The many versions of the entity called the ‘company’ and how ‘small company’ is in big business.
Edition 85 • October 2022
What goes around comes around
Whether it is darkness followed by shining bright light which is the essence of Diwali or a person of Indian origin becoming the head of a country that once ruled his country, one thing is clear - What goes around comes around. What goes down comes up.
Insights
Hashtag Trademark
Today, social media is a crucial marketing platform for the majority of enterprises. Online marketing solutions are continuously being developed by social media platforms to assist businesses in reaching their current and potential clients. One of the most cutting-edge marketing techniques on all social media platforms is the hashtag.
IBC Cases
A monthly update of the most significant cases on insolvency and bankruptcy and its resolution
What's Brewing
National Logistics Policy 2022
In the third week of September 2022, the Prime minister unveiled the National Logistics Policy (NLP). Simply put, logistics is a broad term used for moving and co-ordinating resources – people, machinery, raw material etc from one place to another. This is an intangible yet definite part of any business or trade.
Circulars & Notifications
The latest set of circulars and notifications brought out by the MCA, FEMA, SEBI & RBI.
Circulars
5th September 2022
Minutes of the meeting for Compassionate
Appointment held on 14.06.2022
20th September 2022
Amendment of the Companies (CSR Policy) Rules,
2014 of the Companies Act, 2013
28th September 2022
Extension of time for filing e-form DIR-3 KYC
and web-form DIR-3-KYC-WEB without fee
29th September 2022
Notifications
Nil
Circulars
Nil
Notifications
2nd September 2022
Guidelines
on Digital Lending
6th September 2022
Incentive
for improving service to non-chest branches
7th September 2022
Review
of Prudential Norms – Risk Weights for Exposures guaranteed by Credit Guarantee
Schemes (CGS)
15th September 2022
Rupee
Drawing Arrangement - Enabling Bharat Bill Payment System (BBPS) to process
cross-border inbound Bill Payments
15th September 2022
Exim
Bank’s GOI-supported Line of Credit of USD 448 million to the Government of
Republic of Uzbekistan for Social Infrastructure and Other Development Projects
16th September 2022
Master
Directions on Interest Rate on Deposits
19th September 2022
Compliance
Function and Role of Chief Compliance Officer (CCO)- Urban Co-operative Banks
19th September 2022
United
Nations Security Council Resolutions (UNSCR) 1718 Sanctions Committee on
Democratic People’s Republic of Korea (DPRK) amends 02 existing entries on its
Sanctions List
30th September 2022
Liquidity
Adjustment Facility- Change in rates
30th September 2022
Standing
Liquidity Facility for Primary Dealers
30th September 2022
Late
Submission Fee for reporting delays under Foreign Exchange Management Act, 1999
(FEMA)
30th September 2022
Change
in Bank Rate
Circulars
2nd September 2022
Performance/return claimed by unregulated
platforms offering algorithmic strategies for trading
13th September 2022
Master Circular on Surveillance of Securities
Market
19th September 2022
Validation of Instructions for Pay-In of
Securities from Client demat account to Trading
Member (TM) Pool Account against obligations received from the Clearing
Corporations
19th September 2022
Framework on Social Stock Exchange
21st September 2022
Firewall between Credit Rating Agencies and
their Affiliates
22nd September 2022
Issue and listing of Commercial Paper by listed InvITs
22nd September 2022
Issue and listing of Commercial Paper by listed
REITs
26th September 2022
Modification in the Operational Guidelines for
FPIs, DDPs and EFIs pertaining to FPIs registered under Multiple Investment
Managers (MIM) structure
27th September 2022
Circular on Modification in Daily Price Limits
(DPL) for Commodity Futures Contracts
28th September 2022
Credit Ratings supported by Credit Enhancement
(CE)
28th September 2022
Amendments to guidelines for preferential issue
and institutional placement of units by a listed InvIT
28th September 2022
Amendments to guidelines for preferential issue
and institutional placement of units by a listed REIT
29th September 2022
Participation of SEBI registered Foreign
Portfolio Investors (FPIs) in Exchange Traded Commodity Derivatives in India
30th September 2022
Two-Factor Authentication for transactions in
units of Mutual Funds
30th September 2022
Circular for Portfolio Managers
30th September 2022
Amendment to guidelines and extension of
timeline for implementation of Standardized industry classification by Credit
Rating Agencies (CRAs)
Notifications
Nil
Circulars
13th
September 2022
Details
of matters pending with Supreme Court of India and various High Courts
Notifications
2nd
September 2022
Notification
regarding Fast Track Corporate Insolvency Resolution process
Circulars
13th September 2022
Circular
No. 18/2022 : Additional Guidelines for removal of difficulties under
sub-section (2) of section 194R of the Income-tax Act, 1961
30th September 2022
Circular
No. 19/2022 : Extension of timeline for filing of various reports of audit for
the Assessment Year 2022-23
Notifications
1st September 2022
Notification
No. 105/2022 [F. No. 370142/38/2022-TPL-Part-I] / GSR 677(E) : Income-tax
(29thAmendment) Rules, 2022
2nd September 2022
Notification
No.106/2022 [F. No. 279/Misc./66/2014-ITJ(Pt.)] / SO 4156(E) : Notification
No.106/2022 [F. No. 279/Misc./66/2014-ITJ(Pt.)] / SO 4156(E)
5th September 2022
Notification
No. 107/2022 [F. No. 300196/25/2018-ITA-I] / SO 4154(E): Notification No.
