Wednesday, September 9, 2015

[aaykarbhavan] Judgement and Infomration [2 Attachments]



IFAC News
Since 2008, lending conditions have been affected deeply both by the fallout from the financial markets crash, and related austerity measures in Europe.
These turbulent business financing conditions are a challenge for accountants, for businesses large and small, and for lenders. Accountants play a vital role in helping organizations, be they their employers or their clients, access and secure business financing.
News | View All
Non-audit Services Monitor: United States - Data
September 4, 2015 | The Accountant
Finance Decision-makers Less Confident in Third Quarter
September 4, 2015 | Journal of Accountancy
Audit Fees and Non-Audit Fees: A Thirteen Year Trend
September 2, 2015 | Audit Analytics
CAQ "Profession in Focus," Episode 6
September 2, 2015 | Center for Audit Quality
Seventh Annual CAQ Symposium Looks Ahead to the Future of Audit
September 1, 2015 | Center for Audit Quality
Toshiba Probing 10 New Accounting Issues, Including at US Unit
August 31, 2015 | Accounting Today
Microsoft Pays More Than Apple for Its Audit, and Why Investors Should Care
August 31, 2015 | Fortune
Professional Services: Accounting for Change
August 28, 2015 | Financial Times
More Audit Transparency for Investors Makes a Bitter Proposal Easier to Swallow
August 27, 2015 | The Conversation
Auditors' Fears Increase over Hong Kong Companies
August 27, 2015 | Financial Times
Non-Audit Fees Declining at Auditing Firms
August 27, 2015 | Accounting Today
Grip on Non-Audit Fees Grows Tighter
August 25, 2015 | Wall Street Journal
CAQ and AAA Request Research Proposals for Access to Audit Personnel
August 25, 2015 | Accounting Today
Study Shows Better Audit Reports Lead to Better Audits
August 25, 2015 | Compliance Week
SEC and PCAOB on Audit Committees
August 25, 2015 | Harvard Law School Forum on Corporate Governance and Financial Regulation
'Boomerang' Auditors Make Better Fraud Detectives, Experiment Shows
August 21, 2015 | CFO.com
New Auditing Standards to Help Regain Trust in the Profession
August 15, 2015 | The National
Resources | View All
The People Puzzle: Building and Retaining a Talented Accounting and Finance Team
Guidance | Robert Half
Dos and Don'ts for Recruiting
Video | Accounting Today
How Your Practice Should Measure Utilization
Article | Accounting Web
7 Ways Accountants Provide Value to Their Clients
Article | Accounting Web
LSBF Great Minds Series: Kevin Ellis, Managing Partner, PwC
Video | Global University Systems
The Latest Trends in Accounting Marketing
Article | CPA Practice Advisor
A Shared Outlook
Article | Accounting Today
Infographic: Recruiting Millennials
Article | Accounting Today
New Insights on Getting Niched
Article | American Institute of CPAs
Why You Should Want Millennial Clients
Article | Accounting Web
Filling the Soft-Skills Gap
Article | Accounting Today
New Practice? Stick to What You Know
Article | Accounting Web
Are You Meeting Client Expectations or Deadlines?
Article | Accounting Web
Accounting Firm Marketing Strategies to Avoid
Article | Accounting Today
The Multiplier Effect: Can Accounting Technology Boost the Value of Your Firm?
Video | Accounting Web
Do CPA Firms Need Management or Leadership?
Article | CPA Trendlines
Fast Forward: Leading in a Brave New World of Diversity
Report | Chartered Accountants Australia and New Zealand
5 Misconceptions Small Business Clients Have about Risk
Article | AICPA Insights
Case Studies: Business Intelligence
Case Study | Accounting Today
A Simple Introduction to Google Analytics
Guidance | Practice Web
News | View All
Policymakers Urged to Help SMEs Enter Global Value Chains
September 4, 2015 | Rappler
CAQ "Profession in Focus," Episode 6
September 2, 2015 | Center for Audit Quality
Keeping the Business in the Family
September 1, 2015 | AICPA Insights
Pathways to Growth: It's a Bird! It's a Plane! It's the Digital CPA!
September 1, 2015 | Accounting Today
10 Ways to Give Your Business the Best Chance at Longevity
September 1, 2015 | In the Black
Accounting Leads Most Profitable Industries
September 1, 2015 | Accounting Today
New Report from ACCA Asks the World's Smallest Businesses, "Are You Ready for Growth?"
August 31, 2015 | Association of Chartered Certified Accountants
The Unique Challenge of Capturing Gen Y Clients
August 31, 2015 | CPA Ontario
Culture and Staff Trump Challenges
August 31, 2015 | Accounting Today
The Generation Gap in Accounting Is Widening
August 28, 2015 | Accounting Web
Professional Services: Accounting for Change
August 28, 2015 | Financial Times
Stop Calling It Social Media!
August 28, 2015 | Accounting Today
Dutch Accounting Firms Look to Improve Tarnished Rep
August 28, 2015 | Accounting Today
Taking the Pain out of Practice Management
August 25, 2015 | Accounting Today
Learning System to Anticipate Future Trends Now Available for CPAs
August 10, 2015 | Inside Public Accounting
How Technology Is Pushing Profession Forward
July 27, 2015 | NJ Biz

