Posts Tagged ‘Order’


ORDER NO: 3/2012, F.No.137/99/2011-Service Tax, dated 15th  October, 2012

In exercise of the powers conferred by sub-rule(4) of rule 7 of the Service Tax Rules, 1994, the Central Board of Excise & Customs hereby extends the date of submission of the  return for the period 1st April 2012 to 30th June 2012, from 25th October, 2012 to 25th November,2012.

The circumstances of a special nature which have given rise to this extension of time are as follows:

a) ACES will start releasing the return in Form ST3 in a quarterly format, shortly before the due date of 25th October, 2012.

b) This will result in all the assesses attempting to file their returns in a short time period, which may result in problems in the computer network and delay and inconvenience to the assesses.

Source: Directorate of Service Tax.

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General Order – SEBI (Framework For Rejection Of Draft Offer Documents) Order, 2012 

CIRCULAR, CIR/CFD/DIL/15/2012, dated October 15, 2012

To

All Registered Merchant Bankers

1. SEBI has, vide General Order dated October 9, 2012, notified framework for rejection of draft offer documents filed with the Board. The said general order is available on SEBI Website at following link:

http://www.sebi.gov.in/cms/sebi_data/attachdocs/1349953955224.pdf

2. All Merchant Bankers are advised to take note of the same and take due care before filing the draft offer document with the Board.

3. This circular is issued in exercise of the powers conferred under Section 11 read with Section 11A of the Securities and Exchange Board of India Act, 1992.

4. This circular is available on SEBI website at www.sebi.gov.in under the category “Legal Framework”.

Click here to download the complete text of the above Circular in PDF Format.

Source: Securities and Exchange Board of India.


The Competition Commission of India (CCI) has found Chemist & Druggist Association, Baroda (CDAB) in violation of the provisions of Competition Act, 2002 which deals with anticompetitive agreements. CCI had imposed a penalty of Rs. 53,837 @10% on the average of the income for financial years 2006-07, 2007-08, 2008-09 on CDAB which has to be paid by it within 90 days from the receipt of the order.

This case was initiated on a complaint dated 28.04.2009 filed by Shri Uday Joshi of Vedant Bio –Sciences, Baroda before the Monopolies & Restrictive Trade Practices Commission (“MRTPC”) against the Chemists & Druggists Association of Baroda (“CDAB”) .  The complaint had alleged the following anti competitive practices:-

(i) CDAB had formulated guidelines for its members which require approval or NOC from them for appointment as Stockist / Wholesalers of different companies.

(ii) CDAB was imposing unfair conditions in sale of pharmaceutical products of different companies.

(iii) CDAB forces the additional/new Stockist not to sell the products of a pharmaceutical company unless NOC is obtained from the existing Stockist of that pharmaceutical company in that area.

(iv) CDAB insists on procuring NOC before a pharmaceutical company launches new products or appoints new Stockist.

(v) CDAB is engaged in fixing margins for pharmaceutical companies.

(vi) NOC has to be procured for several aspects like launch of new company products, appointment of new Stockist or addition of Stockist.

(vii) CDAB charges Rs. 2000/- per product from all companies launching new product in the market. These charges are collected towards the advertisements in their magazine called ‘Chemists News’. Price structure of each product is controlled through this advertisement and without detailed price structure, the products are not allowed to be launched.

CCI has directed CDAB and its members to cease and desist from indulging in and following practices which have been found anticompetitive in violation of Section 3 of the Act. The CDAB has been further directed to file an undertaking that practices with respect to fixing of trade margins of pharma products, non-appointment of stockiest of wholesaler from amongst the non-members of the CDAB, requirement of NOC from CDAB for appointment of stockist of wholesaler and limit on number of stockiest of pharmaceutical companies have been done away within 90 days from the date of receipt of the order.

Source: Press Information Bureau.


Section 119 of the Income Tax Act, 1961- Income Tax Authorities- Instructions to Subordinate Authorities- Order Extending Due Date for Filing Income Tax Returns for AY 2012-13

ORDER [F. NO. 225/163/2012/ITA.II], Dated 31.07.2012

On consideration of the reports of disturbance of general life caused due to failure of power and further in consideration of the fact that the e-filing of returns for a specified category of individuals and HUF has been made mandatory, the Central Board of Direct Taxes, in exercise of powers conferred under section 119 of the Income-tax Act, 1961, hereby extends the ‘due date’ of filing of returns of income for the assessment year 2012-13 to 31st August 2012 in respect of assessees who are liable to file such returns by 31st July 2012 as per provisions of section 139 of Income-tax Act, 1961.

Source: Income Tax Department- India.

 

 

 


A Notification vide No. G.S.R. 716(E). dated 23.09.2011 was issued, in view of the order of the Hon’ble High Court of Delhi dtd. 21.04.2011 in the matter of M/s. S.E. Investment Limited Vs Union Of India and Others {W.P. (c) 2393/2010 and CM Appl. 4794/2011}, the Hon’ble Court had inter alia held that there is no provision in Delhi Stamp Act for payment of stamp duty on “Increased authorized share capital”. Therefore, the payment of stamp duty payable on increase of authorized capital being paid with filing of form no.5 with respect to State of National Capital territory of Delhi was made optional. Now the Hon’ble High Court of Delhi at New Delhi vide order dated 18.10.2011 has stayed the impugned order. In view of the stay it is advisable to make the payment of stamp duty on filing of form 5 for increase in authorized capital with respect to state of National Capital territory of Delhi.

Source: Ministry of Corporate Affairs.