Rules relating to compromises, arrangements, amalgamations and capital reduction notified

Size: px
Start display at page:

Download "Rules relating to compromises, arrangements, amalgamations and capital reduction notified"

Transcription

1 16 December 2016 Rules relating to compromises, arrangements, amalgamations and capital reduction notified Background The Ministry of Corporate Affairs (MCA) has issued two notifications viz. Companies (Compromises, Arrangements and Amalgamations) Rules, 2016 ( CA rules ) on 14 December 2016 and National Company Law Tribunal (Procedure for reduction of share capital of Company) Rules, 2016 ( CR rules ) on 15 December CA rules are notified 1 to come into effect from 15 December 2016 whereas CR Rules shall come into force on the date of their publication in the Official Gazette. CA rules relate to the procedure for compromises, arrangements and amalgamations provided in section 230 to 233 and 235 to 240 of the Companies Act 2013 ( CA 2013 ) and CR Rules relate to procedure for reduction of share capital of company provided in section 66 of the CA These sections relating to CA rules and CR rules were notified recently by MCA on 7 December In this Flash News, we have discussed the key procedure/provisions of the above-mentioned CA rules and CR rules. Part I - Companies (Compromises, Arrangements and Amalgamations) Rules, 2016 Procedure to be followed for a Scheme of amalgamation or arrangement under section of the CA 2013 S. No. Procedure/provision Timeline Forms 1 Filing of application with the Tribunal Companies to file with the National Company Law Tribunal ( the Tribunal ) an application (Joint application in case of merger / arrangement involving multiple entities may be filed at the discretion of the companies party to merger / arrangement); a notice of admission; an affidavit; and a copy of the Scheme of compromise, merger, amalgamation or arrangement ( the Scheme ), along with disclosures such as material facts relating to company, latest financial position of the company, the latest auditor s report on the accounts of the company, the pendency of any investigation or proceedings NCLT-1 NCLT-2 NCLT-6 1 Notification No. G.S.R. 1134(E) dated 14 December 2016 issued by the Ministry of Corporate Affairs, Government of India

2 against the companies. 2 Hearing of the application at the Tribunal Tribunal may at its discretion, give directions to convene meeting of shareholders/creditors or dispense with the meeting of creditors of the transferor and transferee Company 2. 3 Procedure for convening meeting of shareholders/creditors Sending of notices to members/creditors Sending of individual notice and explanatory statement (along with a copy of the Scheme and the prescribed details) of meeting or meetings to each of the members/creditors of the companies involved. Some of the prescribed details are summary of valuation report including basis of valuation and fairness opinion (if any), appointed date, effective date, benefits of the compromise or arrangement as perceived by the Directors to various stakeholders etc. Further various documents such as financials, Tribunal order, Scheme, Auditors certificate on accounting treatment, etc. should be made available for inspection to the members and creditors of the company. Publishing of advertisement Publishing the advertisement for the meetings in two newspapers - one in an English newspaper and one in a vernacular language newspaper and shall also be placed on the website of the company (if any), and on website of the Securities and Exchange Board of India (SEBI) and the recognised stock exchange where the securities of the company are listed. Provided where separate meetings of creditors or members are to be held, joint advertisement for such meetings may be given. Sending of notices to sectoral regulators/statutory authorities Post sending notices to members/creditors, company to send notice of meeting to regulators like the Central Government (CG), Registrar of Companies (ROC), Income-tax authorities (in ALL cases), Reserve Bank of India, SEBI, Competition Commission of India, stock exchanges, as applicable and other sectoral regulators as directed by the Tribunal. Affidavit of Service: Filing of the Affidavit of the Chairperson stating that all the directions regarding issue of notices and the advertisements for convening meeting are complied with. 4 Convening of meeting of members/creditors Voting at the meeting(s) shall take place by poll or by voting through electronic means Voting by proxy shall be permitted. At least one month before the date fixed for the meeting Not less than 30 days before the date fixed for the meeting Not less than seven days before the date fixed for the meeting Within one month from the date of CAA-2 CAA-2 CAA-3 2 If 90% or more of value of creditors have consented to the scheme by way of an affidavit, then creditors meeting shall be dispensed with by the Tribunal.

3 the notice Eligible persons who can object are (i) members holding more than 10 per cent of shareholding (ii) creditors holding more than 5 per cent as per last audited financial statements or if such statement is more than six months old, then as per provisional financial statement not preceding the date of application by more than six months. 5 Filing of representation by the regulators/statutory authorities to Tribunal Filing of representation by the regulators/statutory authorities to the Tribunal, if any and serve the copy to concerned companies within 30 days from the date of notice, failing which, it shall be presumed that they have no representations to make on the proposals. Within 30 receiving notice 6 Procedure post the meeting of members/creditors Chairperson of the meeting(s) to submit to the Tribunal, a report of the result of the meeting. 7 Filing of the petition with the Tribunal Filing of the petition for confirming compromise or arrangement with the Tribunal. Within three days after the conclusion of the meeting Within seven days of the filing of the report by the Chairperson CAA-4 CAA-5 8 Hearing of the petition at the Tribunal and procedure to be followed before the date of final hearing The Tribunal shall fix a date for the hearing of the Petition and notice of the hearing shall be advertised in the same newspaper in which the notice of the meeting was advertised. Not less than 10 days before the date fixed for the hearing Tribunal to send notices of hearing of Petition to the members/creditors who have objected to the Scheme and to CG and other regulators/statutory authorities who have made representation. Submission of report by regulatory authorities. 9 Final hearing at the Tribunal 10 Procedure post completion of final hearing at the Tribunal Companies to obtain a certified copy of the order made under section 232 read with section 230 (7) of the Companies Act, 2013 and file certified copy of this order to be delivered to the ROC for registration. However, in Form CAA7, the transferor company shall cause a certified copy of this order to be delivered to the ROC for registration. Within 30 the date of the the order CAA-7

