News from NIRC of ICSI
NIRC of ICSI has decided to start fortnightly "PCS HELPLINE" to provide guidance / counseling in respect of problems and difficulties being faced by our members. In this series, NIRC is organizing "PCS HELPLINE ON INCORPORATION OF COMPANIES & LLP” on the 2ND August, 2017, to resolve the queries over telephone regarding Technical / Procedural / Interpretation issues relating to the topic by CS Ravi Sharma, will be available to answer the queries telephonically, on 2ND August, 2017 from 4.00 PM to 5.30 PM at 011-49343001.
SEBI
SEBI is going to initiate Action against Exclusively Listed Companies and its Promoters/ Directors pending Exit Offer to the Shareholders. SEBI vide circular dated October 10, 2016, provided options to the Exclusively Listed Companies (“ELCs”) on Dissemination Board (“DB”) to raise capital for meeting the capital requirement for getting listed on the nationwide stock exchanges or to provide exit to investors. Further, ELCs were required to furnish the plan of action by January 09, 2017 to the Designated Stock Exchanges (DSEs), which was subsequently extended till June 30, 2017. Therefore, Such ELCs and the Depositories shall not effect transfer, by way of sale, pledge, etc., of any of the equity shares and the corporate benefits such as dividend, rights, bonus shares, split, etc. shall be frozen, for all the equity shares, held by the promoters or directors of non-compliant Exclusively Listed Companies. Further, the non compliant Exclusively Listed Companies, its directors, its promoters and the companies which are promoted by any of them shall not be eligible to access the securities market for the purposes of raising capital and the promoters or directors of non-compliant Exclusively Listed Companies shall not be eligible to remain or become director of any listed company till the promoters of such non-compliant Exclusively Listed Companies provide an exit option to the public shareholders in compliance with SEBI circular dated October 10, 2016, as certified by the concerned Designated Stock Exchanges.
CBDT
CBDT, has entered into nine Unilateral Advance Pricing Agreements (UAPAs) with Indian taxpayers in the month of July,2017. Some of the UAPAs signed had rollback provisions also. The nine APAs signed in the month of July, 2017 pertain to diverse sectors of the economy. CBDT has signed its first APA with a taxpayer engaged in supplying rigs used in Oil & Gas exploration. Other than the Oil & Gas Sector, the APAs pertain to Education, Banking, Pharmaceutical, Manufacturing and Information Technology sectors of the economy. The international transactions covered in these nine APAs include provision of software development services, provision of IT enabled services, provision of engineering design services, distribution, contract manufacturing, etc. With this, the total number of APAs signed till date stands at 171 (Unilateral-159 and Bilateral-12).