USL-Diageo Deal: Misleading Open Offer?
On 9th November 2012, transaction between Diageo plc (along with PAC) and UB group (UBH) was announced. The public announcement was made by JM Financial Institutional
SC Dismisses Review Petition On Excise Valuation
The Supreme Court has dismissed the review petition filed by Fiat India Private Limited on the issue of valuation under the Central Excise Act, 1944. The Court observed that there was no reason to interfere with its original order dated August 29, 2012. This alert by BMR Advisors summarizes this SC judgment.
Auditor Rotation: Formality Or Fiduciary Responsibility?
An analysis by IIAS of 286 listed companies (SENSEX, NIFTY, BSE200, CNX200, NIFTY mid-cap and all F&O stocks which are also part of IIAS‘s coverage list) reveals that 25% have had the same auditor for more than ten years.
Indian GAAR Story
The paper aims at understanding the implications of GAAR (General Anti Avoidance Rules). GAAR is an anti avoidance measure which empowers tax authorities to call a business arrangement or a transaction 'impermissible avoidance arrangement' and thereby denying tax benefits to the parties.
Regulatory Roundup: October 2012
This October 2012 issue of the VERUS Legal & Regulatory Roundup covers some key regulatory updates from the Department of Industrial Policy and Promotion, Securities and Exchange Board of India, and Reserve Bank of India. It also covers the highlights of important Supreme Court and some High Court judgments.
India Fraud Indicator 2012
EY India's Fraud Investigation & Dispute Services team recently released a report titled 'India Fraud Indicator 2012' a first-of-its kind initiative to look at fraud perpetrated in various sections of the society, including business both private and public sector, as well as in the case of financial institutions and individuals.
Delhi HC Rules On Non-Compete Fee
This EY tax alert summarizes a recent ruling of the Delhi High Court (HC) in the case of Sharp Business System (Taxpayer) on tax treatment of non-compete fee paid.
De-Coding QFI Regime In India
By: Pankhuri Sharma & Rushab Dhandokia
Draft Tax Accounting Standards
The Ministry of Finance (MoF) has issued the Final Report of the Accounting Standards Committee (Committee) constituted by the Central Board of Direct Taxes for formulation of Accounting Standards under the Income Tax Act (the Act).
Proxy Season 2012: Analysis
In this report, InGovern analyzes patterns in the resolutions proposed by Indian listed companies in the just concluded 2012 proxy voting season.
Draft TAS: Legislating For Revenue Protection
By: Kanwal Gupta, Deloitte Haskins & Sells
CBDT Notifies Draft Tax Accounting Standards
In this alert, Deloitte has outlines the key features of the recent draft Tax Accounting Standards (TAS) recommended by the Accounting Standards Committee constituted by the CBDT.
Draft Tax Accounting Standards
This EY Tax Alert summarizes the key recommendations in the final report issued in August 2012 by the Accounting Standards Committee constituted by the Central Government (CG) in December 2010. The CG published the report on 26 October 2012.
Concept Of Lock-In-Period For Investments
By: Alimpan Banerjee, National Law University, Jodhpur
Glaxo TP Case: SC of Canada Reaches Verdict
On October 18, 2012, the Supreme Court of Canada (SCC) issued its decision in Her Majesty the Queen v. GlaxoSmithKline Inc.
UN's Draft Practical Manual On TP: India Chapter
The United Nations (UN) recently released eight draft chapters of its Practical Manual on Transfer Pricing for Developing Countries (the UN TP Manual or the Manual).
International V/S National Exhaustion Of Trademark
The Division Bench of the Delhi High Court has in its landmark decision in Kapil Wadhwa vs. Samsung Electronics Company Ltd.
Additional Reporting Requirement For BOs/LOs/POs
This EY Regulatory Alert summarizes a recent Circular issued by the Reserve Bank of India introducing an additional reporting requirement for Branch Office, Liaison Office and Project Office (BO/LO/PO) established in India by Foreign entities.
Dishonour Of Cheques: SC Enables Deferred Proceedings
On 26 September 2012, the Supreme Court of India, in a landmark judgment in MSR Leathers v. S. Palaniappan and another has enabled the holder of a dishonoured cheque to defer prosecution U/S 138 of the Negotiable Instruments Act, 1881 by instituting proceedings on the basis of successive statutory notices to the drawer of a dishonoured cheque.
Regulatory Roundup: September 2012
In this edition of Legal & Regulatory Roundup, VERUS summarizes the key legal and regulatory developments in the month of September
Negative List: Bane Or Boon For Realty?
The industry at large may have criticized the introduction of the new comprehensive regime of taxation of services, due to higher incidence of taxes under the current environment.
India- US Sign Antitrust MoU
On 27 September 2012, the United States and India signed a Memorandum of Understanding on Antitrust Cooperation to facilitate greater cooperation between US and Indian competition authorities, which heightens the need for competition law compliance for companies doing business in India.
New Rules To Obtain TRC
The Central Board of Direct Taxes has notified a new rule in the Income Tax Rules, 1962 relating to the Tax Residency Certificate (TRC) to be obtained by resident and non - resident taxpayers. This Khaitan & Co. alert provides a snapshot of the format and the procedure contained in these Rules for obtaining the TRC.
Tax Wrap: August Issue
BMR Advisors have put together key direct and indirect rulings by the High Court, Tribunals and the Authority for Advance Rulings delivered in the month of August.
Governance Scores: L&T, Maruti & Infosys
Stakeholders Empowerment Services (SES) has launched Corporate Governance Scores (SES CGS) for listed companies. To begin with they are releasing the scores of three companies (L&T, Infosys and Maruti) which are industry leaders in their respective peer groups. Also attached is a presentation on understanding the scores.
