Corporate Updates – 27-07-2016


MCA has issued advertisement inviting the applications for the post of Chairperson and three Whole Time Members in the Insolvency and Bankruptcy Board of India (hereinafter referred as ‘Board’) to be established under the Insolvency and Bankruptcy Code, 2016. The Chairperson and Members of the Board (other than ex officio members) shall hold office for a term of five years from the date on which he enters upon his office or until he attains the age of 65 years, whichever is earlier. The Chairperson and Members shall be eligible for reappointment. The Central Government, on the recommendation of the Selection Committee constituted under the Code, is empowered to make such appointment. The eligibility for the appointment includes their capacity in dealing with the problems relating to insolvency or bankruptcy and having special knowledge and experience in the field of law, finance, economics, accountancy or administration.


CBDT has issued draft norms for determining the quantum of distributed income arising out of buy back of shares of unlisted companies for levy of tax. The Finance Act, 2016 had amended the definition of “distributed income”, with effect from 01.06.2016, to mean the consideration paid by the company on buy back of shares as reduced by the amount, which was received by the company for issue of such shares, determined in the manner as may be prescribed. The amendment provides the methodology for determination of the amount received by the company under different circumstances in which the shares have been issued. Comments and suggestions of stakeholders and general public on the draft rules may be sent electronically by 31st July, 2016.

News from NIRC of ICSI

1. Registration open for Regional Student Conference on the theme “Empower–Emerge– Excel” by Mr. Vijay Batra on Sunday, the 31st July, 2016 from 9:00 AM onwards at the Air Force Auditorium, Subroto Park, New Delhi. Fee: Rs. 500/- per student, 8 PDP Hours will be given to the participants. Online Registration facility Available.

2. NIRC of ICSI has decided to start fortnightly "PCS HELPLINE" to provide guidance / counseling in respect of problems and difficulties being faced by our members. In this series, NIRC is organizing "PCS HELPLINE” programme on 27th July, 2016, to resolve the queries over telephone regarding Technical / Procedural / Interpretation issues relating to the topic Filing of Income Tax Returns. CS M. K. Bhatt (Practising Chartered Accountant), will be available to answer the queries telephonically, on 27th July, 2016 from 4.00 PM to 5.30 PM at 011-4934 3001.

Speak Your Mind