Attached Newsletter is an attempt to cover monthly issues relevant in the context of transactions - covers SEBI, Companies Act, Income Tax, Stamp duty and other regulatory changes
Budget 2013- Crisp analysis of Service Tax Provisions by Blue Consulting (5th...Chandan Goyal
BC is pleased to share a whitepaper on Budget 2013- Service Tax provisions, crisply analyzed, ready for your personal use.
The format has been designed keeping in mind your reading convenience.
Relevant Sections and the dates of applicability have been mentioned for each taxation provision.
The document discusses rules and procedures from the General Financial Rules of the Government of India (GFR). It covers 12 topics: introduction and definitions; general financial management principles; budget formulation and implementation; government accounts; procurement of goods; and miscellaneous subjects. Specific rules covered include those relating to purchase thresholds, advance payments to suppliers, physical verification of assets, service books, travel allowance claims, and cash book maintenance. The GFR provides comprehensive regulations and guidelines for financial management for all government offices in India.
The General Financial Rules, 2005 document provides the rules and procedures for financial management for the Government of India. It covers topics such as budget formulation, government accounts, procurement, inventory management, and grants administration. The document underwent a comprehensive review to simplify and update the rules to reflect developments in areas like information technology, outsourcing, and international procurement practices. The revised rules aim to provide greater flexibility while ensuring accountability in government financial transactions.
The document provides a summary of regulatory updates from various bodies such as SEBI, MCA, RBI, and ITAT. Some key points from the document include: 1) SEBI raised the threshold for mandatory open offers from 15% to 25% stake in a company. 2) MCA allowed for online incorporation of companies within 24 hours. 3) RBI allowed refinancing of FCCBs and revised share issue norms for FDI. 4) International taxation cases related to royalty, capital expenditures, and taxability of foreign companies were summarized. The document covered a range of regulatory changes across corporate law, FEMA, and taxation.
1. The Finance Act, 2010 specifies the income tax rates for the assessment year 2010-2011. The basic exemption limit remains the same but tax slabs have been widened.
2. Surcharge rates on income tax for domestic companies exceeds Rs. 1 crore is 7.5% and for foreign companies exceeding Rs. 1 crore is 2.5%.
3. Education cess of 2% and secondary and higher education cess of 1% is levied on income tax and surcharge for all entities.
This book provides clause-by-clause analysis of the Finance Bill, 2021. All complex provisions have been explained with illustrations which helps the readers to comprehend the new provisions, in a simplified manner. This book covers analysis on the following:
Direct Taxes
Indirect Taxes (Including GST & Customs)
Corporate Laws
The Present Publication is the Latest Edition, authored by Taxmann’s Editorial Team, with the following coverage:
Tax Rates
Profits and Gains from Business or Profession
Capital Gains
Other Sources
Charitable Trusts
Deductions
TDS and Advance Tax
Return of Income
Assessments
Appeals and Dispute Resolution
Miscellaneous
Amendments Proposed under the GST Laws
Amendments Proposed under the Customs laws
Additional Infrastructure and Development Cess
Amendment under the Central Sales Tax Act
Amendments under the Customs Tariff Act
Amendments Proposed under the Corporate Laws
The detailed coverage of the book is as follows:
Tax Rates
Profits and Gains from Business or Profession
Capital Gains
Other Sources
The document is a circular from the Reserve Bank of India announcing amendments to the Basel III capital regulations in India. Key points:
1) Banks can now issue Additional Tier 1 capital instruments with principal loss absorption through either conversion to common shares or a write-down mechanism (temporary or permanent).
2) The pre-specified trigger point for loss absorption of AT1 instruments is a Common Equity Tier 1 capital ratio of 6.125% of risk-weighted assets.
3) Banks can issue Tier 2 capital instruments with a minimum original maturity of 5 years, down from the previous minimum of 10 years.
Budget 2013- Crisp analysis of Service Tax Provisions by Blue Consulting (5th...Chandan Goyal
BC is pleased to share a whitepaper on Budget 2013- Service Tax provisions, crisply analyzed, ready for your personal use.
The format has been designed keeping in mind your reading convenience.
Relevant Sections and the dates of applicability have been mentioned for each taxation provision.
The document discusses rules and procedures from the General Financial Rules of the Government of India (GFR). It covers 12 topics: introduction and definitions; general financial management principles; budget formulation and implementation; government accounts; procurement of goods; and miscellaneous subjects. Specific rules covered include those relating to purchase thresholds, advance payments to suppliers, physical verification of assets, service books, travel allowance claims, and cash book maintenance. The GFR provides comprehensive regulations and guidelines for financial management for all government offices in India.
The General Financial Rules, 2005 document provides the rules and procedures for financial management for the Government of India. It covers topics such as budget formulation, government accounts, procurement, inventory management, and grants administration. The document underwent a comprehensive review to simplify and update the rules to reflect developments in areas like information technology, outsourcing, and international procurement practices. The revised rules aim to provide greater flexibility while ensuring accountability in government financial transactions.
The document provides a summary of regulatory updates from various bodies such as SEBI, MCA, RBI, and ITAT. Some key points from the document include: 1) SEBI raised the threshold for mandatory open offers from 15% to 25% stake in a company. 2) MCA allowed for online incorporation of companies within 24 hours. 3) RBI allowed refinancing of FCCBs and revised share issue norms for FDI. 4) International taxation cases related to royalty, capital expenditures, and taxability of foreign companies were summarized. The document covered a range of regulatory changes across corporate law, FEMA, and taxation.
1. The Finance Act, 2010 specifies the income tax rates for the assessment year 2010-2011. The basic exemption limit remains the same but tax slabs have been widened.
2. Surcharge rates on income tax for domestic companies exceeds Rs. 1 crore is 7.5% and for foreign companies exceeding Rs. 1 crore is 2.5%.
3. Education cess of 2% and secondary and higher education cess of 1% is levied on income tax and surcharge for all entities.
This book provides clause-by-clause analysis of the Finance Bill, 2021. All complex provisions have been explained with illustrations which helps the readers to comprehend the new provisions, in a simplified manner. This book covers analysis on the following:
Direct Taxes
Indirect Taxes (Including GST & Customs)
Corporate Laws
The Present Publication is the Latest Edition, authored by Taxmann’s Editorial Team, with the following coverage:
Tax Rates
Profits and Gains from Business or Profession
Capital Gains
Other Sources
Charitable Trusts
Deductions
TDS and Advance Tax
Return of Income
Assessments
Appeals and Dispute Resolution
Miscellaneous
Amendments Proposed under the GST Laws
Amendments Proposed under the Customs laws
Additional Infrastructure and Development Cess
Amendment under the Central Sales Tax Act
Amendments under the Customs Tariff Act
Amendments Proposed under the Corporate Laws
The detailed coverage of the book is as follows:
Tax Rates
Profits and Gains from Business or Profession
Capital Gains
Other Sources
The document is a circular from the Reserve Bank of India announcing amendments to the Basel III capital regulations in India. Key points:
1) Banks can now issue Additional Tier 1 capital instruments with principal loss absorption through either conversion to common shares or a write-down mechanism (temporary or permanent).
2) The pre-specified trigger point for loss absorption of AT1 instruments is a Common Equity Tier 1 capital ratio of 6.125% of risk-weighted assets.
3) Banks can issue Tier 2 capital instruments with a minimum original maturity of 5 years, down from the previous minimum of 10 years.
Service tax exemption for transport of goods by rail
Notifications have been issued to continue the exemption for service tax on transport of goods by rail. See http://www.servicetax.gov.in/notifications/notfns-2k11/st49-52-2k11.pdf.
This document is an amendment to Whole Foods Market, Inc.'s annual report on Form 10-K for the fiscal year ended
September 26, 2004. It corrects previously issued financial statements for fiscal years 2004, 2003 and 2002 to properly
account for rent holidays, tenant improvement allowances, and depreciation lives of leasehold improvements. Whole Foods
Market, Inc. owns and operates natural and organic food supermarkets across the United States, Canada, and United Kingdom,
with 163 stores as of September 26, 2004. The company has experienced rapid growth through new store openings,
acquisitions, and comparable store sales.