4 Statement of compliance in mergers and amalgamations Every company in relation to which the order is under Section 232(3) shall until the Scheme is fully implemented, file a statement with the ROC every year, duly certified by a chartered accountant or a cost accountant or a company secretary in practice indicating whether the Scheme is being complied with in accordance with the orders of the Tribunal or not. Within 210 days from the end of each financial year CAA-8 Report of working of compromise or arrangement At any time after issuing an order sanctioning the compromise or arrangement, the Tribunal may direct the company to submit a report on the working of the said compromise or arrangement. Liberties of parties after passing of order Companies, their creditors or members or liquidator may at any time after the passing of the order, apply to the Tribunal for determination of any question relating to the working of the compromise or arrangement. Procedure to be followed for merger or amalgamation of two or more small companies or between a holding company and its wholly owned subsidiary company or such other class or classes of companies as may be prescribed under section 233 of CA, (Fast track merger) S. No. Procedure/provision Timeline Forms 1 Notice of proposed scheme to be sent to ROC and Official Liquidator (OL) Notice of the proposed scheme inviting objections or suggestions, if any, within 30 days, to be sent by Transferor Company and Transferee company to ROC, OL and persons affected by the scheme along with copy of scheme. CAA 9 2 Filing of declaration of solvency with ROC Transferee and Transferor Company shall be required to file declaration of solvency with ROC. Before convening meeting of members and creditors for approval of the Scheme CAA 10 3 Convene meeting of member and creditors (if any) Notice and explanatory statement of convening meeting of members and/or creditors to approve the Scheme shall be accompanied with: Statement disclosing details/facts of the companies, capital structure, details of promoters, directors etc.; Copy of Scheme and Declaration of solvency in Form CAA 10. Notice period of clear 21 days 3 It is clarified that with respect to schemes of arrangement or compromise falling within the purview of section 233 of the Act, the concerned companies may, at their discretion, opt to undertake such schemes under section 230 to 232 of the CA, 2013, including where the condition prescribed in section 233(1)(d) of the CA, 2013 (i.e. approval of scheme by majority representing 9/10 th in value of the creditors or class of creditors of respective companies) has not been met

5 4 Filing of documents with CG, ROC and OL Transferee Company shall require to file following documents with CG: Copy of Scheme as approved by members and creditors and Report of the result of each of the meetings. Copy of the Scheme alongwith relevant forms shall also be filed with ROC and OL. 5 Approval of Scheme by CG Where no objection/suggestion to the Scheme is received from ROC and OL, or objection is deemed to be non-sustainable and the CG is of the opinion that the Scheme is in the public interest or in the interest of creditors, CG shall issue a confirmation order of such Scheme of merger or amalgamation. Within seven days of conclusion of meeting of members and/or creditors CAA 11 GNL - 1 CAA 12 Where objection/suggestions are received from ROC and OL and CG on the basis of objection received or otherwise is of the opinion that Scheme is not in the public interest or in the interest of creditors, CG may file an application before Tribunal for consideration of Scheme u/s 232 of the CA, Filing of confirmation order with ROC Application shall be filed within 60 scheme CAA 13 Confirmation order of CG shall be filed with ROC. Within 30 confirmation order Form 28 INC- Rules with respect to acquisition of shareholding of dissenting shareholders and purchase of minority shareholding read with section 235, 236 and 238 of the CA, 2013: 1 Notice to dissenting shareholders Transferee company shall send notice to dissenting shareholders of transferor company for acquiring their shares in transferor company. Further, every circular containing offer of Scheme or contract involving transfer of shares and recommendation to the members of the transferor company by its directors to accept such offer, shall be accompanied by specified information. CAA 14 CAA 15 2 Determination of price for purchase of minority shareholding under section 236 of CA, 2013 Offer price to be paid to minority shareholders for acquiring their shares by the acquirer, person or group of persons, shall be determined by registered valuer. In case of listed company Offer price shall be computed as per relevant SEBI regulation. In case of unlisted company and private company

6 Price to be determined after considering following parameters The highest price paid by the acquirer, person or group of persons for acquisition during last 12 months; Fair price of shares after taking into account valuation parameters including return on net worth, book value of shares, earning per share, price earning multiple vis-à-vis the industry average, and such other parameters as are customary for valuation of shares of such company. Part II National Company Law Tribunal (Procedure for reduction of share capital of company) Rules, 2016 S. No. Procedure/provision Timeline Forms 1 Filing of Application or Petition for Reduction of share capital Company to file an application for confirmation of reduction of capital with the Tribunal List of creditors duly certified by Managing Director (MD) or any two directors (if MD is not present) showing details such as names, address and amounts owed to them list to be maximum 15 days old from the date of application filing Declaration by a director of the company that company is not in arrears in repayment of the deposit or interest thereon Auditor certificate for the following certifying that list of creditors, certified by MD or two directors is correct as per the records of the company; certifying that company is not in arrears in repayment of the deposit or interest thereon and certifying that the accounting treatment proposed for the reduction of capital is in conformity with the accounting standards specified in section 133 or any other provisions of CA Issue of Notice and directions by the Tribunal Tribunal shall within 15 the submission of the application give or direct to give notice to CG, ROC - in all cases; Securities and Exchange Board of India in case of listed companies; Creditors in all cases. seeking their representations and objections, if any Notice to creditors to be sent with all the details of capital reduction as prescribed. 3 Publishing of notice Notice is required to be published in English language in a leading English newspaper and in a leading vernacular language newspaper and also to be published on website of the company (if any) seeking objections from the creditors and intimating about the date of hearing. Within seven direction given by the Tribunal Within seven direction from Tribunal RSC 1 RSC 2 RSC 2 RSC 3 RSC 4 Objections to the notice needs to be filed with the Tribunal and a copy of the same is also required to be served on the company. Within three months from publication

7 of notice 4 Filing of Affidavit of Service Company shall file an affidavit confirming the dispatch and publication of notice. Within seven days from the date of issue of notice RSC 5 Tribunal may dispense with the requirement of serving notice to creditors and/or publication of notice in newspapers if it is satisfied that debt or claim of every creditor has been discharged or determined or has been secured or his consent is obtained. 5 Representation by CG, ROC, SEBI and creditors CG, ROC, SEBI or the creditors of the company can make objections to the capital reduction proposed by the company within the prescribed time limit. Such representation shall also be sent also to the company. In case no representation is received by the Tribunal, it will be presumed that they have no objections. Within three months from date of notice 6 Procedure with regard to representation and objections received Company shall submit to the Tribunal, the representations/objections so received along with responses raised by CG, ROC, SEBI or creditors. Within seven expiry of three month period allowed for representati on 7 Reduction order and issue of certificate by ROC Where the Tribunal makes an order confirming a reduction, the order confirming the reduction and approving the minute may include such directions or terms and conditions as the Tribunal deems fit, and ROC will issue a certificate for reduction of share capital. RSC 6 RSC 7 Our comments The much awaited final CA rules and CR rules have now been notified and made effective. The rules have provided much required clarity on many issues. However, further clarifications are still required such as whether notice for convening meeting to be sent to Official Liquidator, the mode of calculating the votes received under postal ballot, role of CG in case of fast track merger, transitional provisions etc. Further how the rules are being implemented and the evolution of practical application of the provisions of the Act, where there is no specific rule, will play a crucial role in determining how effectively the law is being administered.

