News

The Government of Punjab keeping in view the exceptional requirement of the industries in the State of Punjab to deal with exceptional pressure of work, issued a notification No. E-517838-943 (“Notification”) dated September 20, 2023, to exempt all the factories from the provisions of Sections 51, 52, 54, and Section 56 of the Factories Act, …

Govt. of Punjab: Exemption granted to Industries under the Factories Act, 1948 Read More »

The Central Board of Direct Taxation (“CBDT”) vide Notification No. no. 81/2023 dated 25th September 2023 (“the notification”) has made an amendment to Rule 11 UA for the valuation of shares for the purposes of section 56(2)(vii b) of the Income Tax Act,1961 (“Act”). The amendment is introduced to keep aligned the commitment made by the …

CBDT Notifies Amendment to Rule 11UA with a Focus on Non- Resident Investors Read More »

So far in the month of September, the Securities and Exchange Boards of India (SEBI) has actively published multiple circulars pertaining to Alternative Investment Funds (AIFs), Real Estate Investment Trusts (REITs), Infrastructure Investment Trusts (InvTs), Non-Convertible Debt Securities (NCDs), etc. These updates, amendments, as well as inclusions, as introduced to the present mechanism for SEBI-listed …

Recent Updates by SEBI: September 2023 Read More »

The Ministry of Corporate Affairs (hereinafter referred to as “MCA”) has rolled out a circular having number 09/2023 on September 25, 2023, in order to provide clarification on convening shareholder meetings i.e., Annual General Meeting (AGM) and Extra Ordinary General Meeting (EGM) through Video Conferencing (VC) or other Audio-Visual Means (OAVM). The MCA has allowed …

Extension on Convening Shareholder Meetings via Virtual Mode Read More »

A significant development has been introduced by the Competition Commission of India (CCI) wherein the CCI has proposed a draft of the Competition Commission of India (Combinations) Regulations, 2023 (Draft Regulations, 2023) in response to the amendments made by the Competition Amendment Act, 2023 (Amendment Act). The Amendment Act made significant modifications with respect to …

Competition Commission of India introduces Draft Regulations on Combinations Read More »

Google has recently announced to prolong the duration of a year-long pilot project (“Project”) involving permitting India-based real money game apps, to be available on Google’s Play Store. The project was originally scheduled to end by September 2023, however, the new deadline for the project is now set for January 2024. The project was initiated …

Google Extends Real-Money Gaming App Pilot Project in India, Introduces Grace Period Amid Regulatory Changes Read More »

To recall, the imposition of GST against Gameskraft has been a hotly contested and talked about topic in the recent past in the online gaming industry. The saga started with a notice being issued by the GST department to Gameskraft demanding payment of GST to the tune of Rs. 21,000 crores in respect of the …

Supreme Court imposes an ad Interim Stay on the Karnataka High Court Judgment against Gameskraft Read More »

The Ministry of Corporate Affairs (MCA) vide its circular no. 08/2023 dated August 23, 2023, introduced a condonation scheme for delays in filing Form-3, Form-4, and Form-11 under Section 67 of the LLP Act, 2008 read with Section 460 of the Companies Act, 2013. The Government has received representations that certain Limited Liability Partnerships (LLPs) …

Scheme of Condonation of Delay for Limited Liability Partnership (LLP) Read More »