Daily Archives: October 8, 2015


1. MGT-14 for Approval of Accounts & draft board report a. Pvt Co. – Not Required b. Public Co. – Required 2. New forms AOC-4 (earlier 23AC/23ACA) and MGT-7 (earlier 20B) are introduced for annual filings. 3. Board Report shall include various disclosures as per sec 134 & other section etc. and summary of annual… Read More »

All directors liable for cheque dishonouring as they were involved in day to day management of accused Company

Section 138, read with section 141, of the Negotiable Instruments Act, 1881 Subject :-Dishonour of cheque for insufficiency etc., of funds in account Facts of the Case :- Appellant had filed a complaint against accused company and its directors for dishonour of cheque issued by it .High Court by impugned order quashed proceedings in respect… Read More »


GUIDELINES ON OVERSEAS INVESTMENTS AND OTHER ISSUES/CLARIFICATIONS FOR AIFs/VCFs CIRCULAR NO.IMD/DF/7/2015, DATED 1-10-2015 1. SEBI (Alternative Investment Funds) Regulations, 2012 (“AIF Regulations”) were notified on May 21, 2012 repealing and replacing the erstwhile SEBI (Venture Capital Funds) Regulations, 1996. As on August 31, 2015, there are 165 Alternative Investments Funds (AIFs) registered with SEBI. 2.… Read More »

SEBI issues comprehensive risk management framework for national commodity derivatives exchanges

COMPREHENSIVE RISK MANAGEMENT FRAMEWORK FOR NATIONAL COMMODITY DERIVATIVES EXCHANGES CIRCULAR NO.CDMRD/DRMP/01/2015, DATED 1-10-2015 1. Pursuant to section 131 of the Finance Act, 2015 and Central Government notification F.No. 1/9/SM/2015 dated August 28, 2015, all recognized associations under the Forward Contracts (Regulation) Act, 1952 are deemed to be recognized stock exchanges under the Securities Contracts (Regulation)… Read More »

No seizure of assets in India if value of foreign asset acquired in breach of FEMA is below 1 crore

MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION New Delhi, the 16th September, 2015 G.S.R. 701(E).—In exercise of the powers conferred by the proviso to sub-section (1) of Section 37A of the Foreign Exchange Management Act, 1999 (42 of 1999), the Central Government hereby prescribes the mandatory threshold of the aggregate value of Foreign Exchange, Foreign… Read More »

Purchases made after payment of excise duty and availment of credit can not be held as job work, no TDS under section 194C

Where assessee had purchased goods from manufacturers and paid sales tax, excise duty etc., transaction is on principal to principal basis and does not fall within purview of section 194C HIGH COURT OF CALCUTTA Commissioner of Income-tax TDS, Kolkata v. Khadim Shoes (P.) Ltd. GIRISH CHANDRA GUPTA AND ARINDAM SINHA, JJ. IT APPEAL NO. 146… Read More »

Delaying delivery of flat and non disclosure of stage of completion to buyer was unfair trade practice

Summary of Facts Complainant buyer had applied for allotment of a flat with respondent builder .Complainant had paid six instalments but builder did not complete construction of flat within three years as stipulated in brochure and did not inform buyer about progress of construction . Later, builder cancelled allotment on ground of alleged failure of… Read More »

RBI relaxes micro finance norms for Scheduled Castes living below double poverty line

NON-BANKING FINANCIAL COMPANY – MICRO FINANCE INSTITUTIONS (NBFC-MFIs) – MODIFICATIONS OF DIRECTIONS CIRCULAR DNBR.CC.PD.NO.069/03.10.01/2015-16, DATED 1-10-2015 In terms of extant instructions on pricing of credit by MFIs, the maximum variance between the minimum and maximum interest rate on loans cannot exceed 4 per cent. 2. The National Scheduled Castes Finance & Development Corporation (NSFDC) under… Read More »

Category: RBI

Govt expands the scope of disclosure of beneficial interest to be made by presiding officer and members of Securities Appellate Tribunal

SECURITIES APPELLATE TRIBUNAL (SALARIES, ALLOWANCES AND OTHER TERMS AND CONDITIONS OF PRESIDING OFFICER AND OTHER MEMBERS) AMENDMENT RULES, 2015 – AMENDMENT IN RULES 2, 10 AND 11 NOTIFICATION NO. GSR 683(E) [F.NO.3/5/2015-RE], DATED 3-9-2015 In exercise of the powers conferred by section 15L, read with section 15M, 15-O and clauses (db) and (f) of sub-section… Read More »

Govt notifies Credit Guarantee Fund Scheme for purpose of providing guarantee in respect of factoring loans

CREDIT GUARANTEE FUND SCHEME FOR FACTORING (CGFSF) NOTIFICATION NO. SO 2606(E) [F.NO.17/6/2013-I.F. II (VOL.II)], DATED 22-9-2015 In pursuance of the approval of the Cabinet vide its minutes of the meeting dated 10th December 2014 the Central Government hereby makes the following scheme for the purpose of providing guarantees in respect of factoring loans. CHAPTER I… Read More »