This document is a quarterly report filed with the SEC by CVS Caremark Corporation for the quarter ended September 27, 2008. It includes:
1) Consolidated financial statements such as statements of operations and balance sheets for the quarter and year to date, showing revenues, expenses, earnings, assets and liabilities.
2) Notes to the financial statements providing additional information about accounting policies and changes.
3) A management discussion and analysis section giving an overview of financial results and business performance for the period.
4) Certifications by management on disclosure controls and quarterly exhibits.
The report provides required public disclosures to shareholders on CVS Caremark's financial position and recent operating results.
This document discusses share-based payment transactions where an entity receives goods or services from a supplier in exchange for equity instruments or payment amounts based on the entity's share price. It describes three types of share-based payment transactions:
1. Equity-settled, where goods or services are received in exchange for equity instruments.
2. Cash-settled, where goods or services are acquired and a liability is incurred based on the entity's share price.
3. Cash or equity, where the entity or supplier can choose cash or equity settlement.
The document provides guidance on recognizing, measuring, and accounting for share-based payment transactions, including examples illustrating the accounting entries for equity-settled and cash
The document provides guidelines for spinning off the operations division of Alaman modern co. for power into an independent entity. It discusses appointing managers and board members for the new spin-off company, determining the capital structure by allocating assets, liabilities, debt, and other obligations between the parent company and spin-off. It also addresses managing employee transfers, required consents from creditors and contract counterparties, drafting transition agreements to govern ongoing relationships, and establishing the financial and accounting systems for the new operations division entity.
The document is a business plan template that requests information across several sections to develop a full business plan. It requests information on the borrower, business description, objectives, marketing plan, competition, management, operations, financial plan, and references. The template aims to provide a comprehensive overview of all aspects of running a business to support a loan application.
Webinar by C Klokow of CIPC giving an overview of Business Rescue Proceedings in South Africa.
Business Rescue cc is based in Pretoria, South Africa. More info on the company can be found on their website: http://www.businessrescue.co.za/
This document provides a summary of amendments made to direct tax laws by the Finance Act, 2011. Some key points include:
- Basic exemption limit increased from Rs. 1,60,000 to Rs. 1,80,000. Limit for senior citizens increased from Rs. 2,40,000 to Rs. 2,50,000.
- Age limit for senior citizens reduced from 65 to 60 years. Residents aged 80+ get exemption limit of Rs. 5,00,000.
- Deduction for long-term infrastructure bonds extended by one year. Tax holiday for power sector undertakings also extended.
- Scope of specified business expanded for tax incentives under section 35AD.
- The auditors have audited the Balance Sheet of Bombay Stock Exchange Limited as of March 31, 2010 and the Profit and Loss Account and Cash Flow Statement for the year ended on that date.
- The auditors provided a clean audit opinion and stated that the financial statements were prepared in accordance with accounting standards and give a true and fair view of the company's financial position and performance.
- Key highlights included total income of Rs. 4,852 crore for the year and a net profit of Rs. 2,129 crore.
This document is Aetna Inc.'s quarterly report filed with the SEC for the quarter ended March 31, 2005. It provides financial statements and disclosures for the period. Specifically, it includes the consolidated statements of income, balance sheets, shareholders' equity, and cash flows for the quarters ended March 31, 2005 and 2004. It also provides notes to the financial statements and disclosures on the company's business segments, accounting policies, and recent acquisitions. The financial statements show increased revenues and net income compared to the prior year period.
This document is Tenet Healthcare Corporation's annual report on Form 10-K for the fiscal year ended December 31, 2007. It provides information on Tenet's business operations including:
1) At the end of 2007, Tenet operated 57 general hospitals with a total of 15,244 licensed beds across 12 states.
2) In 2007, Tenet streamlined its regional structure and made strategic acquisitions and divestitures of hospitals.
3) Going forward, Tenet will focus on the 56 general hospitals that will remain after planned divestitures and new hospital construction projects are completed. These hospitals generated over 97% of Tenet's revenues.
United Health Group [PDF Document] Form 8-K Related to Earnings Releasefinance3
This document is a Form 8-K filed by UnitedHealth Group Inc. with the SEC on April 14, 2005. It summarizes UnitedHealth's financial results for the first quarter of 2005, including revenue of $10.9 billion (up 34% year-over-year), net earnings of $779 million (up 41% year-over-year), and earnings per share of $1.16 (up 32% year-over-year). It also provides details on growth across various business units, expanding operating margins, cash flows, medical costs, and provides an outlook for continued growth in 2005 with EPS expected to increase 23-24%.
The document is the condensed consolidated interim financial statements of Hyundai Capital Services, Inc. and its subsidiaries for the period ended March 31, 2020. It includes the condensed consolidated statements of financial position, comprehensive income, changes in equity, and cash flows. Key information includes total assets of W32.24 trillion as of March 31, 2020, profit for the period of W85.86 billion, and total comprehensive income for the period of W24.37 billion.
This document outlines the standards, interpretations, and amendments to IFRS that become effective for the first time in periods beginning on or after 1 January 2012, including amendments to IFRS 1, IFRS 7, IAS 12, IAS 1, IAS 19, IAS 27, IAS 28, and new standards IFRIC 20, IFRS 10, IFRS 11, IFRS 12, and IFRS 13. It also lists additional standards, interpretations, and amendments that become effective in subsequent periods through 2015, including amendments to IAS 32, IFRS 9, and annual improvements to IFRSs 2009-2011 cycle.
GTL Infrastructure Limited reported financial results for the quarter ended June 30, 2017. Total income was Rs. 28,960 lakhs, lower than the previous quarter. Expenses also declined from the previous quarter to Rs. 29,709 lakhs. The company reported a loss before tax of Rs. 749 lakhs for the quarter. Total comprehensive loss for the period was Rs. 758 lakhs. The company's paid up equity share capital increased to Rs. 415,230 lakhs as of June 30, 2017 from Rs. 246,008 lakhs as of March 31, 2017.
This document provides a summary of recent legal landmarks in India. It lists 6 key cases or rulings with details including the authority, sections of law, and key ratio or ruling. Case 1 discusses capital gains tax treatment of assets held over 12 months. Case 2 addresses what qualifies as "manufacturing" for claiming tax deductions. Case 3 discusses tax treatment of retirement benefits received from overseas employment. Case 4 addresses whether income can be taxed under both domestic law and a tax treaty. Case 5 concerns whether fees received for software design qualify as royalties under a tax treaty. Case 6 discusses interest income tax exemption eligibility. The document is from a consulting firm providing an update on these legal rulings to a client.
ICAI Pune Branch - Direct Tax Refresher Course 2012Ameya Kunte
The document provides a summary of various tax rulings and cases.
1) The Mumbai ITAT ruled that disallowance under section 40(a)(ia) for non-deduction of TDS is not applicable if expenses are actually paid within the previous year without TDS.
2) Courts have differing views on the taxability of software. The Karnataka HC and Delhi HC ruled software payments as royalties while the Mumbai ITAT and Delhi HC ruled otherwise in some cases.
3) The debate on the tax treatment of software continues with the budget proposal and reconciliatory rulings from ITAT.
4) Various cases are discussed around topics like export commission, act vs DTAA
The document provides a summary of the following:
1. Budget 2012 key proposals related to direct tax, transfer pricing, indirect tax, and FEMA.
2. Key corporate law updates from MCA including extension of deadline to file DIN-4 form and introduction of 'Pay Later' option on MCA portal.
3. SEBI circulars regarding exemptions from 100% promoter holding in demat form, settlement of CDs and CPs trades through clearing corporations, and international taxation updates.
