Since the Real Estate (Regulation & Development) Act, 2016 (colloquially referred as ‘RERA law’) picking its heat in the state of Telangana, we thought of writing an article on certain issues which were examined by our office in last few months pertaining to the applicability of RERA provisions and found to be interesting.

Before dwelling into such issues, it is to be noted that projects which have obtained approval post 01.01.2017 are treated as ‘on-going projects’ as defined vide Rule 2(j) of Telangana State Real Estate (Regulation and Development) Rules, 17. Vide Order No 04 dated 28^th December 2018, TS RERA has communicated that there will be a penalty amounting to Rs 2 lakhs if the project has received approval between 01.01.2017 to 31.08.2018 and registers prior to 15.01.2019. Hence, it is urged that all projects which have received approval between 01.01.2017 to 31.08.2018 should be register prior to 15.01.2019.

Read more: Certain Issues in Real Estate (Regulation & Development) Act

In this edition, we bring to you certain important articles. The article on ‘Foreign Portfolio Investors – SEBI and FEMA Perspective’ will throw light on the regulations concerned with investments by personswho are residents outside India, where the investment size is less than 10% of the post issue share capital. The article on ‘Re-Initiation of Proceedings by IO – Validity’ under the Prohibition of Benami Transactions Act deals with analysis of recent High Court judgment of Delhi High Court, wherein the IO is allowed to issue a fresh notice in a situation where the earlier notice was quashed in light of certain technical gaps. The journal also covers an article on ‘TReDS for MSMEs – Treading the path to quick payments’, which is going to make MSME space more vibrant.

The article on ‘Gift of Immovable Property which is not a Capital Asset - Taxability Thereof’ deals with question of chargeability of tax under Section 56 in case where an immovable property is not a capital asset’. The article on ‘Corporate Governance and Role of Internal Audit’ places emphasis on the role of internal audit in improving the corporate governance by companies. The presentation on ‘CGST Amendment (Act) 2018’ deals with the various amendments brought to Central Goods & Services Tax Act, 2017 which is going to be effective from 01.02.2019 subject to notification being issued.

Read more: SBS Wiki E Journal Jan 2019

Key Topics:

AUDIT

• SIA 220 - “CONDUCTING AN OVERALL INTERNAL AUDIT PLANNING"

FEMA

• OVERVIEW ON PROCEDURE FOR SETTING UP OF SEZ UNIT
• LIBERALISED REMITTANCE SCHEME (LRS)

UPDATES

FEMA

• FEMA UPDATES FOR THE MONTH OF DECEMBER 2018

This article is an attempt to list out the provisions/compliances by the applicable entities, in respect of the provisions of National Financial Reporting Authority, constituted under provisions of Section 132 of the Companies Act, 2013.     

A specific thrust is put-in to see as to which type of entities, will come under the scope “Bodies Corporate (Other than Companies)”. 

The National Financial Reporting Authority [NFRA], was constituted with effect from 01.10.2018, and working provisions, functions, have been notified vide NFRA Rules, Dt: 13.11.2018. 

Read more: NFRA Rules - Will they apply to LLP - Companies Act