BIS prescribes Indian Standard Mark for Poly Aluminium Chloride
The Department of Chemicals and Petrochemicals has issued Indian Standard Mark for Poly Aluminium Chloride. However, Poly Aluminium Chloride manufactured for export purpose , need not obtain the certification.
IT & ITES Establishments exempted from certain provisions of Telangana shop and establishment Act, 1988
The government of Telangana vide notification dated 25.07.2019 has exempted information technology enabled services and information technology establishments (“IT Establishments”) from the provisions of section 15,16, 21, 23 and 31 of the Telangana Shops and Establishments Act, 1988 for a period of 5 years, retrospectively to be effect from May 30, 2018. The exemption is provided subject to certain conditions on working hours, holidays, safety of women employees and maintenance of records.
Shops are now permitted to operate 365 days for the next 3 years in Telangana
The government of Telangana vide Notification dated 24th July 2019, has permitted all the shops and establishments in the state of Telangana to keep open on all 365 days of the year for a further period of 3 years, which effect from June 16, 2019, subject to certain conditions.
Additional disclosure requirements mandated by SEBI for Promoters
Promoters will have to make additional disclosures on encumbered shares, as per the notification issued by Securities and Exchange Board of India. The details are required to be furnished in addition to the already mandated disclosures on encumbrance of shares. The disclosure on reasons for encumbrance has be made to every stock exchange where the shares of the company are listed and to the listed companies as per the format given as Annexure-II of the notification.
Amendments to SEBI Delisting Regulations
The securities and Exchange board of India (SEBI) on July 29, 2019, has published the Securities and Exchange Board of India (Delisting of Equity Share) (Amendment) Regulations, 2019. Through this amendment, an explanation has been inserted to expand the ambit of the term “shares” to include equity shares having superior voting rights.
Exemption to specified person from filing return of income for the AY 2019-20
The Central Board of Direct taxes through its notification dated 26th July 2019, has exempted certain class of person from the requirement of furnishing a return of income under section 139(1) Income Tax Act, 1961 from assessment year 2019- 20 subject to the conditions specified. The order has been made in exercise of power under […]
Insolvency and Bankruptcy Board of India (Liquidation Process) (Amendment) Regulations, 2019
Insolvency and Bankruptcy Board of India (Liquidation Process) (Amendment) Regulations, 2019 has been amended by a notification dated 25 July, 2019.
The amendment has introduced a stakeholder’s consultation committee and revised the definition of liquidation cost. The amendment also lays down a proper liquidation time line to be strictly complied with.
SEBI (Listing Obligations and Disclosure Requirements) Fourth Amendment with respect to shares with differential voting rights
SEBI vide its notification date July 29, 2019 amended, SEBI (Listing Obligations and Disclosure Requirements), 2015 enhancing the corporate governance compliances for listed entities which have issued shares with Superior Rights (‘SR’). Companies having SR shareholders will now have to revised the composition of its Board and committee as 1) At least ½ of the Board and 2/3rd of the Committees (excluding Audit Committee) as prescribed under SEBI (LODR) Regulations, 2015 shall comprise of Independent Directors; and 2) Audit Committee shall comprise of only Independent Directors.
2nd Amendment in SEBI (Prohibition of insider trading) Regulation 2019 notified
SEBI (Prohibition of insider trading) Regulation 2019 has been notified. The amendments clarifies that trading window closure for listed companies is mandatory and shall be applicable from end of every quarter till 48 hours after declaration of financial results and with respect to closure of trading window covered under clause 4 of schedule B, shall not to applicable in respect of certain transactions.
Employees having access to unpublished price sensitive information will now be known as ‘Designated persons’ instead of “designated employees”. Also, the term “material financial relationship” has been defined.
Levy of Foreclosure Charges or Pre-payment Penalty on Floating Rate Term Loans
The Reserve Bank of India (RBI) on August 2, 2019 notifies certain clarifications regarding the Levy of Foreclosure Charges or Pre-payment Penalty on Floating Rate Term Loans. RBI, previously in year 2012 and 2014 vide its notification disallowed charging of foreclosure charges or pre-payment penalties on all floating rate term loans sanctioned to individual borrowers by […]
