LIC to acquire controlling stakes in IDBI The cabinet approves the acquisition of controlling stakes in IDBI Bank Limited by LIC. Cabinet also approves the reduction of the stake of GOI in IDBI Bank Limited below 50% and relinquishment of its management control in the Bank. [Source: Ministry of Finance vide Press release dated 1st August, 2018] RBI increase the Bank Rate RBI vide its notification dated 01st August, 2018 has adjusted the ‘Bank Rate’ by…
Companies (Incorporation) Second Amendment Rules, 2019 The Central Government hereby amends the Companies (Prospectus Incorporation) Rules, 2014 and these rules may be called the Companies (Incorporation) Second Amendment Rules, 2019. By way of these amendments, a company with authorised capital up to Rs.15 lacs can be incorporated without any fees for E-form 32 (Spice). The existing threshold limit for authorized capital of Rs. 10 Lacs has been increased to Rs.15 Lacs. These rules shall…
Central Goods and Services Tax (Removal of Difficulties) Order, 2019 The Central Government, on recommendations of the GST Council, hereby makes the Central Goods and Services Tax (Removal of Difficulties) Order, 2019. It is hereby clarified that the value of supply of exempt services by way of extending deposits, loans or advances in so far as the consideration is represented by way of interest or discount, shall not be taken into account – for determining…
Applicability of section 56(2)(viib) of Income Tax Act, 1961 i.e. Income from other sources Provision of section 56(2) (viib) of Income Tax Act, 1961 shall not apply to consideration received by a company for issue of shares that exceeds the face value of such shares in the case of Start-up. [Source: Notification No. 13/2019 dated 05th March, 2019] Monetary limits for filing/withdrawal of Wealth Tax appeals by the Department before ITAT, HCs and SLPs/appeals…
SEBI vide notification dated 8th June, 2018 has amended the SEBI (Registrars to an issue and Share Transfer Agent) Regulations 1993 to restrict the transfer of shares held in physical forms after 5th December, 2018. [Source: No. SEBI/LAD-NRO/GN/2018/25 dated 8th June, 2018]
