I. Compliance Requirement under Goods & Services Tax Act, (GST) 2017   Keeping in view the preventive measures taken to contain the spread of Novel Coronavirus (COVID-19) and the difficulties being faced by the GST taxpayer, Ministry of Finance, Department of Revenue, Central Board of Indirect Taxes & Customs, has extended the due date for Filing GST Returns.   GST Compliance......

1. What is the need for bringing amendments in the Indian Stamp Act, 1899?   Answer: Securities market transactions is the main reason for such amendments. There is a multiple rates collection of stamp duty on securities market transactions for the same instrument. It results in jurisdictional disputes and multiple incidences of duty, thereby raising the transaction costs in the securities ......

The students are aware that vide Announcement dated 15th June 2020, the Institute, after taking in account the academic interests and health safeguards of students intending to appear in May 2020 Examinations, had enabled them to change their centre for appearance in May/ July 2020 Examination and/or to decide, at their free will, to “Opt Out” of the May/ July 2020 Examinations wit......

1. Timely lockdown saved lakhs of lives "In comparison to other countries across the globe, India is still in a very stable situation in the battle against Covid-19. Timely decisions and measures have played a great role," Modi said. 2. Hailed taxpayers Prime Minister Modi said, "Today, if the government is able to provide free food grains to the poor & the needy, the credit goes to two sec......

Q.) How to classify an Enterprise?   Enterprise can be classified as-   An enterprise shall be classified as a micro, small or medium enterprise on the basis of the following criteria, namely: -   Particulars Investment in plant and machinery or equipment Micro does not exceed one crore rupees and turnover does not exceed five crore rupees ......

MINISTRY OF CORPORATE AFFAIRS vide NOTIFICATION dated 5th June, 2020 amended Companies (Share Capital and Debentures Amendment Rules, 2020.   (1) These rules may be called the Companies (Share Capital and Debentures Amendment Rules, 2020. (2) They shall come into force on the date of their publication in the official Gazette.    Analysis of such Amendment:   2.......

Advisory on disclosure of material impact  of  Covid–19  pandemic  on listed entities under SEBI Listing Obligations and Disclosure  Requirements)  Regulations, 2015(‘LODR Regulations/‘LODR’)   The Covid–19 pandemic and the consequent lockdown restrictions imposed  by  national governments  has impacted businesses&nb......

                                                         Delhi Chief Minister Arvind Kejriwal today announced a slew of ......

                               As a nation, we stand at a very crucial juncture. Such a big disaster is a signal for India, it has brought a message and opportunity 1. Debt due to COVID excluded from default On matters concerning the Insolvency and Bankruptcy Code (IBC), Sitharaman said, 'Debts related to COVID sha......

                                 Finance Minister Nirmala Sitharaman begins address Today is the 4th day where after the PM's address to the nation on building a Atmanirbhar Bharat, we have been announcing in several tranches steps t......

In view of the impact of the COVID-19 pandemic and the lockdown measures undertaken by Central and State Governments, based on representations, the following one time relaxations are granted from strict enforcement of certain regulations of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 (hereafter “Takeover Regulations) and SEBI (Buy-back of securities) Regulations,......

India is in the 50th day of its nationwide lockdown imposed in the month of March by Prime Minister Narendra Modi to battle Covid-19 spread in India. PM Modi addressed the nation on Covid-19 crisis and the ongoing lockdown situation, five days before the termination date of Lockdown 3.0. PM Modi announced an extension of lockdown and said that the details regarding the same will follow soon. This ......

Additional relaxation in relation to compliance with certain provisions of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 – Covid-19 pandemic In view of the CoVID-19 pandemic, SEBI had provided relaxations to listed entities, from compliance with certain provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 (‘SEBI LODR&rsquo......

Prime Minister Narendra Modi, pointing out that out that it will take some time to get a vaccine, said: "I request you all to share with me by 15th May, a broad strategy on how each one of you would want to deal with the lockdown regime in your particular states. I want states to make a blueprint on how to deal with various nuances during and after the gradual easing of the lockdown." "We hav......