4. Recent M&A transactions that made headlines including Reliance-Network18 deal, Bharti Airtel-Zain Africa deal, and Tata Power-Welspun deal
Attached Newsletter is an attempt to cover monthly issues relevant in the context of transactions - covers SEBI, Companies Act, Income Tax, Stamp duty and other regulatory changes
Zaggora LLP - UK Real Estate Investment AdvisorsToniPopova
This document summarizes the key details and experience of Chris Hancock, a senior partner at Zaggora. It outlines his background in investment banking at JPMorgan for 10 years, where he specialized in serving family businesses and private clients. It notes that he has since started his own corporate finance boutique, Cleaver Consulting, focused on M&A and financing for entrepreneurs. The summary establishes that Chris began working with Zaggora's managing partner Malcolm Bell in 2009 to establish the Zaggora partnership.
Service tax exemption for transport of goods by rail
Notifications have been issued to continue the exemption for service tax on transport of goods by rail. See http://www.servicetax.gov.in/notifications/notfns-2k11/st49-52-2k11.pdf.
This document is an amendment to Whole Foods Market, Inc.'s annual report on Form 10-K for the fiscal year ended
September 26, 2004. It corrects previously issued financial statements for fiscal years 2004, 2003 and 2002 to properly
account for rent holidays, tenant improvement allowances, and depreciation lives of leasehold improvements. Whole Foods
Market, Inc. owns and operates natural and organic food supermarkets across the United States, Canada, and United Kingdom,
with 163 stores as of September 26, 2004. The company has experienced rapid growth through new store openings,
acquisitions, and comparable store sales.
This document is a quarterly report filed with the SEC by CVS Caremark Corporation for the quarter ended September 27, 2008. It includes:
1) Consolidated financial statements such as statements of operations and balance sheets for the quarter and year to date, showing revenues, expenses, earnings, assets and liabilities.
2) Notes to the financial statements providing additional information about accounting policies and changes.
3) A management discussion and analysis section giving an overview of financial results and business performance for the period.
4) Certifications by management on disclosure controls and quarterly exhibits.
The report provides required public disclosures to shareholders on CVS Caremark's financial position and recent operating results.
This document discusses share-based payment transactions where an entity receives goods or services from a supplier in exchange for equity instruments or payment amounts based on the entity's share price. It describes three types of share-based payment transactions:
1. Equity-settled, where goods or services are received in exchange for equity instruments.
2. Cash-settled, where goods or services are acquired and a liability is incurred based on the entity's share price.
3. Cash or equity, where the entity or supplier can choose cash or equity settlement.
The document provides guidance on recognizing, measuring, and accounting for share-based payment transactions, including examples illustrating the accounting entries for equity-settled and cash
The document provides guidelines for spinning off the operations division of Alaman modern co. for power into an independent entity. It discusses appointing managers and board members for the new spin-off company, determining the capital structure by allocating assets, liabilities, debt, and other obligations between the parent company and spin-off. It also addresses managing employee transfers, required consents from creditors and contract counterparties, drafting transition agreements to govern ongoing relationships, and establishing the financial and accounting systems for the new operations division entity.
The document is a business plan template that requests information across several sections to develop a full business plan. It requests information on the borrower, business description, objectives, marketing plan, competition, management, operations, financial plan, and references. The template aims to provide a comprehensive overview of all aspects of running a business to support a loan application.
Webinar by C Klokow of CIPC giving an overview of Business Rescue Proceedings in South Africa.
Business Rescue cc is based in Pretoria, South Africa. More info on the company can be found on their website: http://www.businessrescue.co.za/
This document provides a summary of amendments made to direct tax laws by the Finance Act, 2011. Some key points include:
- Basic exemption limit increased from Rs. 1,60,000 to Rs. 1,80,000. Limit for senior citizens increased from Rs. 2,40,000 to Rs. 2,50,000.
- Age limit for senior citizens reduced from 65 to 60 years. Residents aged 80+ get exemption limit of Rs. 5,00,000.
- Deduction for long-term infrastructure bonds extended by one year. Tax holiday for power sector undertakings also extended.
- Scope of specified business expanded for tax incentives under section 35AD.
- The auditors have audited the Balance Sheet of Bombay Stock Exchange Limited as of March 31, 2010 and the Profit and Loss Account and Cash Flow Statement for the year ended on that date.
- The auditors provided a clean audit opinion and stated that the financial statements were prepared in accordance with accounting standards and give a true and fair view of the company's financial position and performance.
- Key highlights included total income of Rs. 4,852 crore for the year and a net profit of Rs. 2,129 crore.
This document is Aetna Inc.'s quarterly report filed with the SEC for the quarter ended March 31, 2005. It provides financial statements and disclosures for the period. Specifically, it includes the consolidated statements of income, balance sheets, shareholders' equity, and cash flows for the quarters ended March 31, 2005 and 2004. It also provides notes to the financial statements and disclosures on the company's business segments, accounting policies, and recent acquisitions. The financial statements show increased revenues and net income compared to the prior year period.
This document is Tenet Healthcare Corporation's annual report on Form 10-K for the fiscal year ended December 31, 2007. It provides information on Tenet's business operations including:
1) At the end of 2007, Tenet operated 57 general hospitals with a total of 15,244 licensed beds across 12 states.
2) In 2007, Tenet streamlined its regional structure and made strategic acquisitions and divestitures of hospitals.
3) Going forward, Tenet will focus on the 56 general hospitals that will remain after planned divestitures and new hospital construction projects are completed. These hospitals generated over 97% of Tenet's revenues.
United Health Group [PDF Document] Form 8-K Related to Earnings Releasefinance3
This document is a Form 8-K filed by UnitedHealth Group Inc. with the SEC on April 14, 2005. It summarizes UnitedHealth's financial results for the first quarter of 2005, including revenue of $10.9 billion (up 34% year-over-year), net earnings of $779 million (up 41% year-over-year), and earnings per share of $1.16 (up 32% year-over-year). It also provides details on growth across various business units, expanding operating margins, cash flows, medical costs, and provides an outlook for continued growth in 2005 with EPS expected to increase 23-24%.
The document is the condensed consolidated interim financial statements of Hyundai Capital Services, Inc. and its subsidiaries for the period ended March 31, 2020. It includes the condensed consolidated statements of financial position, comprehensive income, changes in equity, and cash flows. Key information includes total assets of W32.24 trillion as of March 31, 2020, profit for the period of W85.86 billion, and total comprehensive income for the period of W24.37 billion.
This document outlines the standards, interpretations, and amendments to IFRS that become effective for the first time in periods beginning on or after 1 January 2012, including amendments to IFRS 1, IFRS 7, IAS 12, IAS 1, IAS 19, IAS 27, IAS 28, and new standards IFRIC 20, IFRS 10, IFRS 11, IFRS 12, and IFRS 13. It also lists additional standards, interpretations, and amendments that become effective in subsequent periods through 2015, including amendments to IAS 32, IFRS 9, and annual improvements to IFRSs 2009-2011 cycle.
GTL Infrastructure Limited reported financial results for the quarter ended June 30, 2017. Total income was Rs. 28,960 lakhs, lower than the previous quarter. Expenses also declined from the previous quarter to Rs. 29,709 lakhs. The company reported a loss before tax of Rs. 749 lakhs for the quarter. Total comprehensive loss for the period was Rs. 758 lakhs. The company's paid up equity share capital increased to Rs. 415,230 lakhs as of June 30, 2017 from Rs. 246,008 lakhs as of March 31, 2017.
This document provides a summary of recent legal landmarks in India. It lists 6 key cases or rulings with details including the authority, sections of law, and key ratio or ruling. Case 1 discusses capital gains tax treatment of assets held over 12 months. Case 2 addresses what qualifies as "manufacturing" for claiming tax deductions. Case 3 discusses tax treatment of retirement benefits received from overseas employment. Case 4 addresses whether income can be taxed under both domestic law and a tax treaty. Case 5 concerns whether fees received for software design qualify as royalties under a tax treaty. Case 6 discusses interest income tax exemption eligibility. The document is from a consulting firm providing an update on these legal rulings to a client.