8 Ahmedabad Commerce House V, 9th Floor, 902 & 903, Near Vodafone House, Corporate Road, Prahlad Nagar, Ahmedabad Tel: Fax: Bengaluru Maruthi Info-Tech Centre 11-12/1, Inner Ring Road Koramangala, Bangalore Tel: Fax: Chandigarh SCO (Ist Floor) Sector 8C, Madhya Marg Chandigarh Tel: /781 Fax: Chennai No.10, Mahatma Gandhi Road Nungambakkam Chennai Tel: Fax: Delhi Building No.10, 8th Floor DLF Cyber City, Phase II Gurgaon, Haryana Tel: Fax: Hyderabad /2 Reliance Humsafar, 4th Floor Road No.11, Banjara Hills Hyderabad Tel: Fax: Kochi Syama Business Center 3rd Floor, NH By Pass Road, Vytilla, Kochi Tel: Fax: Kolkata Unit No , 6th Floor, Tower 1, Godrej Waterside, Sector V, Salt Lake, Kolkata Tel: Fax: Mumbai Lodha Excelus, Apollo Mills N. M. Joshi Marg Mahalaxmi, Mumbai Tel: Fax: Noida 6th Floor, Tower A Advant Navis Business Park Plot No. 07, Sector 142 Noida Express Way Noida Tel: Fax: Pune 703, Godrej Castlemaine Bund Garden Pune Tel: Fax: The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. The KPMG name and logo are registered trademarks or trademarks of KPMG International.

CBDT issues draft rules for computation of fair market value and reporting requirement in relation to indirect transfer provisions

CBDT issues draft rules for computation of fair market value and reporting requirement in relation to indirect transfer provisions 24 May 2016 CBDT issues draft rules for computation of fair market value and reporting requirement in relation to indirect transfer provisions According to the provisions of Section 9(1)(i) 1 of the Income-tax

More information

MCA proposes to notify the provisions relating to restriction on layers of subsidiaries under the Companies Act, 2013

MCA proposes to notify the provisions relating to restriction on layers of subsidiaries under the Companies Act, 2013 First Notes MCA proposes to notify the provisions relating to restriction on layers of subsidiaries under the Companies Act, 2013 14 July 2017 First Notes on Financial reporting Corporate law updates Regulatory

More information

An analysis of the report of the High Level Committee on CSR provisions

An analysis of the report of the High Level Committee on CSR provisions KPMG FLASH NEWS KPMG in India 15 October 2015 An analysis of the report of the High Level Committee on CSR provisions Background India is the first country to introduce a legal requirement for companies

More information

First Notes. MCA amends provisions relating to independent directors under the Companies Act, July 2017

First Notes. MCA amends provisions relating to independent directors under the Companies Act, July 2017 First Notes MCA amends provisions relating to independent directors under the Companies Act, 2013 14 July 2017 First Notes on Financial reporting Corporate law updates Regulatory and other information

More information

Amendments to SEBI Delisting and Takeover Regulations

Amendments to SEBI Delisting and Takeover Regulations KPMG FLASH NEWS KPMG in India 14 April 2015 Amendments to SEBI Delisting and Takeover Regulations Background The Securities Exchange Board of India (SEBI) on 24 March 2015 has notified amendments to regulations

More information

The CBDT issues draft guiding principles for determination of the Place of Effective Management of a company

The CBDT issues draft guiding principles for determination of the Place of Effective Management of a company 24 December 2015 The CBDT issues draft guiding principles for determination of the Place of Effective Management of a company Background The Finance Act, 2015 amended 1 the provisions of Section 6(3) of

More information

BEPS Action Plan 4 Elements of the design and operation of the Group Ratio Rule - Public discussion draft

BEPS Action Plan 4 Elements of the design and operation of the Group Ratio Rule - Public discussion draft 18 July 2016 BEPS Action Plan 4 Elements of the design and operation of the Group Ratio Rule - Public discussion draft Introduction and Background The discussion draft issued by the Organisation for Economic

More information

IFRS Notes. MCA notifies amendments to the consolidation exception for investment entities. 19 April kpmg.com/in

IFRS Notes. MCA notifies amendments to the consolidation exception for investment entities. 19 April kpmg.com/in IFRS Notes MCA notifies amendments to the consolidation exception for investment entities 19 April 2016 kpmg.com/in Introduction On 30 March 2016, the Ministry of Corporate Affairs (MCA) notified the Companies

More information

The MCA amends share capital and debenture rules and documents to be submitted by airline companies

The MCA amends share capital and debenture rules and documents to be submitted by airline companies First Notes The MCA amends share capital and debenture rules and documents to be submitted by airline companies 8 August 2016 First Notes on Financial Reporting Corporate law updates Regulatory and other

More information

CBDT notifies revised ICDS

CBDT notifies revised ICDS 5 October 2016 CBDT notifies revised ICDS Background On 31 March 2015, the Ministry of Finance (MoF) issued 10 Income Computation and Disclosure Standards (ICDS), operationalising a new framework for computation

More information

IFRS Notes. 5 January 2015 Issue 2015/01. Government announces roadmap for implementation of Ind AS

IFRS Notes. 5 January 2015 Issue 2015/01. Government announces roadmap for implementation of Ind AS IFRS Notes 5 January Issue /01 Government announces roadmap for implementation of Ind AS IFRS Notes 5 January The new year heralds an important update; on 2 January the Ministry of Corporate Affairs (MCA)

More information

IFRS Notes. MCA issues amendments to Ind AS 102 and Ind AS March KPMG.com/in

IFRS Notes. MCA issues amendments to Ind AS 102 and Ind AS March KPMG.com/in IFRS Notes MCA issues amendments to Ind AS 102 and Ind AS 7 30 March 2017 KPMG.com/in Background The Ministry of Corporate Affairs (MCA), through its notification dated 16 February 2015, issued the Indian

More information

Surcharge and education cess cannot be levied on the tax deducted at source based on Section 206AA of the Act

Surcharge and education cess cannot be levied on the tax deducted at source based on Section 206AA of the Act 1 February 2017 Surcharge and education cess cannot be levied on the tax deducted at source based on Section 206AA of the Act Background Recently, the Delhi Bench of the Income-tax Appellate Tribunal (the

