REVISED FORMAT OF ANNUAL SECRETARIAL COMPLIANCE REPORT

SUBJECT: REVISED FORMAT OF ANNUAL SECRETARIAL COMPLIANCE REPORT The Securities and Exchange Board of India (“SEBI”) vide its Circular dated February 8, 2019 mandated the requirements of providing an Annual Secretarial Compliance Report (ASCR) by the Practicing Company Secretary (PCS) to the listed entity with respect to compliance of all applicable SEBI Regulations and Circulars/ …

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Company directors get three months jail for income tax & liability delay

Mumbai: A metropolitan magistrate court has convicted a television production company and its directors Yash Patnaik and Mamta Patnaik for not submitting ₹8.37 crore income tax. The court has sentenced the directors to three months imprisonment in three cases filed by the Income Tax department and imposed a fine of ₹5,000 in each three cases. …

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Ministry of corporate affairs is set to introduce 30 new online forms for statutory filings

Ministry of corporate affairs is set to introduce 30 new online forms for statutory filings under the Companies Act by the end of July, marking the final leg of the transition to an artificial intelligence (AI)-enabled corporate reporting regime. Following the integration of financial statements and large-volume transactions into the system, regulators will be able …

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audit of depreciation

AUDIT OF DEPRECIATION AND AMORTISATION

One of the key principles of accrual basis of accounting requires that an asset’s cost is proportionally expensed based on the period over which the asset is expected to be used. Both depreciation and amortization are methods that are used to prorate the cost of a specific type of asset over its useful life. Depreciation …

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AS 13 : ACCOUNTING FOR INVESTMENTS

AS 13 : ACCOUNTING FOR INVESTMENTS

Introduction Definitions Investments are assets held by an enterprise for earning income by way of dividends, interest, and rentals, for capital appreciation, or for other benefits to the investing enterprise. Assets held as stock-in-trade are not ‘investments’. A current investment is an investment that is by its nature readily realisable and is intended to be …

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ISSUING OF BANK LICENCE

ISSUING OF BANK LICENCE

Issuing licenses to an applicant bank is at the discretion of RBI. Before a license is issued RBI satisfies itself regarding the “Tests of entry” namely: RBI may also scrutinize the books of accounts of the applicant company and also gather market information to satisfy itself about the advisability of granting a license. At the …

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COMMERCIAL PAPER

COMMERCIAL PAPER

Commercial Paper (CP) is an unsecured money market instrument issued in the form of a promissory note. CP, as a privately placed instrument, was introduced in India in 1990 with a view to enable highly rated corporate borrowers to diversify their sources of short-term borrowings and to provide an additional instrument to investors. Subsequently, primary …

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FISCAL POLICY IN ACTION

FISCAL POLICY IN ACTION

Fiscal Policy has been extensively used in all the countries in controlling inflation and in bringing about economic stability, growth and equity. Fiscal Policy (Measures) to Control Inflation Fiscal Policy is often used to control inflation. Contractionary fiscal policy can be used to reduce aggregate demand and thereby control demand-pull inflation. Contractionary fiscal policy is …

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NFRA imposes Rs. One crore penalty on CA Firm and Rs. 5 Lakh on Partner

NFRA’s investigations inter alia revealed that the TDL’s Auditors for the FY 2018-19, had failed to meet the relevant requirements of the Standards on Auditing (‘SA’ hereafter) in a number of significant aspects and demonstrated a serious lack of competence. They failed to evaluate their potential conflict of interest and failed to maintain their independence …

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VALUATION OF INTELLECTUAL PROPERTY

VALUATION OF INTELLECTUAL PROPERTY

Intellectual capital is recognized as the most important asset of many of the world’s largest and most powerful companies; it is the foundation for the market dominance and continuing profitability of leading corporations. It is often the key objective in mergers and acquisitions and knowledgeable companies are increasingly using licensing routes to transfer these assets …

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Know if your company is ready for an IPO

Companies Act, 2013 regulates the incorporation of a company in India. It also regulates the responsibilities of the company, its directors and its dissolution. There are primarily two types of companies in India- Private Limited Company and Public Limited Company- both limited by shares. With Limited Liability the legal responsibility for the debts of the …

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public debt

Article on public debt

PUBLIC DEBT MEANING: The amount of public expenditure has increased over the years in view of the increasing activities of the government. It is not possible to meet the large public expenditure through traditional source of revenue, namely taxes. Therefore, the government is required to obtain additional revenue through borrowing. In modern times, borrowing by …

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Securitization

What Is Securitization?