Various recommendations were received my Ministry due to which it decided to Amend various regulations. Key highlights are as follows: CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS vide Notification No. 38/2020–Central Tax dated 5th May, 2020 amended Central Goods and Services Tax (Fifth Amendment) Rules, 2020 as follows: In the Central Goods and Services Tax Rules, 2017 (hereinafter referre......

MCA vide General Circular No. 20 /2O2O dated 05 May, 2020 states: Several representations have been received in the Ministry for providing relaxations in the provisions of Companies Act, 2013 (the Act) or rules made thereunder to allow companies to hold annual general meeting (AGM) in a manner similar to the one provided in General Circular No. 1412020, dated 08.04.2020 (EGM Circular - l) and Gen......

Lockdown will continuein India’s metropolitan cities like Mumbai, Delhi, Chennai, Kolkata, Hyderabad, Bengaluru and Ahmedabad even after the government relaxes restrictions from May 4. The latest list released by the Union Health Ministry shows that all these cities fall under the red zone—areas with a large number of cases. The Union Health Secretary Preeti Sudan has sent......

Coronaviruses are a family of viruses that range from the common cold to MERS coronavirus, which is Middle East Respiratory Syndrome coronavirus and SARs, Severe acute respiratory syndrome coronavirus. The pandemic has cast its shadow across various economic activities with massive dislocation in global production, supply chains and trade. In wake of the current nationwide lock down as directed ......

The pandemic has cast its shadow across various economic activities with massive dislocation in global production, supply chains and trade. In wake of the current nationwide lock down as directed by Government of India due to issue of Covid-19, a need has been felt to extend the timelines for processing of various investor requests pertaining to Compliance and disclosures to be made by Corporates ......

The pandemic has cast its shadow across various economic activities with massive dislocation in global production, supply chains and trade. In wake of the current nationwide lock down as directed by Government of India due to issue of Covid-19, a need has been felt to extend the timelines for processing of various investor requests pertaining to Compliance and disclosures to be made under EPF . &......

Considering the hardships faced by the listed entities due to the lockdown pursuant to the COVID-19 Pandemic, SEBI has issued various circulars notifying relaxations in the timelines by which the compliance filing required under certain provisions of the aforementioned regulations, is to be reported. In view of the developments arising due to the spread of the COVID-19 pandemic, a need for tempora......

SEBI issues extension of implementation date of Circular on ‘Review of Margin Framework for Cash and Derivatives segments (except for Commodity Derivatives Segment)’ The pandemic has cast its shadow across various economic activities with massive dislocation in global production, supply chains and trade. In wake of the current nationwide lock down as directed by Government of India du......

Introduction The government has rolled out a new simple application to make it further easier for incorporating a business in India. The new web form, Simplified Proforma for Incorporating Company Electronically Plus (SPICe+), which integrates various services from various ministries and departments The simplified application provides for Employees' Provident Fund Organisation (EPFO) and Employe......

The Reserve Bank of India on Monday stepped in with a Rs 50,000 crore special liquidity facility for Mutual Funds in the wake of Franklin Templeton episode. Under the SLF-MF, RBI will conduct repo operations of 90 days tenor at fixed repo rate. The SLF-MF is on-tap and open-ended, and banks are allowed to submit their bids to avail funding on any day from Monday to Friday. The scheme will be ava......

Mann Ki Baat' Begins | Prime Minister Narendra Modi begins his monthly address to the nation in the 64th edition of the radio programme, 'Mann Ki Baat'. The coronavirus fight is being fought by the people and the administration together. Every citizen as a soldier is fighting this war. PM Modi Says India's Fight Against Covid-19 People-Driven | In his opening speech, ......

What is meaning of private limited company? A private limited company is a company which is privately held for small businesses. The liability of the members of a Private Limited Company is limited to the amount of shares respectively held by them. Shares of Private Limited Company cannot be publically traded. A private company is formed by a small number of shareholders who come together fo......

The pandemic has cast its shadow across various economic activities with massive dislocation in global production, supply chains and trade. In wake of the current nationwide lock down as directed by Government of India due to issue of Covid-19, a need has been felt to extend the timelines for processing of various investor requests pertaining to Compliance and disclosures to be made under SEBI Reg......