More information

IFRS Notes. Ind AS Transition Facilitation Group (ITFG) issues Clarifications Bulletin May KPMG.com/in

IFRS Notes. Ind AS Transition Facilitation Group (ITFG) issues Clarifications Bulletin May KPMG.com/in IFRS Notes Ind AS Transition Facilitation Group (ITFG) issues Clarifications Bulletin 9 29 May 2017 KPMG.com/in Introduction ITFG in its meeting considered certain issues received from the members of the

More information

FIRST NOTES KPMG in India. The MCA provides further clarity on deposit related norms of the Companies Act, April 2015

FIRST NOTES KPMG in India. The MCA provides further clarity on deposit related norms of the Companies Act, April 2015 FIRST NOTES KPMG in India The MCA provides further clarity on deposit related norms of the Companies Act, 2013 2 April 2015 First Notes on: Financial Reporting Corporate law updates Regulatory other information

More information

CBDT Circular - FAQs on indirect transfer related provisions under the Income-tax Act

CBDT Circular - FAQs on indirect transfer related provisions under the Income-tax Act 22 December 2016 CBDT Circular - FAQs on indirect transfer related provisions under the Income-tax Act The Finance Act, 2012 introduced indirect transfer related provisions under Section 9(1)(i) of the

More information

Gains arising in the hands of Mauritian company from sale of equity shares and CCDs of an Indian company are not taxable as interest income in India

Gains arising in the hands of Mauritian company from sale of equity shares and CCDs of an Indian company are not taxable as interest income in India KPMG FLASH NEWS KPMG IN INDIA Gains arising in the hands of Mauritian company from sale of equity shares and CCDs of an Indian company are not taxable as interest income in India 5 August 2014 Background

More information

Facts of the case. Background. 18 March 2016

Facts of the case. Background. 18 March 2016 18 March 2016 Subsidies for reimbursement of cost relating to manufacture or sale of products of an industrial undertaking are eligible for deduction under Section 80-IB and 80-IC of the Income-tax Act

More information

Action 6 Preventing the granting of treaty benefits in inappropriate circumstances

Action 6 Preventing the granting of treaty benefits in inappropriate circumstances KPMG FLASH NEWS KPMG in India 30 October 2015 Action 6 Preventing the granting of treaty benefits in inappropriate circumstances Introduction Analysis of the Action 6 On 5 October 2015, the Organisation

More information

This issue of First Notes highlights key aspects of the guidance note issued by the ICAI.

This issue of First Notes highlights key aspects of the guidance note issued by the ICAI. FIRST NOTES KPMG in India The ICAI issues a guidance note on accounting for expenditure on corporate social responsibility (CSR) activities 28 May 2015 First Notes on: Financial Reporting Corporate law

More information

IFRS Notes. SEBI clarifies the applicability of Ind AS to disclosures in offer documents. 11 April kpmg.com/in

IFRS Notes. SEBI clarifies the applicability of Ind AS to disclosures in offer documents. 11 April kpmg.com/in IFRS Notes SEBI clarifies the applicability of to disclosures in offer documents 11 April 2016 kpmg.com/in Introduction On 31 March 2016, the Securities and Exchange Board of India (SEBI) issued a circular

More information

Background. Facts of the case. 16 February 2017

Background. Facts of the case. 16 February 2017 16 February 2017 If a tax officer finds the claim of expenditure incurred in relation to exempt income is incorrect, Rule 8D can be invoked even if the incorrect claim or disallowable expenditure is not

More information

FIRST NOTES KPMG in India. The Ministry of Finance issues revised drafts on tax computation standards. 14 January 2015

FIRST NOTES KPMG in India. The Ministry of Finance issues revised drafts on tax computation standards. 14 January 2015 FIRST NOTES KPMG in India The Ministry of Finance issues revised drafts on tax computation standards 14 January 2015 First Notes on: Financial Reporting Corporate law updates Regulatory and other information

More information

FIRST NOTES KPMG in India. The ICAI issues a guidance note on accounting for derivative contracts. 18 May Background

FIRST NOTES KPMG in India. The ICAI issues a guidance note on accounting for derivative contracts. 18 May Background FIRST NOTES KPMG in India The ICAI issues a guidance note on accounting for derivative contracts 18 May 2015 First Notes on: Financial Reporting Corporate law updates Regulatory and other information Disclosures

More information

The Bombay High Court s decision on Section 14A of the Income-tax Act and the binding precedent

The Bombay High Court s decision on Section 14A of the Income-tax Act and the binding precedent 14 March 2016 The Bombay High Court s decision on Section 14A of the Income-tax Act and the binding precedent Background Recently, the Bombay High Court, in the case of HDFC Bank Ltd. 1 (the taxpayer)

More information

Indian subsidiary of group holding company of Netherlands entity does not constitute permanent establishment in India

Indian subsidiary of group holding company of Netherlands entity does not constitute permanent establishment in India 15 February 2017 Indian subsidiary of group holding company of Netherlands entity does not constitute permanent establishment in India Background Recently, the Delhi Bench of the Income-tax Appellate Tribunal

More information

40 per cent of the global profit to Indian PE is attributed based on the functions performed, assets deployed and risk assumed

40 per cent of the global profit to Indian PE is attributed based on the functions performed, assets deployed and risk assumed 27 April 2017 40 per cent of the global profit to Indian PE is attributed based on the functions performed, assets deployed and risk assumed Background The Bengaluru Bench of Income-tax Appellate Tribunal

More information

Taxpayers TPO's computation Post Tribunal's rulings. No. of comparab les % 2.05% % (Excellence Data) 3

Taxpayers TPO's computation Post Tribunal's rulings. No. of comparab les % 2.05% % (Excellence Data) 3 KPMG FLASH NEWS KPMG IN INDIA The Hyderabad Tribunal adjudicates on rejection of certain comparables from the standard ITES set selected by the TPO in three different rulings, consequentially dropping

More information

First Notes. SEBI relaxes norms governing schemes of arrangements by listed entities. 18 January Background

First Notes. SEBI relaxes norms governing schemes of arrangements by listed entities. 18 January Background First Notes SEBI relaxes norms governing schemes of arrangements by listed entities 18 January 2018 First Notes on Financial reporting Corporate law updates Regulatory and other information Disclosures

