Corp Legatus

20/01/2018

Regulatory update:
16th January, 2018, Tuesday:
has directed all companies to henceforth file all corporate announcements in machine readable format only, i.e. searchable PDF format only.

Regulation 10 of SEBI Listing Regulations, 2015 requires all listed entities to file all reports, statements, documents, filings and any other information to the Exchange on the specified electronic platform. It has been observed that PDF documents, filed by companies on the Listing Centre, as Corporate Announcements, are not ‘Machine Readable’ or ‘Searchable’. This causes considerable hardships to the investors at large and also regulators for searching the company filings using the relevant keywords for various purposes. Image files that are presently being submitted as attachments will not be accepted and only searchable pdf files should be attached.

As further advised by SEBI, the listed entities are required to comply with this direction immediately, but not later than 7 days of this circular. It is further advised that only the respective relevant Options that are available under the tab ‘Corporate Announcements’ may be utilized for filing of the announcements. Filing under the incorrect head may attract appropriate action by the Exchange.

12/01/2018

To make the GST compliance simpler, GST Council is all set to take this up in its upcoming meeting to be held on 18th January, 2018

11/01/2018

are watch persons of corporate entities. Referring to the Section 150 of the Indian Companies Act, 2013, the Union of State for Ministry of , Justice and Corporate Affairs, Shri P.P. Chaudhary today said that the Central Government is seriously considering to develop a data base of Independent Directors.

The expectation of the Government from the Independent directors is enormous. The role of Independent directors have been defined in the Companies Act, 2013 and also in the SEBI (Listing Obligations and Disclosure Requirements) Regulations but what is very much essential is the capacity development of the Independent Directors since they play a crucial advisory role to ensure integrity and professional conduct in the companies. Independent Directors bring their experience of diverse fields to a company’s Board. However, appropriate knowledge and skills through the appropriate Capacity Development Programmes are vital. The Independent Directors have to set-up policy and systems within the organisation.

11/01/2018

On 10th Jan'17, SEBI has barred Price Waterhouse (PW) from auditing listed companies in the country for two years, after a probe into a nearly decade-old accounting fraud case in Satyam Computer Services where its founder & former chairman Ramalinga Raju stunned Indian markets & investors in January 2009 by admitting that the Company had overstated earnings & assets for several years, in a fraud of more than $1 billion that became India’s biggest corporate scandal.

SEBI has mentioned that any entities or firms practicing as chartered accountants in India under the brand and banner of PW, shall not directly or indirectly issue any certificate of audit of listed companies, or their intermediaries that are registered with the regulator for a period of two years. In India, all audit functions within the group are conducted under the PW brand, with a network of local firms operating under the banner. The broader PW entity handles consulting, tax advisory and other businesses.

To avoid operational difficulties, SEBI said its order will not impact audit assignments relating to the ongoing 2017-18 financial year, already undertaken by firms forming part of the PW network.


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10/01/2018

10/01/2018

UNION CABINATE FURTHER LIBERALISED FDI NORMS FOR KEY SECTORS INCLUDING 100% FDI IN SINGLE BRAND RETAIL TRADING:

• 100% FDI under automatic route for Single Brand Retail Trading
• Clarification that real-estate broking service does not amount to real estate business and is therefore, eligible for 100% FDI under automatic route.
• Foreign airlines allowed to invest up to 49% under approval route in Air India
• FIIs (Foreign Institutional Investors) /FPIs (Foreign Portfolio Investors) allowed to invest in Power Exchanges through primary market as well in addition to the secondary market.
• issue of shares against non-cash considerations like pre-incorporation expenses, import of machinery etc. shall be permitted under automatic route in case of sectors under automatic route.
• Foreign investment in the Core Investing Companies shall be allowed upto 100% under automatic route if they are regulated by any Financial Sector Regulator and if they are not regulated by any regulator or where only part is regulated or where there is doubt regarding the regulatory oversight, foreign investment up to 100% will be allowed under Government approval route.

31/12/2017

1. *Notification- 71/2017-Central Tax ,dt. 29-12-2017*
Extends the due dates for *quarterly* furnishing of FORM GSTR-1 for taxpayers with aggregate turnover of upto Rs.1.5 crore.
Jul-Sep’17 : 10-Jan-2018
Oct-Dec’17 : 15-Feb-2018
Jan-Mar’18 : 30-Apr-2018

2. *Notification 72/2017-Central Tax ,dt. 29-12-2017* Extends the due dates for *monthly* furnishing of FORM GSTR-1 for taxpayers with aggregate turnover of more than Rs.1.5 crores.
Jul-Nov’17: 10-Jan-2018
Dec’17 : 10-Feb-2018
Jan’18 : 10-Mar-2018
Feb’18 : 10-Apr-2018
Mar’18 : 10-May-2018

3. *Notification 73/2017-Central Tax ,dt. 29-12-2017* Waives the late fee payable for failure to furnish the return in FORM GSTR-4

14/12/2017

https://www.linkedin.com/embed/feed/update/urn:li:activity:6346971917915918336

Bitcoin vs. banks Regulators are struggling to deal with a fundamental shift in market structure. National central banks are implementing policies …

13/12/2017

Bitcoin vs. banks

Regulators are struggling to deal with a fundamental shift in market structure. National central banks are implementing policies to keep control and regulate distributed trust technology.

For example, the Chinese government has banned several types of distributed trust activities, and is launching its own non-distributed, centralized digital currency.

The Japanese government has made Bitcoin a legal payment method, and major Japanese banks are planning to launch a J-Coin digital currency pegged to the Yen which may be built on a blockchain.

Russia initially treated non-approved currency trades as illegal, but is now determining how to regulate them.

09/12/2017

India gets admission into Wassenaar Arrangement, a multilateral export control regime established to ensure regional and international security and stability.

Benefits:
Since India has low reserves of uranium required for its civil nuclear energy programmes, the country entry to the Export Control regimes will help secure the supply of nuclear fuel more easily. India also became a full member of the 35-member MTCR (Missile Technology Control Regime) last year through which India can potentially gain access to missile and drone technology.

Know about the Wassenaar Arrangement:
*It plays a significant role in promoting transparency and greater responsibility in transfers of conventional arms and dual-use goods & technologies.
*Its member countries are required to ensure that transfers of these items do not contribute to the development or enhancement of military capabilities which undermine these goals.
*It aims to prevent the acquisition of these items by terrorists.

What ahead:
Membership of the Wassenaar Arrangement is also expected to build up a strong case for India's entry into the Nuclear Suppliers Group - a 48-member group which controls the export of nuclear materials, equipment and technology.

08/12/2017

Punjab and Haryana High Court has cleared the doubts regarding insurance claims, in case of accidents happening outside India and has held that every Insurance company operating in India is liable to pay the insurer even if the accident happened out of India.

In their ruling, the Bench headed by Justice Sehrawat said, "Once insured, the vehicle is insured to cover all geographical areas where the vehicle is authorized by the authorities to travel. The insurance company cannot avoid its liability to pay the compensation only on the ground that the vehicle was used in any particular city, state or a particular geographical area. The company cannot even avoid its liability qua third party."

The order pertained to compensation to the kin of 54 pilgrims from Kurukshetra who lost their lives in an accident in Nepal on June 18, 1995. The driver of the bus had lost control and the vehicle had fallen into Nepal’s Trishuli River.

The order is available in the following link: