Corporate Updates – 12-01-2017


SEBI has issued Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Third Amendment) Regulations, 2016. Amendment is made to provide that no employee including key managerial personnel or director or promoter of a listed entity shall enter into any agreement for himself or on behalf of any other person, with any shareholder or any other third party with regard to compensation or profit sharing in connection with dealings in the securities of such listed entity, unless prior approval for the same has been obtained from the Board of Directors as well as public shareholders by way of an ordinary resolution. In case any such agreement, whether subsisting or expired, entered during the preceding three years from the date of coming into force of this sub-regulation, it shall be disclosed to the stock exchanges for public dissemination. Further in case of any such subsisting agreement as on the date of coming into force of this sub-regulation, it shall be placed for approval before the Board of Directors in the forthcoming Board meeting and before the public shareholders in the forthcoming general meeting.


Ministry of Finance, Department of Revenue (CBEC) has initiated the process of migration of its existing Central Excise/Service Tax Assessees to GST. As part of its efforts to ensure implementation of GST by 1st April, 2017, CBEC has taken steps to ensure that its existing taxpayers are migrated to GST in a simple, user-friendly and smooth manner. Once the existing registered Taxpayers (both Central Excise as well as Service Tax) login to CBEC’s Web Portal, a facility will be given in a secure manner the to access the provisional login ID and password given by Goods and Services Tax Network (GSTN). Thereafter, using the same, they can log in to GST Portal ( to fill the required fields and submit scanned documents. However, if they have already initiated the process of migration to GST as a VAT Asssessee under State Commercial Tax Department, no further action is necessary. PAN is mandatory for migration to GST.

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