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 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.
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
Objectives & Agenda :
External Commercial Borrowings (ECB) are commercial loans raised by eligible resident entities from recognised non-resident entities. The objective of this Webinar is to understand the regulations laid down for the purposes of ECBs. We shall discuss the parameters such as minimum maturity, permitted and non-permitted end-uses, maximum all-in-cost ceiling, and other such conditions relating to ECBs. We shall also look at relevant Statistics.
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 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.
This document provides a summary of amendments made to the Insolvency and Bankruptcy Code of India. Some key changes include:
- Defining allottees under real estate projects as 'financial creditors'
- Reducing voting thresholds for Committee of Creditors decisions from 75% to 66%
- Allowing operational creditors to initiate insolvency proceedings even if the dispute is not pending in court
- Clarifying the role and powers of the interim resolution professional
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
Checklist for Auditors certificate to NBFCAmit Kumar
The document outlines the reporting requirements for auditors of non-banking financial companies in India, specifying that auditors must report on matters such as the company's registration, classification, public deposit holdings, capital adequacy ratios, and compliance with RBI regulations; if any issues are identified, the auditor must provide reasoning; and exception reports on unfavorable statements or non-compliance must be submitted to the DNBS.
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.
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
Objectives & Agenda :
External Commercial Borrowings (ECB) are commercial loans raised by eligible resident entities from recognised non-resident entities. The objective of this Webinar is to understand the regulations laid down for the purposes of ECBs. We shall discuss the parameters such as minimum maturity, permitted and non-permitted end-uses, maximum all-in-cost ceiling, and other such conditions relating to ECBs. We shall also look at relevant Statistics.
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 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.
This document provides a summary of amendments made to the Insolvency and Bankruptcy Code of India. Some key changes include:
- Defining allottees under real estate projects as 'financial creditors'
- Reducing voting thresholds for Committee of Creditors decisions from 75% to 66%
- Allowing operational creditors to initiate insolvency proceedings even if the dispute is not pending in court
- Clarifying the role and powers of the interim resolution professional
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
Checklist for Auditors certificate to NBFCAmit Kumar
The document outlines the reporting requirements for auditors of non-banking financial companies in India, specifying that auditors must report on matters such as the company's registration, classification, public deposit holdings, capital adequacy ratios, and compliance with RBI regulations; if any issues are identified, the auditor must provide reasoning; and exception reports on unfavorable statements or non-compliance must be submitted to the DNBS.
This document discusses guidelines for External Commercial Borrowing (ECB) in India according to the Foreign Exchange Management Act (FEMA). It outlines the automatic and approval routes for raising ECB, eligible borrowers, recognized lenders, permitted end uses, and average maturity limits. Key points include ECB being used by Indian corporations and PSUs to access foreign money, automatic route not requiring RBI approval, limits of up to $750M for most corporates and $200M for service sector corporates, and minimum average maturities of 3-5 years depending on the amount borrowed.
Insolvency Resolution process is the process to resolve the issue of bankruptcy and also pay back the creditors. However, the process itself is an intricate one and requires proper assistance.
As you may be aware that a new Insolvency and Bankruptcy Code ,2016 has been enacted.
It provides “RESOLUTION OF DEFAULT” in payment to lenders very fast process to settle the matter in 180 days.
The Government as well as RBI are pressing hard to lending Banks to settle their dues through this code.
The lending banks have already started issuing Notice to borrowers to take action to settle their defaulted Accounts.
Under this code Registered Insolvency Professionals (IP) have a pivotal role to Resolve the defaulted Loan.
We are a group of professionals and One of our founder director (Advocate Ashok Juneja) is also Registered as Insolvency Professioal (IP) with Insolvency and Bankruptcy Board of India as Insolvency Professional (IBBI)
Attached is PP on new code.
You are free to contact us if you have any query/ clarification
This document discusses issues facing non-banking financial companies (NBFCs) in India, particularly regarding commercial vehicle financing. It notes that NBFCs face a lack of a level playing field with banks, difficulties in fund raising, imprudent taxation, and issues with recovery processes. The document also analyzes needed amendments to India's Motor Vehicles Act regarding lien registration, cancellation of liens, and registration of repossessed vehicles. Going forward, it suggests the regulatory environment should promote a co-existence of NBFCs and banks, remove inequitable restrictions on NBFCs, and provide supportive laws and fast recovery mechanisms.
The RBI has issued circular No. 32 dated 24th Nov 2015 revising the regulations related to External commercial borrowings. There are lot of key changes brought for ease of obtaining foreign funds by Indian parties. The list of eligible borrowers have been increased. the list of lenders from which the ECB can be taken, have been increased. The end use restrictions have mostly been removed with only the small negative list of end-use restrictions for which it cannot be used……therefore in the Foreign Funds world now, we may say that Negative is the new positive.
SREI Infra is an infrastructure finance company that provides project financing, equipment financing, and other services. Its business and profitability are closely tied to the macroeconomic cycle and growth in infrastructure spending. The document recommends buying SREI Infra stock as it expects a recovery in the economy to boost infrastructure spending and SREI Infra's earnings. It forecasts SREI Infra's earnings to grow 51% annually from FY14-17 as margins expand due to various factors including lower borrowing costs and improving asset quality.
The document defines and provides details about non-banking financial companies (NBFCs) in India according to regulations set by the Reserve Bank of India. Key points include:
- NBFCs are defined as non-banking institutions that conduct activities such as lending, acquisition of shares/securities, leasing, etc. but do not include businesses related to agriculture, industry or real estate.
- There are different types of NBFCs including loan companies, investment companies, asset finance companies, and residuary non-banking companies.
- NBFCs must register with the RBI and comply with various prudential regulations regarding public deposits, capital adequacy, exposure norms, and
The New Ability to Repay and Qualified Mortgage RuleLaura Hite
The webinar reviewed the Dodd-Frank Act's Ability to Repay requirements for residential mortgage loans, the Bureau's proposed definition of a qualified mortgage and how lenders making such loans can comply with the Ability to Repay requirements. We also reviewed the rule’s anticipated effective date, as well as its expected impacts on mortgage operations and product offerings going forward. Attendees will receive the most recent information on this soon to be issued Bureau rule, how to plan for the operational challenges to comply with the new Ability to Repay and qualified mortgage requirements.