More information

Background. Facts of the case. 11 April 2016

Background. Facts of the case. 11 April 2016 11 April 2016 Turnover filter considered at 10 times; Comparables with RPTs up to 15 percent accepted; standard deduction of +/- 5 percent benefit under the erstwhile provisions of Incometax Act confirmed

More information

KPMG FLASH NEWS. Transfer Pricing - Safe Harbour Rules Notified. Background. 20 September 2013 KPMG IN INDIA

KPMG FLASH NEWS. Transfer Pricing - Safe Harbour Rules Notified. Background. 20 September 2013 KPMG IN INDIA KPMG FLASH NEWS KPMG IN INDIA Transfer Pricing - Safe Harbour Rules Notified 20 September 2013 Background To reduce increasing number of transfer pricing audits and prolonged disputes, the Central Board

More information

Quasi capital transaction, not an interest simplictor and notional interest adjustment deleted

Quasi capital transaction, not an interest simplictor and notional interest adjustment deleted 2 May 2017 Quasi capital transaction, not an interest simplictor and notional interest adjustment deleted Background Recently, the Ahmedabad Bench of the Income-tax Appellate Tribunal (the Tribunal) in

More information

The Indian company constitutes dependent agent permanent establishment of the US television company

The Indian company constitutes dependent agent permanent establishment of the US television company KPMG FLASH NEWS 18 December 2015 KPMG in India The Indian company constitutes dependent agent permanent establishment of the US television company Background Recently, the Mumbai Bench of the Income-tax

More information

KPMG FLASH NEWS. Background. Facts of the case. 2 March 2015 KPMG IN INDIA

KPMG FLASH NEWS. Background. Facts of the case. 2 March 2015 KPMG IN INDIA KPMG FLASH NEWS KPMG IN INDIA Consideration for sale of capacity in the undersea cable system is not considered as royalty but as business income. The sale was concluded outside India on a principal to

More information

IFRS Notes. The implementation group in the insurance sector submits its report on Ind AS to IRDAI. 6 January Kpmg.com/in

IFRS Notes. The implementation group in the insurance sector submits its report on Ind AS to IRDAI. 6 January Kpmg.com/in IFRS Notes The implementation group in the insurance sector submits its report on Ind AS to IRDAI 6 January 2017 Kpmg.com/in Introduction On 30 December 2016, the Insurance Regulatory and Development Authority

More information

Clarification on applicability date of formats for financial results and intimation of reasons for delay in submission of financial results

Clarification on applicability date of formats for financial results and intimation of reasons for delay in submission of financial results IFRS Notes Clarification on applicability date of formats for financial results and intimation of reasons for delay in submission of financial results 7 December 2018 KPMG.com/in IFRS NOTES 7 December

More information

OECD BEPS Action Plan 7: Discussion Draft on preventing artificial avoidance of permanent establishment status

OECD BEPS Action Plan 7: Discussion Draft on preventing artificial avoidance of permanent establishment status KPMG FLASH NEWS KPMG IN INDIA OECD BEPS Action Plan 7: Discussion Draft on preventing artificial avoidance of permanent establishment status 14 November 2014 Background The Organisation for Economic Co-operation

More information

Insurance. Ind AS- The road ahead. October KPMG.com/in

Insurance. Ind AS- The road ahead. October KPMG.com/in Insurance Ind AS- The road ahead October 2016 KPMG.com/in IFRS Convergence in India: A quick recap Previous plan 1 April 2011 Finance minister s speech in July 2014 January 2015 press release on revised

More information

FIRST NOTES KPMG in India. Notification of provisions relating to corporate social responsibility under the Companies Act, 2013.

FIRST NOTES KPMG in India. Notification of provisions relating to corporate social responsibility under the Companies Act, 2013. FIRST NOTES KPMG in India Notification of provisions relating to corporate social responsibility under the Companies Act, 2013 28 February 2014 First Notes on: Financial Reporting Corporate law updates

More information

Transfer Pricing adjustment in relation to intra-group services deleted; payment of 2 per cent on sales considered to be at arm s length

Transfer Pricing adjustment in relation to intra-group services deleted; payment of 2 per cent on sales considered to be at arm s length 16 February 2016 Transfer Pricing adjustment in relation to intra-group services deleted; payment of 2 per cent on sales considered to be at arm s length Background Recently, the Kolkata Bench of the Income

More information

Proposed amendments to the Finance Bill, 2016

Proposed amendments to the Finance Bill, 2016 6 May 2016 Proposed amendments to the Finance Bill, 2016 Background The Finance Bill, 2016 (the Bill) was introduced by the Finance Minister in the Lok Sabha on 29 February 2016. On 5 May 2016, the amendments

More information

SEBI Clarification on Know Your Client Requirements for Foreign Portfolio Investors

SEBI Clarification on Know Your Client Requirements for Foreign Portfolio Investors 12 April 2018 SEBI Clarification on Know Your Client Requirements for Foreign Portfolio Investors Recently, the SEBI has issued a clarification outlining the key features of the Circular modifying the

More information

IFRS Notes. Ind AS Transition Facilitation Group (ITFG) issues Clarifications Bulletin August KPMG.com/in

IFRS Notes. Ind AS Transition Facilitation Group (ITFG) issues Clarifications Bulletin August KPMG.com/in IFRS Notes Ind AS Transition Facilitation Group (ITFG) issues Clarifications Bulletin 11 21 August 2017 KPMG.com/in Introduction The ITFG in its meeting considered certain issues received from the members

More information

Final rules on Master File and Country by Country reporting released by Indian Government

Final rules on Master File and Country by Country reporting released by Indian Government 2 November 2017 Final rules on Master File and Country by Country reporting released by Indian Government Background In keeping with India s commitment to implement the recommendations of Action Plan 13

More information

Key decisions by the GST Council to address concerns of trade and industry

Key decisions by the GST Council to address concerns of trade and industry abap 14 September Key decisions by the GST Council to address concerns of trade and industry Background The GST Council, met for the twenty-first time on 9 September (second meeting post implementation

More information

On 1 February 2016, the Companies Law Committee (CLC) submitted its recommendations to the government.

On 1 February 2016, the Companies Law Committee (CLC) submitted its recommendations to the government. First Notes The proposed Companies (Amendment) Bill, 2016 31 March 2016 First Notes on Financial reporting Corporate law updates Regulatory and other information Disclosures Sector All Banking and insurance

More information

IFRS Notes. MCA issues amendments to Ind AS effective 1 April April KPMG.com/in

IFRS Notes. MCA issues amendments to Ind AS effective 1 April April KPMG.com/in IFRS Notes MCA issues amendments to Ind AS effective 1 April 2018 10 April 2018 KPMG.com/in Introduction The Ministry of Corporate Affairs (MCA), on 28 March 2018, issued certain amendments to Ind AS.

