Corporate and Professional Updates on 1st April 2019

 

Corporate and Professional Updates on 1st April 2019

RBI Updates:

• RBI has now clarified that the approval of the RBI is not required for opening of Branch Office or a Liaison Office or a Project Office, in case the approval or license/permission by the concerned Ministry / Regulators as the case may be, if the principal business of the applicant falls in the four sectors namely Defence, Telecom, Private Security and Information and Broadcasting.
• Further, in the case of proposal for opening a PO relating to defence sector, no separate reference or approval of Government of India shall be required if the said non-resident applicant has been awarded a contract by / entered into an agreement with the Ministry of Defence or Service Headquarters or Defence Public Sector Undertakings.
• The term “permission” used in the Notification does not include general permission, if any, available under Foreign Direct Investment in the automatic route, in respect of the above four sectors.

SEBI Updates:

• The Board decided that except in case of transmission or transposition of securities, requests for effecting transfer of securities shall not be processed unless the securities are held in dematerialized form with a depository. This measure shall come into effect from April 01, 2019.
• The SEBI has clarified that the this decision does not prohibit the investor from holding the shares in physical form; investor has the option of holding shares in physical form even after April 01, 2019 and shall only apply, if any, investor who is desirous of transferring shares after April 01, 2019 and can only be transferred is the shares are in dematerialized form.
• Further, the transfer deed(s) once lodged prior to deadline and returned due to deficiency in the document may be re-lodged for transfer even after the deadline of April 01, 2019. The above Board decision is not applicable for demat of shares, transmission.

 

MCA Updates:

• MCA has inserted new Rule 38A and has mandated that the application for incorporation of a company shall be accompanied by a linked e-form AGILE (Application for registration of the Goods and Services Tax Identification Number, Employees’ State Insurance Corporation (ESIC) registration PLUS Employees’ Provident Fund Organization registration with effect from 31st March 2019. The application for incorporation of a company under Rule 38 shall be accompanied by e-form AGILE containing an application for registration of the GSTIN with effect from 31^st March, 2019, EPFO with effect from 8^th April, 2019 and ESIC with effect from 15th April, 2019.

Other Updates:

• Core Sector Growth slows down to 1.8% in January.
• Airtel gets Board Approval to raise Rs 32,000 Crore.
• India to see Lower Productivity, Weak Demand.
• Govt keen on Amalgamation of PSBs.
• NCLAT orders resolution on Essar Steel bid by March 8.
• SEBI wants govt rethink on RBI representation on its Board.
• NSE to introduce Brent Crude Oil Futures Contract on Mar 1.
• DBS to convert its India Operations into wholly-owned subsidiary from Mar 1.
• 2018 best year for M&As as deal values rise 126% to $80 Bn.
• International Finance Corp to invest $165 Mn in Bajaj Finance, Dodla Dairy.
• Infosys says Kiran Mazumdar-Shaw sold 1,600 Shares without pre-clearance.
• Naresh Goyal agrees to step down as Chairman of Jet Airways.
• Iran buys Indian sugar to ease its oil-money headache.
• LG India aims for 30% Growth in commercial ACs this year.
• NIIF, CDC & Eversource Capital to invest $330 mn in Ayana.
• Lupin launches chronic angina treatment drug in the US.
• Future Group to bring 7-Eleven Stores to India.
• Cabinet clears ₹10,000 Crore FAME II scheme.
• RBI constitutes task force under Usha Thorat on offshore rupee markets.
• REC Board approves borrowing limit hike,₹11 Per Share Interim Dividend.
• J&J allowed resuming Baby Talc Production.
• Fraud-hit PNB ranks highest in implementation of ‘Reforms Agenda’ in 2018.

Key Due dates:

• ITC in respect of the invoices issued during 2017-18   may be availed till the due date of GSTR 3B for the month of March 2019.
• The Due Date of GSTR-3B for the month of March 2019 is 20^th April 2019.

• More updates:INCOME TAX UPDATE 18 NOVEMBER 2015

  More updates:INCOME TAX UPDATE 14 NOVEMBER, 2015