Banker as a Lender - Principles and Practices of BankingVIRUPAKSHA GOUD
This document discusses various types of loans and advances provided by banks, including their classification. It covers sector-wise classification into priority and non-priority sectors. Advances are also classified as secured or unsecured, and by asset quality under prudential norms as standard, special mention account, or non-performing asset. Fund-based facilities like cash credit, term loans and bill discounting are described. Requirements for classifying book debts, supply bills and different security types like hypothecation, pledge and mortgage are provided. Proper loan classification allows for accurate provisioning and risk assessment.
This document provides an overview of the history of insolvency and bankruptcy laws in India prior to the enactment of the Insolvency and Bankruptcy Code (IBC) in 2016. It discusses various laws introduced over the decades to deal with corporate insolvency and bankruptcy such as the Sick Industrial Companies Act (SICA) of 1985, Recovery of Debts Due to Banks and Financial Institutions Act (RDDBI) of 1993, and Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act (SARFAESI) of 2002. However, these laws had various limitations. The IBC was introduced in 2016 to provide a comprehensive insolvency and bankruptcy framework and establish the In
External commercial borrowing (ECB) refers to commercial loans taken by eligible resident entities from non-resident lenders with a minimum maturity of 3 years. ECB can be raised through various modes like bank loans, securitized instruments, and suppliers' credit. There are two routes to raise ECB - automatic route, which allows borrowing up to certain limits, and approval route beyond those limits or for non-eligible borrowers. ECB raised funds for infrastructure projects and helped corporates meet their capital requirements at relatively lower rates.
NBFCs are non-banking financial institutions that provide services like loans, acquiring shares/bonds, leasing, insurance etc. but cannot accept demand deposits like banks. They must register with the RBI and meet minimum net owned funds and other requirements to operate legally. Regulations specify rules for NBFCs around accepting public deposits, interest rates, disclosures, and regular reporting to the RBI including audited returns and credit ratings.
This document provides details on India's framework for External Commercial Borrowings (ECBs). It outlines the statutory provisions governing ECBs, the three tracks for raising ECB loans, parameters of ECBs including eligible borrowers and lenders, forms of borrowing, available routes, and cost ceilings. Key points covered include that ECBs can be raised under the automatic or approval route, eligible borrowers include companies, NBFCs, and infrastructure entities, and recognized lenders include international banks, capital markets, and foreign equity holders.
Income computation and disclosure standard (icds) Akash Gupta
The document provides an overview of the key Income Computation and Disclosure Standards (ICDS) introduced by the Central Board of Direct Taxes effective from Assessment Year 2017-18. It summarizes 10 ICDS covering topics such as accounting policies, inventories, construction contracts, revenue recognition, tangible assets, foreign exchange rates, government grants, securities and borrowing costs. For each ICDS, it highlights significant deviations from existing Accounting Standards in areas like recognition of losses, valuation of inventories, and measurement of contract revenue and borrowing costs. The document also notes that in cases of conflict, provisions of the Income Tax Act will prevail over the ICDS.
The document discusses the proposed Results Management Framework for 2010-2012 and provides an overview of the revised General Conditions for IFAD financing agreements. Key changes include making the financing agreement shorter by moving standard provisions to the General Conditions, and removing the requirement for expenditures to be incurred in an IFAD member state. The General Conditions define terms like eligible expenditures and set rules around loan accounts, withdrawals, currency provisions, and project implementation through annual workplans and budgets.
Interpreting Insolvency and Bankruptcy Code, 2016Amrita Lala
The document provides an overview of the Insolvency and Bankruptcy Code of 2016 in India. It discusses the key reasons for introducing the code, including reducing time to resolve insolvency, developing investor confidence, and addressing non-performing assets. The code aims to create a single framework for insolvency and bankruptcy proceedings. It allows for insolvency resolution and bankruptcy procedures for both corporate entities and individuals/partnership firms. The document outlines the structure and various parts of the code, as well as the roles and responsibilities of different authorities and professionals involved in insolvency resolution processes under the code.
ECB is basically a loan availed by an Indian entity from a nonresident lender
Most of these loans are provided by foreign commercial banks and other institutions
It refers to commercial loans availed from non-resident lenders with a minimum average maturity of 3 years
An external commercial borrowing (ECB) is an instrument used in India to facilitate Indian companies to raise money outside the country in foreign currency. The government of India permits Indian corporates to raise money via ECB for expansion of existing capacity as well as for fresh investments.
The document describes the Geometry Friends game and AI competition. The competition involves AI agents controlling characters in a 2D puzzle game to collect items. It has cooperation, single-player circle, and single-player rectangle tracks. Approaches submitted have used techniques like Dijkstra's algorithm, A*, Q-learning, and rule-based systems. The competition aims to further research on collaborative gameplay between humans and AI.
This document discusses guidelines for External Commercial Borrowing (ECB) in India according to the Foreign Exchange Management Act (FEMA). It outlines the automatic and approval routes for raising ECB, eligible borrowers, recognized lenders, permitted end uses, and average maturity limits. Key points include ECB being used by Indian corporations and PSUs to access foreign money, automatic route not requiring RBI approval, limits of up to $750M for most corporates and $200M for service sector corporates, and minimum average maturities of 3-5 years depending on the amount borrowed.
Insolvency Resolution process is the process to resolve the issue of bankruptcy and also pay back the creditors. However, the process itself is an intricate one and requires proper assistance.
As you may be aware that a new Insolvency and Bankruptcy Code ,2016 has been enacted.
It provides “RESOLUTION OF DEFAULT” in payment to lenders very fast process to settle the matter in 180 days.
The Government as well as RBI are pressing hard to lending Banks to settle their dues through this code.
