Corporate Updates – 16-12-2015


The SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 place obligations with respect to Scheme of Arrangement on Listed Entities. SEBI may, at its own discretion or on the recommendation of a recognised stock exchange, waive or relax the strict enforcement of any or all of the requirements with respect to listing prescribed under these rules. The additional requirements in order to achieve the intent of regulations and for availing exemption are now prescribed. Further, this Circular shall come into force w.e.f December 01, 2015. The Schemes already submitted to the stock exchange, shall be governed by the requirements specified in these circulars. The Board may, while granting relaxation, if any, stipulate any other conditions as may be deemed necessary in the interest of investors and securities market. Further, SEBI shall endeavour to intimate its comments/approval, wherever applicable, to the designated stock exchange within 30 days of receipt of complete information, including the no-objection certificate from the exchange.


Finance Minister Arun Jaitley had in the 2015-16 budget exempted FIIs from payment of minimum alternate tax with effect from April 1, 2015. Further, an amendment will also be carried out in the Income Tax Act to exempt FIIs from payment of MAT on capital gains retrospectively as well. However, the FIIs/ FPIs faced difficulties in filing of returns. The I-T Department had slapped notices on several FPIs for failure to furnish balance sheets and profit & loss accounts in the returns of income filed by them. Such investors largely were not required to maintain books of accounts in India as they did not have permanent establishments in the country. It is now clarified that such returns will not be treated as defective in cases where the FIIs/FPIs is registered with SEBI, has no Permanent Establishment/ Place of Business in India and has provided basic information required under section 139(9)(f) of the Income-tax Act, if there is business income. All such cases, where the SEBI registration number has been provided by the FIIs/FPIs in the return for AY 2015-16 are being taken up for processing at CPC Bengaluru. For previous assessment years where the above information is not available in the Income Tax Return, FII/FPI may provide such details in their online response on the e-filing portal of the Income-tax Department to the previously issued notice u/s 139(9) of the Income-tax Act.

43rd National Convention of Company Secretaries

The 43rd National Convention of Company Secretaries, on the theme "Make in India – Innovate, Excel and Grow" shall be held on Thursday, December 17, 2015 to Saturday, December 19, 2015 at Kempinski Ambience Hotel, 1, CBD, Maharaja Surajmal Road, Near Yamuna Sports Complex, Delhi – 110032. NIRC of ICSI has announcedSpecial Discount of Rs. 1,000/- to Corporate Membersof NIRC for attending 43rd National Convention. For Registration and Attractions of the 43rd National Convention of Company Secretaries, please visit

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