More information

IASB provides guidance on making materiality judgements and proposes amendments to the definition of material

IASB provides guidance on making materiality judgements and proposes amendments to the definition of material IFRS Notes IASB provides guidance on making materiality judgements and proposes amendments to the definition of material 23 October 2017 KPMG.com/in IFRS NOTES 23 October 2017 Background International

More information

2 The dedicated private bandwidth' means a certain portion of total data

2 The dedicated private bandwidth' means a certain portion of total data 13 February 2017 Payment for international private leased circuit and connectivity charges for use of private bandwidth in underwater sea cable are not taxable as royalty or FTS Background Recently, the

More information

IFRS Notes. CBDT issues FAQs on computation of book profit for levy of MAT and proposes amendment to Section 115JB. 26 July KPMG.

IFRS Notes. CBDT issues FAQs on computation of book profit for levy of MAT and proposes amendment to Section 115JB. 26 July KPMG. IFRS Notes CBDT issues FAQs on computation of book profit for levy of MAT and proposes amendment to Section 115JB 26 July 2017 KPMG.com/in Introduction With the adoption of Indian Accounting Standards

More information

Disallowance under Section 14A does not apply to computation of MAT

Disallowance under Section 14A does not apply to computation of MAT 18 July 2017 Disallowance under Section 14A does not apply to computation of MAT Background Recently, the Delhi Special Bench of the Income-tax Appellate Tribunal (the Tribunal) in the case of Vireet Investment

More information

Loss claimed on account of the transaction of renunciation of rights is a colourable device

Loss claimed on account of the transaction of renunciation of rights is a colourable device KPMG FLASH NEWS 7 December 2015 KPMG in India Loss claimed on account of the transaction of renunciation of rights is a colourable device Background Recently, the Delhi High Court in the case of Abhinandan

More information

Delhi High Court holds on the taxability of offshore and onshore supply and services under the composite contract

Delhi High Court holds on the taxability of offshore and onshore supply and services under the composite contract KPMG FLASH NEWS KPMG IN INDIA Delhi High Court holds on the taxability of offshore and onshore supply and services under the composite contract 29 April 2014 Background Recently, the Delhi High Court in

More information

IICA ICAI Workshop on IFRS Issues in Transition Session II Taxation Issues

IICA ICAI Workshop on IFRS Issues in Transition Session II Taxation Issues ACCOUNTING ADVISORY SERVICES IICA ICAI Workshop on IFRS Issues in Transition Session II Taxation Issues September 27, 2010 ADVISORY 1 Contents 1. Taxation issues on transition 2. International experience

More information

Taxability of Crossborder. under Service tax. September 2014

Taxability of Crossborder. under Service tax. September 2014 Taxability of Crossborder transactions under Service tax September 2014 Contents 1 Relevance 2 Place of Provision of Services Rules, 2012 3 Infosys Ruling 4 Global Developments 5 Key areas for consideration

More information

CBDT issues FAQs on Income Computation and Disclosure Standards

CBDT issues FAQs on Income Computation and Disclosure Standards 24 March 2017 CBDT issues FAQs on Income Computation and Disclosure Standards The Central Board of Direct Taxes (CBDT) has notified 1 Income Computation and Disclosure Standards (ICDS), with effect from

More information

IFRS Notes. Ind AS Transition Facilitation Group (ITFG) issues Clarifications Bulletin November KPMG.com/in

IFRS Notes. Ind AS Transition Facilitation Group (ITFG) issues Clarifications Bulletin November KPMG.com/in IFRS Notes Ind AS Transition Facilitation Group (ITFG) issues Clarifications Bulletin 12 8 November 2017 KPMG.com/in Introduction The Ind AS Transition Facilitation Group (ITFG) in its meeting considered

More information

Major FDI Policy reforms notified

Major FDI Policy reforms notified KPMG FLASH NEWS KPMG in India 27 November 2015 Major FDI Policy reforms notified Background The Department of Industrial Policy and Promotion (DIPP) vide Press Note 12 dated 24 November 2015 (Press Note)

More information

ICAI issues exposure drafts of AS 23, Borrowing Costs

ICAI issues exposure drafts of AS 23, Borrowing Costs First Notes ICAI issues exposure drafts of AS 23, Borrowing Costs and AS 24, Related Party Disclosures 1 November 2017 First Notes on Financial reporting Corporate law updates Regulatory and other information

More information

KPMG FLASH NEWS. Facts of the case. Background 1. Issue of corporate guarantee KPMG IN INDIA. 18 March 2014

KPMG FLASH NEWS. Facts of the case. Background 1. Issue of corporate guarantee KPMG IN INDIA. 18 March 2014 KPMG FLASH NEWS KPMG IN INDIA The Delhi Tribunal held that corporate guarantee issued for AEs benefit, which did not cost anything to the taxpayer, does not constitute international transaction. The Tribunal

More information

Capital surplus on account of waiver of loan is neither taxable nor can be included in computation of book profit under the provisions of MAT

Capital surplus on account of waiver of loan is neither taxable nor can be included in computation of book profit under the provisions of MAT 6 March 2017 Capital surplus on account of waiver of loan is neither taxable nor can be included in computation of book profit under the provisions of MAT Background Recently, the Mumbai Bench of the Income-tax

More information

India signs the Multilateral Convention

India signs the Multilateral Convention 9 June 2017 India signs the Multilateral Convention India, amongst 67 countries, has signed the Multilateral Convention (the Convention/MLI) in Paris on 7 June, 2017 to implement tax treaty related measures

More information

KPMG FLASH NEWS. BEPS - OECD Releases reports on 7 out of 15 action points. Background. 17 September KPMG in INDIA

KPMG FLASH NEWS. BEPS - OECD Releases reports on 7 out of 15 action points. Background. 17 September KPMG in INDIA KPMG FLASH NEWS KPMG in INDIA BEPS - OECD Releases reports on 7 out of 15 action points 17 September 2014 Background At the request of the G201 Finance Ministers, the Organisation for Economic Co-operation

More information

First Notes. QRB issued its report on audit quality review of top listed and public interest entities in India. 13 December 2017.