The lending banks have already started issuing Notice to borrowers to take action to settle their defaulted Accounts.
Under this code Registered Insolvency Professionals (IP) have a pivotal role to Resolve the defaulted Loan.
We are a group of professionals and One of our founder director (Advocate Ashok Juneja) is also Registered as Insolvency Professioal (IP) with Insolvency and Bankruptcy Board of India as Insolvency Professional (IBBI)
Attached is PP on new code.
You are free to contact us if you have any query/ clarification
This document discusses issues facing non-banking financial companies (NBFCs) in India, particularly regarding commercial vehicle financing. It notes that NBFCs face a lack of a level playing field with banks, difficulties in fund raising, imprudent taxation, and issues with recovery processes. The document also analyzes needed amendments to India's Motor Vehicles Act regarding lien registration, cancellation of liens, and registration of repossessed vehicles. Going forward, it suggests the regulatory environment should promote a co-existence of NBFCs and banks, remove inequitable restrictions on NBFCs, and provide supportive laws and fast recovery mechanisms.
The RBI has issued circular No. 32 dated 24th Nov 2015 revising the regulations related to External commercial borrowings. There are lot of key changes brought for ease of obtaining foreign funds by Indian parties. The list of eligible borrowers have been increased. the list of lenders from which the ECB can be taken, have been increased. The end use restrictions have mostly been removed with only the small negative list of end-use restrictions for which it cannot be used……therefore in the Foreign Funds world now, we may say that Negative is the new positive.
SREI Infra is an infrastructure finance company that provides project financing, equipment financing, and other services. Its business and profitability are closely tied to the macroeconomic cycle and growth in infrastructure spending. The document recommends buying SREI Infra stock as it expects a recovery in the economy to boost infrastructure spending and SREI Infra's earnings. It forecasts SREI Infra's earnings to grow 51% annually from FY14-17 as margins expand due to various factors including lower borrowing costs and improving asset quality.
The document defines and provides details about non-banking financial companies (NBFCs) in India according to regulations set by the Reserve Bank of India. Key points include:
- NBFCs are defined as non-banking institutions that conduct activities such as lending, acquisition of shares/securities, leasing, etc. but do not include businesses related to agriculture, industry or real estate.
- There are different types of NBFCs including loan companies, investment companies, asset finance companies, and residuary non-banking companies.
- NBFCs must register with the RBI and comply with various prudential regulations regarding public deposits, capital adequacy, exposure norms, and
The New Ability to Repay and Qualified Mortgage RuleLaura Hite
The webinar reviewed the Dodd-Frank Act's Ability to Repay requirements for residential mortgage loans, the Bureau's proposed definition of a qualified mortgage and how lenders making such loans can comply with the Ability to Repay requirements. We also reviewed the rule’s anticipated effective date, as well as its expected impacts on mortgage operations and product offerings going forward. Attendees will receive the most recent information on this soon to be issued Bureau rule, how to plan for the operational challenges to comply with the new Ability to Repay and qualified mortgage requirements.
Banker as a Lender - Principles and Practices of BankingVIRUPAKSHA GOUD
This document discusses various types of loans and advances provided by banks, including their classification. It covers sector-wise classification into priority and non-priority sectors. Advances are also classified as secured or unsecured, and by asset quality under prudential norms as standard, special mention account, or non-performing asset. Fund-based facilities like cash credit, term loans and bill discounting are described. Requirements for classifying book debts, supply bills and different security types like hypothecation, pledge and mortgage are provided. Proper loan classification allows for accurate provisioning and risk assessment.
This document provides an overview of the history of insolvency and bankruptcy laws in India prior to the enactment of the Insolvency and Bankruptcy Code (IBC) in 2016. It discusses various laws introduced over the decades to deal with corporate insolvency and bankruptcy such as the Sick Industrial Companies Act (SICA) of 1985, Recovery of Debts Due to Banks and Financial Institutions Act (RDDBI) of 1993, and Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act (SARFAESI) of 2002. However, these laws had various limitations. The IBC was introduced in 2016 to provide a comprehensive insolvency and bankruptcy framework and establish the In
External commercial borrowing (ECB) refers to commercial loans taken by eligible resident entities from non-resident lenders with a minimum maturity of 3 years. ECB can be raised through various modes like bank loans, securitized instruments, and suppliers' credit. There are two routes to raise ECB - automatic route, which allows borrowing up to certain limits, and approval route beyond those limits or for non-eligible borrowers. ECB raised funds for infrastructure projects and helped corporates meet their capital requirements at relatively lower rates.
NBFCs are non-banking financial institutions that provide services like loans, acquiring shares/bonds, leasing, insurance etc. but cannot accept demand deposits like banks. They must register with the RBI and meet minimum net owned funds and other requirements to operate legally. Regulations specify rules for NBFCs around accepting public deposits, interest rates, disclosures, and regular reporting to the RBI including audited returns and credit ratings.
This document provides details on India's framework for External Commercial Borrowings (ECBs). It outlines the statutory provisions governing ECBs, the three tracks for raising ECB loans, parameters of ECBs including eligible borrowers and lenders, forms of borrowing, available routes, and cost ceilings. Key points covered include that ECBs can be raised under the automatic or approval route, eligible borrowers include companies, NBFCs, and infrastructure entities, and recognized lenders include international banks, capital markets, and foreign equity holders.
Income computation and disclosure standard (icds) Akash Gupta
The document provides an overview of the key Income Computation and Disclosure Standards (ICDS) introduced by the Central Board of Direct Taxes effective from Assessment Year 2017-18. It summarizes 10 ICDS covering topics such as accounting policies, inventories, construction contracts, revenue recognition, tangible assets, foreign exchange rates, government grants, securities and borrowing costs. For each ICDS, it highlights significant deviations from existing Accounting Standards in areas like recognition of losses, valuation of inventories, and measurement of contract revenue and borrowing costs. The document also notes that in cases of conflict, provisions of the Income Tax Act will prevail over the ICDS.
