SEBI extends time Line for June Quarter results to 15, Sept 2020.

SEBI extends the timeframe for filing the financial results of April-June to 15  September 2020.

 

www.carajput.com;SEBI

www.carajput.com; SEBI

Today SEBI extended the time for filing financial reports for the year, half-year and fiscal year ended June 30, 2020, to September 15, insignificant relief to companies. The SEBI Circular reported that it had received representations seeking an extension of time for submission of financial performance for the quarter or half-year ended 30 June 2020 due to its short time gap between the extended deadline for submission of financial results for the period ended 31 March 2020 and the quarter or half-year ended 30 June 2020.

Previously, due to the effects of the coronavirus pandemic, the regulatory body extended the period for submitting financial reports by specified companies for the quarter, half-year, or fiscal year ended 31, March 2020 to 31 July 2020.

For details refer to the circular

SEBI has extended the date from 30 June to 15 Sept 2020 for the filing of financial results

Disclaimer: The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; before making any decisions do consult your Professional / tax advisor. For misrepresentation or interpretation of act or rules Author does not take any responsibility. Neither the author nor the firm accepts any liability for the loss or damage of any kind arising out of information in this document or for any action taken in reliance there on. carajput.com is committed to helping entrepreneurs and small business owners to start, manage and grow their business with peace of mind. Our goal is to support the entrepreneur on legal and regulatory requirements and to be a partner throughout the entire business life cycle, offering support to the company at every stage to ensure that it is compliant and consistently growing. Hope the information will assist you in your Professional endeavors. For query or help, contact: info@carajput.com or call at 09811322785/4 9555 5555 480)

SUMMARIES OF SEBI RELAX & ENCOURAGED PROVISIONAL RELIEF FOR RIGHTS ISSUE

SEBI relaxed and welcomed short track rights issues generating capital on the stock market until 31 March 2021.

Steps to further promote the collection of funds from capital markets in the light of the COVID-19 disease outbreak

In the face of the threats to the Indian economy emerging from the Covid-19 pandemic and with a view to enhancing access to corporate finance through capital markets, SEBI has agreed to offer some temporary relief from regulatory obligations related to rights / public concerns to listed entities.

Right Issues

Fast Track Rights issuances

SEBI has relaxed the following requirements in order to broaden the scope of mentioned organizations for the benefit of fast track rights issues:

1) The qualification requirement for the total market capitalization of the public shareholding of INR 250 crores has been lowered to INR 100 crores.

(2) The requirement relating to the period of listing of the shares of the issuer for at least three years has been reduced to a listing of only eighteen months.

3) The provision relating to no audit credentials in the audited reports of the issuer has been replaced by the obligation to report the effect of the audit credentials on the financial statements of the issuer.

4) Some other requirements of registration with respect to the time of compliance with the terms of the listing regulations, the pending proceedings were taken by SEBI against the issuer/promoter/director, and the enforcement of the violation of the securities laws have now been relaxed.

Minimum Subscription

For order to have more consistency for collecting funds, the threshold for minimum subscription thresholds for rights issues has been reduced from the current 90 percent to 75 percent of the bid value, subject to some limitations.

The threshold for failing to apply a request for a letter of a bid to SEBI

In order to minimize the time involved in raising funds and to simplify compliance requirements, identified organizations collecting funds up to INR 25 crores in rights issues would not be required to request a draft bid paper.

The official requirement for this is INR 10 crores. Such relaxations shall extend to the correct problems which are accessed on or before 31 March 2021. It can be recalled that SEBI revised the ICDR Regulations last year in order to substantially shorten the timeline for the resolution of the T+ 55-day rights question to T+ 31 days and to implement the dematerialization and exchange of rights entitlements. Such steps will make the system for rights more functional and successful.

Flexibility on Issue size

An issuer whose offer document is awaiting receipt of SEBI observations may increase or decrease the size of the fresh issue by up to 50 per cent of the expected issue size (instead of the existing limit of 20 per cent) without allowing the Board to send a fresh draft offer document. Relaxation shall extend to all tender contracts awaiting receipt of SEBI findings by 31 December 2020.

