Dear Friends, Hon’ble Finance Minister, Mrs. Sitaraman has presented 8th Budget in a row and has become second Finance Minister after Shree  Moraraji Desai , who had presented 10th Union Budgets on different time frames. Mr Desai had presented a total of 6 budgets during his tenure as finance minister from 1959 to 1964, and 4 budgets between 1967 and 1969. The Union Budget was present......

RBI/2024-25/105 CEPD.CO.OBD.No.S1270/50-01-001/2024-25 January 17, 2025 Dear Friends, As you are aware that ,with development of information technology the way of servicing of customers by banks have been changed. Banks/ Financial Institutions are now utilising modern techniques and instruments to serve their customers. They are using internet , SMS, Voice Calls, Telecommunication instrument......

Dear Friends, Hon’ble Finance Minister, Mrs. Sitaraman has presented 8th Budget in a row and has become second Finance Minister after Shree  Moraraji Desai , who had presented 10th Union Budgets on different time frames. Mr Desai had presented a total of 6 budgets during his tenure as finance minister from 1959 to 1964, and 4 budgets between 1967 and 1969. The Union Budget was present......

Detection of Fraud The Auditor shall exercise professional judgment and maintain professional scepticism throughout the planning and performance of the audit to detect and report the fraud envisaged under the provisions of Section 143(12) of the Companies Act, 2013 read with Companies (Audit and Auditors) Rules, 2014. Here, professional scepticism means, an attitude that includes a questioning ......

Motor Insurance Frauds-Detection and Control  Dear Friends, As you are aware that, insurance companies are considered as a custodian of monies of their policyholders. A policyholder pays premium to insurance company with a hope that in case of financial loss, insurance company will indemnify him/her. An insurance company through insurance policies selling a promise to the policyholders that......

Query: Mrs. Bhawani, one of the directors in ABC Limited (Listed Entity) got evidence against Mrs. Gowri, Chief Financial Officer (CFO), that she is indulged in the revenue leakage activities in the Company. Mrs. Bhawani is scared to report the above matter since Mrs. Gowri is a very close relative of other Directors, and Mrs. Bhawani will not get adequate safeguards from the Company. Advise Mrs. ......

Case Title: Avendus Finance Private Limited v/s Acute Retail Infra Private Limited Court: National Company Law Tribunal, MumbaiCase Reference: C.P. (IB)/913(MB)2023 Judgment Date: 25/09/2024 Held That: When officer of the financial creditor was empowered to sanction loan, he cannot be disentitled to initiate the insolvency proceedings under section 7 of the IBC. Brief ......

Q 1. What amounts to cruelty on animals? Section 11 (1) (a) to (o) of The Prevention of Cruelty to Animals Act, 1960 prescribes and enumerates the forms of cruelty mentioned hereunder: Sect 11(1) (a) Beating, Kicking, Over-riding, Over-driving, Over-loading, Torturing, causing unnecessary pain or suffering to any animals. (b) Employing any animal which, by reason of its age or any disease, un......

Query- I have Mediclaim policy from Oriental Insurance Co since 1992 for Rs. 5 lakhs and other from New India Assurance for Rs. 7.5 Lakhs under SCUM scheme with my spouse. However, both the policies have set a limit of Rs. 40,000 for Cataract surgery even though I have been diagnosed with 1) Cataract Phaco with Panoptic IOL, 2) Pupilloplasty, 3) CTR Implantation for which a renowned hospital......

Question: My father is 89 years old and has recurring abdominal pain from last few months. In April 23 he was admitted in one private hospital at our locality and admitted for 7 days due to the pain issue. Various tests were conducted including blood tests, CT scan, fibroscopy and endoscopy, no major issues observed except some liver irregularities and discharged after providing certain oral med......

Query: I have got a health insurance of family floater type from Tata AIG for a sum of four lakhs. Recently, I got hospitalised and full four lakhs were paid by Tata AIG. But my hospital bill was Rs. 6,62, 000/- (Rupees: Six lakhs and sixty-two thousand Only).So there was a shortfall of Rs. 2,62,000/- ( Rupees: Two lakhs sixty-two thousand Only). I have an Aditya Birla health Policy of family fl......

Q1. What is the minimum amount of CSR expenditure required to constitute a CSR committee mandatorily? What are the CSR committee constitution provisions enunciated in the Company Act, 2013 ? Answer: Section 135(9) of the Companies Act states that where the amount to be spent by a company under section 135(5) does not exceed Fifty Lakh Rupees, the requirement under section 135 (1) for constitution......

Dear Friends, As you are aware that, insurance has become a necessity same as food, shelter and security.  It protects us financially in case of happening of any unforeseen and insured event.  No one can  predict ,what is going to happen in next moment and  no one can predict natural disasters, man made  disasters, conditions of your health  and timing of epidemics s......

Shri Ram General Insurance co. ltd. Versus Radha Devi w/o late Premshankar & Others In the High Court of Judicature at Patna Miscellaneous Appeal no.443 of 2019 Held That- Insurance companies are liable for paid driver and cleaner under MACT, in case additional premium is accepted. Brief Facts 1. This appeal has been filed by Shri Ram General Insurance Co. Ltd. (hereina......

Query 1: Foreign Contribution (Regulation) Act, 2010 (FCRA) is the law that governs foreign funding in India. FCRA has the primary objective of regulating the acceptance and utilisation of foreign contribution or foreign hospitality by certain persons or associations, with a view to ensuring that parliamentary and political associations, academic and other institutions as well as individuals worki......

HDFC ERGO General Insurance co. Limited vs. Ms. Rupkuwar Patel[Revision Petition no2459 of 2019 Date: 16 October 2024]NCDRC Held That- If there is some ambiguity in the coverage clauses and the insured was justified in interpreting the coverage clauses to assume that the diseases for which he has undergone treatment will get covered the insurance policy and insurance com......

  National Company Law Appellate Tribunal,Principal Bench, New Delhi Company Appeal (AT) (Insolvency) no.690 of 2023 State Bank of India Versus Abhijeet Ferrotech Limited   Held That: That the provision contained under section 10 of CPC (stay of suit) cannot be applied to bar a proceeding initiated under section 7 on the basis of a proceeding initiated before Debt......

National Company Law Appellate Tribunal Principal Bench, New Delhi Company Appeal (AT) (Ins) no. 1140 of 2023 Rashtriya Polymers & Solvents...Appellant Versus Kanodia Technoplast Ltd....Respondent Held That: If the relevant threshold under Section 4 can be met without taking into consideration the invoices pertaining to the period covered under Section 10A, a section 9 ap......

ERNST & Young U.S. LLP vs. The A.C.I.T., International Taxation Circle (12(2) New Delhi [TS-335-ITAT-2023(DEL)] The Hon’ble Income Tax Appellate Tribunal (“ITAT”), Delhi has held that salary reimbursement of seconded employees paid to the original employer without any profit element is not taxable as fee for technical services. Brief Facts:1. This case&n......

M/S Adidas India Marketing (P.) Ltd. V. Income Tax Officer, ITA no. 1431/DEL/2015 (July 29, 2019).ITAT -Delhi Hon’ble Delhi Bench of the Income Tax Appellate Tribunal (ITAT) held that the insurance compensation received by the foreign parent due to loss of financial interest in its Indian subsidiary is not the subsidiary’s income as alleged by the tax officer and, ther......