ICAI Pune Branch - Direct Tax Refresher Course 2012Ameya Kunte
The document provides a summary of various tax rulings and cases.
1) The Mumbai ITAT ruled that disallowance under section 40(a)(ia) for non-deduction of TDS is not applicable if expenses are actually paid within the previous year without TDS.
2) Courts have differing views on the taxability of software. The Karnataka HC and Delhi HC ruled software payments as royalties while the Mumbai ITAT and Delhi HC ruled otherwise in some cases.
3) The debate on the tax treatment of software continues with the budget proposal and reconciliatory rulings from ITAT.
4) Various cases are discussed around topics like export commission, act vs DTAA
The document provides a summary of the following:
1. Budget 2012 key proposals related to direct tax, transfer pricing, indirect tax, and FEMA.
2. Key corporate law updates from MCA including extension of deadline to file DIN-4 form and introduction of 'Pay Later' option on MCA portal.
3. SEBI circulars regarding exemptions from 100% promoter holding in demat form, settlement of CDs and CPs trades through clearing corporations, and international taxation updates.
4. Recent M&A transactions that made headlines including Reliance-Network18 deal, Bharti Airtel-Zain Africa deal, and Tata Power-Welspun deal
Attached Newsletter is an attempt to cover monthly issues relevant in the context of transactions - covers SEBI, Companies Act, Income Tax, Stamp duty and other regulatory changes
Zaggora LLP - UK Real Estate Investment AdvisorsToniPopova
This document summarizes the key details and experience of Chris Hancock, a senior partner at Zaggora. It outlines his background in investment banking at JPMorgan for 10 years, where he specialized in serving family businesses and private clients. It notes that he has since started his own corporate finance boutique, Cleaver Consulting, focused on M&A and financing for entrepreneurs. The summary establishes that Chris began working with Zaggora's managing partner Malcolm Bell in 2009 to establish the Zaggora partnership.
The document proposes methods to accelerate PageRank computations using extrapolation techniques. It discusses how PageRank works and is typically computed using an iterative power method. The authors' approach is to use successive PageRank vectors to estimate the components in the directions of the first few eigenvectors, subtracting them to remove their influence and speed convergence. Empirical results show quadratic extrapolation can significantly speed up PageRank convergence, though not enough for truly personalized computations. The extrapolation techniques may help accelerate other similar problems.
Our Dad enjoys fishing as a hobby, which may seem strange to others but his children find it cool. He is an excellent fisherman who loves adventure. Our Dad works hard during the day and deserves to relax by napping in the "man zone" as that is his favorite pastime, especially after a long day of work. God gave our Dad strength, wisdom, patience and other qualities to make him the perfect father figure for his family.
Implications on Intra-state stock transfer have undergone a complete change after decision by Delhi high court wherein relevant notification had been quashed. However, with the decision, it seems to have opened a can of worms with no answers to implications arising thereof. The Author had tried to summarise the implication of decisions with the attached presentation
The document summarizes regulatory changes and news in India related to mergers and acquisitions, private equity transactions, and the venture capital industry. Some key points covered include MCA increasing limits for disclosing employee particulars, setting up a central registry to prevent loan fraud, and plans to provide a single window for business registrations. SEBI enhanced investment limits for foreign investors and non-convertible debentures. The government also aims to reform laws to identify beneficial owners and tighten financial scrutiny of trusts.
The document provides an overview of the 2011 cross country and indoor track seasons for the College of William and Mary. It discusses top individual performances and team results at major competitions. Key athletes like Alex McGrath and Elaina Balouris achieved all-region honors, while the men's and women's teams both saw success, with the men winning their 12th consecutive CAA championship. The program relies on alumni donations to support travel to major competitions.
The sale of accessories with the main product as part of composite package always attract litigation from department where applicable rate for former is more then the latter. However, if certain guiding principles are duly considered, then the extent of litigation can be reduced to some extent.
Este documento presenta la unidad 4 sobre datos y probabilidades. Los objetivos de la unidad son calcular el promedio de datos e interpretarlo, leer e interpretar tablas y gráficos, describir la posibilidad de ocurrencia de eventos usando términos como seguro, posible e imposible, y utilizar diagramas de tallo y hojas para representar datos. Se explican conceptos como promedio, tablas, gráficos de barras y líneas, y experimentos aleatorios seguros, posibles, poco posibles e imposibles. Se incl
The document provides a summary of recent regulatory changes and updates from the Ministry of Corporate Affairs, Reserve Bank of India, and Securities and Exchange Board of India. Key points include:
1) MCA will receive names of over 500 companies that violated CIS rules from SEBI and take necessary actions to prevent involvement in new companies.
2) Developers of National Manufacturing Investment Zones can now avail of external commercial borrowings under the "approval route" for infrastructure development.
3) RBI has delegated powers to banks to approve reductions in ECB amounts, costs, and drawdown schedules subject to conditions.
This document discusses the stark differences in experiences between girls in developing countries compared to America. It describes girls in places like Afghanistan, Iraq and Sudan who must wear full body clothing and need a male escort to leave home. It contrasts this with an American girl walking to school freely. It then discusses the problems of child marriage, mentioning an 8 year old girl being married to her 30 year old cousin. The document calls on people to help stop these issues through an organization called Girl Effect and provides their website for learning more.
Attached Newsletter is an attempt to cover monthly issues relevant in the context of transactions - covers SEBI, Companies Act, Income Tax, Stamp duty and other regulatory changes
Attached Newsletter is an attempt to cover monthly issues relevant in the context of transactions - covers SEBI, Companies Act, Income Tax, Stamp duty and other regulatory changes
amalgamation UNDER COMPANIES ACT 2013 .pptxManoj Pandey
This document provides an overview of corporate restructuring through mergers and amalgamations under the Companies Act, 2013 in India. It discusses key concepts like organic and inorganic growth, different types of mergers, the regulatory framework and process for approval. The highlights include setting up the National Company Law Tribunal to approve merger proposals, easier shareholder approval process and consolidation of applicable laws under the new Act. The document also provides details on drafting a scheme of merger, including defining purposes, rationale and accounting treatment. It outlines the application process to the NCLT for approval of a merger scheme in India.
The document provides a summary of various circulars and notifications issued by the Ministry of Corporate Affairs in India between February and August 2011 regarding amendments to the Companies Act of 1956. Key changes include exemptions granted to holding companies from attaching full financial statements of subsidiaries, simplified processes for company incorporation and foreign business establishment, electronic payment of fees, and delegation of additional powers to Regional Directors of the MCA.
The document provides updates on various corporate and regulatory matters from July 2011. It discusses several clarifications and changes from the Ministry of Corporate Affairs, including that annual filings must now be completed before event-based forms can be accepted, Lok Adalats will help settle prosecution cases, and video conferencing will be mandatory for shareholder meetings of listed companies starting in fiscal year 2012-2013. It also covers new fast track exit procedures for defunct companies and the implementation of digitally signed certificates issued by the Registrar of Companies.
The document provides updates on corporate affairs in India for July 2011. It summarizes new rules, clarifications, and initiatives from regulatory bodies like the Ministry of Corporate Affairs, Central Board of Direct Taxes, Reserve Bank of India, and Securities and Exchange Board of India. Key points include new rules for cost auditing, fast track exit for defunct companies, digital signing of certificates by the Registrar of Companies, and income tax exemptions for individual income up to Rs. 5 lakhs.
The document summarizes the legal framework and procedures for setting up an Export Oriented Unit (EOU) in India according to the country's Foreign Trade Policy. Key points include:
- EOUs are eligible for various exemptions from customs duties, excise duties, and direct/indirect taxes to facilitate exports.
