Day: August 15, 2015

Sebi notifies start up listing norms; makes fund raising easier

Sebi notifies start- up listing norms; makes fund raising easier PRESS TRUST OF INDIA Mumbai, 14 August Making it easier for start- ups to raise funds, the Securities and Exchange Board of India (Sebi) on Friday notified a new set of listing norms for such entities, including e- commerce ventures, on a separate platform of domestic stock exchanges. The new norms provide significant relaxations in the disclosure requirements, while Sebi has also relaxed its delisting, takeover and Alternative Investment Fund (AIF) regulations for such new- age entities engaged in information technology ( IT), data analytics, intellectual property, bio- technology or nanotechnology like activities. The extensive changes in Sebi regulations would allow such entities to get listed on the separate Institutional Trading Platform of the stock exchanges such as BSE and National Stock Exchange and are aimed to encourage the Indian start- ups and entrepreneurs to remain within the country rather than moving abroad for funds. However, the new platform would be open to only institutional investors and high net worth individuals (HNIs), as Sebi feels small retail investors need to be safeguarded against a higher level of risks associated with this platform. Sebi has kept the minimum trading lot and the minimum application size at ₹ 10 lakh so that only sophisticated and large investors come in. The companies can, however, graduate to the main platform later and the...

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Corporate Updates

CL : Where scheme of amalgamation provided that name of transferee company would be deemed to have been changed to name of transferor company but Regional Director raised an objection that transferee company would follow Procedures and Rules laid down for such change of name, scheme being passed by requisite majority as laid down under section 391 there did not exist any necessity to have a repeated exercise of same in terms of section 21 of Companies Act, 1956 as amended by section 13 of Companies Act, 2013 (Michelin India (P.) Ltd. Vs Michelin India Tamilnadu Tyres (P.) Ltd C.P. NOS. 391 & 392 OF 2014) IT/ILT : Where TPO made addition to assessee’s ALP for rendering software development services to its AE, since one comparable selected by him was a giant company in area of software development assuming all market risks leading to higher profit, impugned addition deserved to be set aside. IT/ILT : Where TPO made addition to assessee’s ALP for rendering ITES services to its AE, since one comparable selected by him earned super normal profits and, moreover, extraordinary event in from of IPO took place in its case during relevant year, impugned addition was not sustainable. Unisys India (P.) Ltd. v. Deputy Commissioner of Income-tax, Circle-12 (5), Bangalore. IT (T.P.) APPEAL NO. 8 (BANG.) OF 2011 [ASSESSMENT YEAR 2006-07] IT/ILT: Where assessee had followed CUP method...

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