Latest Blogs from SBS and Company LLP

    MCA UPDATES RULES, CIRCULARS, NOTIFICATIONS AND ORDERS ISSUED  DURING THE MONTH OF OCTOBER, 2018 

    RULES

    No Rules were issued during the month.

    NOTIFICATIONS

    • Constitution of National Financial Reporting Authority (NFRA), Dt: 01.10.2018. 

    Vide the said Notification, the Central Government has appointed  the 1st October 2018 as the date of constitution of National Financial Reporting Authority (NFRA). 

    http://www.mca.gov.in/Ministry/pdf/ConstitutionNotificationNFRA_04102018.pdf 

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    Section 45(1) of Income Tax Act, 1961 provides for taxability of profits or gains on transfer of Capital Asset in the year of transfer. The term ‘transfer’ inter-alia includes any transfer allowing the possessing of immovable property in part performance of contract referred to in 53A of Transfer of Property Act, 1882 (‘TOPA’).

    Sec 53A of TOPA protect the interest of the transferee in case where he as part of contract has performed his part either in full or part and any enjoying the possession of the property pending registration.

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    Ambit of 29A of IBC – Decoding ArcelorMittal v Satish Kumar Gupta

    The recent judgment of the apex court in the case of ArcelorMittal India Private Limited vs Satish Kumar Gupta and Others has revealed the true ambit and intent of Section 29A of Insolvency and Bankruptcy Code, 2016 (IBC). Section 29A has been introduced with effect from 23.11.17 to restrict persons who are not eligible to become resolution applicants.

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    THE COMPANIES AMENDMENT ORDINANCE – 2018 [9 of 2018] – A REVIEW

    All are aware that the provisions of the Companies Act, 2013, came in to force with effect from 12.09.2013, and with other provisions notified in a phased manner from 01.04.2014. 

    With in a period of 15 months of the commencement, on the pretext of ease of doing business in India, and to overcome some practical difficulties as to implementation of the provisions, some amendments were proposed to the Companies Act, 2013, and accordingly, the Companies Amendment Act, 2015, and the provisions of the same were made effective from 29.05.2015, in a phased manner. 

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    A PEAK INTO RECENT AMENDMENTS TO EXTERNAL COMMERCIAL BORROWINGS REGULATIONS

    External Commercial Borrowings (ECB) are governed by Foreign Exchange Management (Borrowing or Lending in Foreign Currency) Regulations, 2000 issued by Reserve Bank of India (RBI), and these regulations have been amended from time to time considering changes in India’s macro-economic scenario.  Apart from issuing Regulations, RBI has been issuing Master Directions on various aspects connected with foreign exchange management by consolidating related Notifications and AP (DIR Series) Circulars.   Master Direction No. 5 on External Commercial Borrowings, Trade Credits, Borrowing and Lending in Foreign Currency by Authorized Dealers / Persons other than Authorized Dealers was issued on January 1, 2016, and RBI has been amending the same in line with amendments to related Regulations, Notifications and new AP (DIR Series) Circulars.  

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