LLP Press Note on applicability of Income Tax on LLP similar to general Partnership effective 1st April 2010

Taxation of Limited Liability Partnership like General Partnerships effective from 1st April 2010-LLP Press Note 2009

Since the taxation related matters in India are provided under Tax Laws, the taxation of LLPs was not provided in the Limited Liability Partnership (LLP) Act, 2008. The Finance Bill, 2009 has made provisions in this regard, pursuant to which the taxation scheme of LLPs has been proposed to be introduced in the Income Tax Act.  The amendments shall be effective from the 1st day of April 2010 i.e. assessment year 2010-11.  Find details of the notification in http://www.lawlabz.com/blog.html

Source: Press Note No.1/16/2007-CL.V dated 10/07/2009 on Taxation of Limited Liability Partnerships

Thank you all for making 1st year celebrations of Lawlabz & Learnlabz wonderful, thanks again for all the well wishes...

Yes Gurus, Professionals, Well wishers, Friends… A sincere thanks to every one of you who has helped us to make the 1st year celebration of Lawlabz, Learnlabz and OnlyThisMuch a grand one either in person or by proxy (wishes).

Further, we would like to place special thanks to our Parents who graced this occasion and LawLabz clients, LearnLabz Gurus and Company Secretary students.

It was indeed a very big experience to pass through an year with all your support and expecting your well wishes as ever. We would love to produce our best solutions to Xperiment, Xcel!!!

For those, who are impracticable to be physically present, do relish this:

http://www.lawlabz.com Photos Link

Thanks again by ANS Vijay & Team

GDR holder is not a member until transfer or redemption, neither Overseas Depository Bank is a nominee or beneficial owner – MCA clarification

Ministry of Corporate Affairs (MCA) vide its General Circular No. 1/2009 [No.17/67/2009 CL-V] dated 16th June 2009 has clarified that a Global Depository Receipt (GDR) holder is NOT a member as,

• Under Section 41(1) & 41(2) of Companies Act, 1956, a GDR holders name is neither entered as Subscriber to Memorandum (MoA) nor in Register of Members (RoM)
• Under Section 41(3) of Companies Act, 1956, a Overseas Depository Bank under GDR is neither a Depository (as per Depositories Act, 1996) nor holds share as a Beneficial Owner (BO).

Thus, holder of GDR may become a Member only on Transfer or Redemption into Underlying Equity Shares.  Though the underlying shares on transfer/redemption is allotted to Overseas Depository Bank, it canNOT be considered as Nominee of GDR holder for the purpose of Section 41 & 42 of Companies Act, 1956

No Delivery Period for all corporate actions of demat securities, SEBI amends

SEBI vide circular no. SEBI/CFD/DIL/LA/1/2009/24/04 dated April 24, 2009 has reduced the notice period from companies to stock exchanges to atleast 7 working days for all types of corporate actions.

It is decided to do away with ‘no-delivery period’ for all types of corporate actions in respect of the scrips which are traded in the compulsory dematerialised mode and accordingly, short deliveries, if any, of the shares traded on cum-basis may be directly closed out.

In case of such direct close-out, the mark-up price would be as stated in SEBI circular no. SMD/POLICY/Cir-08/2002 dated April 16, 2002.

Source: Abolition of no-delivery period for all types of corporate actions vide MRD/DoP/SE/Cir-07/2009 dated July 21, 2009

New Clause 28A in equity listing agreement restricting shares with superior rights to voting/dividend

Yes,

The following clause is inserted under Equity Listing Agreement,

“28A. The company agrees that it shall not issue shares in any manner which may confer on any person, superior rights as to voting or dividend vis-à-vis the rights on equity shares that are already listed. "

 

Thus, now Joint Ventures (JV) and Foreign Collaboration agreements with listed company shall observe cautions!!!

 

Source: Amendments to the Equity Listing Agreement

SEBI/CFD/DIL/LA/2/2009/21/7 dated July 21, 2009

[Labz] 1st Anniversary Celebrations, expecting your presence!!!

Yes YOU,

 

Many a thanks for your tremendous support and overwhelming response to LawLabz & LearnLabz as a Corporate & Secretarial Service Provider, Professional Educational Institute & OnlyThisMuch books.