107/2022 [F. No. 300196/25/2018-ITA-I] / SO 4154(E)
5th September 2022
Notification
No. 108/2022/F. No. 300196/25/2022-ITA-I] / SO 4155(E): Notification No.
108/2022/F. No. 300196/25/2022-ITA-I] / SO 4155(E)
19th September 2022
Notification
No. 110/2022 [F.No. 370142/41/2022-TPL] / GSR 709(E)
: Income-tax (31st Amendment) Rules, 2022
28th September 2022
Notification
No. 111/2022 [F. No. 370142/32/2022-TPL] / GSR 733(E) : Application for recomputation of income under sub-section (18) of section
155 of Income -tax Act,1961”.
Circulars
Nil
Notifications
Nil
Circulars
Nil
Notifications
A. Tariff
7th
September 2022
47/2022 Customs - Seeks to amend notification No. 56/2000-Customs, dated the
5th May, 2000 to apply IGCR Rules with effect from 01.10.2022
7th September 2022
Seeks to amend
notification No. 57/2000-Customs, dated the 8th May, 2000 to apply IGCR Rules
with effect from 01.10.2022
8th September 2022
49/2022 Customs - Seeks
to amend Second Schedule to the Customs Tariff Act to prescribe export duty on
specified Rice products.
27th September 2022
50/2022 Customs - Seeks
to further amend notification No. 50/2017-Customs, dated the 30th June, 2017
28th September 2022
Seeks to amend
notification No 25/2021-Customs to amend prescribed TRQ for specialty sugar.
B. Non-Tariff
1st September 2022
73/2022
Customs (NT) - Exchange rate Notification No. 73/2022-Cus (NT) dated
01.09.2022-reg.
9th September 2022
74/2022
Customs (NT) - Customs (Import of Goods at Concessional Rate of Duty or for
Specified End Use) Rules, 2022 superseding the existing Customs (Import of
Goods at Concessional Rate of Duty) Rules, 2017.
14th September 2022
75/2022
Customs (NT) - Seeks to amend RoDTEP notification.
14th September 2022
76/2022
Customs (NT) - Seeks to amend RoSCTL notification.
15th September 2022
77/2022
Customs (NT) - Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut,
Gold and Silver- Reg.
15th September 2022
78/2022
Customs (NT) - Exchange rate Notification No. 78/2022-Cus (NT) dated
15.09.2022-reg.
15th September 2022
79/2022
Customs (NT) - Electronic Duty Credit Ledger (Amendment) Regulations, 2022
21st September 2022
80/2022
Customs (NT) - Seeks to amend notification no. 12/97-Customs (N.T.) dated the
2nd April, 1997.
23rd September 2022
81/2022
Customs (NT) - Courier Imports and Exports (Electronic Declaration and
Processing ), Second Amendment, Regulations, 2022 for facilitating E-commerce
exports of jewellery-Reg.
23rd September 2022
82/2022
Customs (NT) - Amendments in the provisions of GSR keeping in view the
Guidelines issued by Department of Science & Technology (DST) for acquiring
and producing Geospatial Data and Geospatial Data Services including Maps.-reg.
26th September 2022
83/2022
Customs (NT) - Exchange rate Notification No. 83/2022-Cus (NT) dated
26.09.2022-reg.
30th September 2022
84/2022
Customs (NT) - Fixation
of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver- Reg.
30th September 2022
85/2022
Customs (NT) - Exchange rate Notification No. 85/2022-Cus (NT) dated
30.09.2022-reg
30th September 2022
86/2022
Customs (NT) - Notification in relation to Land Customs Stations and routes
"the pipeline of M/s Numaligarh Refinery Ltd.
connecting NRL Siliguri Marketing Terminal in India to Parbatipur
in Banlgadesh" as a route of Phulbari
LCS by amendment of Principal Notification No. 63/1994-Customs (N.T.) dated
21st November, 1994.
C. Anti -
Dumping Duty
21st
September 2022
27/2022 Customs (ADD) -
Seeks to amend Notification No. 75/2021-Customs(ADD) dated 21.12.2021 regarding
levy of anti-dumping duty on "HFC Component R-32" to amend the name
of producer from “Zhejiang Quzhou Juxin
Fluorine Chemical Co., Ltd” to “Zhejiang Quhua
Fluor-Chemistry Co., Ltd.
