SEBI issues interpretive letter, clarifies disclosure requirements by AIFs in placement-memorandum
SEBI issues interpretative letter to Peninsula Brookfield India Real Estate Fund under Informal Guidance Scheme, 2003 read with SEBI (Alternative Investment Funds) Regulations, 2012 ('AIF Regulation'), clarifies that AIF shall disclose details of all associates in which their sponsors, managers, directors or partners hold at least 15% stake (either individually or collectively) in its information / placement memorandum; Further clarifies that disclosure of associates is to be made for entities incorporated in India and outside India, where the threshold of 15% is triggered; States that AIF shall disclose disciplinary history of directors independent or otherwise, in its placement memorandum: SEBI
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SEBI prescribes trade annulment policy by stock exchanges, sets time-bound procedure
SEBI lays down detailed policy for trade annulment undertaken by stock exchanges ('SEs') and directs them to implement suitable framework for penalising brokers placing erroneous orders; States that the examination of trade(s) for annulment may be taken up eithersuomoto by SE or upon request from stock broker, however trade(s) resulting from wilful misrepresentation / manipulation / fraud, trade(s) may be annulled as provided in extant SEs' byelaws; Stock brokers are under obligation to submit such annulment request to SEs within 30-minutes from execution of trade(s), and SEs shall in time bound manner inform details of such requests to all stock brokers; SEs shall expeditiously (not later than start of next trading day), examine and decide upon such requests, and also consider the potential effect of such annulment on trades of other stock brokers/investors across all segments; On receipt of review request, matter shall be referred to SE's independent oversight committee, and the committee shall expeditiously examine / give recommendations within 30-days, and the SEs shall convey its decision within 2 working days: SEBI
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SEBI reviews minimum contract size in equity derivatives segment
SEBI modifies the framework for determination of lot size for derivatives contracts; States that lot size for derivatives contracts in equity derivatives segment shall be fixed in such manner that contract value of derivative on day of review is within Rs. 5 lacs & Rs. 10 lacs; Prescribes lot size for stock derivatives as multiple of 25 and the lot size for index derivatives as multiple of 5; States that the stock exchanges shall jointly ensure that lot size is same for an underlying traded across exchanges: SEBI
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Directs share disinvestment for failure to make public announcement for creeping acquisition
SEBI directs promoters of target co. to disinvest certain shares of TCM Ltd. ('target co.') through sale to parties not connected to them, and transfer proceeds of such sale to Investor Protection and Education Fund; Observes that promoters failed to make public announcement within stipulated period under Takeover Regulations for creeping acquisition of shares of target co., and also made further acquisitions in violation of Takeover Regulations; Holds that public announcement now would be a mere formality, thus they should pay interest on consideration amount to shareholders who tender their shares in open offer; Notes that promoters were members of same family and were jointly in control of target co., observes, "By virtue of these relations/connections the noticees are persons acting in concert with regard to the acquisitions in question"; Rejects contention that the purchases by promoters were independent of each other and they were not aware about other promoter's purchases, refers to SAT ruling in Nirvana Holdings Private Limited vs. SEBI :SEBI
Imposes penalty for Takeover Code's non-compliance; Rejects technical & no mala-fide intention defense
SEBI imposes penalty on Nature India Communique Limited ('Noticee') for 14 years failure / delay in making mandatory annual disclosures under Reg. 8(3) of Takeover Regulations; Rejects noticee's submission that such delay was purely technical in nature, neither malafide nor wilful, but occurred inadvertently without causing any financial or economical loss to any shareholders; SEBI holds that 'timeliness' is essence of disclosure and delayed disclosure serves no purpose and such mandatory annual disclosure under Takeover Regulations keeps investors aware of changes in promoters' holding, which assists them in taking an informed investment decision; Relies on SAT ruling in Komal Nahata Vs. SEBI, wherein it was held that "argument that no investor has suffered on account of non disclosure is without any merit because firstly penalty for non compliance of SAST Regulations, 1997 and PIT Regulations, 1992 is not dependent upon the investors actually suffering on account of such non disclosure."; States that as a listed company, Noticee has a responsibility of complying with disclosure requirements in accordance with its spirit, intention and non-compliance with disclosure requirements undermines regulatory objectives and jeopardizes achievement of the underlying policy goals:SEBI
GOODS AND SERVICE TAX REPORTS (GSTR) HIGHLIGHTS
F Circular No. 12/2006-Customs, dated 20-2-2006 applicable where auction sale of uncleared goods by Department not custodians : Wunderhommz Enterprises P. Ltd. v. Union of India (Delhi) p. 270
F Appeal against rejection of application for refund of terminal excise duty maintainable before Director General of Foreign Trade : Motherson Sumi Electric Wires v. Union of India (Delhi) p. 273
F Decision not communicated cannot be assailed by instituting action in court : Alstom India Ltd. v. Union of India (No. 1) (Delhi) p. 275
F Appeal from order passed by adjudicating authority not falling under section 13 of 1992 Act, not maintainable : Alstom India Ltd. v. Union of India (No. 2) (Delhi) p. 280
F Subscription for international taxation, consultancy service, medical group insurance services, outdoor catering service and advertisement service and sponsorship service admissible as input services : CCE v. HCL Technologies (All) p. 288
F Rule 10A in 2000 Rules inserted with effect from 1-4-2007 providing for taking price at which principal manufacturer sells goods as assessable value for job worker, constitutionally valid : Hyva (India) P. Ltd. v. Union of India (Bom) p. 291
F Applicability of rule 10A of 2000 Rules depends on facts and circumstances of each case : Hyva (India) P. Ltd. v. Union of India (Bom) p. 291
F Assessee entitled to Cenvat credit of tax paid : CCE v. HCL Technologies Ltd. (Trib.-Delhi) p. 285
F Assessee entitled to credit of tax paid on medical group insurance, legal consultancy services, outdoor catering services and subscription for international taxation : CCE v. HCL Technologies Ltd. (Trib.-Delhi) p. 285
F Notifications :
Foreign Trade (Development and Regulation) Act, 1992 : Notification under section 3 : Import Policy Conditions of cardamoms : Amendments p. 88
Import Policy Conditions of shark fins : Amendments p. 90
Import Policy Conditions under ITC (HS) 4 digit code 3808 : Amendments p. 85
Import Policy Conditions under ITC (HS) 4 digit code 8517 : Amendments p. 86
Import Policy of radio navigation equipment : Amendments p. 84
Notification under section 5 : Amendments in Schedule 2 to ITC (HS) Classification of Export and Import items p. 87
Documents required for export and import p. 92
Export of military stores : Amendments p. 93
Export Policy of potato : Amendments p. 90
Import Policy of worked monumental or building stone (except slate), etc. : Amendments p. 81
New laboratory for certification and grading of diamonds : Amendments p. 91
Permission for export of buffalo tallow : Amendments p. 83
Prohibition on export of shark fins of all species of shark : Amendments p. 89
Notification under section 15(1)(b) : Functioning of appellate authority p. 82
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