Extension given for blocking e-way bill facility under Rule 138E till 21.11.2019
The Central Board of Indirect Taxes and Customs (CBIC) through a notification dated 20th August 2019 has extended the implementation of facility of blocking and unblocking of E-Way Bill to November 21st 2019 . The Rule 138E administers blockage of the e-way bill generation due to non-filing of the GST returns or statement. The restriction applies […]
FSSAI Mandates Safety Audit for FBOs Dealing in dairy, meat and other products
FSSAI has listed six food businesses under high-risk categories — dairy products, meat and meat products, fish and fish products, egg and egg products, food for infant nutrition and prepared food (catering).
SEBI Brings stricter penalty for Non-Compliance of SEBI ICDR Regulations
The Securities and exchange board of India vide circular dated 19th August 2019, on “non-compliance with certain provisions of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018″ has prescribed a penalty of Rs.20,000 per day on those listed companies which fail to comply with certain provisions of SEBI ICDR regulations. The Provisions on which […]
MCA amends Share capital and Debenture Rules, 2014
MCA has amended several provisions of the Companies (Share capital and Debentures) Rules, 2014. Significant among those are amendments relating to issue of shares with Differential Voting Rights (DVRs) with the objective of enabling promoters of Indian companies to retain control of their companies in their pursuit for growth and creation of long-term value for shareholders, even as they raise equity capital from global investors.
SEBI provides clarification on Mutual fund investment in Short term deposit
SEBI issued a circular on August 16th 2019 with reference to the SEBI circular SEBI/IMD/CIR No. 1/91171/07 dated April 16, 2007 pertaining to investment in Short Term Deposits (STDs) of scheduled commercial banks, pending deployment. Clarification states that the Asset Management Companies (AMCs)/Trustees should ensure that no funds of a scheme is parked in Short Term Deposits (STD) of a bank which has invested in that scheme.
Insolvency and Bankruptcy Code (Amendment) Act, 2019 notified
Insolvency and Bankruptcy Code (Amendment) Act, 2019 has been notified on 16th August 2019. The amendment brings corporate restructuring in the ambit of Resolution Plan. It also provides a time limit of 330 days for completion of the process.
Amendments in Motor Vehicles Act notified on 9th August
The Ministry of Law and Justice on August 09, 2019, has published the Motor Vehicles (Amendment) Act, 2019, to further amend the Motor Vehicles Act, 1988.
Amendment has been brought in licencing process, registration and Fitness test. The Act will finally recognise app based cab aggregators like Ola and Uber and define them as a digital intermediary Amendment has also been made in relation to Recall of vehicles procedure.
IBBI (Insolvency Resolution Process for Corporate Persons) (2nd Amendment) Regulations, 2019 issued on 25th July, 2019
Insolvency and Bankruptcy Board of India has notified IBBI (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2019 on 25th July, 2019. The amendment alters the procedure for application for proving the claims by stakeholders in corporate insolvency resolution process for corporate persons. The amendment also redefines the role of insolvency professionals, committee of creditors and applicant in preparing the resolution plan.
Simplification of procedure to set up a Section 8 Company
The Ministry of Corporate Affairs (the MCA) vide its notification dated 7 June 2019 has amended the Companies Incorporation Rules, 2014 to simplify and fast track the incorporation procedure. The new amendment act “Companies (Incorporation) Sixth Amendment Rules, 2019”shall be effective from 15th August 2019 Any person who desirous of incorporating a company under section 8 […]
Code on Wages, 2019 has been passed on 8th August
The code on wages seeks to regulate wage and bonus payments in all employments where any industry, trade, business, or manufacture is carried out and it shall be applicable to every all employees.