The document discusses the proposed Results Management Framework for 2010-2012 and provides an overview of the revised General Conditions for IFAD financing agreements. Key changes include making the financing agreement shorter by moving standard provisions to the General Conditions, and removing the requirement for expenditures to be incurred in an IFAD member state. The General Conditions define terms like eligible expenditures and set rules around loan accounts, withdrawals, currency provisions, and project implementation through annual workplans and budgets.
Interpreting Insolvency and Bankruptcy Code, 2016Amrita Lala
The document provides an overview of the Insolvency and Bankruptcy Code of 2016 in India. It discusses the key reasons for introducing the code, including reducing time to resolve insolvency, developing investor confidence, and addressing non-performing assets. The code aims to create a single framework for insolvency and bankruptcy proceedings. It allows for insolvency resolution and bankruptcy procedures for both corporate entities and individuals/partnership firms. The document outlines the structure and various parts of the code, as well as the roles and responsibilities of different authorities and professionals involved in insolvency resolution processes under the code.
ECB is basically a loan availed by an Indian entity from a nonresident lender
Most of these loans are provided by foreign commercial banks and other institutions
It refers to commercial loans availed from non-resident lenders with a minimum average maturity of 3 years
An external commercial borrowing (ECB) is an instrument used in India to facilitate Indian companies to raise money outside the country in foreign currency. The government of India permits Indian corporates to raise money via ECB for expansion of existing capacity as well as for fresh investments.
The document describes the Geometry Friends game and AI competition. The competition involves AI agents controlling characters in a 2D puzzle game to collect items. It has cooperation, single-player circle, and single-player rectangle tracks. Approaches submitted have used techniques like Dijkstra's algorithm, A*, Q-learning, and rule-based systems. The competition aims to further research on collaborative gameplay between humans and AI.
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.
The document discusses models for developing believable autonomous characters that can interact with people. It describes how characters need human-like qualities like intentionality, emotions, personality and theory of mind to become believable. Socio-emotional intelligence is particularly important for teaming agents with people. Serious games are discussed as an application that could motivate communication and change using autonomous characters.
The important concepts in CST Act like "inter-state sales, stock transfer, in the course of import or export", have always been surrounded by controversies. Eventhough there have been certain judicial precedents, tax authorities in different states have been taking different stands. The presentation is an attempt made to simplify these concepts, stressing on judicial precedents issued on the subject, precautions to be taken by dealers, etc.
It is all about the experience! Player experience in game designRui Prada
1. The document discusses player experience in game design from the perspective of Rui Prada, a professor and expert in games.
2. It emphasizes that games are designed to provide experiences for players through doing, feeling, and learning. A good game promotes a good experience.
3. Player experience is crafted through eliciting emotions like pleasure, satisfaction, and learning over the progression of gameplay. Proper challenge and novelty keep the experience engaging over time.
Presentation about the role of emotions in the player experience and the creation of believable interactive autonomous characters. Delivered at Instituto Superior Técnico and Faculdade de Ciências of University of Lisbon on December 2014.
Geometry Friends Game AI Competition - 2013 ResultsRui Prada
The document describes the Geometry Friends game, an AI competition held using the game, and the results of the competition. The Geometry Friends game was developed in 2008 to study collaborative gameplay between humans and agents. It involves two players cooperating to collect diamonds within time limits on platforms. In 2013, an AI competition was held using the game, with tracks for cooperation, single-player rectangle, and single-player circle agents. The only submission was CIBot from Sejong University, which completed levels with varying success in collecting diamonds within time limits.
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
Opportunities for Fiction and Fantasy in VideogamesRui Prada
Presentation at the Faculdade de Letras of Lisbon University discussing the definition of videogames and the role of fiction and fantasy in the player experience.
This short document promotes creating presentations using Haiku Deck, a tool for making slideshows. It encourages the reader to get started making their own Haiku Deck presentation and sharing it on SlideShare. In just one sentence, it pitches the idea of using Haiku Deck to easily create engaging slideshows.
This document provides an overview of Clevamama, a company that produces award-winning baby products. It was established in 2003 by two sisters and focuses on producing practical, innovative products. Clevamama has won several awards for safety and has been listed in innovation awards for four consecutive years. The company is committed to research and development to remain at the forefront of smart baby products. It manages its own supply chain to ensure high quality standards are met. Clevamama offers practical, smart baby products at affordable prices with excellent customer service.
FII investments in Indian debt continue to offer favorable interest rate differentials, though the arbitrage opportunity has lessened with increased MIFOR levels. Recent regulatory changes have made the environment more positive for FIIs, including allowing primary market investments and increased debt limits. However, some issues still exist like retrospective rule changes, an inability to fully hedge coupon payments, high withholding taxes, and long lock-in periods for infrastructure bonds. Addressing these outstanding issues could further encourage FII participation in Indian debt markets.
Taxpert Professionals Private Limited held a successful year in 2011-2012 and is optimistic about future success. The company values relationships with clients and employees. It provides world-class tax and professional services internationally through a dedicated team committed to core values. Taxpert believes in hard work, faith, and patience and strives to provide high-quality client service and an employee-friendly environment.
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
FASB Proposals Affecting Government ContractorsDecosimoCPAs
The document summarizes key proposals from the FASB and IASB exposure drafts on revenue recognition. It discusses the core principle of recognizing revenue as control of goods or services is transferred to customers. It also outlines the five steps to apply the new standard: 1) identify contracts, 2) identify separate performance obligations, 3) determine transaction price, 4) allocate price to obligations, and 5) recognize revenue when obligations are satisfied. Government contractors will need to evaluate how these changes may affect their accounting and revenue recognition.
A brief summary of recent news and publications from standard-setters on the topics of Accounting Standards for Private Enterprises (ASPE), Not-for-profit Organizations (NFPO) and Pension plans [December 17, 2012]
NBFCs play an important role in serving underdeveloped sectors and areas untouched by banks through activities like leasing, loans, and retail financing. However, their performance and growth has been impacted by the global financial crisis and increased competition from banks. Looking to the future, NBFCs are expected to focus on improving customer service to fuel growth in retail financing, though some analysts predict a shakeout or further marginalization of the sector due to financial weaknesses and banks expanding into traditional NBFC business areas.
