Corporate Updates – 27-06-2016


BSE had issued Notices to 428 companies whose securities have been suspended from trading to either apply for Revocation of Suspension or apply for Delisting. The Companies whose securities have been under suspension for more than seven years on account of non-compliance with various clauses of listing regulations and who have failed to reply to the earlier communication sent by the BSE have now been served a Public Notice giving them a last chance of 15 working days to either give representation or otherwise bear the consequences of Compulsory Delisting. The onus is on the Promoters to give the exit to the public shareholders and provide information to pay Fair Value of their Shareholders.


The Income Tax Department has clarified that certain media organisations have erroneously reported that the department is going to arrest willful tax defaulters. It is clarified that no such statement has been authorised by the Income Tax Department and Tax Recovery Officers (TROs). Though the provisions for arrest and detention by the Tax Recovery Officers in respect of the non-compliant tax defaulters are contained in the Income-tax Act, however all officers shall use the provisions of the Income Tax Act, 1961 regarding arrest and detention with utmost care.

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