E:\Acquisory-data\acquisory-newsletter\acquisory-news-chronicle-2017\newsbytes-2017\dec-2017

1. December 4, 2017
CORPORATE
SEBI – BSE
BSE issues notices for Compulsory Delisting
of Companies
BSE has issued a public notice informing all
Trading Members of the Exchange that the
87 companies that have remained
suspended for more than 3 years would be
delisted from the platform of the Exchange,
with effect from December 1, 2017 pursuant
to order of the Delisting Committee of the
Exchange in terms of Securities and
Exchange Board of India (Delisting of Equity
Shares) Regulations, 2009. Further, Trading
Members of the Exchange are hereby
informed that the 7 companies that have
been compulsorily delisted by NSE, would be
delisted from the platform of the Exchange,
with effect from December 1, 2017 pursuant
to order of the Delisting Committee of the
Exchange in terms of Rule 21(2)(b) of the
Securities Contracts (Regulation) Rules
1957 (“Regulations”). Rule 21(2) (b) of the
Securities Contracts (Regulation) Rules 1957,
states that “If the securities is delisted under
clause (1), ……. the said securities shall be
delisted from all recognized stock
exchanges”. As per SEBI Delisting
Regulations, 2009 these companies have to
face the consequences of compulsory
delisting including the securities of these
companies would cease to be listed and
therefore not be available for trading on the
platform of the Exchange and Promoters of
these delisted companies will be required to
purchase the shares from the public
shareholders as per the fair value
determined by the independent valuer
appointed by the Exchange, as mentioned in
the Public Notice to be issued shortly.
Further, in terms of Regulation 24 of
Delisting Regulations, the delisted company,
its whole-time directors, promoters and
group companies shall be debarred from
accessing the securities market for a period
of 10 years from the date of compulsory
delisting.
http://www.bseindia.com/markets/Marke
tInfo/DispNewNoticesCirculars.aspx?page=
20171129-6
Categorization and Rationalization of
Mutual Fund Schemes
SEBI vide Circular No.
SEBI/HO/IMD/DF3/CIR/P/2017/126 dated
4th December, 2017 has modified the
guidelines regarding categorization and
rationalization of Mutual Fund Schemes.
While preparing the single consolidated list
of stocks, average full market capitalization
of the previous six month of the stocks shall
be considered.
http://www.sebi.gov.in/legal/circulars/de
c-2017/categorization-and-rationalization-
of-mutual-fund-schemes_36804.html
TAXATION
CBDT issues Clarification of India’s position
on the acceptance of MAP and bilateral APA
in cases of countries where Article 9(2) of
OECD Model Tax Commentary is absent

2. December 4, 2017
CBDT has issued Clarification of India’s
position on the acceptance of MAP and
bilateral APA in cases of countries where
Article 9(2) of OECD Model Tax Commentary
is absent. A number of references have been
received from time to time regarding the
acceptance of applications pertaining to
Transfer Pricing MAP cases and bilateral
Advance Pricing Agreements (APAs) where
the Associated Enterprise (AE) of the Indian
entity is resident of a country with which
India has entered into a Double Taxation
Avoidance Agreement (DTAA) but the
Agreement does not contain Paragraph
relating to ‘Corresponding Adjustment’. The
matter has been examined by the Central
Board of Direct Taxes (CBDT) and it has been
decided to accept Transfer Pricing MAP and
bilateral APA applications regardless of the
presence or otherwise of Paragraph 2 of
Article 9 (or its relevant equivalent Article) in
the DTAAs.
http://www.incometaxindia.gov.in/Lists/P
ress%20Releases/Attachments/674/Press-
Release-Clarification-India-position-
acceptance-MAP-bilateral-APA-countries-
27-11-2017.pdf
Unauthorized expansion of scope of limited
scrutiny
CBDT has issued detailed guidelines/
directions for completion of cases of limited
scrutiny selected through CASS module.
These guidelines postulate that an Assessing
Officer, in limited scrutiny cases cannot
travel beyond the issues for which the case
was selected. The idea behind such
stipulations was to enforce checks and
balances upon powers of an AO to do fishing
and roving inquiries in cases selected for
limited scrutiny. Further, the guidelines for
proper maintenance of order sheets have
been given in the Manual of Office
Procedure issued by the Directorate of
Organisation and Management Services. The
Manual clearly lays down that the minutes of
the hearing must be entered with date, in
the order-sheet and to record entries for
each posting, hearing and seeking and
granting of adjournments. Instances have
come to notice of CBDT where some
Assessing Officers are traveled beyond their
jurisdiction while making assessments in
Limited Scrutiny cases by initiating inquiries
on new issues without complying with
mandatory requirements of the relevant
CBDT Instructions. In view of discussion in
the preceding paragraphs it is once again
reiterated that the Assessing Officers should
abide by the instructions of CBDT while
completing limited scrutiny assessments and
should be scrupulous about maintenance of
note sheets in assessment folders.
OTHERS
Registrar of Corporate Societies,
Government of Delhi mandates for all
societies to have their own website
The Registrar of Corporate Societies,
Government of Delhi has made mandatory
for all societies to have their own website.
This step is taken by Delhi Government
to enhance Transparency level between

3. December 4, 2017
society and its stakeholders and to
ultimately reduce the litigation. Further,
every such registered corporate society shall
upload / update various information on
regular basis including Membership Details
like Name, Father’s Name, Address, Contract
Number and Membership Number,
Annual Audit Reports, Annual Returns,
Election and Details of Management
Committee including mobile number and
email id, AGM and Other Resolutions, SGM
meeting resolution, MC meeting resolution,
Public Notice etc. All societies are also
instructed to submit website details and url
of the website to the department.
For any query: Contact – Sunaina Jhingan
Email – Sunaina.jhingan@acquisory.com