- Setting up an EOU involves obtaining a Letter of Intent from the Development Commissioner by submitting an application with documents like project report and locational clearances.
- Upon receiving the Letter of Intent, legal undertakings must be executed and capital goods/inputs must be attested before a Green Card is issued.
- Various formalities like warehousing licenses and bond execution are
The document provides an overview of various corporate, taxation, regulatory and legal updates from the Ministry of Corporate Affairs and other regulatory bodies in India. Some key points include enhanced limits for related party transactions and disclosure of employee remuneration in companies, green initiatives for electronic filings with MCA, simplified amalgamation process for government companies, review of cost auditor appointment process, and clarifications regarding XBRL filing and definition of partnerships in professional acts. It also summarizes amendments related to service tax rates for restaurants and short-term accommodation, and proposals regarding life insurance and health services.
INSOLVENCY & BANKRUPTCY CODE – A GAME CHANGER ?Alok Saksena
The document discusses the Insolvency and Bankruptcy Code (I&BC) of India and its potential impact. It notes that previous schemes for restructuring stressed assets and reviving sick companies were largely unsuccessful. The I&BC aims to expedite the recovery process within strict timelines of 180 days, appointing resolution professionals to manage proceedings. If no resolution is found, companies will go into liquidation. The code overhauls previous recovery and insolvency laws, consolidating processes in the National Company Law Tribunal to potentially reduce recovery time and costs compared to other countries.
The document discusses various direct tax and indirect tax rulings and notifications.
For direct tax, it summarizes recent case laws on topics such as acquitting a salaried person of ITR non-filing, allowing set-off of long term capital loss and MAT credit following amalgamation, and allowing depreciation on TDS borne and capitalized on FCCB premiums.
It also summarizes international tax rulings on business profits from reinsurance premiums and online auction income not being taxable royalties.
For indirect tax, it summarizes GST case laws on allowing one-time revision of Form TRAN-1 and condoning delay in registration appeal. It also discusses notifications.
The document is a newsletter from Transaction Advisors providing updates on mergers and acquisitions, private equity deals, and regulatory changes in India. It includes summaries of recent private equity investments and M&A transactions in Indian companies. It also summarizes new policies, regulations and significant legal decisions related to areas such as foreign direct investment, taxation, and securities law in India. The newsletter is intended to keep clients and associates informed of important transactional and regulatory changes in India.
The document discusses three adjudication orders issued by Registrars of Companies (ROCs) for non-compliance with the Companies Act, 2013 by various companies.
The first order imposed penalties on ERIS HEALTHCARE PRIVATE LIMITED and its directors for failing to file Form MGT-14 with the ROC regarding a resolution passed to provide loan to a subsidiary, violating Section 117 read with Section 185.
The second order imposed penalties on GSHP MUTUAL BENEFIT INDIA LIMITED for defaulting on filing its financial statements for FY 2019-20 as required under Section 137.
The third order imposed penalties on JAGDISH SILK MILLS PRIVATE LIMITED for not
Here we are with the Thirty fifth successive issue of our monthly ‘Missive’.
We trust you will enjoy reading this Missive, even while soaking in the contents. We would very much appreciate your feedback which consistently helps us in improving and upgrading the contents.
Thanks and regards,
Knowledge Management Team
The document discusses the establishment of the National Company Law Tribunal (NCLT) and National Company Law Appellate Tribunal (NCLAT) in India. Key points:
1) NCLT consolidates powers previously held by multiple forums to resolve corporate disputes more efficiently. It has jurisdiction over matters like corporate restructuring, winding up, oppression and mismanagement that were previously handled by high courts, the Company Law Board, and other bodies.
2) NCLT is expected to reduce delays and provide a single platform to seek various reliefs, but it currently only has 11 benches which may be insufficient.
3) In addition to traditional powers, NCLT also has powers related to company formation,
This document outlines the delegation of powers to subordinate officers of the Executive Director of Mines/Head Office of Mines for Bhilai Steel Plant. It details the financial limits and conditions under which officers like the ED of Mines, Heads of Iron Ore Complex and Flux Department, and departmental heads of E-7 grade can approve various matters related to operation and maintenance contracts like annual plans, budget provisions, tendering process, order placement, extensions, rejections, cancellations and emergency jobs. Approval of the Managing Director is required for certain cases beyond the powers of the ED.
The document discusses the impact of adopting Indian Accounting Standards (Ind AS) for automobile companies. It covers key areas like revenue recognition, provisions, hedging, securitizations, deferred tax, embedded derivatives, product development costs, and property, plant and equipment. The overview section explains the transition process to Ind AS, including the requirement for an explicit compliance statement, accounting policy choices, and preparation of an opening Ind AS balance sheet. It also discusses exemptions available, such as the use of deemed cost for property valuations and relief from restating cumulative translation differences.
Corporate Udates
#SEBI
Charging of additional expenses of upto 0.20% in terms of Regulation 52 (6A) (c) of SEBI (Mutual Funds) Regulations, 1996 -
SEBI issues Circular w.r.t. Total Expense Ratio (TER)– change and disclosure which shall be applicable on All Mutual Funds/AMCs/Trustee Companies
MCA
MCA exempts Government Company from complying with Ind AS 12 for 7 years w.e.f April 2017
MCA designates Special Courts in Kerala, Odisha and Guwahati for speedy Trial of offences
TAXATION
GST: Government Notifies Postponement of E-Way Bill
CBDT has issued Frequently Asked Questions (FAQs) regarding taxation of long-term capital gains proposed in Finance Bill, 2018.
OTHERS
DGFT – Issues a public notice to notify the amendment in the procedure of seeking modification in IEC
Company Website-
www.acquisory.com
This document provides guidance on accounting for depreciation in companies according to the Companies Act of India. It discusses the methods of charging depreciation allowed under the Act, the applicability of depreciation rates prescribed in Schedule XIV, adoption of different depreciation methods for different asset types, changing depreciation methods, and other related topics. The key points are:
1) Section 205 of the Companies Act prescribes the methods for charging depreciation, including straight line and written down value methods.
2) Schedule XIV provides minimum depreciation rates that must be used, but companies can use higher rates if justified.
3) Companies have flexibility to use different depreciation methods for different
Attached Newsletter is an attempt to cover monthly issues relevant in the context of transactions - covers SEBI, Companies Act, Income Tax, Stamp duty and other regulatory changes
The document discusses international taxation issues arising from retrospective amendments made to tax laws. Some key points discussed include:
1. A person who had never deducted taxes on computer software in the past now has to go back and undo those mistakes due to retrospective amendments, even though he was not aware of them previously.
2. There are concerns about the validity of reopening past assessments and the impact on investors' views of India due to continuous litigation arising from retrospective amendments.
3. Definitions related to taxation of indirect transfers of Indian assets and concepts like royalty, software, and satellite transmissions have been expanded and applied retrospectively.
The document discusses international taxation issues arising from retrospective amendments made to tax laws. Some key points discussed include:
1. A person who had never deducted taxes on computer software in the past now has to go back and undo those mistakes due to retrospective amendments, even though he was not aware of them previously.
2. There are concerns about the validity and impact of retrospective amendments, including on reopening of assessments, revision of orders, and rectification.
3. The amendments have widened the tax base by expanding the definition of royalty to include computer software, databases, and satellite transmission retroactively. This could lead to more litigation.
4. Issues around tax residency certificates, general anti-
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"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
1. Elemental Economics - Introduction to mining.pdfNeal Brewster
After this first you should: Understand the nature of mining; have an awareness of the industry’s boundaries, corporate structure and size; appreciation the complex motivations and objectives of the industries’ various participants; know how mineral reserves are defined and estimated, and how they evolve over time.
Understanding how timely GST payments influence a lender's decision to approve loans, this topic explores the correlation between GST compliance and creditworthiness. It highlights how consistent GST payments can enhance a business's financial credibility, potentially leading to higher chances of loan approval.
