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Court grants interim anticipatory bail to M3M Group promoter Basant Bansal in a…
The case involves an alleged money laundering case registered by the Enforcement Directorate (ED) against the IREO Group of companies. Basant Bansal, the promoter of the M3M Group, approached the Delhi High Court seeking anticipatory bail, apprehend…
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Bail granted to GST fraud accused after High Court finds merit in his arguments.
The Allahabad High Court granted bail to Subodh Kumar Garg, a proprietor accused of availing wrongful input tax credit (ITC) worth Rs. 8.76 crores under the Central Goods and Services Tax (CGST) Act, 2017. The court found merit in Garg's arguments a…
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The applicant, accused of availing illegal input tax credit by showing fake pur…
This case involves a businessman, the designated partner of Utkarsh Ispat LLP, who was arrested for allegedly availing illegal input tax credit of Rs. 31.02 crores by showing fake purchases from fictitious entities. The court granted him regular bai…
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Evading investigation repeatedly, involved in a serious economic offense, avail…
The petitioner, a director of a company accused of fraudulently availing Rs 72 crore input tax credit, approached the High Court seeking anticipatory bail. The court granted anticipatory bail with stringent conditions, considering the economic offen…
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Chartered Accountant granted bail in GST refund fraud case after 5 months in cu…
The case involves a Chartered Accountant (CA) who was arrested for allegedly facilitating fraudulent GST refunds by uploading fake certificates. The High Court granted him regular bail after considering that the investigation is complete, the charge…
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Chartered Accountant granted bail in GST fraud case after court finds no need f…
This case involves a Chartered Accountant (CA) who was arrested for allegedly facilitating fraudulent GST refunds. The CA claimed he was only paid a professional fee for uploading the refund claims. The court granted him regular bail, finding that f…
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RBI Crackdown: Unveiling the Veil of Corporate Debt Evergreening
In a bold move to safeguard financial stability, the Reserve Bank of India (RBI) has tightened regulations to curb the potential evergreening of non-performing assets (NPAs) by lenders through investments in Alternative Investment Funds (AIFs). This…
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Unlocking Inherited Wealth: NRIs’ Quest for Repatriation
For Non-Resident Indians (NRIs) and Persons of Indian Origin (PIOs), inheriting assets from India often presents a complex challenge – navigating the intricate web of regulations to repatriate their inherited wealth abroad. This comprehensive guide …
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Navigating Inheritance Transfers: NRIs’ Quest for Repatriation
For Non-Resident Indians (NRIs) and Persons of Indian Origin (PIOs), inheriting assets from India often presents a complex challenge – repatriating the funds. As they navigate the intricate web of regulations, many are turning to the Reserve Bank of…
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Unlocking Retirement Pathways: NRIs’ Guide to Investing Back Home
For Non-Resident Indians (NRIs) contemplating a return to their homeland after retirement, strategic financial planning is crucial. This comprehensive guide explores the intricacies of investing in India, offering insights into tax implications, ass…
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Extending Lifelines: India Grants PIO Cards Validity Till Late 2024
In a move to facilitate seamless integration for the Indian diaspora, the Indian government has extended the validity of Person of Indian Origin (PIO) cards until December 31, 2024. This decision provides a lifeline for PIO cardholders, allowing the…
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The courts recently quashed 4 out of 5 Arbitrary, restrictive, irrational, vagu…
The courts have quashed 4 out of 5 arbitrary, restrictive, irrational, and vague GST refund circulars that revenue authorities used to hold refunds on zero-rated supplies. The rulings have provided relief to exporters and clarified various aspects o…
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Rs2.5lac Penalty for Non-Compliance with Director Appointment Filings
Co. Law, Sebi, Audit & A/c,Mar. 13, 2024The Ministry of Corporate Affairs (MCA) imposed penalties on Dehra Dun Club Limited for failing to file Form DIR-12, which informs about changes in the Managing Committee, for the financial years 2017-18 to 2021-22. Despite the club's argument that the appointed individuals were temporary mess members and not directors, the Adjudicating Officer found the club in violation of Section 152 of the Companies Act, 2013, and levied a total penalty of ₹2,5…
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Rs45lac Penalty imposed for Bypassing Board Approval on Related Party Transacti…
Co. Law, Sebi, Audit & A/c,Mar. 13, 2024The Ministry of Corporate Affairs (MCA) cracked down on Kudos Finance And Investments Private Limited for violating Section 188(1)(f) of the Companies Act, 2013. The company failed to obtain board approval for a related party transaction involving the appointment of Pavitra Walvekar as CEO. Despite the company's claim of ignorance, the Adjudicating Officer imposed substantial penalties totaling ₹20 lakh on the directors, including ₹5 lakh each on P…