The pandemic has cast its shadow across various economic activities with massive dislocation in global production, supply chains and trade. In wake of the current nationwide lock down of 21 days as directed by Government of India due to issue of Covid-19, a need has been felt to extend the timelines for processing of various investor requests pertaining to Compliance and disclosures to be made und......

Since December 2019, the Covid-19 has grabbed headlines around the world as a successor to its cohorts in the coronavirus family, like the Middle East Respiratory Syndrome (MERS) and Severe Acute Respiratory Syndrome (SARS).     In the wake of pandemonium caused by spread of the COVID-19 virus, several representations have been received from stakeholders with regard to difficulty in N......

CHARGE- A COMPLETE OVERVIEW A charge is stated in Section 2 (16) of the Companies Act, 2013 which expresses that charge could be – -an interest or lien; -created on the property or assets of a corporation; and -any of its undertakings or both as security and includes a mortgage NOTE:  The financial institutions/banks do not lend their monies unless they are sure that......

Holding of annual general meetings by companies, whose financial year has ended on 31st December, 2019 In the wake of pandemonium caused by spread of the COVID-19 virus, several representations have been received from stakeholders with regard to difficulty in holding annual general meetings (AGMs) for companies whose financial year ended on 31st December, 2019 due to COVID-1 9 related social dist......

Many Circulars had been issued by Ministries for trade facilitation and as interim measures to help trade adapt and acclimatize to changing requirements in the GST era. Many representations had been received due to numerous Shipping Bills having invoice mismatches between the GST returns data and the customs data presented along with the Shipping Bills resulting in SB005 error. This error leads to......

Review of Circular No. 17/2020 dated 03.04.2020 namely, ‘Measures to facilitate trade during the lockdown period- section 143AA of the Customs Act, 1962’- reg. Many Circulars had been issued by Ministries for trade facilitation and as interim measures to help trade adapt. Many representations had been received and Board’s Circular No. 17/2020 dated 03.04.2020 on ‘Measures ......

The pandemic has cast its shadow across various economic activities with massive dislocation in global production, supply chains and trade. In wake of the current nationwide lock down as directed by Government of India due to issue of Covid-19, a need has been felt to to enable income taxpayers to avail full benefits of various timeline extensions granted by the Government of India due to Covid-19......

International termination charge (ITC) is the charge payable by an Indian International Long-Distance Operator (ILDO), who carries the call from outside the country, to the access provider in the country in whose network the call terminates.   The Telecom Regulatory Authority of India (TRAI) today issued “The Telecommunication Interconnection Usage Charges (Sixteenth Amendment) Regula......

The pandemic has cast its shadow across various economic activities with massive dislocation in global production, supply chains and trade. In wake of the current nationwide lock down of 21 days as directed by Government of India due to issue of Covid-19, a need has been felt to extend the timelines for processing of various investor requests pertaining to Compliance and disclosures to be made und......

What is a credit guarantee fund? Credit guarantee fund is a type of fund which backs up the loan taken by the beneficiaries as a form of collateral. This assures the lending agencies including banks, financial institutions to readily supply loans.   Who is eligible for Cgtmse? CGTMSE Scheme Eligibility Criteria: Under the scheme, the member lending institution which can be an NBFC also, ......

  Additional relaxations / clarifications in relation to compliance with certain provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (‘LODR’) due to the COVID – 19 pandemic   In wake of the current nationwide lock down of 21 days as directed by Government of India due to issue of Covid-19, a need has been felt to extend the time......

RBI is acting proactively RBI governor said that the RBI is doing everything to fight the epidemiological challenge that the world is facing. To ensure financial system, RBI staff is working, being staying away from family RBI governor started his address by thanking RBI staff that has been working away to keep the financial system strong. Economic situation has worsened The ......

In the wake of pandemonium caused by spread of the COVID-19 virus, temporary relaxations in compliance requirements and other facilitation measures are very much needed. The following measures have been undertaken by SEBI. Also, in the wake of current scenario of lockdown in country, SEBI has issued directions for certain activities carried out by depository participants, RTAs / issuers, KRAs, s......