Validity of the findings of SEBI

Having respect to the current economic scenario and on the basis of demands from different industrial bodies, It has been agreed that SEBI ‘s observations on all public issues / rights issues will be extended by six months from the date of expiry for issuers whose observations have expired / expired between 1 March 2020 and 30 September 2020.

To sum up, these steps are aimed at widening the number of listed organisations that are entitled to collect funds by fast track privileges, minimizing the time required and ensuring more flexibility in raising funds rather than relaxing regulatory conditions.

Circulars released by SEBI in respect of the measure referred to above are accessible on the SEBI website at http:/www.sebi.gov.in under the category-‘Legal-Circulars’. Mumbai 21 April 2020

Disclaimer: The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; before making any decisions do consult your Professional / tax advisor. For misrepresentation or interpretation of act or rules Author does not take any responsibility. Neither the author nor the firm accepts any liability for the loss or damage of any kind arising out of information in this document or for any action taken in reliance there on. carajput.com is committed to helping entrepreneurs and small business owners to start, manage and grow their business with peace of mind. Our goal is to support the entrepreneur on legal and regulatory requirements and to be a partner throughout the entire business life cycle, offering support to the company at every stage to ensure that it is compliant and consistently growing. Hope the information will assist you in your Professional endeavors. For query or help, contact: info@carajput.com or call at 09811322785/4 9555 5555 480)

Corporate and Professional Updates on 12th July 2019

RBI Updates:

Image result for RBI hd Pics
  • The Reserve Bank (RBI) slashed by half its US dollar purchases in May from the month before to just about dollar 2.5 billion as the inflows slowed amid uncertainty over US interest rates and elections The central bank bought dollar 5.1 billion and sold dollar 2.6 billion in May, taking net spot dollar purchases to dollar 2.5 billion, according to the latest figures released by the RBI. This is almost half the level of net dollar purchases in April this year when the central bank bought a net of dollar 4.9 billion from the spot market. The central bank was a net seller in May 2018, during which it sold dollar 5.8 billion.
  • The central bank has remained a very passive participant in the forward markets as well. It bought dollar 224 million in the forward markets in May, RBI data showed. Foreign portfolio investors were cautious during the month bringing in a little less than dollar 1 billion during the month. Also, foreign direct investments slowed during the month. The rupee weakened by about 0.1% during the month to end at dollar 69.65 by the end of May. But after the general elections, there has been an improvement in foreign portfolio investments. The rupee has also gained against the dollar indicating strong inflows through a variety of sources.
  • After the union budget, there has been some slowdown in portfolio flows in the secondary markets. But the proposal to raise dollar funds by the government to part-finance its expenses is expected to increase dollar flows, which would require the central bank to purchase these dollars to release rupee funds. The government is working on a sovereign benchmark for external borrowing that will be finalized in September this year, after which there could be some pickup in dollar flows.

SEBI Updates:

  • The government has sought information from the Securities and Exchange Board of India about the origins of those foreign portfolio investors that use the trust structure and the assets that they manage, said a person familiar with the development. It also asked for data on the tax liability of each of the structures employed by FPIs — trusts, companies, and limited liability partnerships.
  • A large number of FPIs in India will be impacted as they are structured either as trusts or AoPs. In the meantime, the Asia Securities Industry and Financial Markets Association, an FPI lobby group, met senior Sebi officials to share their concerns on the budget proposal to increase the tax surcharge on the super-rich. As per data provided to the government, 40% of the FPIs use the trust structure, while 60% of them prefer to use the corporate structure.

Key Due Dates:

