Corporate Updates – 13-12-2016

Master Classes on GST

Registration open for Master Classes on “GST – Goods& Service Tax” to be held from Today, the 13th December, 2016 to 17th December, 2016 daily from 5 PM onwards at Auditorium, ICSI-NIRC Building, 4, Prasad Nagar Institutional Area, New Delhi. Fee : Rs. 750/- for all participants including Corporate Members of NIRC; Online Payment / Registration Facility Available; Program Credit Hours: 02 per day.


SEBI has streamlined the Process for Acquisition of Shares pursuant to Tender-Offers made for Takeovers, Buy Back and Delisting of Securities. Now onwards, transfer of shares of shareholders under the tender offers would be made directly to the account maintained by the clearing corporation. Earlier, the shareholders used to submit their bids through stock brokers and subsequently, the brokers used to transfer the shares to the special account of the clearing corporation. The procedural aspects for tendering and settlement of shares under the revised system are specified in the Annexure to this circular. The said revised procedure shall be applicable to all the offers for which Public Announcement is made on or after January 02, 2017.


CBDT has advised its Assessing Officers, not to reopen past assessments merely on the ground that the current year’s turnover has increased. Mere increase in turnover, due to use of digital means, as a result of Demonetization in a particular year cannot be a sole reason to believe that income has escaped assessment in earlier years. Further, Assessing Officers shall have a reason to believe that any income chargeable to tax has escaped assessment for any assessment year, for the purpose of reopening the case under section 147 of Income-tax Act, 1961.

News from NIRC of ICSI

NIRC of ICSI is organising a full day Seminar on the theme “Insolvency and Bankruptcy Code, 2016” on Saturday, the 17th December, 2016 from 10 AM onwards at Hotel Eros, Nehru Place, New Delhi. The Program will inaugurated by CS (Dr.) M. S. Sahoo, Chairperson, IBBI and shall also be addressed by the eminent speakers. Fee : Rs.1,750/- per delegate inclusive of service tax ; FREE for Corporate Members of NIRC; PCH – 4.

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