Corporate Updates – 11-07-2017


SEBI to initiate action against non-compliant companies which are exclusively listed on Dissemination Board. SEBI has decided to initiate action against the non -compliant “Exclusively Listed Companies (ELCs) on Dissemination Board (DB)", and its directors/promoters. These companies were earlier listed on non-operational/ derecognised stock exchanges and were required to be placed on DB. The ELCs were required to comply with the directions issued by SEBI upto 30-06-2017. Further it was also stipulated that failure to comply with the above would attract actions enumerated as follows. The company, its directors, its promoters and the companies which are promoted by any of them shall not directly or indirectly associate with the securities market or seek listing for any equity shares for a period of ten years from exit from the DB. Freezing of shares of the promoters/directors. List of the directors, promoters etc. of all non-compliant companies as available from the details of the company with nationwide stock exchanges shall be disseminated on SEBI website and shall also be shared with other agencies. Attachment of bank accounts/other assets of promoters/directors of the companies so as to compensate the investors. In line with its circular, SEBI shall now initiate action against the non-compliant companies and its directors/promoters.


Ministry of Finance vide its press release has launched Aaykar Setu – Another E-Initiative by CBDT. ‘Aaykar Setu’ is an android based application to directly communicate with the taxpayers, on a range of multiple informative and useful tax services aimed at providing tax information at their fingertips. The tax payers will also be able to receive regular updates regarding important tax dates, forms and notifications on mobile numbers registered with the ITD. All taxpayers who wish to receive such SMS alerts are advised to register their mobile numbers in the Aaykar Setu module.

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