  • 07-07-2019 – Deposit of TDS/TCS for the month of June 2019.
  • 07-07-2019 -Equalisation levy deposit which is withheld at the time of payment by the service recipient where the annual payment made to one service provider exceeds Rs.1,00,000 in one financial year for the specified and notified services.
  • 10-07-2019 – GSTR 8 for E-Commerce Companies for the m/o June 2019.
  • 10-07-2019 – Filing GSTR-7 (for the assessee who is required to deduct TDS under GST) for the m/o June 2019.
  • 10-07-2019 – Issue of TDS Certificate for salary for the financial year 2018-19.
  • 11-07-2019 – GSTR-1 for the month of June 2019 for taxpayers with Annual Aggregate turnover more than 1.50 Crore.
  •  13-07-2019 – GSTR-6 for Input Service Distributor.
  • 14-07-2019 – Issue of TDS Certificate for tax deducted under section 194-IA/194-IB in m/o           May’19.
  • 15-07- 2019 – Quarterly statement of TCS for the quarter ending 30 June 2019.
  • 15-07-2019- ESI/PF Payment for m/o June 2019.
  • 15-07-2019- FLA Report it is required to be submitted directly by all Indian Companies which have received  FDI or made FDI abroad for m/o June 2019.
  • 18-07-2019- GSTR-4 Quarterly return for taxpayers opting for composition scheme.
  • 20-07-2019 – GSTR-3B for the m/o June 2019.
  • 20-07-2019 – GSTR-5 for the m/o June 2019.
  • 20-07-2019 – GSTR-5A for the m/o June 2019.
  • 25-07-2019-  EPF returns filing for the month of June 2019.
  • 30 -07-2019 -Quarterly TCS certificate in respect of tax collected by any person for the quarter ending June 30, 2019.
  • 30-07-2019 – Furnishing challan-cum-statement in respect of tax deducted u/s 194-IA/194IB in the month of June’19.
  • 31-07-19 – GSTR-1 for June Quarter applicable for taxpayers with Annual Aggregate turnover up to Rs. 1.50/- Crore.
  • 31-07- 2019 – Quarterly statement of TDS for the quarter ending 30 June 2019.
  • 31-07- 2019 – Income Tax return for the F.Y 2018-19 (A.Y 2019-20) for all assessee other than (a) corporate-assessee or (b) non-corporate assessee (whose books of account are required to be audited) or (c) working partner of a firm whose accounts are required to be audited or (d) an assessee who is required to furnish a report u/s 92E.
  • 31-07-2019- Payment of Professional Tax and Shop and Establishment taxes.
  • 31-07-2019- Form 67 Due date for claiming Foreign Tax Credit, upload statement of Foreign income offered for tax for the previous year 2018-19 and of Foreign tax deducted or paid on such incomes.

Disclaimer: The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; before making any decisions do consult your Professional / tax advisor. For misrepresentation or interpretation of act or rules Author does not take any responsibility. Neither the author nor the firm accepts any liability for the loss or damage of any kind arising out of information in this document or for any action taken in reliance there on. carajput.com is committed to helping entrepreneurs and small business owners to start, manage and grow their business with peace of mind. Our goal is to support the entrepreneur on legal and regulatory requirements and to be a partner throughout the entire business life cycle, offering support to the company at every stage to ensure that it is compliant and consistently growing. Hope the information will assist you in your Professional endeavors. For query or help, contact: info@carajput.com or call at 09811322785/4 9555 5555 480)

Corporate and Professional Updates on 1st June 2019

Direct Tax Updates:

Image result for hd pics on direct tax
  • Delhi High Court restrained the Income Tax Department from taking any action against VVIP chopper deal scam accused Gautam Khaitan against whom a black money case has been lodged. Court said Khaitan, an advocate by profession, has made out a “good prima facie” case for grant of interim relief and grave prejudice would be caused to him if the authorities are not restrained at this stage from proceeding further. 
  • CBDT do not want to let go the Revenue Dues owed by Shell Companies that have been deregistered by the MCA. But the task is easier said than done, as it would mean the restoration of over 4,000 companies identified by the CBDT. The CBDT has been holding talks with the MCA over this.

Indirect Tax Updates:

Image result for indirect tax pics hd
  • The new option has been introduced wherein the consignment of one e-way bill has to be moved in multiple vehicles, after moving to transshipment place.
  • Different high courts in the country have given stay orders on several fiats of the National Anti-profiteering Authority (NAA) for the GST, casting doubts on the legal tenability of the way the nearly one-and-half-a-year-old set-up operates and passes orders on alleged cases of profiteering by businesses.A review by FE revealed that at least five firms have got reliefs from the high courts, in what allowed them to defer coughing up an aggregate amount of Rs 430 crore. 