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Unraveling the Power of the Director Identification Number (DIN)
Co. Law, Sebi, Audit & A/c,Mar. 13, 2024In the intricate realm of corporate governance, a unique identifier known as the Director Identification Number (DIN) plays a pivotal role in fostering transparency and regulatory compliance. Mandated by the Companies Act, 2013, the DIN serves as a cornerstone for accurate identification of directors across various corporate documents. Its inclusion is not merely a procedural formality but a testament to the responsible governance culture that unde…
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MCA Imposes Rs.180,000 Penalty on Auditors for Disclosure Lapses in Financial R…
Co. Law, Sebi, Audit & A/c,Mar. 13, 2024In a significant development, the Ministry of Corporate Affairs (MCA) has imposed a substantial penalty of Rs. 180,000 on auditors for failing to adhere to the disclosure requirements outlined in Section 143(3) of the Companies Act, 2013. This action underscores the regulatory scrutiny surrounding financial reporting and the consequences of non-compliance with statutory obligations. The case highlights the pivotal role auditors play in ensuring tra…
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NBFC Faces Penalties for Failure to File Financial Statements
Co. Law, Sebi, Audit & A/c,Mar. 13, 2024In a move to uphold corporate governance standards, the Ministry of Corporate Affairs (MCA) has imposed substantial penalties on an NBFC and its directors for non-compliance with statutory filing requirements. The case revolves around the failure to submit Form AOC-4 NBFC, which mandates the filing of financial statements by Non-Banking Financial Companies (NBFCs) under Section 137 of the Companies Act, 2013, read with Rule 12(1A) of the Companies …
Exporters' Boon or Bane? Navigating Rule 96(10)'s Complexities
A pivotal rule governing IGST refunds for exporters, Rule 96(10) of the CGST Rules has undergone numerous amendments, creating a labyrinth of conditions and exceptions. This intricate rule aims to strike a balance between facilitating exports and preventing misuse of tax benefits. Exporters must tread carefully, as non-compliance can lead to refund denials, interest liabilities, and penalties. Understanding the rule's nuances is crucial for seamles…
Goods & Services Tax,Apr. 25, 2024-
Officer Count 2-year limit for GST refund claim u/s 54 from the date assessee s…
Goods & Services Tax,Jan. 20, 2023The Gujarat High Court allowed a GST refund claim filed by a company, overruling the tax department’s rejection of the claim as time-barred. The court held that the date of filing the refund application on the GST portal should be considered as the relevant date, not the later date of physical submission of documents as per a procedural circular. The circular cannot override statutory provisions to the detriment of the assessee.
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Exporter entitled to IGST refund despite availing higher drawback rate; circula…
Goods & Services Tax,Mar. 02, 2021The case involved an exporter, M/s Amit Cotton Industries, who had exported goods and paid Integrated Goods and Services Tax (IGST). They claimed a refund of the IGST paid but were denied by the customs authorities because they had availed a higher drawback rate. The High Court of Gujarat ruled in favor of the exporter, stating that availing a higher drawback rate was not a valid ground to withhold the IGST refund, and a circular issued by the gove…
Penalty Imposed for Violating Secretarial Standards on Meeting Documentation
Co. Law, Sebi, Audit & A/c,Mar. 13, 2024The Ministry of Corporate Affairs has taken strict action against a company for failing to comply with the secretarial standards mandated by Section 118(10) of the Companies Act, 2013. The company and its officers were penalized for not consecutively numbering the pages of meeting minutes, highlighting the importance of adhering to prescribed documentation practices for corporate transparency and accountability.
Directors Penalized for Failure to Update Address with MCA
The Ministry of Corporate Affairs (MCA) has imposed a substantial penalty of Rs. 2.21 lakh on Somen Venture Private Limited and its directors for non-compliance with Rule 12 of the Companies (Appointment and Qualification of Directors) Rules, 2014. The directors failed to intimate the MCA about their change of address within the prescribed timeline, resulting in a violation of Section 450 of the Companies Act, 2013.
Co. Law, Sebi, Audit & A/c,Mar. 13, 2024-
Co. Law, Sebi, Audit & A/c , Mar. 13. 2024In-Depth Exploration of Director KYC Requirements for FY 2023-24: Significance,…
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Co. Law, Sebi, Audit & A/c , Mar. 12. 2024Company secretary penalised for Digitally Signing Without Statutory Audit
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Co. Law, Sebi, Audit & A/c , Mar. 13. 2024Auditor Faces MCA Penalties for non-compliance with Sections 143, 129, and Acco…
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Co. Law, Sebi, Audit & A/c , Mar. 13. 2024
Rs 1Lac penalty imposed as Additional director continued holding office even af…
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Co. Law, Sebi, Audit & A/c , Mar. 12. 2024Penalized Rs. 25 Lakh for Not Appointing Whole Time Company Secretary
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