Latest Legal Updates

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Aug 19, 2019

The Ministry of Corporate Affairs (MCA) on August 16, 2019, has published the Companies (Share Capital and Debentures) Amendment Rules, 2019 to further amend the Companies (Share Capital and Debentures) Rules, 2014. These Rules will come into force on the date of its publication in the Official Gazette that is August 16, 2019. The amendments made in the Companies (Share Capital and Debentures) Rules, 2014 are:  No company limited by shares shall issue equity shares with differential rights as to dividend, voting or otherwise, unless the voting power in respect of shares with differential rights of the company shall not exceed 74 % of total voting power including voting power in respect of equity shares with differential rights issued at any point of time. [Rule 4(1)(c)]  The company shall comply with the requirements with regard to Debenture Redemption Reserve (DRR) and investment or deposit of sum in respect of debentures maturing during the year ending on the 31st day of March of next year. [Rule 18(7)] [Notification No. G.S.R. 574(E)]

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Aug 19, 2019

The Ministry of Corporate Affairs has issued a Notification to notify the Insolvency and Bankruptcy Code (Amendment) Act, 2019.  The Ministry of Law and Justice on August 05, 2019, published the Insolvency and Bankruptcy Code (Amendment) Act, 2019 to further amend the Insolvency and Bankruptcy Code, 2016. The Central Government hereby appoints August 16, 2019 on which the provisions of the said Act shall come into force.  

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DGFT notifies the TRQ quota for import of 30,000 MT of crude soya oil from Paraguay

Aug 20, 2019

The Directorate of Foreign Trade (DGFT) on August 19, 2019, has notified Tariff Rate Quota (TRQ) quota for import of 30,000 MT of crude soya oil from Paraguay under India – Mercosur Trade Agreement. Therefore, DGFT incorporates the following in Para 2.107 (TRQ under Free Trade Agreement (FTA)/ Comprehensive Economic Corporation Agreement (CE

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Liquidity Infusion Facility Scheme

Aug 20, 2019

The National Housing Bank (NHB) on August 02, 2019, has launched a new Scheme called Liquidity Infusion Facility (LIFt) Scheme to support Housing Finance Companies (HFCs) in creating individual housing loan portfolio that falls under the priority sector, as defined by Reserve Bank of India (RBI). The liquidity infusion by NHB may create confidence

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Meghalaya Electricity Duty (Amendment and Validation) Ordinance, 2019

Aug 20, 2019

The State Government of Meghalaya on August 09, 2019, has published the Meghalaya Electricity Duty (Amendment and Validation) Ordinance, 2019, to amend and clarify the Meghalaya Electricity Duty Act and to validate certain actions. In Meghalaya Electricity Duty Act, the exciting Section 3(1)(c), shall be deemed to have been substituted with effect

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Draft Bye-laws for Plastic Waste Management, 2019

Aug 20, 2019

The Government of Puducherry on August 01, 2019 has published the Draft Bye-laws for Plastic Waste Management, 2019. These Bye-laws shall apply to all the areas situated within the territorial limit of Nedungadu Commune Panchayat. Further, it will apply to every plastic waste generator, manufacturer, importers and producers, shopkeepers and street

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SEBI specifies that fines to be imposed in case of non-compliance of provisions of SEBI (ICDR) Regulations, 2018

Aug 20, 2019

The Securities and Exchange Board of India (SEBI) on August 19, 2019, has issued a Circular specifying that the fines to be imposed by the Stock Exchanges for non-compliance with certain provisions of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009 (ICDR Regulations). The Regulation 297 and 298 of SEBI (ICDR) Regulations, 2018

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Government of Karnataka revises minimum rates of wages and VDA for the employment in Cinchona Rubber, Tea and / or Coffee Plantations

Aug 20, 2019

The State Government of Karnataka has revised the minimum rates of wages and Variable Dearness Allowance (VDA) for the employees employed in Cinchona Rubber, Tea and / or Coffee Plantations (Except Office Staff) from April 01, 2019 to March 31, 2020. The Categories of Employment for minimum rates of wages per month are as under: Sl. No.