RBI Updates:

Image result for rbi pics
  • Government is open to providing more powers to the RBI to direct lenders to take action on stressed assets. There is a growing view in the government that there has to be some regulatory supervision over debt resolution by the RBI.
  • RBI has asked NBFCs with asset size of more than Rs.5,000 crore to appoint a chief risk officer (CRO) with clearly specified role and responsibilities, in view of the increasing role in direct credit intermediation of these companies. The RBI directive comes in the backdrop of the IL&FS imbroglio and its ripple impact on NBFCs.
  • RBI wants NBFCs with assets of more than 5,000 Crore must appoint a Chief Risk Officer (CRO). It said that with the increasing role of NBFCs in direct credit intermediation, there is a need for NBFCs to Augment Risk Management Practices.
  • RBI Appointed Committee headed by Aadhaar architect Nandan Nilekani submits its suggestions on Promoting Digital Payments to RBI Governor Shaktikanta Das. The 5-member team was formed in January this year to consult with various stakeholders of the payments ecosystem and deliberate on solutions to further strengthen the industry

Other Updates:

  • MCA sees Rs 2.8 lakh cr recovery from IBC-led RP.
  • IOC to examine US sanction’s impact on CPCL plans
  • India may witness slowdown as oil imports decline
  • DoT to soon settle merger/transfer of licences in M&As
  • BoB looks to rationalise 800-900 branches
  • Pre-monsoon rainfall deficit drops to 22 per cent
  • Reliance Capital protests ratings downgrade
  • India reports trade deficit with 11 RCEP members in FY 2018-19
  • OPEC members meet to assess oil market after US sanctions on Iran
  • NMDC plans to acquire 100 per cent stake in Australia’s Legacy Iron-Ore Ltd
  • Debt-ridden Essar Steel reports Rs 4,229 cr EBITDA during insolvency period
  • ICICI-Videocon loan case: Kochhar contests bonus clawback, ESOP termination
  • NBFC crisis to top agenda of new govt.
  • Jet employee group offers to invest $700 million
  • AgMA Energy plans to launch India-specific agri products
  • No interest in taking control of IndiGo: Rakesh Gangwal
  • Dredging Corporation of India wins annual contracts from Cochin and Paradip port trusts
  • ONGC, GIP, Tripura govt eye to buy out IL&FS’s 26% stake in OTPC
  • TCS eyes double-digit growth in FY20, says COO Subramaniam
  • Dr Reddy’s Laboratories serves a bitter medicine in March quarter
  • RBI’s vision document on payment systems to spur digital economy: Fintech firms
  • Life insurance industry to focus on millennials, digital-human interface
  • IMFA posts loss of Rs 74 cr in January-March qtr
  • Power producers seek removal of double taxation on imported coal
  • RBI to boost card payments with 34% increase in PoS terminals by end of 2021
  • Japan’s Orix to acquire wind assets of IL&FS
  • GST Council may consider national bench of AAAR next month
  • FPIs withdraw Rs 6,399 crore in May so far
  • AstraZeneca moves US court against Aurobindo
  • RBI releases ‘Vision 2021’ for payment systems for ‘cash-lite’ society

Key Due Dates:

  • The Due Date of GSTR-1  For the Month Of May is 10th June 2019.
  • The Due Date of GSTR-3b For the Month Of May is 20th June 2019.
  • The Due Dates for the Deposit of TDS/TCS for the Purchase of Property 30th June 2019.\
  • Annual Return For Registered Tax Payers is 30th June 2019.

Disclaimer: The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; before making any decisions do consult your Professional / tax advisor. For misrepresentation or interpretation of act or rules Author does not take any responsibility. Neither the author nor the firm accepts any liability for the loss or damage of any kind arising out of information in this document or for any action taken in reliance there on. carajput.com is committed to helping entrepreneurs and small business owners to start, manage and grow their business with peace of mind. Our goal is to support the entrepreneur on legal and regulatory requirements and to be a partner throughout the entire business life cycle, offering support to the company at every stage to ensure that it is compliant and consistently growing. Hope the information will assist you in your Professional endeavors. For query or help, contact: info@carajput.com or call at 09811322785/4 9555 5555 480)