Corporate Updates – 30-06-2015


SEBI has been taking steps to encourage retail investors to participate in sale of shares through Offer for Sale (OFS). In order to enhance more retail participation in the OFS process and to simplify the bidding process for retail investors, it has been decided that OFS notice shall continue to be given latest by 5 pm on T-2 days and the same shall be reckoned from banking day instead of trading day. Further, it would be mandatory for sellers to provide the option to retail investors to place their bids at cut off price in addition to placing price bids.

CBDT – Income Tax:

CBDT has made amendments to the Income-tax Rules, 1962, which may be called the Income-Tax (Ninth Amendment) Rules, 2015 and shall come into force on the date of its publication in the Official Gazette. An attempt has been made to clarify the nature of business relationship between the assessee and the authorized representative who can appear on behalf of the assessee before the Income Tax Department. Accordingly, business transaction entered into for a commercial purpose, other than, commercial transactions which are in the nature of professional services and commercial transactions which are in the ordinary course of business of the company at arm’s length price.

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