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MCA announces that Forms IEPF-1, IEPF-2 and IEPF–4 are about to revise

Aug 20, 2019

The Ministry of Corporate Affairs (MCA) had notified the Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Second Amendment Rules, 2019 on August 14, 2019 and is available on www.iepf.gov.in.   Accordingly, the following forms shall be revised: • Form IEPF-1 (Statement of amounts credited to

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Government of Karnataka revises minimum rates of wages and VDA for the employment in CIay Pottery, Ceramics, Stoneware, Earthenware and such other Alied Products

Aug 19, 2019

The State Government of Karnataka has revised the minimum rates of wages and Variable Dearness Allowance (VDA) for the employees employed in CIay Pottery, Ceramics, Stoneware, Earthenware and such other Alied Products from April 01, 2019 to March 31, 2020. The Categories of Employment for minimum rates of wages per month are as under: Ø&nb

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Government of Karnataka revises the minimum rates of wages and VDA for the employment in rubber products industry

Aug 19, 2019

The State Government of Karnataka has revised the minimum rates of wages and Variable Dearness Allowance (VDA) for the employment in rubber products (including foam and coir and rubberized products) industry with effect from April 01 to March 03, 2020. The minimum rates of wages have been revised for certain class of employment: 1. Highly-Skilled

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Goa Clinical Establishments (Registration and Regulation) Bill, 2019

Aug 19, 2019

The State Government of Goa on August 16, 2019 has published the Goa Clinical Establishments (Registration and Regulation) Bill, 2019, to provide registration and regulation of clinical establishments in the State of Goa and for that purpose, interalia, seeks to constitute the Goa Council for Clinical Establishments. The Bill seeks to lay down the

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SEBI clarifies that funds should not be deposited in STD of scheduled commercial banks by mutual funds

Aug 19, 2019

The Securities and Exchange Board of India (SEBI) on August 16, 2019, in order to protect the interests of investors in securities and to promote the development of, and to regulate the securities market, has issued a Circular with reference to the SEBI Circular SEBI/IMD/CIR No. 1/91171/07 dated April 16, 2007 pertaining to investment in Short Term

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The Ministry of Human Resource Development notifies the Central Universities (Amendment) Act, 2019

Aug 19, 2019

The Ministry of Human Resource Development on August 13, 2019, has issued a Notification to notify the Central Universities (Amendment) Act, 2019.  The Ministry of Law and Justice on July 23, 2019, has published the Central Universities (Amendment) Act, 2019 to further amend the Central Universities Act, 2009. The Central Government hereby app

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Latest News

Government plans to ban e-cigarettes, nicotine flavoured hookahs - Business Today

Aug 18, 2019

  With more than 75 days have passed, the Union Health Ministry has swung into action wanting to implement the ban on the manufacture, sale, distribution and ...

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Ministry keeps new CSR amendments on hold - BusinessLine

Aug 18, 2019

  All other provisions other than CSR in recently enacted law put into effect.

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Esops are also taxed at allotment stage - Livemint

Aug 18, 2019

  Stock-based compensation is taxed in two stages—first on allotment of shares and the income is classified as salary income, and the second is on sale of ...

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Tamil Nadu to oppose abolition of affiliation in draft education policy - Times of India

Aug 18, 2019

  Following concerns raised by Tamil Nadu universities that scrapping affiliation system would affect the revenue of the state universities and supervi.

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Customs to recover export benefits claimed on reimported goods - Economic Times

Aug 17, 2019

  New Delhi: Tax authorities will soon start recovery of exports benefits claimed on goods that were reimported in the past under some incentive schemes, ...

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Govt may tweak farm insurance scheme for crops - Hindustan Times

Aug 17, 2019

  The Modi government is considering major changes to its flagship farm insurance scheme, the Pradhan Mantri Fasal Bima Yojana, including an entirely new ...

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Govt initiates probe into alleged jump in palm oil imports from Malaysia - BusinessLine

Aug 16, 2019

  The government has initiated a probe into an alleged jump in imports of a particular variety of palm oil from Malaysia, following a complaint from Solvent ...

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Start-ups get a boost as Centre raises cap on shares issued with DVRs - BusinessLine

Aug 16, 2019

  The move is likely to help start-ups raise funds, while allowing promoters to retain control over their companies.

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