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
Investor Protection and Awareness - Changes in Mutual Fund Regulatory FrameworkBFSICM
The document summarizes changes to India's mutual fund regulatory framework over the last 5 years aimed at improving investor protection and awareness. Key changes include banning entry loads, introducing exit load parity, facilitating transactions through stock exchanges, expanding disclosure requirements, and implementing a uniform KYC process. However, challenges remain such as low penetration outside major cities and a need for more financial literacy efforts to improve understanding of risk-return among retail investors. Overall the regulatory changes have helped enhance transparency but more work is still needed to strengthen the industry and broaden participation in capital markets.
The Union Budget FY22 document provides an overview and summary of the key proposals and initiatives in the Indian government's budget for fiscal year 2022. It outlines the government's focus on health, infrastructure development, job creation, ease of doing business, privatization, and tax reforms. Major allocations include increasing funding for healthcare, water supply, urban development, and research. Key proposals involve setting up a bad bank, developing asset monetization plans, allowing more private participation in sectors like ports and transportation.
The document compares different legal structures for microfinance institutions (MFIs) in India and their ability to accept foreign investment. It finds that while Section 25 companies allow foreign investment, they prohibit dividend distribution. Non-banking financial companies (NBFCs) allow greater foreign ownership but have high capitalization requirements. Overall, the different structures each have advantages and limitations for MFI operations and foreign investment.
With resolution of Central Government for reforms, transparency and governance in Corporate Sector, sentiments in the Capital Market has turned positive. Companies Act 2013 has also helped in reinstating the confidence of small shareholders in Capital Market.
As the capital market has grown global, it has generated ample need and huge opportunities for pools of ready money for investments in specific sectors. In such a scenario, several new Investor and Market friendly laws like AIF/ REITs and InvIT have been introduced. SEBI has also recently simplified some norms of AIFs. These type of funds will help in rapid development and growth of various sector of the country.
FASB/IASB Joint Projects - presented by McGladrey at 2011 NYSSCPA Private Com...Brian Marshall
The document discusses the progress of several joint projects between the FASB and IASB, including revenue recognition, financial instruments, and leases. For revenue recognition, the boards have completed redeliberations and are determining if re-exposure is needed before finalizing the new standard. For financial instruments, the boards continue work on impairment, hedge accounting, and other issues. For leases, the boards are redeliberating the proposed model to require balance sheet recognition of lease assets and liabilities for most leases.
The Reserve Bank of India regulates and supervises Non-Banking Financial Companies. The objectives are to ensure healthy growth, ensure they function as part of the financial system within policy frameworks, and maintain high quality supervision. This document provides clarification on regulatory changes and operational matters for NBFCs, the public, and other stakeholders through a question and answer format. Key differences between banks and NBFCs are that NBFCs cannot accept demand deposits or issue cheques, and deposit insurance is not available for NBFC depositors. Registration with RBI is mandatory for NBFCs, and there are requirements around minimum net owned funds, application process, and classifications of different types of NBFCs.
This document provides notes to the accounts of Karnataka Bank Ltd. for the year ending 2010. It includes information on reconciliation of branch adjustments, prior period items, share issue expenses, employee benefits, segment reporting, related party transactions, accounting for taxes, impairment of assets, provisions and contingencies, and additional disclosures on risk exposures in derivatives and employee stock options as required by applicable accounting standards and RBI guidelines.
This document summarizes the history and regulations around non-banking financial companies (NBFCs) and notified entities in Pakistan. It discusses how NBFCs were divided and regulated in 2002-2007. Key points include:
- SECP issued NBFC Rules in 2003 and Prudential Regulations for NBFCs in 2004 to regulate their establishment and operations.
- The Finance Act of 2007 introduced notified entities and expanded SECP's regulatory powers.
- The NBFC and Notified Entities Regulations of 2007 were notified to regulate both and superseded previous rules and regulations.
- The regulations cover minimum capital requirements, investment limits, exposure limits, conditions for granting facilities, and provisioning requirements for
This document summarizes the history and regulations around non-banking financial companies (NBFCs) and notified entities in Pakistan. It discusses how NBFCs were divided and regulated in 2002-2007. Key points include:
- NBFCs were divided and regulated by different bodies like SECP and SBP. The NBFC and Notified Entities Regulations of 2007 consolidated regulation of these entities.
- The regulations define NBFCs and notified entities and set rules around their establishment, operations, minimum capital requirements, investment limits, exposure limits, and other operational conditions.
- Additional provisions are outlined for specific types of NBFC business like leasing, investment finance services, housing finance, venture capital investment
India's Union Budget for FY20 is a hurriedly assembled cocktail of Gandhi, Marx and Adam Smith. All previous attempts to make such a cocktail have ended in disaster. If we do succeed this time, it will be miraculous.
The budget aims to balance socialism, wealth redistribution, and laissez-faire economics but past attempts at this balance have failed. It promises many transformative ideas but lacks specifics on implementation. While expanding infrastructure and promoting self-reliance, it raises taxes on the wealthy and aims to increase compliance.
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
Private equity involves investing in private companies not listed on a stock exchange. Firms invest in underperforming companies with high growth potential to develop new products/technologies or expand working capital.
Private equity has limited liquidity and follows a high risk, high return objective. Funds can sell company stakes after the minimum investment period to realize gains in the non-transparent private equity market. Venture capital, angel investors, leveraged buyouts, growth capital, and mezzanine capital are types of private equity. Regulations like SEBI AIF Regulations 2012 govern private equity in India. Setting up funds in tax havens like Mauritius, Singapore, Ireland etc. can help minimize double taxation.
Similar to Mergers & Acquisitions Newsletter - October 2011 (20)
Vicinity Jobs’ data includes more than three million 2023 OJPs and thousands of skills. Most skills appear in less than 0.02% of job postings, so most postings rely on a small subset of commonly used terms, like teamwork.
