Corporate Updates – 11-09-2017


SEBI has issued a press release stating that Ascertaining acquisition of ‘control’ under the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 (“Takeover Regulations”) requires consideration of facts and circumstances of each case. This results in a multitude of opinions. In view of the same, it was decided by the Board, to explore adoption of bright-line tests for acquisition of ‘control’ under the Takeover Regulations. A number of comments from various stakeholders including the views of the Ministry of Corporate Affairs and the Reserve Bank of India were received in this regard. It is felt that any change or dilution in the definition of control would have far reaching consequences since a similar definition of ‘control’ is used in the Companies Act, 2013 and other laws. The relevant issues have been examined intensively and in view of the aforesaid comments received and considering the current regulatory environment, it has been decided to continue with the practice of ascertaining acquisition of ‘control’ as per the extant definition in the Takeover Regulations.


The GST Council, in its 21st meeting held at Hyderabad on 9th September 2017, has recommended the various measures to facilitate taxpayers. In view of the difficulties being faced by taxpayers in filing returns, the following revised schedule has been approved:

Sl. No. Details / Return Tax Period Revised due date
1 GSTR-1 July, 2017 10-Oct-17
For registered persons with aggregate turnover of more than Rs. 100 crores, the due date shall be 3rdOctober 2017
2 GSTR-2 July, 2017 31-Oct-17
3 GSTR-3 July, 2017 10-Nov-17
4 GSTR-4 July-September, 2017 18-Oct-17 (no change)
Table-4 under GSTR-4 not to be filled for the quarter July-September 2017. Requirement of filing GSTR-4A for this quarter is dispensed with.
5 GSTR-6 July, 2017 13-Oct-17

Due dates for filing of the above mentioned returns for subsequent periods shall be notified at a later date. Form GSTR-3B will continue to be filed for the months of August to December, 2017.Further, a registered person (whether migrated or new registrant), who could not opt for composition scheme, shall be given the option to avail composition till 30th September 2017 and such registered person shall be permitted to avail the benefit of composition scheme with effect from 1st October, 2017. The registration for persons liable to deduct tax at source (TDS) and collect tax at source (TCS) will commence from 18th September 2017. However, the date from which TDS and TCS will be deducted or collected will be notified by the Council later.

News from NIRC of ICSI

Today, the 11th September, 2017, NIRC is organising a MEETING OF CS IN PRACTICE on "IBC – Recent Judgments and Key Issues"on from 5.30 PM onwards at ICSI-NIRC Building 4, Prasad Nagar Institutional Area, New Delhi. No Participation Fee; Program Credit Hour: 2.

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