HC approves demerger of financial undertaking of IDFC Ltd ('demerged co.') to IDFC Bank Ltd ('resulting co.'); On demerged co's request to transfer its long term infrastructure bonds ('LTIBs') to resulting co. & its conversion from secured to unsecured bonds, Ministry of Finance (Govt. of India), replied that since no banking company was allowed to issue LTIBs, transfer of bonds issued by demerged Company to resulting Company, would not be possible and exchange of bonds would attract capital gains in hands of bond-holder; However, HC accepts petitioners' (IDBI Ltd & IDBI Bank Ltd) submission this was done u/s 80CCF of Income Tax Act & RBI New Banking Guidelines and such conversion of LTIBs would not attract capital gains because the original issuer was substituted and once the bonds were redeemed, they would get their face value as interest was paid periodically; Further HC observes that demerged co's had submitted an affidavit that resulting Company had enough assets to meet liabilities on repayment of LTIBs & undertaken guarantee that it would honour the said liability and make payment to bondholders; Thus, HC holds, "no objectionable feature in the Scheme of Arrangement (Demerger) detrimental to the (bondholders) employees of the Demerged company or of the Resulting company.":Madras HC
The ruling was delivered by Justice Pushpa Sathyanarayana.
Senior Counsel P. Chidambaram argued on behalf of the petitioners.
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RBI issues further updated Master Circulars on Foreign Exchange Law
RBI issues updated Master Circulars on Foreign Exchange Law; These include Master Circulars on Foreign Investment in India, Export of Goods & Services, Import of Goods & Services, Non-Resident Ordinary Rupee A/c, Acquisition & Transfer of Immovable Property in India by NRIs/PIOs etc.: RBI
HC upholds interim injunction against Indian pharma co. (defendants), in apprehension of it infringing USA co, Bristol-Myers Squibb's cancer treating drug patent- Dasatinib; Rejects defendants' 'public interest' contention that plaintiff's product was in much demand, however, due to exorbitant price was out of reach of common man, thus, interim injunction should be vacated; Holds that plea of public interest may be invoked after the Court finds prima-facie case of credible defence, absent in instant case, & also defendants did not make any representation to Central Govt pleading expensive drug, its non-availability, thus, interim injunction could not be vacated; Further dismisses plea of 'obviousness' in suit patent that Dastanib was Thiazole compound which was known to cure tumors and cancer, holds that the, "said submission ignores the principle operating behind improvements in the patents"; On defendants' plea that plaintiff was using monohydrate version of Dasatinib which was not covered by the suit patent and was the matter of the separate application, holds that at this stage, where the defendants were yet to launch the product containing Dasatinib in either form "the question of distinction of monohydrate form or otherwise gave no support"; Relies on foreign case in American Cyanamid Company v. Ethicon Limited, SC rulings in Wander Ltd. & Anr. V. Antox India P. Ltd., Kuldip Singh versus Subhash Chander Jain & Ors, co-ordinate bench rulings in Strix Limited v. Maharaja Appliances Limited, Novartis v. Ciplas:Delhi HC
The ruling was delivered by Justice Manmohan Singh.
Advocates Pravin Anand, Nishchal Anand and Aman Taneja argued on behalf of the plaintiff. Advocate Rajeshwari H argued on behalf of the defendants.
ANNUAL RETURN ON FOREIGN LIABILITIES AND ASSETS
- Act: Annual return on Foreign Liabilities and Assets has been notified under FEMA 1999. Return to be filed under A.P. (DIR Series) Circular No.145 dated June 18, 2014 and submitted to the Department of Statistics and Information Management, RBI, Mumbai
- Applicability: It is required to be submitted directly by all the Indian companies which have received FDI (foreign direct investment) and/or made FDI abroad (i.e. overseas investment) in the previous year(s) including the current year i.e. who hold foreign Assets or Liabilities in their balance sheets
- Due Date: FLA Return is mandatory under FEMA 1999 and companies are required to submit the same based on audited/ unaudited account by July 15 every year through official email id of any authorized person of company like CFO, Director, Company Secretary at fla@rbi.org.in
- Format: The FLA Return has to be submitted in excel based format, which has inbuilt checks and validations. The latest format of FLA Return is available on RBI's web site at the following link:
For detailed FAQs on FLA Return you may please read more on the following link:
- Non-compliance: Non-filing of FLA Return before due date will be treated as a violation of FEMA and penalty clause may be invoked for violation of FEMA.
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SEBI, exchanges ask 75-Cos. to restate A/cs; RBI, SEBI to probe Deutsche Bank
SEBI, exchanges ask 75-Cos. to restate A/cs; RBI, SEBI to probe Deutsche Bank
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