Laura Adkins-Hackett, Economist, LMIC, and Sukriti Trehan, Data Scientist, LMIC, presented their research exploring trends in the skills listed in OJPs to develop a deeper understanding of in-demand skills. This research project uses pointwise mutual information and other methods to extract more information about common skills from the relationships between skills, occupations and regions.
STREETONOMICS: Exploring the Uncharted Territories of Informal Markets throug...sameer shah
Delve into the world of STREETONOMICS, where a team of 7 enthusiasts embarks on a journey to understand unorganized markets. By engaging with a coffee street vendor and crafting questionnaires, this project uncovers valuable insights into consumer behavior and market dynamics in informal settings."
Seminar: Gender Board Diversity through Ownership NetworksGRAPE
Seminar on gender diversity spillovers through ownership networks at FAME|GRAPE. Presenting novel research. Studies in economics and management using econometrics methods.
^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Duba...mayaclinic18
Whatsapp (+971581248768) Buy Abortion Pills In Dubai/ Qatar/Kuwait/Doha/Abu Dhabi/Alain/RAK City/Satwa/Al Ain/Abortion Pills For Sale In Qatar, Doha. Abu az Zuluf. Abu Thaylah. Ad Dawhah al Jadidah. Al Arish, Al Bida ash Sharqiyah, Al Ghanim, Al Ghuwariyah, Qatari, Abu Dhabi, Dubai.. WHATSAPP +971)581248768 Abortion Pills / Cytotec Tablets Available in Dubai, Sharjah, Abudhabi, Ajman, Alain, Fujeira, Ras Al Khaima, Umm Al Quwain., UAE, buy cytotec in Dubai– Where I can buy abortion pills in Dubai,+971582071918where I can buy abortion pills in Abudhabi +971)581248768 , where I can buy abortion pills in Sharjah,+97158207191 8where I can buy abortion pills in Ajman, +971)581248768 where I can buy abortion pills in Umm al Quwain +971)581248768 , where I can buy abortion pills in Fujairah +971)581248768 , where I can buy abortion pills in Ras al Khaimah +971)581248768 , where I can buy abortion pills in Alain+971)581248768 , where I can buy abortion pills in UAE +971)581248768 we are providing cytotec 200mg abortion pill in dubai, uae.Medication abortion offers an alternative to Surgical Abortion for women in the early weeks of pregnancy. Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman
In a tight labour market, job-seekers gain bargaining power and leverage it into greater job quality—at least, that’s the conventional wisdom.
Michael, LMIC Economist, presented findings that reveal a weakened relationship between labour market tightness and job quality indicators following the pandemic. Labour market tightness coincided with growth in real wages for only a portion of workers: those in low-wage jobs requiring little education. Several factors—including labour market composition, worker and employer behaviour, and labour market practices—have contributed to the absence of worker benefits. These will be investigated further in future work.
Financial Assets: Debit vs Equity Securities.pptxWrito-Finance
financial assets represent claim for future benefit or cash. Financial assets are formed by establishing contracts between participants. These financial assets are used for collection of huge amounts of money for business purposes.
Two major Types: Debt Securities and Equity Securities.
Debt Securities are Also known as fixed-income securities or instruments. The type of assets is formed by establishing contracts between investor and issuer of the asset.
• The first type of Debit securities is BONDS. Bonds are issued by corporations and government (both local and national government).
• The second important type of Debit security is NOTES. Apart from similarities associated with notes and bonds, notes have shorter term maturity.
• The 3rd important type of Debit security is TRESURY BILLS. These securities have short-term ranging from three months, six months, and one year. Issuer of such securities are governments.
• Above discussed debit securities are mostly issued by governments and corporations. CERTIFICATE OF DEPOSITS CDs are issued by Banks and Financial Institutions. Risk factor associated with CDs gets reduced when issued by reputable institutions or Banks.
Following are the risk attached with debt securities: Credit risk, interest rate risk and currency risk
There are no fixed maturity dates in such securities, and asset’s value is determined by company’s performance. There are two major types of equity securities: common stock and preferred stock.
Common Stock: These are simple equity securities and bear no complexities which the preferred stock bears. Holders of such securities or instrument have the voting rights when it comes to select the company’s board of director or the business decisions to be made.
Preferred Stock: Preferred stocks are sometime referred to as hybrid securities, because it contains elements of both debit security and equity security. Preferred stock confers ownership rights to security holder that is why it is equity instrument
<a href="https://www.writofinance.com/equity-securities-features-types-risk/" >Equity securities </a> as a whole is used for capital funding for companies. Companies have multiple expenses to cover. Potential growth of company is required in competitive market. So, these securities are used for capital generation, and then uses it for company’s growth.
Concluding remarks
Both are employed in business. Businesses are often established through debit securities, then what is the need for equity securities. Companies have to cover multiple expenses and expansion of business. They can also use equity instruments for repayment of debits. So, there are multiple uses for securities. As an investor, you need tools for analysis. Investment decisions are made by carefully analyzing the market. For better analysis of the stock market, investors often employ financial analysis of companies.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
The Rise of Generative AI in Finance: Reshaping the Industry with Synthetic DataChampak Jhagmag
In this presentation, we will explore the rise of generative AI in finance and its potential to reshape the industry. We will discuss how generative AI can be used to develop new products, combat fraud, and revolutionize risk management. Finally, we will address some of the ethical considerations and challenges associated with this powerful technology.
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.
2. Topics Page No
FEMA 1
Corporate law 3
Indirect taxation 3
Dear Patron Regulatory 4
SEBI 5
Here we are with the Seventh successive issue of our monthly ‘Missive’. International tax 6
Transfer Pricing 6
We trust you will enjoy reading this Missive, even while soaking in the contents. We Recent Transactions that 7
would very much appreciate your feedback which consistently helps us in improving made headlines
and upgrading the contents.
