Corporate Updates – 17-02-2016


CBDT has issued instruction to the Assessing Officer on the matter relating to the Rectification of Orders under Section 154 of the Income Tax Act, 1961. As instances has come to notice of the Board that in some cases rectification order under section 154 was passed by Assessing Officer on AST system without giving copy of the order to the tax payer concerned. This was causing grievance to the taxpayers as they remain unaware of the orders and consequentially, were unable to pursue the matter further, either in appeal or rectification, if required. Section 154(4) mandates that rectification order shall be passed in writing by the Income Tax Authorities. Therefore, on consideration of this matter, the Board hereby directed that all the rectification application must be disposed of after passing the order in writing, to be duly served upon the taxpayer concerned and not merely making necessary rectification on the AST System.


SEBI has reviewed the guidelines to further streamline the process of OFS with an objective to encourage greater participation of all investors including retail investors. It has been decided that the Seller shall notify to the stock exchanges its intention for sale of shares latest by 5 pm on T-1 day and Stock exchanges shall inform the market immediately upon receipt of such notice. On the commencement of OFS on T day only non-retail investors shall be permitted to place their bids. Cut off price shall be determined based on the bids received on T day as per the extant guidelines. The retail investors shall bid on T+ 1 day and they may place a price bid or opt for bidding at cut off price. The seller shall make appropriate disclosures in this regard in the OFS notice. In order to ensure that shares reserved for retail investors do not remain unallocated due to insufficient demand by the retail investors, the bids of non- retail investors shall be allowed to carry forward to T+1 day. Further, the unsubscribed portion of the shares reserved for retail investors shall be allocated to non-retail bidders on T+1 day at a price equal to cut off price or higher as per the bids. In this regard, option shall be provided to such non-retail bidders to indicate their willingness to carry forward their bids to T+1 day. If the non-retail bidders choose to carry forward their bids to T+1 day, then, they may be permitted to revise such bids. Settlement for such bids shall take place on T+3 day.

News from NIRC of ICSI

Today, NIRC of ICSI is organising an Impact Session on "How to Grow & Manage Startups" and Interaction with President & Vice President of ICSI at 3:30 pm at Auditorium, Scope Complex, Lodhi Road, New Delhi – 110003. No Participation fees, PCH – 2.

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