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"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
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2. Topics Page No
Dear Patron Corporate law 1
FEMA 3
Here we are with the Eleventh successive issue of our monthly ‘Missive’. SEBI 6
International Taxation 8
We trust you will enjoy reading this Missive, even while soaking in the contents. We Transfer Pricing 9
would very much appreciate your feedback which consistently helps us in improving Recent Transactions that 10
and upgrading the contents. made headlines
Thanks and regards,
Akhil Bansal
Editor, Knowledge Management Team Change your thoughts,… & you
change your words !!!
3. Corporate Law § All companies who were earlier issued company specific orders
prior to 31st March, 2011 but are later covered either by this
Audit of cost accounts in certain cases – Order under section 233B (1)
of the Companies Act, 1956 industry specific order and/or by earlier similar orders dated 2nd
May 2011 or 30th June 2011 [subject to their meeting with the
§ The Central Government has directed all companies qualifying criteria mentioned therein] shall now comply with the
a. to which the Companies (Cost Accounting Records) Rules, 2011 industry specific orders, as applicable, replacing the earlier
apply, and company specific order. [ORDER [F.No. 52/26/CAB-2010], dated
b. which are engaged in the production, processing, 24-1-2012]
manufacturing or mining of the specified products/activities,
including intermediate products and articles or allied products Impact: If a company contravenes any provisions of these orders, the
thereof, and company and every officer thereof who is in default, including the
c. wherein the aggregate value of turnover made by the company persons referred to in sub-section (6) of section 209 of the Companies
from sale or supply of all its products/activities during the Act, 1956, shall be punishable as provided under sub-section (2) of
immediately preceding financial year exceeds hundred crores section 642 read with sub-section (11) of section 233B of the
of rupees; or wherein the company’s equity or debt securities Companies Act, 1956 (1 of 1956).
are listed or are in the process of listing on any stock exchange,
whether in India or outside India,
shall get its cost accounting records, in respect of each of its Important Notice on Digital Certificates (SHA2)
financial year commencing on or after 1st day of April, 2012,
audited by a cost auditor. For using Digital Certificate issued post 1st January, 2012 (SHA2), it is
essential to have Windows XP (SP3) / Windows Vista/ Windows 7
§ Every company to which these orders apply shall follow the revised installed. All users using below mentioned services on MCA21 are
procedure for appointment of cost auditor as laid down vide required to download JDK 1.6 updated version:
Ministry of Corporate Affairs’ General Circular No. 15/2011 dated
11th April 2011. i) Any user logging on MCA21 using a DSC
ii) Any existing user registering/updating a DSC
§ All company specific cost audit orders issued to the individual iii) Any new user registering using a DSC
companies prior to 31st March, 2011 directing them to get their
cost records audited for the products/activities specified in such Impact: This requirement is a part of the interoperability initiative of
orders stand withdrawn with effect from the financial year the Controller of Certifying Authorities, India (CCA), for enhancing
commencing on or after the 1st day of April, 2012. security for Digital certificates.
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4. Refund of Statutory / ROC Fees paid by mistake to MCA Impact: Earlier there was no process in MCA21 for refund of fees
wrongly paid by the stakeholder while availing various services at
MCA has introduced process of refund of statutory fees paid for certain MCA 21. New refund e-Form needs to be filed by the stakeholder
services. The refund of MCA21 fees is available in the following cases: applying for refund and upon processing of the same the refund
request shall be approved or rejected.
a) Multiple Payments
b) Incorrect Payments
c) Excess Payment Government proposes to set up National Company Law Tribunal
(NCLT) and National Company Law Appellate Tribunal (NCLAT)
Refund process is not applicable for certain services/e-forms like public
inspection of documents, request for certified copies, payment for The Ministry of Corporate Affairs Government proposes to set up
transfer deeds, stamp duty fee (D series SRN), IEPF payment, STP National Company Law Tribunal (NCLT) and National Company Law
forms, DIN eForm, etc. Appellate Tribunal (NCLAT) which will replace Company Law Board,
Board for Industrial and Financial Reconstruction and Appellate
The refund form is to be filed within the stipulated time period. Also, Authority for Industrial and Financial Reconstruction.
there shall be deduction in the amount to be refunded based on time
period within which refund e-form is filed. The following is the time It may be noted that provisions regarding constitution of NCLT and
slab for filing refund form and the corresponding deduction in refund NCLAT were incorporated in the Companies (Second Amendment) Act,
amount: 2002. The Act was, however, challenged in the Madras High Court. The
matter was finally decided by the Supreme Court vide their judgment
Time within which the Default value for dated 11.5.2010. The revised Companies Bill, 2011 introduced in the
refund application is made deduction winter session of Parliament also incorporates the guidelines provided
0-90 days 2.5% by the Supreme Court in their said judgment.
91-180 days 5%
181-270 days 7.5%
271-365 days 10%
>365 days 25%
Filing of refund form shall not be allowed after expiry of 1095 days of
filing of the original request. For all earlier cases, (i.e. cases filed before
introduction of refund process), the time limit shall be considered from
the date on which refund process is introduced i.e. from 01.05.2011.
2|P ag e
5. FEMA
Company Law Board (Amendment) Regulations, 2012 – Amendment
in regulation 30 Revised average maturity guidelines as a result of enhancement of
ECB limits
Company Law Board has made the following regulations further to
amend the Company Law Board Regulations, 1991. A few important The ECB limit for eligible borrowers under the automatic route was
ones are given below:- enhanced to USD 750 million or equivalent per financial year per
borrower for permissible end-uses under automatic route vide A.P.
1. Revision of fees payable in terms of Regulation 29 and 30 of (DIR Series) Circular No. 27 dated September 23, 2011. Consequent to
the Company Law Board Regulations, 1991 for inspection of the enhancement in limits, the revised average maturity guidelines
the documents from Rs. 10/- to Rs. 50/- per day. The fee for under the automatic route are as follows:
supply of certified copies of order or any other documents has a) ECB up to USD 20 million or equivalent in a financial year with
also been doubled from Rs. 5/- to Rs. 10/- per page and the minimum average maturity of three years; and
inspection of record shall be pre-requirement for supply of b) ECB above USD 20 million and up to USD 750 million or
certified copy of a case. equivalent with minimum average maturity of five years.
2. A person, who is not a party to the proceedings, has, however,
no right to inspect or to obtain certified copies of the records The requirement of average maturity period, prepayment and call/put
of a pending case except with the consent of the party who has options specified vide A.P. (DIR Series) Circular No. 17 dated December
filed the case or under the orders of the Bench. 4, 2006 (for additional amount of USD 250 million) has been dispensed
3. The inspection of record shall not be permitted on the date with.
fixed for its hearing without the order of the Bench.
4. After receipt of an application, the inspection shall be allowed It is also clarified that the eligible borrowers under the automatic route
within a period of two working days and certified copies shall can raise Foreign Currency Convertible Bonds (FCCBs) up to USD 750
be supplied within a period of three working days respectively. million or equivalent per financial year for permissible end-uses.
Notification No. G.S.R. 32(E)[F.No.10/36/2001-CLB], dated 18-1-2012 Further the Corporate in specified service sectors, viz. hotel, hospital
and software, can raise FCCBs up to USD 200 million or equivalent for
permissible end-uses during a financial year subject to the condition
that the proceeds of the ECB should not be used for acquisition of land.
And the ECB / FCCB availed of for the purpose of refinancing the
existing outstanding FCCB will be reckoned as part of the limit of USD
750 million available under the automatic route.