SECURITIZATION– Prior to June21st, 2002 when the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act was enacted, banks and financial institutions had to enforce their security through courts for the recovery of their advances. The process was slow and time consuming. Moreover, hypothecation, the charge against which majority of advances …

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IT RELATED RISKS AND CONTROLS IN BANKING

IT RELATED RISKS AND CONTROLS IN BANKING

Classifying IT risk Identification, analysis, measurement and management of IT risk, requires specialized knowledge and skill. IT risk management has to be done in every organization, and each has its own unique IT risk profile. Technology risks have a deep impact on financial, operations, regulatory and reputation of banks. IT risks can be classified according …

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START UP VALUE

Valuation of Startups

As in the previous article, I have already discussed the Stages of Startup Funding, https://taxconcept.net/demystifying-startups/ (link to the article) in this article we will discuss the Valuation of Startups in different Stages. Generally, a Startup goes through 3 stages namely:- Now, we would look into the valuation methods suitable for each stage:- In this method, …

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Demystifying Startups

Recently we have seen that there is huge rise in Startups . Every person having a business idea is starting their own business instead of doing a monotonous job. In Shark tank we  came  across  many Startup ideas  which encouraged many people, especially youth to start their own business. It is said that all the …

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Company director KYC

Form DIR-3 KYC – KYC of Directors

A director identification number (DIN) is a unique identifying number assigned to a person who wishes to become a director or is already a director of a corporation. DIN is obtained by submitting an application in eForm DIR-3, which was originally intended to be a one-time process for anyone wishing to become a director of …

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SEBI investigating dealings in shares of 58 companies for violation of extent rules

As on February 28, 2023, Securities and Exchange Board of India (SEBI) is investigating the dealings in the shares of 58 companies for violation of SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) Regulations, 2003, which includes market manipulation and attendant unfair trade practices. This was stated by Union Minister of …

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Audit Trail compulsory to be installed in accounting software w.e.f. 01.04.2023

Audit Trail compulsory to be installed in accounting software by Companies w.e.f. 01.04.2023 1. Every business made mandatory incorporate the audit trail capability into the accounting software with effect from 1 April, 2023, it utilizes for maintains its books of account. 2. An edit log should be included in the audit trail feature to capture …

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Liability of Independent Director

Regulatory Framework – Liability of Independent Director

Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements), Regulations, 2015 [SEBI LODR]: Regulation 25(5) of SEBI LODR states as follows, “An independent director shall be held liable, only in respect of such acts of omission or commission by the listed entity which had occurred with his [/her]  knowledge, attributable  through  processes  of board  …

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Guidelines on the proposed angel tax

finance ministry will come out with the guidelines on the proposed angel tax next month to clarify how the tax will be levied and will also provide valuation guidelines. However, there will be no rethink on the Budget proposal to make the levy applicable to non-residents as well. “Genuine startups registered with the department for …

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“Want to Start a business – Here is the Corporate Structure you can choose! “

Want to Start a business – Here is the Corporate Structure you can choose!

India is a country that has undergone significant economic growth in the last decade, with many opportunities opening up for both local and foreign investors. To start a business in India, it is essential to choose the right corporate structure that suits your needs. The choice of corporate structure depends on various factors such as …

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shareholders under the prevailing law

आम, साधारण, छोटे वरिष्ठ शेयरधारकों की समस्या निदान हेतु प्रचलित कानून अंतर्गत ही ठोस सुझाव

मेरे अनेक वरिष्ठ मित्र भौतिक शेयरों को लेकर काफी परेशान हैं हालाँकि सेबी ने निवेशकों के हितार्थ नियमों में कुछ संशोधन किये हैं लेकिन अभी भी जो अतिआवश्यक संशोधन चाहिये उसी पर समस्या को बताते हुये निदान हेतु कुछ सुझाव सुझा रहा हूँ । उन सभी वरिष्ठ मित्रों का यह मानना है कि मोदीजी हिन्दी में वार्तालाप ही नहीं करते बल्कि …

आम, साधारण, छोटे वरिष्ठ शेयरधारकों की समस्या निदान हेतु प्रचलित कानून अंतर्गत ही ठोस सुझाव Read More »

New system is part of a revamp of statutory filing MCA21 site

Ministry of corporate affairs has simplified the process for corporate reporting, eliminating the need for approval by Registrars of Companies (RoCs) in most cases and allowing companies to fulfil their reporting obligations with an online acknowledgement, two people informed about the development said. The new system, called “file and forget” by policy makers, is part …

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MCA21 portal glitch: FM N Sitharaman has asked corporate affairs ministry to monitor the issues on a daily basis

Several stakeholders took to Twitter to flag glitches on the MCA21 portal, Finance Minister Nirmala Sitharaman stepped in on Tuesday and directed Corporate Affairs Ministry (MCA) to form a special team to address public grievances on a priority basis. Several users reported facing technical issues at the time of filing, since the launch (23rd January 2023) of the …

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Big Update! MCA may Let Physical Submissions of Forms

HC asks ministry to allow it given portal issues The Ministry of Corpo rate Affairs (MCA) is planning to ac cept submissions of some compa ny forms in physical format after reports of glitches with its MCA21 portal, people privy to the developments told ET The portal is used by com panies to make regulatory …

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