Corporate Updates – 07-05-2015


SEBI has notified the SEBI (Issue of Capital and Disclosure Requirements)(Second Amendment) Regulations, 2015 which shall come into force on the date of their publication in the Official Gazette. Amendments are done with an intention to allow conversion of debt into equity under strategic debt restructuring scheme where the preferential issue of equity shares is made to the consortium of banks and financial institutions in accordance with the guidelines specified by the Reserve Bank of India. Further the shares shall be valued at a price not be less than the face value of the equity shares and conversion price shall be certified by two independent qualified valuers, and equity shares so allotted shall be locked-in for a period of one year from the date of trading approval.


DVAT have issued instructions to all Assessing Authorities that the default assessment under CST Act shall only be carried out on the basis of CST Form 9 and after due verification of the details of the central forms declared therein. Further, Assessing Authorities are allowed to frame the central assessment order of the dealer, only in such cases where it is required for processing the refund claims. For all cases where no refund is involved, order shall be generated by the Systems & Operation Branch on the basis of the information furnished by the dealer in Form 9.

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