Every Company is required to hold an Annual General Meeting of its members (except first Annual General Meeting) within a period of six months from the date of closing of the financial year [Section 96(1) of Companies Act, 2013]. This would mean that every Company shall complete its Statutory Audit on or before 30th September to hold the Annual General Meeting of shareholders to adopt the Financial statements
CBDT has brought a change in the electronic payment methods for business transactions for specified person engaged in Business-to-Business (B2B) transactions if at least 95% of aggregate of all amounts received during the previous year, including amount received for sales, turnover or gross receipts, are by any mode other than cash.
For Companies registered under Companies Act, 2013, shall have the option to verify GSTR-3B, filed during the period starting from 21st April 2020 to 30th June 2020, through electronic verification code (EVC).
Forms (Form 10IC and Form 10ID) for the exercise of lower Income Tax Rate option have been notified vide Notification No. 10/2020 dated 12/02/2020. The companies that wish to avail the beneficial rate of 22 percent under section 115BAA have to file Form 10-IC on or before the due dates mentioned in sections 139(1) i.e. on or before October 31 (extended by Finance Bill 2020 from September 30). Similarly, the new domestic manufacturing companies, incorporated after October 1, 2019, that wish to be taxed under the concessional tax rate of 15 percent under section 115BAB must file Form 10-ID on or before October 31.
The Finance Ministry has announced some reliefs in the form of date extensions for businesses to cope up with the difficult times of COVID-19.
Soumitra Banerjee, Group Head taking master class on A step by step guide to drafting a business contract scheduled in Bangalore on 12th January 2018 at Hotel Pride.
Fox Mandal recently organised an event on “IP Management – Best Practices” at its Bangalore office. Senior IP practitioners from organisations in diverse industry domains addressed a group of over 20 IP practitioners and stakeholders and shared insights and best practices from their industry and organisations. The interactive session also gave the audience an opportunity to engage with the experts to clarify various IP management related issues.
Fox Mandal Partner Purnima Kamble, who heads the firm’s Hyderabad office, was privileged to felicitate Shri. M. Venkaiah Naidu, in her capacity as a Charter Member of TiE’s newly-launched chapter in Amaravathi, the capital of Andhra Pradesh state. The AP state government is keen to attract start-ups and TiE expects to play an important role in helping create a suitable ecosystem.
On April 26, 2017, Fox Mandal’s Bangalore office hosted a session on the “Tax and Legal aspects of inward investment in Italy”. Partners from Studio Pirola, a leading Italian tax advisory and legal services firm, spoke on the subject and answered questions from the audience.
Rajesh Vellakkat, Partner, was invited to be a panellist at KLE Law College’s Lexpert 2017, an event aimed at giving students a practitioner’s perspective of a career in law. Rajesh spoke about the intersection of “technology” and “law” and the resulting opportunities to provide legal services to technology companies. He discussed the scope of “Technology Law” as a practice area and its linkages with other areas such as Corporate Law and IPR Law, and highlighted certain laws that students desirous of pursuing a career in this area must gain expertise in.
For Companies registered under Companies Act, 2013, shall have the option to verify GSTR-3B, filed during the period starting from 21st April 2020 to 30th June 2020, through electronic verification code (EVC).
Forms (Form 10IC and Form 10ID) for the exercise of lower Income Tax Rate option have been notified vide Notification No. 10/2020 dated 12/02/2020. The companies that wish to avail the beneficial rate of 22 percent under section 115BAA have to file Form 10-IC on or before the due dates mentioned in sections 139(1) i.e. on or before October 31 (extended by Finance Bill 2020 from September 30). Similarly, the new domestic manufacturing companies, incorporated after October 1, 2019, that wish to be taxed under the concessional tax rate of 15 percent under section 115BAB must file Form 10-ID on or before October 31.
The world economy is experiencing an unexpected recession on account of COVID -19. Many countries, including India, have declared COVID-19 crisis as a national emergency and have issued directions for partial or complete lockdown.
The Government of India has further extended the country-wide lockdown up to 3rd May 2020 to combat the spread of COVID 19. Strict restrictions have been imposed on mobility and gathering of people is sternly prohibited to supress the contagion. Considering such a scenario, companies struggled with urgent business decisions that required shareholder approvals under the Companies Act 2013 (Act) because convening a physical meeting of shareholders was rendered impossible.
Fostering the initiatives of the Government of India t o contain the spread of Covid 19 and to address the large scale economic and financial distress caused by this pandemic, the Ministry of Corporate Affairs [“MCA”] has introduced certain relaxations vide amendments to some of the provisions of the Companies Act, 2013
The Finance Ministry has announced some reliefs in the form of date extensions for businesses to cope up with the difficult times of COVID-19.
In line with the order of the MHA, the Controller General of Patents, Designs & Trade Marks (CGPDTM) initially issued a Public Notice stating that all the Offices under their administrative control shall remain closed for a period of 21 days with effect from March 25, 2020, which is now further extended to May 03, 2020.
The sudden outbreak of the pandemic and the nation‐wide lock‐down has put a heavy constraint on individuals as well as the economy. To minimise the impact of the pandemic on the general public as well as business establishments and ensure minimum disruption in the supply chain, many amendments, advisories and announcements have been introduced which would ideally subsist during the containment period but could have long-term implications
‘Force Majeure’ is a French term which literally means “superior force” and the term is defined in the Collins English Dictionary as an “irresistible force or compulsion such as will excuse a party from performing his or her part of a contract”. It commonly refers to a provision in commercial contracts to mitigate accountability for unforeseen natural and uncontrollable calamities that disrupt the usual flow of events and impede the parties from fulfilling contractual obligations.
The Black’s Law Dictionary defines ‘Force Majeure’ as ‘an event or effect that can be neither anticipated nor controlled’. It is to be noted that, under Indian law, a ‘Force Majeure’ clause must be expressly provided under the contract and protection afforded will depend on the language of the clause.