Thursday, 21 March 2013


RELAXATION OF ADDITIONAL FEES AND EXTENSION OF LAST DATE IN FILING OF VARIOUS FORMS WITH THE MINISTRY OF CORPORATE AFFAIRS

Circular No.: 7/2013,
Date: 20th March, 2013

In continuation of the Ministry’s General Circular No: 03/2013 dated 08-02-2013, it is inform you that the time limit for filing and relaxation of additional fee on forms has been extended till 31-03-2013, previously this date was 28-02-2013 , the detailed are given below:-

1.   The scenario arising where the due date was falling before 17/01/2013, however, additional fee increased due to non-filing of documents between 17/01/2013 and 28/02/2013 (both days inclusive). The affirmative step based on the ticket raised by ROC and the additional fee mentioned therein, will be:-
                     i.        Change of additional fee applicable against respective Service Request Number (SRN) in the database;
                    ii.        Regeneration of challan with revised additional fee;
             iii.     Extension of validity period of the challan till 7 days from the date of change;
              iv.        Sending an e-mail along with challan to the user requesting him to pay the amount as per the revised challan. (User may also download the challan from FO Portal.)

2.    The other scenario where all the documents which have expired on or after 17-01-2013 due to non-submission/re-submission PUCL will be restored back. The validity of tickets raised till 24-3-2013 will be entertained and users will be given the time to file the documents within seven days of intimation to user. In case of failure to file the form within seven days, the form will be marked as NTBR and no further relaxation will be granted.

3.   Further it is clarified that fee payable for forms on/till 16-01-2013 will remain payable along with additional fee and relaxation of any additional fee will be considered for forms on or after 17-01-2013.

4.   All other terms and conditions of the General Circular No. 03/2013 dated 08.02.2013 will remain the same.

Wednesday, 20 March 2013


STANDING LIQUIDITY FACILITIES FOR BANKS AND PRIMARY DEALERS
Notification No.: RBI/2012-13/446
Date: 19/03/2013

As the repo rate has been reduced by 25 basis points from 7.75 per cent to 7.50 per cent with immediate effect.

Accordingly, the interest rate charged on the Standing Liquidity Facilities provided to banks under Export Credit Refinance (ECR) and Special Export Credit Refinance (SECR) and to Primary Dealers (PDs) (collateralized liquidity support) from the Reserve Bank is at the revised repo rate, i.e., at 7.50 per cent with immediate effect.

Regards
CA. Mona Singhal
Partner

Arpit Gupta & Associates
Chartered Accountants

701, Nirmal Tower,
26, Barakhamba Road,
Connaught Place, Delhi-110001

Mobile:- +91-9873082769 
Website: www.caaga.co.in


Tuesday, 19 March 2013


LIQUIDITY ADJUSTMENT FACILITY – REPO AND REVERSE REPO
AND MARGINAL STANDING FACILITY RATES

Notification No.: RBI/2012-2013/447
Date: 19/03/2013

As announced today in the Mid-Quarter Review of the Monetary Policy 2012-13, it has been decided to reduce the Repo rate under the Liquidity Adjustment Facility (LAF) by 25 basis points from 7.75 per cent to 7.50 per cent with immediate effect.

Consequent to the change in the Repo rate, the Reverse Repo rate under the LAF and the Marginal Standing Facility (MSF) rate will stand automatically adjusted to 6.50 per cent and 8.50 per cent respectively with immediate effect.

All other terms and conditions of the current LAF and MSF schemes will remain unchanged.

Regards
CA. Mona Singhal
Partner

Arpit Gupta & Associates
Chartered Accountants

701, Nirmal Tower,
26, Barakhamba Road,
Connaught Place, Delhi-110001

Mobile:- +91-9873082769 
Website: www.caaga.co.in


RBI INITIATES SCRUTINY OF ICICI, HDFC & AXIS BANK

The Reserve Bank of India has initiated the process of carrying out comprehensive scrutinies covering both, Head Office and branches of three private sector banks, namely, ICICI Bank, HDFC Bank and Axis Bank.

Apart from this, the Reserve Bank has also undertaken a thematic study in respect of banks that are active in selling gold coins / wealth management products to examine whether there are systemic issues and to plug deficiencies and legal loop-holes, if any.   