Thanks and regards,
Akhil Bansal “There is no telling how many
Editor, Knowledge Management Team
miles you have to run while
chasing a dream”
3. FEMA Impact: The last update is one of the important update and is a far
reaching policy measure for restricting the scope of permissible
Consolidated FDI Policy - Circular 2 of 2011 instruments. This means only equity shares, compulsorily convertible
preference shares and compulsorily convertible debentures without
The significant changes introduced in this edition of the Circular are: any in-built options are instruments eligible for FDI. As a consequence
all instruments having in-built options will be categorized as External
§ Exemption of construction-development activities in the Commercial Borrowing falling under ECB guidelines.
education sector and in old-age homes, from the general
conditionalities in the construction-development sector
§ Inclusion of ‘apiculture’, under controlled conditions, under the
agricultural activities permitted for FDI
§ Inclusion of ‘basic and applied R&D on bio-technology
pharmaceutical sciences/life sciences’, as an ‘industrial activity’,
under industrial parks
§ Notification of the revised limit of 26% for foreign investment in
Terrestrial Broadcasting/ FM radio
§ Liberalisation of conversion of imported capital
goods/machinery and pre-operative/pre-incorporation
expenses to equity instruments
§ Introduction of provisions on ‘pledging of shares’ and opening
of non-interest bearing escrow accounts, subject to specified
conditions
§ Restriction of scope of permissible instruments and
categorization of instruments with in-built options as ECB’s
1|P ag e
4. Forex Facilities for Individuals liberalised Rationalisation and Liberalization in External Commercial Borrowing
(ECB) Policy
§ NRIs can be Joint Holders in Resident’s SB/EEFC/RFC Accounts
[A.P. (DIR Series) Circular No. 12/2011] § limit for eligible borrowers to avail of ECB under the automatic
route has been enhanced from USD 500 million to USD 750
§ Residents can be Joint Holders in NRE/FCNR Accounts [A.P. (DIR million (for corporates in real sector-industrial sector-
Series) Circular No. 13/2011] infrastructure sector) and from USD 100 million to USD 200
million (for corporates in specified service sectors viz. hotel,
§ Residents can gift Shares/Debentures upto USD 50,000 Value hospital and software)
[A.P. (DIR Series) Circular No. 14/2011]
§ Eligible borrowers’ have been permitted to avail of ECBs
§ Resident Indian can open NRE / FCNR (B) account with their designated in INR from foreign equity holders
Resident close relative [A.P. (DIR Series) Circular No. 15/2011]
§ Corporate in the infrastructure sector can avail of ECBs for
§ Sale Proceeds of FDIs can be credited to NRE/FCNR (B) Account Interest during Construction (IDC) as a permissible end-use.
[A.P. (DIR Series) Circular No. 16/2011] Further, certain changes have also been made on the end-
utilisation of funds by such companies.
§ Gifts to NRIs can be credited to NRO Accounts in Rupees [A.P.
(DIR Series) Circular No. 17/2011] Impact: It is a welcome move on part of the government to further
rationalise and liberalise the ECB policy
§ Loans to NRI Close Relatives can be given in Rupees [A.P. (DIR
Series) Circular No. 18/2011]
§ Residents can repay the loans given to NRI Close Relatives by
the Indian banks [A.P. (DIR Series) Circular No. 19/2011]
§ Residents can bear Medical Expenses of NRIs [A.P. (DIR Series)
Circular No. 20/2011]
Impact: The move is expected to ease the procedures and offer more
freedom to both residents and their non-resident relatives in their
foreign exchange transactions.
2|P ag e
5. Corporate Law Indirect Taxation
Applicability of Revised Schedule VI for companies going into IPO / Delhi HC – Service Tax on Renting of Property valid
FPO during FY 2011-12 - General Circular No. 62/2011
Delhi High Court has upheld the constitutional validity of Service Tax on
Ministry recognized that for companies coming up with IPOs or FPOs in renting of immovable property with retrospective effect. The court has
Financial Year 2010-11, it would be cumbersome to prepare the ruled that there is value addition when premises are let out in course of
accounts as per the revised Schedule VI and would involve a lot of furtherance of business.
administrative work. Therefore, relaxing the companies from this
requirement, it has been clarified that the companies may prepare Impact: With the court upholding the levy, retailers – already
financial statements as per pre-revised Schedule VI, for the limited impacted by an economic slowdown – would experience further
purpose of IPO/FPO during the financial year 2011-12. pressure on margins
Online filing of excise duty and service tax returns made mandatory
Acceptance of specified e-forms filed by Directors of defaulting
companies- General Circular No. 63/2011 Finance ministry has made it mandatory for taxpayers to file their
central excise (Circular No.955/16/2011-CX, dated-15th Sept., 2011)
In order to ensure corporate governance, MCA had earlier held that no and service tax returns (Notification No. 43/2011 – Service Tax, dated
request for recording any event based information / changes shall be 25-8-2011) electronically from October 1st, 2011.
accepted by the RoC from such defaulting companies, unless they file
their updated Balance Sheet and Profit & Loss Accounts and Annual Exemption of R&D Cess to Consulting Engineer and IPR
Return with the Registrar of Companies. However, certain forms had
been covered under exception. Now, the circular tends to increase the Service tax Exemption is available to the extent of R&D cess paid.
list of such exceptions to avoid hardships. However, now to claim the exemption, the assessee has to:
§ pay the cess within six months from the date of invoice;
Approval of e-forms 1, 18 and 32 on the basis of certification and § the cess is paid with or before the payment for the service;
declarations given by the practicing professional is now not going to § records to show linkage has to be maintained
be implemented - General Circular No. 61/2011
3|P ag e
6. Regulatory
Returns to be submitted by NBFCs – Revised Formats
Key Decisions
RBI has tightened the return filing format for NBFCs. As per the new
regulation, deposit taking NBFCs would have to submit reports on
§ Supreme Court held that under the provisions of Registration
deposits and prudential norms to the RBI on quarterly basis, as against
Act, 1908, an arbitration clause can remain enforceable in
annual and half-yearly basis respectively earlier. Similarly, non-deposit
certain situations even if it forms part of an unregistered (but
taking NBFCs has to file statements on capital funds, risk weighted
compulsorily registrable) document [SMS Tea Estates Pvt. Ltd.
assets, risk asset ratio, among others on quarterly basis.
