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Opinion Of Eminent Legal Luminaries On Controversial Issues
We are pleased to announce that the opinion of Shri. H. N. Motiwalla, an eminent Chartered Accountant, on a number of controversial issues, is available for perusal. Shri. Motiwalla has answered questions of day-to-day importance relating to Income-tax, Wealth-tax, Company law, FEMA, FCRA, Hindu Law, RTI Act, Stamp Act, etc. The answers are given in a clear and concise manner. The opinion of other legal luminaries on similar issues is also intended to be posted later.
The feature will prove to be of great utility to all professionals engaged in the practice of taxation and allied laws.
Please let us know if you have any comments or suggestions to offer on how the feature can be made more useful.
We are pleased to announce that the opinion of Shri. H. N. Motiwalla, an eminent Chartered Accountant, on a number of controversial issues, is available for perusal. Shri. Motiwalla has answered questions of day-to-day importance relating to Income-tax, Wealth-tax, Company law, FEMA, FCRA, Hindu Law, RTI Act, Stamp Act, etc. The answers are given in a clear and concise manner. The opinion of other legal luminaries on similar issues is also intended to be posted later. The feature will prove to be of great utility to all professionals engaged in the practice of taxation and allied laws.
Please let us know if you have any comments or suggestions to offer on how the feature can be made more useful.
Twitter wants to trademark 'subtweet'; Bajaj Finserv gives away NBFC licence; Singapore displaces Mauritius as top FDI-source
Twitter wants to trademark 'subtweet'; Bajaj Finserv gives away NBFC licence; Singapore displaces Mauritius as top FDI-source
Post-dated cheque, though dishonoured, consummates transaction; Takeover code applicable, clarifies 'acquisition' definition
SC upholds SAT order, wherein it was held that acquirer violated Takeover Code, 1997, by acquiring 28.09% from State Corporation in Target Co. and had also failed in disclosing buy-back transaction in public announcement; Peruses provisions relating to acquisition / exemption from public announcement, observes that the acquisition attracts Reg. 10 as the acquisition was in excess of 15%, and such acquisition was not protected by Reg. 3; Notes that appellant had issued post-dated cheques to State Corporation as guarantee / consideration for buyback, however the cheques were dishonoured, rejects appellant's contention that cheque-dishonouring does not culminate into 'acquisition'; SC opines "post-dated cheques amounted to a promise to pay and that promise would be fulfilled on the date mentioned on the cheque…. At the time of making the public announcement the Appellant had bought back the shares of HSIDC (State Corporation) by making payment via the said post-dated cheques. Further, as the buy-back was in pursuance of an agreement, there was consensus ad idem. The Appellant has subsequently shirked his responsibility and has tried to slither away from honouring the agreement, which he cannot be allowed to gain"; Peruses definition of 'acquisition' in Takeover Code, states "acquisition takes place the moment the acquirer decides or agrees to acquire, irrespective of the time when the transfer stands completed in all respects. The definition explicates that actual transfer need not be contemporaneous with the intended transfer and can be in future"; SC peruses State Corporation's letter to acquirer relating to cheque-dishonouring, observes that such letter was issued after making public announcement, holds "at the date of making public announcement, the Appellant was under the impression that acquisition has taken place":SC
The ruling was delivered by Justice Vikramajit Sen and Justice Shiva Kirti Singh
FASB Proposes Changes in Fair Value Measurement Disclosures
Norwalk, Conn. (December 3, 2015)
By Michael Cohn
The Financial Accounting Standards Board has issued a proposed accounting standards update to improve the effectiveness of the disclosure requirements for fair value measurements.
The proposed update is part of the FASB's broader disclosure framework project to improve the effectiveness of disclosures in the notes to financial statements by clearly communicating the information that is most important to users of a reporting organization's financial statements.
The changes are aim to improve the existing disclosure requirements related to fair value measurement, clarify those requirements, and identify ways to improve FASB's decision process.
Partner Insights
Fair value measurement is one of four areas where FASB is evaluating the existing disclosure requirements. Other areas it intends to address include an employer's disclosure of defined benefit plans, income taxes and inventory.
FASB is asking stakeholders to review and provide comment on the proposals by Feb. 29, 2016. The proposed accounting standards update, along with a document explaining the questions considered by the FASB as part of its process, are available at www.fasb.org.
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