Corporate Updates – 18-08-2015


SEBI has amended the takeover regulations and released the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) (Third Amendment) Regulations, 2015 which shall come into force on the date of their publication in the Official Gazette. Regulation 1(3) has been substituted by the new clause through which companies listed on the institutional trading platform have been excluded from the applicability of the takeover Regulations. Now these regulations shall not apply to direct and indirect acquisition of shares or voting rights in, or control over a company listed without making a public issue, on the institutional trading platform of a recognised stock exchange."


CBDT latest circular clarify the vital points covering scope of enquiry while granting approval/s 10(23C)(vi). This clarification(s) on Section 10(23C)(vi) having impact on University or educational institution whose aggregate annual gross receipts exceed Rs. 1 Crore. It is clarified that the principle laid down by the Apex Court in American Hotels case (supra) must be followed while considering the applications filed seeking approval for exemption u/s 10(23C)(vi). It also covered necessity for registration u/s 12AA while seeking approval /claiming exemption u/s 10(23C)(vi) and the Impact of extraordinary powers of the Managing Trustees to appoint remove or nominate other trustees. Further the generation of surplus out of gross receipts and collection of amounts under different heads of fee from students were also clarified through this circular.

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