Corporate News – IPO Watch, Shriram-HDFC Merger

1. IPO Watch i. HDFC Life’s IPO For the past several weeks, it has been raining insurance sector IPOs in the market. We have seen Reliance General Insurance, GIC, ICICI Lombard and SBI Life Insurance flooding the market with IPOs. Now, HDFC Life is planning an IPO for Rs.8,700 crores. The price band is fixed …

Supreme Court on Cheque Bounce Cases in Meters and Instruments vs. Kanchan Mehta

When a cheque, which is issued to a payee, bounces due to insufficient funds, it is a cause for worry as it will attract Section 138 of the Negotiable Instruments Act, 1881 under which the issuer of cheque is liable for imprisonment or fine or both. The case, Meters and Instruments vs. Kanchan Mehta, was …

Clarification on Place of Effective Management (POEM)

The residential status of a company, other than an Indian company, is determined using the test of POEM with effect from 1st April, 2017. POEM is the place (country) where key management and commercial decisions of an entity as a whole, are in substance, made. Principles for determining POEM were issued on 24th January, 2017 …

Clarification on movement of goods within State or inter-state for supply on approval basis

CBEC, on 18th October, 2017 came out with a circular clarifying the compliance when movement of goods has to be effected within state or inter-state in the course of supply on approval basis. Under GST, movement of goods must be accompanied by an invoice, a delivery challan mentioning the place of delivery and an e-way …

Waiver of Late Fees on Filing of GST Forms

CBEC has issued press release to extend the last dates and waive off late fee on filing of certain forms under GST. They are as follows: Form No. Purpose Order / Notification No. Last Date Form GSTR-2 for July, 2017   Return of Inward Supplies Press Release dated 30 October, 2017 http://pib.nic.in/newsite/PrintRelease.aspx?relid=172046 Notification will be …