SEBI proposes to step-up supervision of stock brokers; Apple patent describes fuel cell

SEBI proposes to step-up supervision of stock brokers; Apple patent describes fuel cell

 

Rejects 'non-existent' Delaware co.'s attempt to enforce winding-up petition; Subsequent revival inconsequential

HC dismisses winding-up petition filed by US based co. ('petitioner') against Indian co. ('respondent') for non-payment of dues, on the ground that petitioner was 'non-existent' / 'voided' under Delaware laws for default in tax payment on the date of filing petition, losing its power to sue; Rejects petitioner's contention that it was subsequently revived, thus, had power to sue, holds that, "The petition which was infirm on the date of filing cannot be resuscitated on the basis of a subsequent event, to the prejudice of the respondent"; Relies on Section 510 of Title 8 of the Delaware Corporation Code and its interpretation by Delaware Supreme Court in Transpolymer Industries Inc. v. Chapel Main Corp wherein it was held that "on a corporation becoming 'inactive' and 'voided'.… the corporation ceases to exist and loses its right to sue and be heard, even if represented by counsel"; Further relies on SC ruling in Rameshwar v. Jot Ram wherein it was laid down that right of a party was determined by facts as they exist on the date the action was instituted; Also observes suppression of such fact of 'non-existing' of petitioner co. by petitioner, holds that, "The petitioner seeking to take this impropriety in its stride and to glibly seek to defend its position is hardly appreciable":Karnataka HC

The ruling was delivered by Justice Anand Byrareddy.
Advocates E. Massilamani, B.K. Nandakumar and Suraj Govindaraj argued on behalf of petitioner, while respondent was represented by Senior
Advocate Dhyan Chinnappa and Advocate Arunkumar.

Upholds SEBI order directing share divestment, terms acquisition post-SEBI clarification as 'gross violation'

SAT upholds SEBI order directing target co.'s promoters to divest 27,633 shares by sale to parties not connected/related to them, in tranches on BSE and NSE by ensuring that such disinvestment does not disturb market equilibrium; Notes the fact that promoters collectively acquired such shares after SEBI Circular and such acquisition was in excess of prescribed threshold; Further notes that such clarification was issued by SEBI in August 2009, wherein benefit of doubt was given to acquirers for their shareholding in target co. even though such acquisition was in violation of Reg. 11(2) of Takeover Regulations; Rejects acquirer's contention that shares were purchased through open market in normal segment and same was disclosed to stock exchanges, holds that acquisition post-SEBI circular was gross violation of Takeover Regulations and SEBI directions; Peruses Takeover Regulations, observes that person contravening regulations is required to either make public announcement or share disinvestment:SAT

Order was passed by Justice J.P. Devadhar (Presiding Officer) & Jog Singh (Member).
Advocates Zal Andhyarujina and Kingshuk Banerjee appeared on behalf of Appellants, whereas Advocates Kumar Desai and Manish Acharya appeared on behalf SEBI.

LSI Note:

Regulation 11(2) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 provides that an acquirer holding 55% or more but less than 75% shares or voting rights in Target Co. shall not acquire any additional shares or voting rights in the target company unless he makes a public announcement. SEBI amended the Regulations by adding a proviso to Regulation 11(2) [w.e.f. 30th October, 2008], wherein an acquirer holding 55% or more but less than 75% of shares or voting rights in a target company could acquire additional shares or voting rights upto 5% without making a public announcement subject to the condition that (i) Acquisition is made through open market purchase in normal segment on the stock exchange or pursuant to a buy back of shares, (ii) the post acquisition shareholding of the acquirer shall not increase beyond 75%.

SEBI provides guidance to listed cos. for continuous disclosures under Listing Regulations

SEBI provides guidance to listed cos. for making continuous disclosures pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015; States that the listed cos. have responsibility of making disclosures that are appropriate and such disclosures ought to be consistent with the facts of each event, clarifies that if listed co. does not disclose any such specified details, it shall give appropriate reasoning; For the securities / derivatives which are listed outside India by Indian listed co., parity in disclosures shall be followed and whatever is disclosed on overseas stock exchange(s) by listed co., the same shall be simultaneously disclosed to Indian stock exchange(s) where it is listed; States that provision of this circular shall come into force 90 days from September 02, 2015 (i.e. date of notification of Listing Regulations): SEBI

LSI Note:

Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 relates to 'Disclosure of events or information'. Reg. 30(1) states that every listed entity shall make disclosures of any events or information which, in the opinion of the board of directors of the listed company, is 'material'. Reg. 30(2) states that events specified in Para A of Part A of Schedule III are deemed to be 'material' events and listed co. shall make disclosure of such events. The listed entity shall make disclosure of events specified in Para B of Part A of Schedule III, based on application of the guidelines for materiality, as specified in sub-regulation (4).


__._,_.___
View attachments on the web
Posted by: Dipak Shah <djshah1944@yahoo.com>


receive alert on mobile, subscribe to SMS Channel named "aaykarbhavan"
[COST FREE]
SEND "on aaykarbhavan" TO 9870807070 FROM YOUR MOBILE.

To receive the mails from this group send message to aaykarbhavan-subscribe@yahoogroups.com




__,_._,___
Posted by at

No comments:

Post a Comment

Subscribe to: Post Comments (Atom)