SEBI Guidelines, DVAT Provisions,& CBEC’s move towards GST
SEBI has amended SEBI (ICDR) Regulations, 2009 and notified the SEBI (Issue of Capital and Disclosure Requirements) (Third Amendment) Regulations,2015.
The new norms, will provide all listed companies a ‘fast-track’ route for share sales, accordingly firms in which public shareholders own stocks worth Rs 1,000 crore will now be able to access this route through a follow-on public offer (FPO) against the old requirement of minimum Rs 3,000 crore.
Under the ‘fast-track’ route, a listed company would not be required to file any draft offer document for its FPO or rights issue and they can proceed with fund-raising program without necessarily getting ‘observations’ from SEBI.
Further, for rights issues, promoters will not renounce their rights, except to the extent of renunciations within the promoter group, or for the purposes of complying with minimum public shareholding norms.
This new mode would be allowed only for those firms in which the promoter group and directors of the issuer have not settled any alleged violation of securities laws through the consent mechanism with SEBI in the past three years.
Amendments in SEBI -Listing Obligations and Disclosure Requirements Regulations 2015
DVAT Authorities have again extended the last date of filing of online / hard copy of return for first quarter ended on 30-06-2015 for the financial year 2015-16, in Form DVAT-16, DVAT-17 and DVAT-48 along with required annexure / enclosures from 07/08/2015 to 17/08/2015.
However, the tax due shall continue to be paid in the usual manner as per the provisions of section 3(4) of the Delhi Value Added Tax Act, 2004.
Further, the dealers filing the returns through digital signature need not be required to file hard copy of the return / Form DVAT-56.
CBEC’s move towards GST
Consequently upon, the decision of the CBEC to create a GST Directorate in Delhi by shifting headquarter of DGST, Mumbai to Delhi, it has been decided that Directorate General of Service Tax.
DGST will henceforth be re-named as Directorate General of Goods & Service Tax (DGGST) w.e.f. 1st August, 2015.
It is also clarified that all records of DGST Mumbai will continue to be maintained in the existing office till instructions regarding their transfer are issued.
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