Corporate Updates 27 Feb 2014

Company Law Board: 

In exercise of the powers conferred by sub-section (4B) and sub-section (6) of section 10(E) of the Companies Act 1956 (1 of 1956), the Company Law Board amended the Company Law Board Regulations, 1991, with immediate effect by inserting Regulation 51 that “there shall be no audio or video recording of the Bench proceedings by the parties”. To view & download the notification, please Click Here.

CBEC – Cenvat Credit: 

The CBEC vide its Notification dated February 24, 2014 has amended Rule 7 of the Cenvat Credit Rules, 2004 which would come in to force w.e.f. April 1, 2014. Amendment in distribution of Cenvat Credit by ISD for Services used by more than one unit exclusively engaged in exempted goods or exempted services shall not be distributed and Common input services credit to be distributed between such units which are operational in the year of distribution during the relevant period.

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