[A.P. (DIR Series) Circular No. 64 dated 5th January, 2012]
3|P ag e
6. Export of Goods and Services – Forwarder’s Cargo Receipt (FCR) in
Impact: The enhancement in the ECB/FCCB comes at a time when lieu of Bill of Lading
India Inc is staring huge FCCB and ECB redemptions in 2011-12. This
move is considered as a bid to give India Inc respite from possible The authorised dealers may accept Forwarder’s Cargo Receipts (FCR)
pressures arising from redemption of foreign currency convertible issued by IATA approved agents, in lieu of bill of lading, for
bonds. FCCB as a hybrid debt and equity instrument issued in foreign negotiation/collection of shipping documents, in respect of export
currency, not only gives the bondholder regular coupon and principal transactions backed by letters of credit, if the relative letter of credit
payments, but also gives the option to convert the bond into shares. specifically provides for negotiation of this document in lieu of bill of
lading even if the relative sale contract with the overseas buyer does
not provide for acceptance of FCR as a shipping document, in lieu of
Scheme for Investment by Qualified Foreign Investors (QFIs) in equity bill of lading. [A.P. (DIR Series) Circular No. 65 dated 12th January, 2012]
shares
It has been decided by RBI to allow QFIs to invest through SEBI Scheme for Investment by Qualified Foreign Investors in Rupee
registered Depository Participants (DPs) only in equity shares of listed Denominated Units of Domestic Mutual Funds – Revised
Indian companies through recognised brokers or recognised stock
exchanges in India as well as in equity shares of Indian companies The time period for which funds (by way of foreign inward remittance
which are offered to public in India in terms of applicable SEBI through normal banking channels from QFIs as well as by way of credit
guidelines/regulations. Only QFIs from jurisdictions which are FATF of redemption proceeds of the units of domestic Mutual Funds by QFIs
compliant and with which SEBI has signed MOU’s under the IOSCO in India) can be kept in the single rupee pool bank account of the DP
framework will be eligible to invest in equity shares under this scheme. under the scheme for investment by QFIs in units of domestic Mutual
Funds has been modified to five working days (including the day of
The individual and aggregate investment limits for the QFIs shall be 5% credit of funds received by way of foreign inward remittance through
and 10% respectively of the paid-up capital of an Indian company. [A.P. normal banking channels from QFIs as well as by redemption proceeds
(DIR Series) Circular No. 66 dated 13th January, 2012] of the units of domestic Mutual Funds by QFIs in India).
Impact: So far QFIs were only permitted to invest in equity and debt [A.P. (DIR Series) Circular No. 66 dated 13th January, 2012]
schemes of mutual funds and in debt infrastructure funds. All
transactions by QFIs have to necessarily be carried out by a qualified
depository participant (DP) registered with the Securities and
Exchange Board of India (SEBI). While the government should be
applauded for the attempt to liberalise access to Indian markets, one
is unsure if QFI is the appropriate structure for small foreign retail
investors.
4|P ag e
7. 100% Foreign Investment in Single-Brand Retail Trading allowed External Commercial Borrowings (ECB) Policy – Infrastructure Finance
Companies (IFCs)
RBI has permitted FDI up to 100% in Single Brand product trading
under the Government route subject to such terms and conditions as As per the extant guidelines, NBFCs categorised as Infrastructure
stipulated in Press Note No. 1 (2012 series) dated January 10, 2012 Finance Companies (IFCs) by the Reserve Bank and complying with the
issued by Department of Industrial Policy & Promotion, Ministry of norms prescribed in this regard are permitted to avail of ECBs, up to 50
Commerce and Industry, Government of India. per cent of their owned funds under the automatic route. ECBs by IFCs
above 50 per cent of their owned funds are being considered under the
[A.P. (DIR Series) Circular No. 67 dated 13th January, 2012] approval route. The permitted end-use should be for on-lending to the
infrastructure sector. IFCs should also hedge their currency risk in full.
Impact: This is a great announcement for many foreign brands who It has now been decided that the designated AD Category – I banks
already have their presence in India as well as those who don’t (Likes should certify the leverage ratio (i.e. outside liabilities /owned funds)
of IKEA, GUCCI etc). However, they were not able to grow fully due to of IFCs desirous of availing ECBs under the approval route while
restriction in FDI investment. With Indian Government now allowing forwarding such proposals to the Reserve Bank if India. [A.P. (DIR
100% FDI, they would aggressively invest in fast Indian Market. Series) Circular No. 70 dated 25th January, 2012]
Risk Management and Inter-Bank Dealings – Commodity Hedging External Commercial Borrowings – Simplification of procedure
RBI has allowed all AD Category – I banks to grant permission to As a measure of simplification of the existing procedures, it has been
companies to hedge the price risk in respect of any commodity (except decided to delegate powers to the designated AD category – I banks to
gold, silver, platinum) in international commodity exchanges/markets approve the following requests from the ECB borrowers, subject to the
as specified under the delegated route. Unlisted companies have also specified conditions:
been granted permission to hedge price risk on import/export in a) Cancellation of LRN (Loan Registration Number)
respect of any commodity (except gold, silver, platinum) in the b) Change in the end-use of ECBs availed under automatic route
international commodity exchanges /markets subject to the specified
guidelines provided in the circular. [A.P. (DIR Series) Circular No. 68 However, change in the end-use of ECBs availed under the approval
dated 17th January, 2012] route will continue to be referred to the Foreign Exchange
Department, Central Office, Reserve Bank of India, as hitherto. [A.P.
(DIR Series) Circular No. 69 dated 25th January, 2012]
Impact: This can be construed as a move that will simplify and speed
up external commercial borrowing (ECB) transactions.
5|P ag e
8. SEBI investors, attract more foreign funds, reduce market vitality and to
deepen the Indian capital market. In order t facilitate the same and in
SEBI cut the timeline for completion of buy back of shares by listed consultation with the Government and RBI, it has been decided that
companies to 34-44 days foreign investors (termed as QFIs) who meet prescribed Know Your
Customer (KYC) requirements may invest in equity shares listed on the
SEBI has reduced the time line for completion of buy-back of shares by recognised stock exchanges and in equity shares offered to public in
companies to 34-44 days. Earlier, the buy-back process could take India. In order to enable this they will hold equity shares in a demat
anywhere between 63 and 114 days. These changes form a part of account opened with SEBI registered qualified Depository Participant.
amendments made by a regulator in the SEBI (Buy-Back of Securities)
Regulations, 1998. They have come into effect from January 3. Impact: This is a step to increase the number of players and make the
stock markets deeper. Under the present arrangement related to
The government has fixed a mammoth Rs 40,000 crore dis-investment foreign portfolio investments, only FIIs/sub-accounts and NRIs are
target for the fiscal, but till date it has only managed to raise Rs 1,145 allowed to directly invest in the equity market. Others come through
crore by selling its shares in the Power Finance Corporation. The an instrument, called participatory notes, issued by FIIs. In the
Department of Dis-investment (DoD) has sought Cabinet approval to absence of a direct route, many QFIs faced difficulties in investing. It
use the buyback mode for dis-investment. The DoD had also pointed is a positive development, but may not have an immediate effect. If
out to the SEBI that the buyback norms are not in line with the the market conditions recover, probably, some investment may
principle of equitable treatment to shareholders in the acceptance of come.
shares through tender offer.
Impact: According to the earlier norms, in case of buyback the Eligibility criteria for Qualified Depository Participant
company is required to accept the shares tendered by the
shareholders in proportion to the shares tendered by the shareholder The revised eligibility criteria to act as qualified DP are as follows:
and not in proportion to the shares held. However, this has been
modified. SEBI has also made changes in the record date and 1. DP shall have net worth of Rs. 50 crore or more;
requirement of public notice and public announcement norms in the 2. DP shall be either a clearing bank or clearing member of any of
buyback regulations. the clearing corporations;
3. DP shall have appropriate arrangements for receipt and
remittance of money with a designated Authorised Dealer (AD)
SEBI circular on Investment by Qualified Foreign Investors (QFI) in Category – I Bank;
Indian equity shares 4. DP shall demonstrate that it has systems and procedures to
comply with the FATF Standards, Prevention of Money
The Central Government has announced its decision to allow QFIs to Laundering (PML) Act, Rules and SEBI circulars issued from
directly invest in Indian equity market in order to widen the class of time to time;
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9. 5. DP shall obtain prior approval of SEBI before commencing the SEBI News Snippets
activities relating to opening of accounts of QFI.