First Notes. QRB issued its report on audit quality review of top listed and public interest entities in India. 13 December 2017. First Notes QRB issued its report on audit quality review of top listed and public interest entities in India 13 December 2017 First Notes on Financial reporting Corporate law updates Regulatory and other

More information

Capital gains arising to Netherlands entity on sale of shares of its Indian subsidiary deriving its value from immovable property is n

Capital gains arising to Netherlands entity on sale of shares of its Indian subsidiary deriving its value from immovable property is n Flash news 9 July 2017 Capital gains arising to Netherlands entity on sale of shares of its Indian subsidiary deriving its value from immovable property is not taxable in India under the India-Netherlands

More information

Copyright subsists in the news reports and photographs supplied by a French news agency, therefore, payments for the use of same is taxable as royalty

Copyright subsists in the news reports and photographs supplied by a French news agency, therefore, payments for the use of same is taxable as royalty KPMG FLASH NEWS KPMG IN INDIA Copyright subsists in the news reports and photographs supplied by a French news agency, therefore, payments for the use of same is taxable as royalty 24 September 2014 Background

More information

First Notes. SEBI decisions regarding the Report of the Committee on Corporate Governance. 20 April Background

First Notes. SEBI decisions regarding the Report of the Committee on Corporate Governance. 20 April Background First Notes SEBI decisions regarding the Report of the Committee on Corporate Governance 0 April 08 First Notes on Financial reporting Corporate law updates Regulatory and other information Disclosures

More information

Membership fees and contribution received by a foreign nonprofit organisation are not liable to tax in India on the principle of mutuality

Membership fees and contribution received by a foreign nonprofit organisation are not liable to tax in India on the principle of mutuality 525 June April 2018 2018 Membership fees and contribution received by a foreign nonprofit organisation are not liable to tax in India on the principle of mutuality Background The Authority for Advance

More information

Background. Facts of the case. 19 December 2017

Background. Facts of the case. 19 December 2017 19 December 2017 Corporate/bank guarantee fees received by a foreign holding company cannot be treated as interest in view of Other Income article under the India-U.K. tax treaty and it is taxable under

More information

First Notes. MCA notified certain provisions of the Companies (Amendment) Act, May Introduction. Loans and investments by companies

First Notes. MCA notified certain provisions of the Companies (Amendment) Act, May Introduction. Loans and investments by companies First Notes MCA notified certain provisions of the Companies () Act, 2017 28 May 2018 First Notes on Financial reporting Corporate law updates Regulatory and other information Disclosures Sector All Banking

More information

IFRS Notes. Ind AS Transition Facilitation Group (ITFG) issues Clarifications Bulletin April KPMG.com/in

IFRS Notes. Ind AS Transition Facilitation Group (ITFG) issues Clarifications Bulletin April KPMG.com/in IFRS Notes Ind AS Transition Facilitation Group (ITFG) issues Clarifications Bulletin 15 18 April 2018 KPMG.com/in Introduction The Ind AS Transition Facilitation Group (ITFG) in its meeting considered

More information

BBSR & Co. LLP. Business Restructuring. Munjal Almoula Nikhil Dhariwal. 11 April 2015

BBSR & Co. LLP. Business Restructuring. Munjal Almoula Nikhil Dhariwal. 11 April 2015 BBSR & Co. LLP Business Restructuring 11 April 2015 Munjal Almoula Nikhil Dhariwal Contents 1 Introduction and Relevance 2 Rationale for restructuring 3 Types of Restructuring 4 Transaction, Benchmarking

More information

IFRS Notes. 29 October 2014 Issue 2014/02. IFRS Convergence: ICAI issues exposure drafts on financial instruments and revenue recognition

IFRS Notes. 29 October 2014 Issue 2014/02. IFRS Convergence: ICAI issues exposure drafts on financial instruments and revenue recognition IFRS Notes 29 October 2014 Issue 2014/02 IFRS Convergence: ICAI issues exposure drafts on financial instruments and revenue recognition Recently, the Accounting Standards Board (ASB) of the Institute of

More information

Countdown to Companies Act, 2013

Countdown to Companies Act, 2013 www.pwc.in Countdown to Companies Act, 2013 Impact on Transactions and Corporate restructuring August 2013 Preface The wait is finally over The Companies Bill, 2012 is just a step away from becoming an

More information

First Notes. CBDT issues FAQs on ICDS. 28 March Background

First Notes. CBDT issues FAQs on ICDS. 28 March Background First Notes CBDT issues FAQs on ICDS 28 March 2017 First Notes on Financial reporting Corporate law updates Regulatory and other information Disclosures Sector All Banking and insurance Information, communication,

More information

Background. Facts of the case. 1 March 2018

Background. Facts of the case. 1 March 2018 1 March 2018 If the POEM of an enterprise is not situated in one of the contracting states but is situated in the third state, the benefit of the shipping and air transport article of the India-Mauritius

More information

IFRS Notes. Ind AS 115 applicable from 1 April April KPMG.com/in

IFRS Notes. Ind AS 115 applicable from 1 April April KPMG.com/in IFRS Notes Ind AS 115 applicable from 1 April 2018 11 April 2018 KPMG.com/in Introduction The Ministry of Corporate Affairs (MCA), on 28 March 2018, notified Ind AS 115, Revenue from Contracts with Customers

More information

28 October Background. Facts of the case. Flash News

28 October Background. Facts of the case. Flash News Flash News 28 October 2017 Indian subsidiary of a foreign company providing back office support services does not constitute a PE in India under India- USA tax treaty Supreme Court Background Recently,

More information

IFRS Notes. IFRS convergence a reality now! MCA notifies Ind AS standards and implementation roadmap. 23 February 2015 Issue 2015/02

IFRS Notes. IFRS convergence a reality now! MCA notifies Ind AS standards and implementation roadmap. 23 February 2015 Issue 2015/02 IFRS Notes 23 February 2015 Issue 2015/02 IFRS convergence a reality now! MCA notifies Ind AS standards and implementation roadmap The Ministry of Corporate Affairs has finally notified the much awaited

More information

Indian subsidiary does not constitute a PE of a foreign company in India under the India-Saudi Arabia tax treaty

Indian subsidiary does not constitute a PE of a foreign company in India under the India-Saudi Arabia tax treaty 20 25 June April 2018 Indian subsidiary does not constitute a PE of a foreign company in India under the India-Saudi Arabia tax treaty Background Recently, the Authority for Advance Rulings (AAR) in the

