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Online PR News – 04-August-2009 – – Case Laws-Corporate Laws -From Sc/Hc

Supreme Court inter alia on prerequisites for conversion of a private company into a public company - It is not the records of the Registrar of Companies which determines the status of a company but the definition of a “private company” or “public company” as defined in section 3(1)(iii) and 3(1)(iv) of the Companies Act, 1956; having regard to the definition of “private company” in section 3(1)(iii), as soon as the number of its members exceeds 50, it loses its character as a private company - Ram Parshottam Mittal v. Hillcrest Realty Sdn. Bhd. [SLP (CIVIL) NOS. 1069-1071 OF 2009]

Sanction to a scheme of amalgamation which is approved by overwhelming majority of equity shareholders and unanimously by secured/unsecured creditors - Merely because some other method of valuation of shares could be resorted to and would be bit favourable to the shareholders, that alone cannot militate against granting approval to the scheme propounded by the company; the fact that on the same day, the Board of Directors proceeded to give approval to the proposed scheme does not per se mean that the decision of the Board of Directors suffers from non-application of mind; decision so taken by the Board of Directors cannot be termed as contrary to law or against the public policy; if so, the Company Court cannot sit over the decision of the Board of Directors and of the class of stakeholders as Court of Appeal and scrutinize the criticism pressed into service by the objectors disregarding the commercial wisdom of the overwhelming majority of the equity shareholders as a class - Reliance Industries Ltd., In re [Company Petition No. 296 of 2009 connected with Company Application No. 288 of 2009]

Direct Tax Laws -From Itat

Ascertainment of class of buildings owned/taken on lease by assessee for purpose of granting depreciation thereon and determining WDV thereof - A meaning given to structure or work done by the assessee in or in relation to a leased building under Explanation 1 to section 32(1) of the Income-tax Act, 1961 shall be given equal effect while determining its class of assets and WDV thereof; the assessee cannot be allowed to give one treatment to the work or structure done in or in relation to the leased building by treating the same as a building owned by the assessee while claiming depreciation in respect thereof and to give a different treatment while determining nature of ‘block of assets’ and WDV thereof by treating the building actually owned by the assessee and the building deemed to be owned by the assessee as a separate and distinct block of assets when there is no different as to their class - Anand and Anand v. ACIT [ITA No. 2675/Del/2007]

TDS under section 194C - For applying of provisions of section 194C there has to be a contract in existence involving a contractor and a contractee and contract must be for carrying out of ‘any work’ and further, there must be payment of amounts to contractor by contractee and such amounts must not be advances, to be adjusted against future payments - Muktha Arts Vs. Assistant Commissioner of Income-tax, TDS 2(2) - [2009] 31 SOT 244 (MUM.) [IT APPEAL NOS. 755 TO 757 (MUM.) OF 2007]

Service Tax -From Cestat

Export of taxable services - Proviso to sub-rule (3) of rule 3 of Export of Services Rules, 2005 is applicable only if service recipient has any commercial or industrial establishment or any office relating thereto, in India - National Engineering Industries Ltd. v. Commissioner of Central Excise, Jaipur - [2009] 21 STT 188 (NEW DELHI - CESTAT) [FINAL ORDER NO. ST/105 OF 2009 & APPEAL NO. ST/239 OF 2007-CUS.]

Direct Tax Laws

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Withdrawal of Instruction No. 1829, dated 21-9-1989 - Instruction No. 5/2009, dated 20-7-2009

Unique Transaction Number - Press Release No. BSC/BY/GN-276/09, dated 24-7-2009

Finance (No.2) Bill, 2009 passed by Lok Sabha -


Foreign Exchange Management (Borrowing or Lending in Foreign Exchange) (Second Amendment) Regulations, 2009 - Amendment in schedule I and schedule II - Notification No. G.S.R. 547(E), [No. FEMA, 194/2009-RB], dated 17-6-2009

Foreign Exchange Management (Export and Import of Currency) (Amendment) Regulations, 2009 - Amendment in regulation 3 - Notification No. G.S.R. 548(E), [No. FEMA, 195/2009-RB], dated 7-7-2009

Insurance Laws

Unit Linked Products - Cap on Charges - Circular No. 20/IRDA/Actl/ULIP/09-10, dated 22-7-2009

Securities Laws

Establishment of Connectivity with both depositories NSDL and CDSL - Companies eligible for shifting from Trade for Trade Settlement (TFTS) to normal Rolling Settlement - Circular No MRD/Dop/SE/Cir-09/2009, dated 30-7-2009

Comprehensive Risk Management Framework for the cash market - Circular No. MRD/DoP/SE/Cir-08/2009, dated 27-7-2009

Service Tax

Service tax on commission paid to Managing Director/Directors by the company - Circular No. 115/09/2009-ST, dated 31-7-2009

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