/FPI to be below 10% of the paid-up capital. Further FIIs/FPIs are now
allowed to invest in the Security receipts (SRs) issued by ARCs registered with
Reserve Bank of India. The Press Note will come to effect from 12.05.2016.
Thanks & Regards,
Meetesh Shiroya
MCA
Ministry
of Corporate Affairs has notified new version of
e-Forms of Forms PAS-3
(Return of allotment), CHG-1 (Application for registration of creation,
modification of charge), DIR-12 (Particulars of appointment of Directors and
the key managerial personnel and the changes among them), SH-11(Return in
respect of buy-back of securities), FTE (Application for striking off the name
of company under the Fast Track Exit (FTE) Mode). Stakeholders are advised to download
the latest version before filing. Form- wise date of last version change is available
at on the website of MCA.
RBI
RBI vide notification has
repealed Foreign Exchange Management (Deposit) Regulations, 2000 and it has been
superseded by the Foreign Exchange Management (Deposit) Regulations, 2016. These
regulations seek to regulate deposits between a person resident in India and a
person resident outside India. Under the revised regulations, no restriction
shall be applicable for opening of rupee/ foreign currency deposit accounts by
foreign diplomatic missions and diplomatic personnel or their family members in
India with an Authorised Dealer in India. RBI also allowed banks to issue
International Credit Cards (ICCs) to NRIs and PIOs. Certain restrictions under
the revised regulations have been placed on individuals or entities of Pakistan
or Bangladesh nationality/ownership. These regulations shall come into effect
from April 1, 2016.
Thanks & Regards,
Meetesh Shiroya
SEBI
SEBI has permitted Practicing Company Secretaries to certify refund procedure by Companies for privately placed securities. SEBI
had earlier issued a circular prescribing the procedure to deal with
cases involving offer / allotment of securities to more than 49 and up
to 200 persons. Para 7 of the said Circular provided for submission of a
certificate from an independent peer reviewed practicing Chartered
Accountant certifying compliance as prescribed in the circular. It has
now been decided that the certification as provided in the said Para 7 may also be provided by an independent peer reviewed practicing Company Secretary.
RBI
RBI allowed in mid- foreign investors to buy up to 60 per cent sized private sector lender Yes Bank Limited. Yes
Bank had passed resolutions at its Board of Directors' level and a
special resolution by the shareholders, agreeing for enhancing the limit
for the purchase of its equity shares and convertible debentures by
Foreign Institutional Investors (FIIs)/Registered Foreign Portfolios
Investors (RFPIs). FIIs/ RFPIs can now invest from existing 49 per cent
up to 60 per cent of the paid up capital of YES Bank Limited under the
Portfolio Investment Scheme (PIS), that is, the total foreign investment
from all sources in the company shall not exceed 60 per cent.
Therefore, further purchases of equity shares of this company would be
allowed only after obtaining prior approval of RBI.
Thanks & Regards,
Meetesh Shiroya
MCA
MCA
in exercise of the powers conferred by sub-section (1) of section 458
of the Companies Act (18 of 2013), the Central Government being
satisfied that circumstances warrant, hereby delegates the powers to appoint Inspectors for inspection of books and papers of a Company under
sub-section (5) of section 206 as ordered by Central Government to the
'Regional Directors'. according to Section 260(5), the
Central Government may, if it is satisfied that the circumstances so
warrant, direct inspection of books and papers of a company by an
inspector appointed by it for the purpose.
CBDT
CBDT has clarified that if a resident deductor is entitled for the refund of tax deposited under Section 195 of the Act,
then it has to be refunded with interest under section 244A of the Act,
from the date of payment of such tax. The clarification issued by board
in consequence to decision of the Hon’ble Supreme Court of India in the
case of Tata Chemical Limited. It is further advised that no appeal may
henceforth be filed on this ground by officer of the Department and
appeals already filed on this issue may not be pressed upon.
Thanks & Regards,
Meetesh Shiroya
CBDT
Central Board of Direct Taxes has issued Income Tax (10th Amendment) Rules, 2016. The
Board has made submission of report in relation to the approval of
in-house research and development facility in Part A of Form 3CL and
quantifying the expenditure incurred on in-house research and
development facility by the company during the previous year and
eligible for weighted deduction in Part B of Form No.3CL, electronic. It
has also introduced a new Form 3CLA to be submitted electronically to
the Secretary, Department of Scientific and Industrial Research on or
before the due date specified in Explanation 2 to sub-section (1) of
section 139 of the Act for furnishing the return of income, for each
succeeding year. Significant changes in Form 3CK have also been
notified. The amended rules shall come into force on the 1st day of
July, 2016.
CBDT
Central Board of Direct Taxes has issued Income Tax (11th Amendment) Rules, 2016. A
new Rule 26C has been inserted which provides that evidences shall be
required from employees in Form 12BB for furnishing claims with regard
to deduction of tax under section 192 of Income tax Act 1961. It
has also amended the due dates of filing TDS Returns. Rules prescribed
for mode of payment to Government account of tax deducted at source or
tax paid under sub-section (1A) of section 192 also stand amended.
Further, the Principal
Director General of Income-tax (Systems) shall specify the procedures,
formats and standards for the purposes of furnishing and verification of
the statements and shall be responsible for the day-to-day
administration in relation to furnishing of the information and
verification of the statements. The amended rules shall come into force from the 1st day of June, 2016.
Thanks & Regards,
Meetesh Shiroya
Real Estate (Regulation and Development) Act, 2016
The Real Estate (Regulation and Development) Act, 2016 came
into force on May 01, 2016. Union Ministry of Housing and Urban Poverty
Alleviation (HUPA) notified 69 of the total 92 sections of the Act to
bring it into force from 1 May 2016. This culminates the eight year long
efforts in this regard. As per the notification, Rules under the Act have to be formulated by the Union and State Governments within a maximum period of six months from the act coming into force that is by 31 October 2016 under Section 84 of the Act. Likewise, Regulatory
Authorities, upon their constitution get three months time to formulate
regulations concerning their day to day functioning under Section 85 of
the Act and Real Estate Appellate Tribunals shall be formed within a
maximum period of one year that is by 30 April 2017. These fast track Tribunals shall decide on the disputes over the orders of Regulatory Authorities in 60 days time.
CBDT
CBDT vide
Press release dated 29-04-2016 made public the data on the total number
of taxpayers in the country, income disclosed in IT returns by various
category of taxpayers and number of PAN holders in the country. Under the 'time series' data,
between 2000-01 to 2014-15 financial years, discloses the actual direct
taxes collection made by the department, direct tax to GDP ratio, the
cost of collecting the revenue for the government, number of effective
assesses and workload and disposal of IT cases. The department has also
published statistics filed by taxpayers in their return of income for
Assessment year 2012-13. It also discloses the Permanent Account Number
(PAN) allocation across various categories and gender by the end of
2013-14 fiscal.
Thanks & Regards,
Meetesh Shiroya
MCA
CLB
CLB has notified the amended Regulations further to amend the Company Law Board Regulation, 1991 through which official timing for hearing at CLB has been changed. With effect from 02.05.2016, words and expression "10.30 a.m. to 1.30 p.m. and 2.30 p.m. to 4.30 p.m." the words and expression "10.30 a.m. to 1.00 p.m. and 2.00 p.m. to 4.30 p.m." shall be substituted in Regulation 9 of the said regulation.
Thanks & Regards,
Meetesh Shiroya