21st September 2022
28/2022 Customs (ADD) -
Seeks to impose Anti-Dumping duty on "Toluene Di-Isocyanate (TDI)"
originating in or exported from China PR, Japan and Korea RP, for a period of 5
years, in pursuance of sunset review final findings issued by DGTR.
The Verdict
Applicability of Section 138 NI Act 1881 for part payment made after cheque is drawn and before being encashed
A Division Bench of the Supreme Court ruled that for a cheque to be dishonoured u/s 138 of the NI Act, it must represent a legally enforceable debt at the time of encashment.
Apex Rulings
Supreme Court judgments that have profound bearing on the society.
Go Figure
Measuring the access to digitalization across the globe
Digital access includes internet, social media and mobile usage besides a host of other platforms.
Lawtitude
UK’s Economic Crime & Corporate Transparency Bill, 2022
With the new laws enacted and some in the pipeline, the United Kingdom is trying to strengthen the UK’s fight against economic crime. Recently, the UK enacted the Economic Crime (Transparency and Enforcement) Act 2022 with the aim to set up a register of overseas entities and their beneficial owners so as to make it a requirement for the overseas entities who own land in the UK to register with the aim to create a record.
Legal-ease
Legal words that are not as difficult as they sound. Learn their meaning. Use them right!
Ratify
To make something valid or effective
Quaere
Refers to a Question —usually used to introduce a question
Talesman
Indicates a person summoned as one of the tales added to a jury
Squatter
Refers to a person who occupies a real property without a claim of right or title
Infographic
India Towards the Ice Continent
India is party to the Antarctic treaty which contains permission for expeditions and preservation / protection of environment in the Antarctic region.
Lawlipop
Important legal and other news having a bearing on society depicted in a fun quirky way!
Worth the wait
TTD directed to pay compensation to devotee awaiting seva ticket allotment since 2006
Filling in
Cheque drawer is liable even if another filled in details
(P)Review
Your regular dose of a movie, TV show and a book all based on law to keep you entertained and thinking at the same time!
Movie
Gargi (2022)
A Tamil legal drama that deals with the child abuse. Gargi (Sai Pallavi) is a schoolteacher whose lower middle-class family consists of her parents and a school going sister. Life turns upside down when her father who works as a security guard in an apartment is arrested on charges of sexually assaulting a minor girl residing in the apartment. Gargi is determined to save her father at any cost. She is certain of his innocence while remembering how her father protected her in childhood from her lecherous schoolteacher.
There is growing public hatred against the father. The family is near ostracised. No lawyer takes up her father’s case including their family friend, a reputed lawyer. With no alternative, Gargi takes the help of his junior – a struggling, stammering lawyer Indrans Kaliyaperumal (Kaali Venkat) who has never argued a case. He works in a medical shop to make ends meet.
In the hearing, Indrans fumbles and struggles to establish his in what seems to be an open and shut case. Then, he begins to unravel the case and makes a breakthrough with his medical (shop) knowledge. Gargi tries everything including meeting the victim who she believes wrongly identified her father. In the end, she finds out the perpetrator and get a sense of closure.
This is perhaps one of the finest movies on child abuse. The court room, led by a transwoman judge, the cynical public prosecutor, the victims’s father and Gargi herself are all characters identifiable in our daily life. An absolute must watch.
Book/Novel
The Final Case by David Guterson (2022)
A young Ethiopian girl adopted by conservative white Christian parents in Seattle is found dead in the backyard of her home. Police arrest Delvin and Betsy Harvey, parents on charges of murdering the Abeba, the young girl. Royal, an octogenarian lawyer, preparing to retire takes agrees to defend Betsy Harvey, the mother as his final case. In the course of trial, lot of interesting legal and moral issues surface – religious belief of adopted parents vis-a-vis international adoption rights and related issues. Read the book. Find out the culprit and motive.
TV Series
Criminal Justice: Adhura Sach (HINDI) (2022)
An ongoing series on Netflix, the third season of this investigative court room drama is back with another case. A child TV star Zara Ahuja is gruesomely murdered and her step-brother Mukul Ahuja is arrested for it. Mukul’s hatred for Zara, his narcotics addiction, short temper and counselling therapy make it certain that he is the perpetrator. He is sent to juvenile home as he is not yet a major. The once affluent lifestyle boy faces lot of hardship. His stepfather has turned against him. His mother and biological father turn to Advocate Madhav Mishra (Pankaj Tripathi) to help solve the case as defence lawyer. He is pitted against assistant public prosecutor Lekha (Swetha Basu Prasad) a no-nonsense lawyer convinced of the evidence on hand pointing towards Mukul.
The Law is Perfection of Reason - Sir Edward Coke
Readers' Corner
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