The scrutinies have been initiated after an online media firm called Cobrapost.com, on the basis of its sting operations across some branches of these banks alleged money laundering and violation of several provisions of the Reserve Bank of India Regulations, Foreign Exchange Management Act guidelines, Prevention of Money Laundering Act (PMLA), etc.

The media firm had uploaded some videos on the internet relating to these banks as well as ICICI Prudential Life Insurance and HDFC Life Insurance.
The final reports on all the three banks will be completed by March 31, 2013 and thereafter further course of action as necessary will be initiated.

Regards
CA. Mona Singhal
Partner

Arpit Gupta & Associates
Chartered Accountants

701, Nirmal Tower,
26, Barakhamba Road,
Connaught Place, Delhi-110001

Mobile:- +91-9873082769 
Website: www.caaga.co.in


HIGH COURT OF MADRAS: PROPERTY ATTACHMENT NOTICE CANNOT BE CHALLENGED BY A PERSON WHO IS NOT THE OWNER OF PROPERTY

In its judgment dated 5th December, 2012 HIGH COURT OF MADRAS in the case of Mrs. Kutty Padmini vs. Commissioner of Service Tax, Chennai held that the petitioner cannot challenge the notice of attachment of immovable property as she is not the owner of the property as per her claim. 

Issue for Consideration

The issue arises in the present case is that whether a notice can be challenged by a person even if he is not the owner of property.

Facts of the Case

·  The writ petition has been filed challenging the notice of attachment of immovable property, issued by the respondent Service Tax Department alleging default in payment of service tax by Shri Goolabjith alias Prabhu Nepaul and a copy of the notice of attachment of immovable property, has been served on the petitioner Mrs. Kutty Padmini as mother of Ridhineka Goolabjith Nepaul.

·     The plea of the petitioner is that based on power of attorney dated 2.6.2011 and Memorandum of Understanding dated 13.7.2011 between the petitioner and her husband Ramaprabha Sathyanand Nepaul Goolabjith @ Prabu Nepaul and the settlement deed dated 3.1.2012 by Ramaprabha Sathyanand Nepaul Goolabjith @ Prabu Nepaul in favour of their minor daughter, the property stood transferred in the name of their minor daughter who in turn after attaining majority sold the same to the third parties.

·    The present owners of the property, are Mr. Rajagopalan Kuppuswamy and Mrs. Hema Balasubramanian by document No. 4071 /12 dated 20.7.2012

·     In fact, the petitioner is not the owner of the property in question. 


Judgment

ü  It is not open to the petitioner to challenge the notice of attachment of immovable property as she is not the owner of the property as per her claim. 

ü  If the notice has been wrongly issued to the petitioner, it is open to the petitioner to give a representation to the respondent authority setting out the details of the transaction that has taken place.

ü  If any action is proposed to be taken as against the petitioner, thereafter the petitioner can defend such action as per law.

ü  The petitioner, however, is directed to give a reply to the respondent authority explaining the facts, so as to enable the department to take appropriate action as per law.

ü  It is made clear that this Court has not expressed any opinion on the merits of the case.

Regards
CA. Mona Singhal
Partner

Arpit Gupta & Associates
Chartered Accountants

701, Nirmal Tower,
26, Barakhamba Road,
Connaught Place, Delhi-110001

Mobile:- +91-9873082769 
Website: www.caaga.co.in


GOVERNMENT NOTIFIES NEW COPYRIGHT RULES 2013

The Copyright Rules, 2013 has been notified by the Copyright Division, Department of Higher Education, Ministry of Human Resource Development on 14th March, 2013. 

The amendments to the existing provisions of the Copyright Act, 1957 and introduction of new provisions under the Copyright(Amendment) Act, 2012, which came into the force on 21st June, 2012, necessitated amendments to the Copyright Rules, 1958.

The draft Rules were posted on the website of the Copyright Office on 28th August, 2012 seeking comments of all stakeholders and experts giving a deadline of 20th September, 2012. The Ministry also held a meeting with various stakeholders and copyright experts on 8th October, 2012 to seek their suggestions on the draft rules.