§ SEBI has launched a toll free helpline service number 1800 22
7575 for investors. This service will be available to investors
SEBI waives certain requirements relating to preferential allotment to from all over India.
Insurance Companies and Mutual Funds
§ SEBI has permitted the introduction of cash settled futures on
Regulator’s announcements 2-year and 5-year notional coupon bearing Government of
India (GoI) security on currency derivatives segment of Stock
§ Waives six month lock-in period for insurance companies and Exchanges. Eligible Stock Exchanges may do so after obtaining
MFs participating in preferential allotment of shares prior approval from SEBI.
§ Maintains post-allotment requirement of a lock-in period of six
months § Manner of increasing minimum public shareholding to
§ Increases minimum investment limit per client from R5 lakh to comply with Securities Contract Regulation (Rules), 1957 and
Rs 25 lakh in a portfolio management scheme Amendment to SEBI (Buyback of Securities) Regulations,
§ Reservation for convertible debt holders in rights/bonus issues 1998: Two additional methods viz., Institutional Placement
only to compulsorily convertible debt holders Programme (IPP) and Offer for Sale of Shares through the stock
§ Amends investment valuation norms for MFs to provide fair exchange for the purpose of compliance with SCRR
treatment to existing investors and also to those that seek to requirements are being introduced.
purchase or redeem units at any point of time
§ Changes in Re-investment period of FII debt limit: It has been
Tightening the valuation norms for liquid funds, the regulator also decided that henceforth re-investment period shall not be
decided to amend the SEBI mutual fund regulations to bring down the allowed for all new allocations of debt limit to FIIs/sub-
threshold for marked-to-market requirements on debt and money accounts. Thus, limits acquired in the bidding sessions
market securities to 60 days from 91 days earlier. [PR No. 15/2012] henceforth shall expire/lapse on either sale or redemption at
maturity of the debt investments. These limits then shall again
Impact: Currently, regulations preclude companies from issuing be allocated in subsequent bidding processes.
preferential allotment to entities which have sold any of their
holdings during the six month period prior to relevant date. Further, § SEBI vide its various communications has mandated all stock
allottees in preferential allotment are required to lock-in their entire exchanges that not be more than twenty per cent of the
pre-preferential holdings for a period of six months from date of members of the arbitration committee/panel of all stock
preferential allotment. This measure is taken as a matter of exchanges. It is, henceforth, stipulated that the arbitration
liberalisation. committee/panel shall not comprise of any trading members.
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10. Income Tax In this regard, the following factors should be kept in mind on the
facts of the instant case:
§ Vodafone wins $2.50 billion tax case tax case in Supreme Court.
Hutchison Essar is an Indian Company, the controlling interest of § the concept of participation in investment
Hutchison Essar is held by a SPV of Cayman Island (CGP § the duration of time during which the Holding Structure
Investments Holding Ltd.). CGP is owned by Hutchison exists
Telecommunications International Ltd (HTIL), Hongkong. In this § the period of business operations in India
manner the controlling interest of Hutchison Essar is held by HTIL, § the generation of taxable revenues in India
Hongkong through an intermediary Cayman Island company (CGP). § the timing of the exit
Vodafone International Holdings, Netherland entered into an § the continuity of business on such exit.
agreement with HTIL, Hongkong to buy the shares of CGP (Cayman
Island). Since CGP is holding directly and indirectly 67% shares of The Hon'ble Court examined the above facts. After a detailed
Hutchison Essar (India), the above transaction results in transfer of analysis, the Hon'ble Court found that the aforesaid factors are
shares and controlling interest of Hutchison Essar(India) from HTIL, in favour of Vodafone and therefore, held the entire
Hongkong to Vodafone International Holding, Netherland. The transaction as not a sham and bogus transaction.
consideration for transfer is stated to be USD 11.1 Billion.
The Income-tax Department issued a notice to Vodafone to show
cause as to why it should not be treated as assessee in default for
not withholding the Indian Capital Gain Tax on the payment made
by it to HTIL for the transaction of sale of share of CGP (which in
turn holds controlling interest of HTIL)
One of the important principle determined by the court was a to
what principles should be applied to treat a transaction as sham
and bogus?
The Hon'ble Apex Court has dealt with this issue in detail and has
held that every foreign direct investment coming to India, as an
investment destination, should be seen in a holistic manner.
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11. Transfer pricing § Transfer pricing is founded on the principles of economic
substance and hence, it is fact specific –[Bindview India P. Ltd. Vs.
§ In TNMM, net profit margin from a comparable uncontrolled DCIT (ITAT Pune)]
transaction to be considered i.e. it should not only be comparable
but also have uncontrolled transaction. [Hinduja Ventures Ltd vs. § ALP of Interest-Free Loan – ITAT Delhi Explains Law [M/s Aithent
ACIT (ITAT Mumbai)] Technologies Pvt Ltd. V/s. ITO (ITAT Delhi)]
§ TPO can rely on “contemporaneous” data even if not available at § ITAT Explains Law On Adjusting For Differences In Comparables
specified date. [Kodiak Networks (India) Pvt Ltd vs. ACIT (ITAT [Demag Cranes & Components (India) Pvt. Limited Vs. DCIT (ITAT
Bangalore)] Pune)]
§ Sharing of net revenue consistently and uncontrolled transactions § Non-Reference To TPO Renders Order ‘Erroneous’ and prejudicial
held as a valid comparable uncontrolled price. [ACIT vs. Agility to revenue [Ranbaxy Laboratories Ltd vs. CIT (Delhi High Court)]
Logistics Pvt. Ltd (ITAT Mumbai)]
§ Rule of consistency affirmed. [Hosley India vs. DCIT (ITAT Delhi)]
§ Adjustments are required to be made by employing certain
techniques like “FAR” analysis. [Knoah Solutions Pvt. Ltd vs. ITO
(ITAT Hyderabad)]
§ TPO can determine ALP only on the international transactions
referred by AO. [Glaxo Smithkline Consumer vs. ACIT (ITAT
Chandigarh)]
§ Risk undertaken by the tested party is required to be considered
for deciding the nature of service provided. [AIA Engineering Ltd
vs. ACIT (ITAT Ahmedabad)]
§ TPO is duty bound to eliminate differences in comparables’ data.
[Demag Cranes & Components vs. DCIT (ITAT Pune)]
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12. Recent Transactions that made the Headlines
§ NTT Communications to acquire 74% stake in Netmagic Solutions
§ Reliance Infra eyes Kinder Morgan assets: Report
§ Fortis Healthcare arm acquires 85% stake in RadLink-Asia
§ The Walt Disney arm to acquire stake in UTV
§ Warburg Pincus sells part stake in Kotak Mahindra Bank
§ Reliance in talks to buy El Paso's E&P unit
§ Starbucks to enter India,in deal with Tata to open cafes in India.
Targets 50 outlets by year-end
§ Fidelity in talks to sell India mutual fund business-report
§ HSBC sells Latin America units for $800 mn
§ Robert Wiseman agrees to Müller's £279.5m offer
§ Apple buys Israeli technology firm Anobit
§ Samsung may consider alliance with Japan's Olympus - source
§ Intel to buy QLogic's InfiniBand assets for $125 mln
§ Cairn in talks on possible Greenland stake sale
§ Pan American Silver to buy Minefinders for C$1.5 bln
§ Morgan Stanley nears Quilter wealth unit sale -sources
§ HSBC sells LatAm units for $800 mln
§ Crescent Point to buy Wild Stream for C$770 mln
§ SAP to delay buyback until SuccessFactors loan repaid
§ Siemens to buy Canada's RuggedCom for C$382 mln
§ Strides Arcolab sells its Australian arm to Watson
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