 

I know you will treat this as my personal invite and grace our FIRST anniversary celebrations at LawLabz Consultancy (P) Ltd @ 128, Veeraperumal Koil Street, Mylapore, Chennai.  Any assistance, am at your service from +91 93829 35598.  PFA the Invitation.

 

Its YOUR presence which can satisfy our hearts and make the function grand!

 

Expecting YOU @ Labz.

 

Thanks once again...
--
A.N.S. VIJAY
Trezrrr...Every Pulsss...
http://yehseeyes.blogspot.com
 http://www.lawlabz.com

LawLabz celebrates its 1st Anniversary Celebrations, expecting your earnest presence!!!

LAW LABZ Consultancy Private Limited

360^O CORPORATE & SECRETARIAL SOLUTIONS

Invites YOU for its

1^ST ANNIVERSARY CELEBRATIONS

 

 

We invite ALL our Gurus, Well wishers, Guides, fellow Professionals, Students for our 1st Anniversary Celebrations,

 

VENUE: Law Labz, 128 Veeraperumal Koil Street, Mylapore, Chennai. M:9382935598

DATE: 26^th day of July 2009 (Sunday)

TIME: 0530 TO 0730 PM

 

We take this opportunity to thank our guiding Professionals and all our clients for having trust and faith in us and providing us with such wonderful opportunities to not only undertake Due Diligences, Incorporations, opinions on FEMA, Company Law, Securities laws, trust formation etc… but also make us a part of their families and corporates.  We would like to thank Mr.M.R.Venkatesh and Mrs.Shanthi for being our core strength and such amazing mentors.

 

We are obliged to extend our thanks to Learn Labz faculties & Company Secretary students for 3 Successful regular batches, 4 Successful weekend Crash batches & proving a record result of over 60% marks in every subject. We would like to thank Mr.Giridharan, Mr.Bhaskar and Mr.Sai Sunder for their involvement & dedication and they are sole reasons for LearnLabz to be successful.

 

We would like to thank you for your resounding response for our in-house book, the 2^nd edition "ONLY THIS MUCH" for CS Executive Programme on Company, Economic & Labour laws and Securities Law, by helping us to achieve a sale of 500 copies within 2 months of hitting bookstores.  We thank you once again for the advanced orders received for CS Professional Programme book, which is Coming Soon!!!

 

Believe us, its mere paucity of time and space to make this invitation short at such a shorter notice.  You are always in our minds.  We believe you will treat this as a personal invitation and grace this wonderful occasion to boost us to grow together reaching the heights of quality & professionalism by giving 360^O solutions to Xperiment, Xcel!!!

 

                                                                                                                       A.N.S Vijay                Company Secretary

 

One day Anchor investors for 30 day lock in, include convertible instruments period for offer for sale & listing in stock exchanges with nation wide terminals - SEBI DIP amended

Source: http://www.sebi.gov.in//circulars/2009/cfdcir362009.pdf

Compulsory listing of IPO on at least one stock exchange with nationwide trading terminals

It has been decided to amend clause 2.1.4 of the SEBI (DIP) Guidelines to provide that an unlisted company making an IPO shall list the securities being issued through the IPO on at least one stock exchange having nationwide trading terminals.

Convertible Equity shares considered eligible for offer for sale

A shareholder can make an offer for sale of the equity shares if such equity shares have been held for a period of at least one year as on the date of filing the draft offer document with SEBI.  It has been decided to amend clause 4.14.2 of the SEBI (DIP) Guidelines to provide that in case equity shares which are received on conversion of fully paid compulsorily convertible securities, including depository receipts, are being offered for sale, the holding period of such convertible securities as well as that of resultant equity shares together shall be considered for the purpose of calculation of the eligibility period.

Introduction of concept of Anchor Investor in public issues through book building route

In clause 11.3.5 after sub-clause (iia), the following sub clause (iib) shall be inserted :-

Out of the portion available for allocation to Qualified Institutional Buyers (QIB) under sub-clause (i) or (ii) or any proviso thereof, as the case may be, UPTO 30% may be allocated to Anchor Investors subject to the following:
a) Anchor Investors shall necessarily be Qualified Institutional Buyers (QIB) as defined in these guidelines.
b) The minimum application size by an Anchor Investor shall be Rs.10 crores.
c) One-third (1/3rd) of the Anchor Investor portion shall be reserved for domestic mutual funds (MF).
d) The bidding for Anchor Investors shall open one day before the issue opens and shall be completed on the SAME day.
e) Allocation to Anchor Investors shall be on a discretionary basis subject to minimum number of 2 investors for allocation of upto Rs.250 crores and 5 investors for allocation of more than Rs.250 crores.
f) The number of shares allocated to Anchor Investors and the price at which the allocation is made, shall be made available in public domain by the merchant banker before opening of the issue.
g) Anchor Investors shall pay a margin of at least 25% on application with the balance to be paid within 2 days of the date of closure of the issue.

