Entries by Vinod Kothari Consultants

Additional relief from COVID-19 disruptions

Based on the recommendations of the Monetary Policy Committee -Financial Services Division (finserv@vinodkothari.com) Extension of the restructuring norms for MSME debt The RBI via a notification on 1st January 2019[1] had allowed NBFCs and banks to restructure their advances to MSMEs, classified as ‘standard’, without any asset classification downgrade and the same was extended further […]

ECLGS scope expanded to cover business loan by individuals

-Financial Services Division (finserv@vinodkothari.com)  The Finance Minister had announced several measures to provide stimulus to economy for providing a momentum after impact caused by Covid-19 and also to take further the mission of self-reliant India. Among various schemes introduced in the package, one was the Emergency Credit Line Guarantee Scheme (‘Scheme’), which intends to enable […]

Update: PSCs get another year to comply with MPS requirements

Ankit Vashishth, Executive Vinod Kothari and Company; corplaw@vinodkothari.com To prevent concentration of shares in the hands of a few market players and to ensure a sound and healthy public float to stave off any manipulation or perpetration of other unethical activities in the securities market, it is imperative that the shareholding of listed companies is […]

Important Rulings -Section 56 (2) (viia), 56 (2) (x) and 56 (2) (viib) of Income Tax Act 1961

– Qasim Saif and Mahesh Jethani finserv@vinodkothari.com Section 56(2) (viia) When shares of closely held company received without consideration or for inadequate consideration Where shortfall in consideration as compared to Fair Market Value (FMV) exceeded Rs. 50,000 Recipient is: (a) Firm (b) closely held company Then, FMV of such shares exceeding Rs. 50,000/- after reducing […]

Electronic Mortgages: Towards a new trend in paperless mortgage lending

– Vinod Kothari vinod@vinodkothari.com Paperless lending based on e-agreements and electronic documentation seems to be the future. The mortgage market is seeing the emergence of electronic mortgage note called ENotes. ENotes, which are issued as electronic negotiable instruments, have become popular in the US mortgage market. The COVID pandemic has given strong push the popularity […]