Corporate Updates – 15-02-2017


The Insolvency and Bankruptcy Board of India has released the draft of the IBBI (Voluntary Liquidation) Regulations, 2017 which shall come into force on the date of their publication in the Official Gazette. These Regulations shall apply to the voluntary liquidation of corporate persons under Chapter V of Part II of the Insolvency and Bankruptcy Code, 2016. Further, all pending applications and petitions relating to voluntary winding up of companies pending before a High Court, shall continue with and dealt with by the High Court in accordance with provisions of the Act till 1st April. 2017 and shall be then transferred to NCLT.


The Income Tax Department (ITD) had initiated ‘Operation Clean Money’ on 31st January, 2017 for the e-verification of large cash deposits made during 9th November to 30th December, 2016. Email and SMS were sent to 18 lakh taxpayers for submitting online response on the e-filing portal. The operation has seen an overwhelming response and till 12th February, 2017 more than 5.27 Lakh taxpayers have already submitted their response. The explanation of cash deposit submitted by the taxpayer is being analysed in the context of nature of business and business profile in the earlier returns of the taxpayer. In order to facilitate online responses to ‘Operation Clean Money’, the last date for their submission has been extended up to 15th February, 2017 and a detailed Frequently Asked Question (FAQs) has also been issued to assist the taxpayers in submitting their response. The taxpayers should submit their response within this further extended period with a view to avoid enforcement actions under the Income-tax Act and other applicable laws.

News from NIRC of ICSI

Registration open for NIRC’s Workshop on "NBFC" CS Vinod Kothari, on Saturday, the 18th February, 2017 (Registration starts at 9.00 AM) from 10.00 am onwards at Auditorium, ICSI-NIRC Building, 4, Prasad Nagar Institutional Area, New Delhi. Fee : Rs. 400/- upto 17-02-2017 for all participants including Corporate Members of NIRC; Online Payment / Registration can be made through PAYTM; Free For Members of YUVA Corporate Membership Scheme of NIRC; Program Credit Hours: 04.

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