h) If the price fixed for the public issue through book building process is higher than the price at which the allocation is made to Anchor Investors, the additional amount shall be paid by the Anchor Investors. However, if the price fixed for public issue is lower than the price at which the allocation is made to Anchor Investors, difference shall not be payable to the Anchor Investors.
i) There shall be a lock-in of 30 days on the shares allotted to the Anchor Investors from the date of allotment in the public issue.
j) No person related to the book running lead managers/ promoters/promoter group in the concerned public issue or the book running lead managers to the concerned public issue can apply under Anchor Investor category.
k) The parameters for selection of Anchor Investors shall be clearly identified by the merchant banker and shall be available as part of records of the merchant banker for inspection by SEBI.
l) The applications made by Qualified Institutional Buyers under Anchor Investor category and under Non Anchor Investor category may not be considered as multiple applications.

Click here for the Applicability of the Guidelines

Download the amended SEBI DIP Guidelines, 2000 as on date

go for Company Secretary Moot court, case published by ICSI for 2009, its at chennai now

Yes, the ICSI mooting begins now…. Moot Court includes drafting briefs (Court Papers) and participating in oral arguments (Pleadings) in a SIMULATED Court/Tribunal environment with 2 speakers & 2 researchers in a team arguing on both the sides of the case.  It really helps to improve the Advocacy & Presentation skills of the participant.  Further, it adds value to your CS Professional Program paper on DRAFTING, APPEARANCES & PLEADINGS.  Its worth to attend and interesting to particpate and exciting to win… Enjoy participatin…

The winning team of the Moot Court Competition will receive the rolling shield in the 37^th National Convention of Company Secretaries scheduled to be held from 5^th – 7^th November, 2009 at Hyderabad.

Start Researching now,

1. 7th All India ICSI Moot 2009 - Rules.pdf

2. 7th All India ICSI Moot 2009 - Problem

3. Bombay High Court Rules.zip

The expert team from Surana & Surana International Attorneys will be visiting all the four Regional Offices (subject to the minimum number of teams) of Institute of Company Secretaries of India to conduct the Regional Level Competition as per the schedule mentioned below:  

Round	Dates				Venue
	Orientation  (Friday)	Preliminary Rounds  (Saturday)	Semi-Final& Final rounds (Sunday)	Send  Registration  Form by
East	7 August 2009	8 August 2009	9 August 2009	28 July 2009	ICSI-EIRC Building    3-A,  Ahiripukur I Lane Kolkatta – 700 019  Ph: 033-2281 6541 / 2283 2973
North	21 August 2009	22 August 2009	23  August 2009	28 July 2009	ICSI-NIRC Building Plot No.4, Prasad Nagar, Institutional Area, Rajendra Place , New Delhi -110 005 Ph: 011- 2576 3090 /2576 7190
South	14 August 2009	15 August 2009	16  August 2009	28 July 2009	ICSI-SIRC House, Old No.4, New No.9,  Wheat Crofts Road   Nungambakkam, Chennai – 600 034 Ph: 044-28279898 / 28268685
West	28 August 2009	29 August 2009	30  August 2009	28 July 2009	ICSI 13, Jolly Maker Chambers,  No.II (1st Floor), Nariman Point,  Mumbai – 400 021. Ph: 022-2202 1826 / 2284 4073
National @ Chennai	4 Sep. 2009	5 Sep.2009	6 Sep.2009	-	ICSI-SIRC House, Old No.4, New No.9,  Wheat Crofts Road   Nungambakkam, Chennai – 600 034 Ph: 044-28279898 / 28268685

Details in http://www.icsi.edu/siro/7Mootcourt.htm

Enjoy mootin…

FII,FVCI,MF,Brokers & Custodians revised fee structure SEBI regulations w.e.f 1st July 2009

SEBI hereby makes the Securities and Exchange Board of India (Payment of Fees) (Amendment) Regulations, 2009 to further amend the Securities and Exchange Board of India (Custodian of Securities) Regulations, 1996, the Securities and Exchange Board of India (Foreign Institutional Investors) Regulations, 1995, the Securities and Exchange Board of India (Foreign Venture Capital Investors) Regulations, 2000, the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 and the Securities and Exchange Board of India (Stock Brokers and Sub-Brokers) Regulations, 1992.