The Copyright Rules, 2013 provide new rules for statutory license for cover versions and broadcasting of literary and musical works and sound recording; compulsory licenses for works withheld from public, unpublished and published works, for benefit of disabled; registration of Copyright Societies and Performer’s Right Societies; storage of transient or incidental copies of woks; making or adapting the work by organizations working for the benefit of persons with disabilities; importation of infringing copies and technological protection measures.

The fee for registration of copyright for various works and fee for licenses to be issued by registrar of Copyrights under the directions/orders of the Copyright Board have been increased under the Copyright Rules, 2013.
The minimum fee has been increased for registration from Rs. 50/- per work to Rs. 500/- per work and the maximum fee has been increased from Rs. 600/- per work to Rs. 5,000/-.

The fee for licenses has been increased from Rs. 200/- to Rs. 2000/- per work and the maximum fee has been increased from Rs. 400/- to Rs. 40,000/-.

The new fee structure provided under Second Schedule of the Rules is applicable from the date of coming into force of the Copyright Rules, 2013 that is 14th March, 2013. A copy of the same has been made available on the website of the Copyright Office www.copyright.gov.in.

Regards
CA. Mona Singhal
Partner

Arpit Gupta & Associates
Chartered Accountants

701, Nirmal Tower,
26, Barakhamba Road,
Connaught Place, Delhi-110001

Mobile:- +91-9873082769 
Website: www.caaga.co.in

Monday, 18 March 2013


SHARING OF INFORMATION REGARDING ISSUER COMPANIES BETWEEN DEBENTURE TRUSTEES AND CREDIT RATING AGENCIES

Circular No.: CIR/MIRSD/3/2013
Date: 15/03/2013

SEBI (Debenture Trustee) Regulations, 1993 require the Debenture Trustees (DTs) to share information regarding the issuer companies that are their clients, with Credit Rating Agencies (CRAs). The purpose of the Regulations is to enable CRAs to perform their obligations effectively.

DTs have also expressed the need to receive relevant information on issuer companies from CRAs.

In consultation with DTs and CRAs, it has been decided that registered DTs and CRAs shall share information with each other as specified in the Annexure. DTs and CRAs may share any other information from time to time in respect of issues/issuer companies which would help them in effective discharge of their duties.

Further, the DTs and CRAs shall assign designated email addresses for sending and receiving such information and ensure appropriate action, if any, based on the information received.

Sharing of information between Debenture Trustees (DTs) and Credit Rating Agencies (CRAs)

A. Information from CRAs to DTs
1. Rating assigned/revised for debt securities along with the rationale for the   same.
2. Press release, outstanding ratings etc. in respect of debt securities.
3. Non-cooperation by the issuers with respect to sharing necessary  information for monitoring the credit quality of the rated instrument with CRAs.
4. Press release and separate communication to DT on withdrawal of rating  post redemption of entire amount due towards debenture-holders.
 5. Default of any type committed by the issuer.

B. Information from DTs to CRAs
1. Whether the asset in respect of which security has been created is free from any encumbrance and adequate to ensure asset cover for the debentures or if there is any breach of the terms of creation of the security. This information shall be shared on half yearly basis.
2. Funds transferred to Debenture Redemption Reserve(DRR), depletion of the DRR/invocation of guarantee which could affect the payment of debenture obligations. This information shall be shared annually.
3. Details of redemption of the issue.
4. Any default committed including the default in payment of interest or redemption of debentures or delay in creation of security.
5. Any change or restructuring of the terms of the issue.
6. Periodic reports from lead banks about the progress of the project for which funds have been raised through debentures and certificate from issuer’s auditors in respect of utilization of funds.
7. Details of grievances filed by debenture-holders and action taken to resolve them.
8. Non cooperation by the issuer with respect to furnishing required reports/certificates/information.

Information pertaining to points 3 to 8 shall be shared as and when available.


Regards
CA. Mona Singhal
Partner

Arpit Gupta & Associates
Chartered Accountants

701, Nirmal Tower,
26, Barakhamba Road,
Connaught Place, Delhi-110001

Mobile:- +91-9873082769 
Website: www.caaga.co.in