Author name: Akash Tiwari

The Prevention of Money Laundering Act, 2002

Leave a Comment / Demystify Law /

Purpose: An act to prevent money-laundering and to provide for confiscation of property derived from, or involved in, money laundering. Background: The statutes prevailing before the Prevention of Money Laundering Act, 2002 are: Criminal Law Amendment Ordinance (XXXVIII of 1944) The Smugglers and Foreign Exchange Manipulators (Forfeiture of Property) Act, 1976 Narcotic Drugs and Psychotropic […]

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Assistant Commissioner Of Income Tax V. Biraj Investment (P) Ltd [Guj]

Leave a Comment / Case Laws /

Section 108 of the Companies Act,1956 read with Section 2(47) of the Income Tax Act, 1961 – transfer of shares – assessee transferred pledged shares and showed capital gains as well as loss – AO rejected the claim on the ground that pledged shares cannot be transferred – whether tenable- Held, No. Brief facts  

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SANJAY GHAI Vs. ASSTT. CIT & ORS. in W.P.(C) 2303/2012 & 5175/2012 Dated 11.10.2012 (DHC)

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Case Decided  on – 11.10.2012 Issue Involved: In this case, the issue involved was that if there is a default on the part of a private limited company in payment of its income tax dues to the Income Tax Department then the liability of the company can be shifted to its director(s) u/s 179 of

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Ministry of Corporate Affairs

Leave a Comment / Ministry of Corporate Affairs, Updates & Amendments /

  Default by Cost Auditors in filing Form 23D against the corresponding Form 23C – MCA vide General Circular No.15/2011 dated April11, 2011 had prescribed a revised procedure to be followed for appointment of cost auditors. As per the revised procedure, each company was required to e-file its application with the Central Government in the

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SECURITIES AND EXCHANGE BOARD OF INDIA (SEBI)

Leave a Comment / Securities and exchange board of india, Updates & Amendments /

General Order – SEBI (Framework for Rejection Of Draft Offer Documents) Order, 2012: SEBI has, vide General Order dated October 9, 2012, notified the framework for rejection of draft offer documents filed with the Board. Public issues in electronic form and use of nationwide broker network of Stock Exchanges for submitting application forms – SEBI has

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Compliance Calendar as per Listing Agreement for the quarter & half year ended on 30th September, 2012

Leave a Comment / Compliance Calendar /

Sl.No Activities Sections /Rules /Clauses,etc. Acts / Regulations, etc. Compliance Due Date 1 Compliance Certificate on Corporate Governance Clause 49 Listing Agreement 15th October,,2012 2 Shareholding Pattern   Clause 35 Listing Agreement 21st October,2012 3 Compliance Certificate on Share Transfer Process (Half Yearly Compliance) Clause 47(c) Listing Agreement 31st October,2012 4 Submission of Reconciliation of

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RESERVE BANK OF INDIA (RBI)

Leave a Comment / Reserve Bank of India, Updates & Amendments /

Foreign Direct Investment (FDI) in India – Allotment of Shares to person resident outside India under Memorandum of Association (MoA) of an Indian company – Pricing guidelines :RBI has vide its circular RBI/2012-13/223 A.P. (DIR Series) Circular No. 36 dated September 26, 2012 has intimated  that in cases, where non-residents (including NRIs) make investment in an

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