 

Click here for the amended fees structure:

No. LAD-NRO/GN/2009-10/11/167759 dated 29th June 2009

No entry load for all Mutual Fund (MF) scheme,all expenses out of 1% Exit load & disclosure of all commissions to distributors from 1st August 2009

SEBI Mutual Fund amendments

a) There shall be no entry load for all mutual fund schemes.
b) The scheme application forms shall carry a suitable disclosure to the effect that the upfront commission to distributors will be paid by the investor directly to the distributor, based on his assessment of various factors including the service rendered by the distributor.
c) Of the exit load or Contingent Deferred Sales Charge (CDSC) charged to the investor, a maximum of 1% of the redemption proceeds shall be maintained in a separate account which can be used by the Asset Management Company (AMC) to pay commissions to the distributor and to take care of other marketing and selling expenses. Any balance shall be credited to the scheme immediately.
d) The distributors should disclose all the commissions (in the form of trail commission or any other mode) payable to them for the different competing schemes of various mutual funds from amongst which the scheme is being recommended to the investor. [Regulation 77 of SEBI (Mutual Funds) Regulations, 1996]

AMCs shall follow the provisions pertaining in clause 5(2)(b) of SEBI Circular SEBI/IMD/CIR No. 5/126096/08 dated May 23, 2008 regarding updation of Scheme Information Document (SID) and Key Information Memorandum (KIM) in this respect.

Applicability
This circular shall be applicable for
a. Investments in mutual fund schemes (including additional purchases and switch-in to a scheme from other schemes) with effect from August 1, 2009 ;
b. Redemptions from mutual fund schemes (including switch-out from other schemes) with effect from August 1, 2009 ;
c. New mutual fund schemes launched on and after August 1, 2009; and
d. Systematic Investment Plans (SIP) registered on or after August 1, 2009.

Source: Mutual Funds - Empowering investors through transparency in payment of commission and load structure

Relevant Existing provisions

1. SEBI had earlier abolished initial issue expenses and mutual fund schemes were allowed to recover expenses connected with sales and distribution through entry load only. Further, investors making direct applications to the mutual funds were exempted
from entry load.
2. In terms of existing arrangement, though the investor pays for the services rendered by the mutual fund distributors, distributors are remunerated by Asset Management Companies (AMCs) from loads deducted from the invested amounts or the redemption proceeds. SEBI (Mutual Funds) Regulations, 1996 also permit AMCs to charge the scheme (under the annual recurring expense) for marketing and selling expenses including distributor’s commission.
3. Further, all loads including Contingent Deferred Sales Charge (CDSC) for the scheme are maintained in a separate account and this amount is used by the AMCs to pay commissions to the distributors and to take care of other marketing and selling expenses. It has been left to the AMCs to credit any surplus in this
account to the scheme, whenever felt appropriate. In order to incentivise long term investors it is considered necessary that exit loads/CDSCs which are beyond reasonable levels are credited to the scheme immediately.

SEBI/IMD/CIR No. 4/ 168230/09 dated 30th June 2009

 

Like it, keep getting updates through mail

USD 1 million for Foreign Venture Capitals (FVCI) as firm commitment to apply for SEBI registration now

IMD/DOF-1/FVCI/CIR. No. 1/2009 dated 3rd July 2009

All applicants desirous of registering with SEBI as the Foreign Venture Capital Investors (FVCI), henceforth, shall obtain firm commitment from their investors for contribution of an amount of at least USD 1 million [1,000,000 $] at the time of submission of applications seeking registration as FVCIs as per SEBI (Foreign Venture Capital Investors) Regulations, 2000.

 

Kindly note, existing Regulation 11(3) of the SEBI (Venture Capital Funds) Regulations, 1996 [Domestic VCF Regulations] requires firm commitment from the investors for contribution of an amount of at least rupees five crores before the start of operations by the venture capital fund.

 

Source: Firm commitment requirement for registration as Foreign Venture Capital Investors

 

Like it, keep getting updates through mail