Author Archive for: vishesh
Entries by Vinod Kothari Consultants
Debut of Section 130 of the Companies Act, 2013
-NCLT orders recasting of financial statements of ILFS By Smriti Wadehra (smriti@vinodkothari.com) Introduction As the first instance of regulatory recasting of financial statements, the National Company Law Tribunal, Mumbai has directed the reopening of the books of accounts of IL&FS Group (‘Company’) and some of its subsidiaries. The rationale behind such direction is that the […]
Export Factoring in India
– Paving the way to provide easy finance to exporters By Simran Jalan (simran@vinodkothari.com) Introduction Export factoring bundles together credit protection, export working capital financing, foreign accounts receivables bookkeeping and collection services- all in one product. It is the sale of foreign accounts receivable by a seller (exporter) to a factoring company at a discount, where […]
Resurrection of masses: Gujarat HC quashes MCA notification on disqualification of directors
By CS Megha Saraf (megha@vinodkothari.com) In what might be a major embarrassment to the Ministry of Corporate Affairs (“MCA”), the Gujarat High Court has held that the MCA came up with various notifications in the month of September, 2017, disqualifying 3,09,614[1] directors, was wrong, since it amounted to giving a retrospective effect to the provisions […]
Accounting for Direct Assignment under Indian Accounting Standards (Ind AS)
By Team IFRS & Valuation Services (ifrs@vinodkothari.com) (finserv@vinodkothari.com) Introduction Direct assignment (DA) is a very popular way of achieving liquidity needs of an entity. With the motives of achieving off- balance sheet treatment accompanied by low cost of raising funds, financial sector entities enter into securitisation and direct assignment transactions involving sale of their loan […]