Entries by Staff Publication

SEBI allows Category III AIFs to invest in commodities market

Genesis of Category III AIFs Alternate Investment Funds (AIFs) are privately pooled investment funds, incorporated in India, in the form of a trust, company, LLP or body corporate not covered under any other regulations prescribed by SEBI. These funds are governed by Securities and Exchange Board of India (Alternative Investment Funds) Regulations, 2012[1]. There are […]

MCA concerned on siphoning of funds, proposes limit of two layers of subsidiaries

CS Vinita Nair, corplaw@vinodkothari.com MCA vide public notice dated[1] June 28, 2017 has conveyed its intent of issuing a notification proposing amendments to the Companies (Specification of Definitions Details) Rules, 2014 containing the restriction on layers of subsidiaries beyond prescribed number and has invited suggestions on the draft notification. Comments/suggestions on the draft rules along […]

MCA continues to shower relaxations on private companies, by Vallari Dubey

MCA vide notification dated 22nd June, 2017[1] issued Companies (Audit and Auditors) Second Amendment Rules, 2017, effective immediately from the above date. The Rules are meant to further amend the Companies (Audit and Auditors) Rules, 2014. The amendment pertains to corresponding rule for Section 139(2), regarding rotation of auditors in the Company.

Tax Provisions for HFCs, by Somesh Lund

The Income Tax Act, 1961[1] does not contain specific provisions relating to Housing Finance Companies (HFCs). Thus, all the general provisions for computation of income shall apply to HFCs. It can also be established that as the main source of income of HFCs is interest, income will be computed under section 28 to 43 of […]