Vs. M/s. Chandmari Tea Co. Pvt. Ltd.]
Draft Guidance Note to the Revised Schedule VI to the Companies Act,
§ International companies are answerable to Indian consumer
1956
courts for service deficiency, the Supreme Court has ruled,
upholding the apex consumer forum's direction to a Lebanese
ICAI has released the draft Guidance Note which intends to provide
international courier company to pay compensation to a
guidance in the preparation and presentation of Financial Statements of
Mumbai-based firm [Trans Mediterranean Airways vs M/s
companies on various aspects of the Revised Schedule VI.
Universal Exports]
§ Delhi High Court has held that DTH service is like a cinema ticket
providing continuous entertainment to viewers and hence, can
be liable to Entertainment Tax
§ Madras High court has held that merely because commission is
paid to the employees, they does not cease to be employees
and even commission agents can be said to be an employee in
this connection [Focussed Corporate Services (India) Pvt. Ltd. Vs.
UOI]
4|P ag e
7. SEBI
Concept Paper on Regulation of Investment Advisors released by SEBI
SEBI has puts place mechanisms to monitor and assess foreign
institutional investments The regulator has directed its focus on addressing the conflict of the
dual role played by distributors as an agent of investors as well as of
The systems established include advanced risk management manufacturers. As they receive commissions from manufacturers and
mechanisms comprising of on-line monitoring and surveillance, circuit advisory fees from investors, it is not clear whose interests they serve.
filters, prescription of limits on positions etc.
To tackle this conflict, SEBI has proposed that the person who interacts
Impact: The endeavour is to build systems and practices and deepen with the customer should declare upfront whether he is a financial
and broaden markets which can withstand the impact of flight of advisor or an agent of the manufacturer. If he is an advisor, he would be
capital. subject to Investment Advisors Regulations and would require a much
higher level of qualifications. He would receive all payments from the
investor and there would be no limits set on these payments. On the
SEBI Guidelines for Issue and Listing of Structured Products/ Market other hand, agents associated with manufacturers would receive their
Linked Debentures remuneration from them.
SEBI has issued guidelines for issue and listing of hybrid securities
including structured products or market linked debentures. The
document include guidelines for eligibility criteria for issuers, minimum
ticket size, disclosure policy and appointment of a credit rating agency
for valuation
Impact: There were already guidelines for debt securities. However, a
lot of hybrid securities get listed on the equity markets, which have
features of both vanilla debt securities and also exchange credit
derivatives. Therefore, SEBI has now come out with guidelines for
these kinds of structured products or market-linked debentures.
5|P ag e
8. Direct & International Taxation Transfer Pricing
Significant Decisions Significant Decisions
§ Profits attributable to ‘Dependent Agent Permanent § Integral tests for a Cost Contribution Arrangement to be
Establishment’ Taxable in India – Delhi HC [Rolls Royce considered at arm’s length – Mumbai ITAT [Dresser Rand India
Singapore Pvt Ltd vs. ADIT] Pvt. Ltd.]
§ Reimbursement of expense received in connection with the § TPO should provide reasons for rejecting the Most Appropriate
rendering of consultancy services not taxable as ‘fees for Method [MAM] used by the assessee before adopting a
technical services’ - ITAT Hyderabad [Louis Berger International different MAM – Chennai ITAT [Indian Additives Limited]
Inc.]
§ In case of loss making company valuing goodwill at 10% of the
§ Dividend income derived by assessee from a company in total consideration, without any material on record not
Malaysia not liable to be taxed in the hands of the assessee in sustainable – Madras High court [M/s India Cement Ltd]
India under any of the provisions of the Act – SC [Torqouise
Investment & Finance Ltd]
§ Benchmark cannot be applied on a global basis but has to be on
a transaction basis ; Tribunal explains Important Principles of
§ Whether the clients liable to tax in India on the capital gains and
Cost Plus, CUP and TNMM - ITAT Mumbai [Tara Ultimo Private
if yes, whether the bank is required to deduct tax at source on
Limited]
the remittance? – ITATA Mumbai [ICICI bank limited]
§ Losses adjusted in the books under corporate reorganization are
available for set off in computing book profit under MAT
provisions – Kolkata ITAT [J. K. Lakshmi Cement Ltd.]
6|P ag e
9. Recent Transactions that made Headlines
ï Loylty Rewardz Raises $4.4M From Canaan Partners
ï MyDala Raises Rs 18Cr From Info Edge
ï Dainik Bhaskar Acquires 2.7% Stake in EdServ
ï Pantaloon Retail To Raise Rs 1500Cr
ï Nazara Technologies Backs Social Gaming Start-up Playcaso
ï HDFC Realty Fund To Invest $90M In Bangalore IT Park
ï CX Partners To Float $500M Mezzanine, Special Situations Fund
ï Goldman Sachs Puts $200M Into Sumant Sinha's Renewable
Energy Start-up
ï Utkarsh Micro Finance Receives Rs 25Cr In Series B Funding
ï Vivimed Labs Raises Rs 127Cr From NYLIM Jacob Ballas, Kitara
Cap
ï TA Associates Exits Idea Cellular
ï Sequoia Capital To Put $22M In Delhi-based Moolchand
Healthcare
ï Tano Capital Makes Second Close At $97M
ï Kalpathi Group Buys Rantech IT Park For Rs 50Cr
ï Eduora Receives Funding From Seeders Venture Capital
ï Helion Puts $3.5M In Delhi-based Vienova Education
ï Intel Capital Announces $20M Investment In Six Tech
Companies
ï U2opia Mobile Raises Funding From Matrix Partners India
ï OPIC Lending $150M To Support Applied Solar Technologies'
Project
7|P ag e