The Insolvency Committee (Committee) constituted by Ministry of Corporate Affairs submitted its first report in March 2018 which recommended amendments to Insolvency & Bankruptcy Code (IBC/Code) based on the experience gained from implementation of code. The Committee decided to submit its recommendations on cross border insolvency separately given the complexity
Fair Market Value – Not more and Not Less – Direct Taxes
One of the famous quotes from Warren Buffet ‘Long ago, Ben Graham taught me that Price is what you pay; Value is what you get’. This statement is true not only from investor viewpoint but also from taxman viewpoint! Income Tax Act, 1961 (‘Act’) contains provisions which focus primarily on
Differential Treatment Inter se Creditors – Not Permissible
The recent judgment of Hon’ble National Company Law Appellate Tribunal (NCLAT), New Delhi in the case of Binani Industries Limited v Bank of Baroda, has made significant observations on certain aspects pertaining to Insolvency & Bankruptcy Code, 2016 (IBC). Though the judgement contains various aspects, decided by the Hon’ble NCLAT,
Dematerialisation of Securities Companies Act
DEMATERIALISATION OF SECURITIES BY UNLISTED PUBLIC COMPANIES AND FILING OF RECONCILIATION OF SHARE CAPITAL AUDIT REPORT This article is an attempt to list out the provisions/compliances of the rules notified in connection with the Dematerialization of Securities by Unlisted Public Companies. Vide the Companies (Prospectus and Allotment of Securities) Third
Alternative Investment Funds – FEMA
A PEAK INTO ALTERNATIVE INVESTMENT FUNDS – SEBI AND FEMA PERSPECTIVE Background: Till 2012 Investment Management regulations of SEBI were limited only to Mutual Funds (MF), Collective Investment Schemes (CIS), Venture Capital Funds (VCF) and Portfolio Managers, and were well regulated. In the absence of dedicated regulations, other private pools
Relevance of Possession of Immovable Property – Direct Taxes
Section 45(1) of Income Tax Act, 1961 provides for taxability of profits or gains on transfer of Capital Asset in the year of transfer. The term ‘transfer’ inter-alia includes any transfer allowing the possessing of immovable property in part performance of contract referred to in 53A of Transfer of Property
Decoding Section 29A of IBC – Insolvency & Bankruptcy Code
Ambit of 29A of IBC – Decoding ArcelorMittal v Satish Kumar Gupta The recent judgment of the apex court in the case of ArcelorMittal India Private Limited vs Satish Kumar Gupta and Others has revealed the true ambit and intent of Section 29A of Insolvency and Bankruptcy Code, 2016 (IBC).
Companies Amendment Ordinance 2018 – Companies Act 2013
THE COMPANIES AMENDMENT ORDINANCE – 2018 [9 of 2018] – A REVIEW All are aware that the provisions of the Companies Act, 2013, came in to force with effect from 12.09.2013, and with other provisions notified in a phased manner from 01.04.2014. With in a period of 15 months of the
A Peak Into Recent Amendments in ECB Regualtions – FEMA
A PEAK INTO RECENT AMENDMENTS TO EXTERNAL COMMERCIAL BORROWINGS REGULATIONS External Commercial Borrowings (ECB) are governed by Foreign Exchange Management (Borrowing or Lending in Foreign Currency) Regulations, 2000 issued by Reserve Bank of India (RBI), and these regulations have been amended from time to time considering changes in India’s macro-economic
Importance of Other Reconciliations in GST Audit – GST
INTRODUCTION: With the requirement to get the records audited annually under GST Laws, the auditor is required to come up with reconciliation of turnover, input tax credit availed, taxes paid between Financial Statements and GST Records maintained. The said reconciliation statement is required to be prepared in the format as