More information

Corporate Restructuring, Merger, Demerger

Corporate Restructuring, Merger, Demerger Corporate Restructuring, Merger, Demerger Compromise or Arrangement (Including Merger & Demerger) (Sec. 230-232) Company & company; Company & Liquidator. Company & creditor or class of creditor; Consolidation

More information

Payments received for the content delivery solutions for accelerating content and business processes online are not in the nature of FTS/royalty

Payments received for the content delivery solutions for accelerating content and business processes online are not in the nature of FTS/royalty 31 25 May April 2018 Payments received for the content delivery solutions for accelerating content and business processes online are not in the nature of FTS/royalty Background Recently, the Authority

More information

Background. Facts of the case. 28 September 2017

Background. Facts of the case. 28 September 2017 28 September 2017 Transaction-by-transaction analysis to be considered; Bundled benchmarking approach is neither automatic nor mandate of law; provision for warranty not created on historical trend is

More information

India s reservations on 2017 update to the OECD Model Tax Convention and Commentary

India s reservations on 2017 update to the OECD Model Tax Convention and Commentary 30 November 2017 India s reservations on 2017 update to the OECD Model Tax Convention and Commentary Background Recently, the Organisation for Economic Cooperation and Development (OECD) Council approved

More information

Restructuring of companies

Restructuring of companies 65 Restructuring of companies Mergers and acquisitions are the common forms of restructuring and ways to expand undertaken by the companies. The objectives of such arrangements could vary from drawing

More information

Applicability of time limit for proceedings under Section 201 of the Income-tax Act for non-compliance of TDS provisions

Applicability of time limit for proceedings under Section 201 of the Income-tax Act for non-compliance of TDS provisions 26 July 2017 Applicability of time limit for proceedings under Section 201 of the Income-tax Act for non-compliance of TDS provisions Background Recently, the Allahabad High Court in the case of Mass Awash

More information

Restructuring of companies under the Companies Act, 2013

Restructuring of companies under the Companies Act, 2013 15 Restructuring of companies under the Companies Act, 2013 This article aims to: Provide an overview of the key provisions of the Companies Act, 2013 with respect to restructuring of companies (i.e. compromises,

More information

VOLUNTARY LIQUIDATION OF CORPORATE PERSONS SECTION 59

VOLUNTARY LIQUIDATION OF CORPORATE PERSONS SECTION 59 VOLUNTARY LIQUIDATION OF CORPORATE PERSONS SECTION 59 Notification No. IBBI/2016-17/GN/REG010 dated 31st March, 2017 IBBI has notified the Insolvency and Bankruptcy Board of India (Voluntary Liquidation

More information

Regulatory Alert Tracking change

Regulatory Alert Tracking change India Tax & Regulatory 15 June 2015 Regulatory Alert Tracking change Privileges to a Government company under the Companies Act Issue no: RA/11/2015 In this issue: Background Highlights Conclusion Do you

More information

India's New Advance Pricing Agreement (APA) Program

India's New Advance Pricing Agreement (APA) Program cutting through complexity / India's New Advance Pricing Agreement (APA) Program Presenter r Alpana Saksena International Tax Conference Mumbai Dec 7, 2012 ANY TAX ADVICE IN THIS COMMUNICATION IS NOT INTENDED

More information

Space provided by an organiser to a foreign entity for rendering services relating to an event constitutes a PE in India

Space provided by an organiser to a foreign entity for rendering services relating to an event constitutes a PE in India 19 January 2018 Space provided by an organiser to a foreign entity for rendering services relating to an event constitutes a PE in India Background Recently, the Authority for Advance Rulings (AAR) in

More information

Regulatory Alert Stay Ahead

Regulatory Alert Stay Ahead India Tax & Regulatory For private circulation only 26 March 2018 p Regulatory Alert Stay Ahead RBI notifies provisions relating to cross border mergers, amalgamations and arrangements Issue no: RA/06/2018

More information

Taxation of Shares & Securities

Taxation of Shares & Securities Taxation of Shares & Securities - Special emphasis on taxation issues relating to non-residents CA Vishal Gada WIRC - Mumbai 7 January 2012 Contents Investment avenue for Non-residents Scheme of ADRs /

More information

Facts of the case. Background. 19 January 2018

Facts of the case. Background. 19 January 2018 19 January 2018 Payment for offshore supply of an equipment is not taxable in India, whereas, supervisory services for installation of such equipment are taxable in India Background Recently, the Authority

More information

Accounting and Auditing Update Issue no. 05/2016 December 2016

Accounting and Auditing Update Issue no. 05/2016 December 2016 Accounting and Auditing Update Issue no. 05/2016 December 2016 www.kpmg.com/in Editorial 2016 KPMG, an Indian Registered Partnership and a member firm of the KPMG network of independent member firms affiliated

More information

CBDT releases fifth round of FAQs on Income Declaration Scheme, 2016

CBDT releases fifth round of FAQs on Income Declaration Scheme, 2016 19 August 2016 EY Tax Alert CBDT releases fifth round of FAQs on Income Declaration Scheme, 2016 Executive summary Tax Alerts cover significant tax news, developments and changes in legislation that affect

More information

EY Regulatory Alert. Executive summary. Committee suggests sweeping changes to Companies Act, open for public comments.

EY Regulatory Alert. Executive summary. Committee suggests sweeping changes to Companies Act, open for public comments. 8 February 2016 EY Regulatory Alert Committee suggests sweeping changes to Companies Act, 2013 - open for public comments Executive summary Regulatory alerts cover significant regulatory news, developments

More information

Amendments to the Securities and Exchange Board of India (Alternative Investment Funds) Regulations, Executive summary

Amendments to the Securities and Exchange Board of India (Alternative Investment Funds) Regulations, Executive summary 23 September 2013 August 2013 EY Regulatory Alert Amendments to the Securities and Exchange Board of India (Alternative Investment Funds) Regulations, 2012 Executive summary Regulatory Alerts cover significant

More information

Operational, prudential and reporting norms for Alternative Investment Funds. Executive summary

Operational, prudential and reporting norms for Alternative Investment Funds. Executive summary 1 August 2013 EY Regulatory Alert Operational, prudential and reporting norms for Alternative Investment Funds Executive summary This Regulatory Alert summarizes the operational, prudential and reporting

More information

EY Regulatory Alert. Executive summary

EY Regulatory Alert. Executive summary 12 January 2015 EY Regulatory Alert Central Government notifies the Depository Receipts Scheme 2014 for facilitating issue of Depository Receipts outside India Executive summary Regulatory Alerts cover

More information