Newsletter Dated 26th July, 2016

News Updates dated 26th July, 2016

Thoughts of the day

"DO WHAT IS RIGHT, NOT WHAT IS EASY"

• CBDT placed the draft rules for stakeholders comments/views regarding manner of determination of amount amount received by company for use of its shares under different circumstances.The comments and suggestion on the draft rules may be sent by 31^st July, 2016 electronically at the email address,ustpl1@nic.in.

• If service complaints related to Name Reservation or Company Incorporation are not resolved within 2 working days after a service ticket is raised, Stakeholders may escalate the matter by sending an email to CRC.Escalation@mca.gov.in only in the event of tickets not being resolved within 2 working days. Stakeholders are advised to normally wait for resolution of tickets within the stipulated time and not send e-mails as soon as tickets are raised. Action on e-mails will be taken only in respect of cases where tickets have not been resolved within 2 working days. Stakeholders should clearly mention the Helpdesk ticket SR number & date on which ticket was raised in the subject line along with specific problem details.

• The empowered committee of State FMs for GST will meet today i.e. on Tuesday to discuss two major issues: (i) 1% tax on inter-state supply of goods and services to help manufacturing states; and (ii) Exclusive adjudicating powers to state to assess and scrutinise entitites with annual turnover of upto Rs. 1.5 Crore.

• The Board of the Silicon Valley-based Yahoo! has agreed to sell its core internet operations and land holdings to Version Communications for $ 4.8 billions.

• Tiger Global- backed online classifieds firm Quikr on Monday said it had acquired Hiree, an online hiring platform, focused on white collar jobs for an undisclosed sum.

• Tetsuya Takano, Chairman and Director of Ricoh India has resigned on Monday, a week after admitting its accounts appear to have been "falsified".

• RBI has slapped a penalty on Bank of Baroda , HDFC and PNB for violating know your customer (KYC)/ anti-money laundering (AML) norms. Bank has asked all banks to conduct an internal audit of their KYC/AML mechanism to prevent such lapses.