In the wake of pandemonium caused by spread of the COVID-19 virus, temporary relaxations in compliance requirements and other facilitation measures are very much needed. The following measures have been undertaken by SEBI.   Also, in the wake of current scenario of lockdown in country, SEBI has issued directions for Recognised Stock Exchanges and Clearing Corporations (including those in I......

Thus, Ministry has launched a scheme known as “Companies Fresh Start Scheme, 2020” and “LLP Modified Settlement Scheme, 2020” condoning the delaying filing the above mentioned documents with Registrar, it relates to waiver of additional fees and granting of immunity from launching of prosecution or proceedings for imposing penalty on account of delay associated with certain......

As there is restriction of movement during pan-India lockdown period due to COVID-19 pandemic, it has been noted that Food Business Operators (FBOs) who generally take help of State Helpdesks, authorities or consultants to file applications are not being able to file applications for renewal of their FSSAI Licenses or registrations. The matter has been considered by FSSAI and the following has bee......

Extension of Submission Date of Share Capital Audit Report for the quarter ended March 31, 2020 In wake of the current nationwide lock down of 21 days as directed by Government of India due to issue of Covid-19, a need has been felt to extend the timelines for processing of various investor requests pertaining to Compliance and disclosures to be made under SEBI Regulations and various SEBI circul......

India has staved off the extensive damage which would have been caused by coronavirus, because of the sacrifice by countrymen We can understand the difficulties faced by the People, but for the country you have carried out your duty and I thank you for your service. Today is Dr B R Ambedkar Jayanti and the collective strength that the country has showed is a tribute to on his birth a......

RBI FAQ’S ON LOAN MORATORIUM SCHEME Overview: RBI Governor has discussed about various relaxation due to COVID19 Pandemic. Reserve Bank of India has allowed Banks to declare a three-month moratorium on all term loans outstanding as on March 1, 2020, as well as on working capital facilities. Last week, the Reserve Bank of India has allowed Banks to declare a three-month morato......

In the wake of current scenario of lockdown in country, SEBI has issued directions for Registrars to an Issue and Share Transfer Agents / Issuer Companies, holding SEBI registration under Category 1 or Category 2 of RTI/STA and felt to extend timelines for processing various investor requests  pertaining  to  physical  securities  and Compliance and disclosures to be made ......

After the Ministry of Corporate Affairs announced that donations made by the companies to the PM CARES Fund would be considered as expenditure on Corporate Social Responsibility, many companies came through with their donations. However, there are a lot other ways that a company can use their CSR Funds to help the country fight COVID-19. Activities related to COVID-19 like promotion of health......

The Ministry of Corporate Affairs is fully cognizant of the difficulties faced by the companies on account of ongoing nation-wide lockdown and social distancing due to COVID-19. Several representations have been received in the Ministry for providing relaxations in the provisions of Companies Act, 2013 (the Act) or rules made thereunder to allow companies to pass ordinary and special resolutions o......

  Considering the need to take precautionary steps to overcome the outbreak of the coronavirus (Covid-19), the Government has decided to relax the requirement of holding Board meetings with physical presence of directors under section 173 (2) r/w rule 4 of the Companies (Meetings of Board and its Powers) Rules, 2014 for approval of: Annual financial statements, Board’s report, et......

Employee’s Provident Fund (EPF) is a retirement benefits scheme that’s available to all salaried employees. This fund is maintained and overseen by the Employees Provident Fund Organization of India (EPFO) and any company with over 20 employees is required by law to register with the EPFO. It’s a savings platform that helps employees save a fraction of their salary every month th......

Ministry has received representations from various stakeholders requesting for grant of one time opportunity, so as to enable them to complete their pending compliances by filing necessary documents in the MCA-21 registry including annual filings without being subject to a higher additional fees on account of any delay. Also COVID 19 has been declared as pandemic disease and the whole world is fig......

A large number of representations were received from various quarters for waiver of fee or condonation of delay and relaxations in additional fee on the ground of excessive financial burden. It is also noted that a large number of LLPs are not filing their due statutory documents which are required to be filed with the prescribed fee.  Due to this, the records available in the electronic reg......