The article delves into the recent Security Appellate Tribunal (“Tribunal”) judgment which has upheld the Security Exchanges Board of India (“SEBI”)- the (“Respondent”) order classifying the holiday schemes floated by Pancard Clubs Limited (“Appellants”) as a Collective Investment Scheme (“CIS”) and thereby directing the Appellants to inter-alia, refund the sum of money amounting to Rupees […]
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Entries by Vinod Kothari Consultants
At the time of its notification, Companies Act, 2013 (‘Act, 2013’) was applicable uniformly across all types of companies. Respite was brought about by the MCA notification dated June 5, 2016 (‘Principal Notification’) which provided that certain provisions of the Act, 2013 shall not apply or shall apply to government with such exemptions, modifications or […]
MCA vide notification dated 5th June, 2015 (‘Principal Notification’) exempted private companies from complying with certain provisions of the Companies Act, 2013 (“Act, 2013”) subject to the condition that the company will ensure protection of shareholder’s interests. MCA vide notification dated June 13, 2017 (’Amendment Notification’) made certain amendments in the principal notification which has […]
Related party transactions always follow the presumption of not being at arm’s length and therefore tax provisions prescribe that the transactions should be undertaken at market value and be based on usual commercial terms, as if done with a third party. Transactions with related parties are always subject to scrutiny and are required to demonstrate […]
By Vallari Dubey (firstname.lastname@example.org) Background The Reserve Bank of India (RBI), on September 29, 2015, vide circular RBI/2015-16/193 had issued guidelines allowing Indian companies, Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs) to issue rupee-denominated bond (masala bonds) overseas. Consequently, RBI, on April 13, 2016, vide circular RBI/2015-16/372 had reduced the tenure of […]
The Reserve Bank of India vide its powers given under Section 10(4) and Section 11(1) of the Foreign Exchange Management Act, 1999, has issued a circular A. P. (DIR Series) Circular No.47, dated 7th June, 2017 bringing in fresh amendments to the existing provisions for ‘Issuance of Rupee denominated bonds overseas’ and as we call […]
In the era of technology, Information Technology (IT) aids plenty of resources to enhance the credit system of the country. Over the years, the Non-Banking Finance Company (NBFC) sector has grown in size and complexity. As the NBFC industry matures and achieves scale, its Information Technology /Information Security (IT/IS) framework, Business continuity planning (BCP), Disaster […]
Introduction MCA has added yet another Circular to the throng of circulars w.r.t. IEPF vide its general circular no 07/2017 dated 5th June, 2017. It provides that companies may, for transferring the shares to IEPF, follow the procedure as in the case of transmission.