2009 04 Notif Circulars

Month-wise Summary of Notification and Circulars Compiled By Asmeet A. Shah and Co. and Shubham Consultants

Subject

Corporate Laws Other

Type Date

ID Reference

Title

Summarised Content

01/04/09

48

LLP Rules 2009

Notifing the liability partnership rule ,2009 and providing that certain rules shall become applicable and inforce with effect from 0104-09 . The notification is specially In relation to easing the formation of LLP on and from 01-04-09

02/04/09

45

Interpretative letterof clarification by SEBI

Sheme 2003 to a company in relation to applicabilty of the SEBI Regulation 1997and its provision relating to creeping acquition to preferential allotment to pramoters . It is clerified by SEBI that if a increase in pramoters' holding do not exceed by more that 5% couled with the facts of there being no change in control , the aquired would not be required to make a public annoucement under the take over regulations. It may be noted this view would not affect the applicability of any other law of reqiuerments of SEBI (DIP) Guidelines, 2000 or listing agreement with concern stock exchange , with respect to proposed preferential allotment

08/04/09

44

Amendment to mutual fund Regulation

Obtaining a prior in-priciple approval by he trustees of the mutual fund from the recognised stock exchange where the unit under an launch of any sheme are proposed to be issued , which would also be the obligation of the assetmanagement company . The offer document shall contain the disclosure regarding the above reffered in-principle approval . The provision relating to listing of close ended-sheme are replaced and that the listing will now be required to be within time period and subject to conditions specified by SEBI as against six-month tome limit currently prevalent. Repurchase of unit of aclose-endedsheme cannot be done before the end of maturity period of the sheme Issuance of statement of accounts/ unit certificates within 30 days from the closure of subscription list Close-ended sheme units listed on recognised stock exchange can be traded if they are in demat form .

Subject

Direct Tax

Type

Notification Date 13/04/09

ID Reference 38 36/2009

Title

Summarised Content In exercise to the power conferred by section 295 read with the section 44AB of the income-tax Act 1961 , The Central Board Of Direct Taxes , has , further amended the income tax Rule 1962 through the income-tax Rules 2009 to provide "In the Income-tax Rules ,1962, in Appendix ii, in Form No.3D after item 17 , the following shall be inserted , namely: 17A . Amount of interest inadmmisible under section 23 of the micro , small and midium enterprises Development Act, 2006 Section 23 of the Micro , Small and Midium Enterprises Development Act 2006 provides that the amount of interest payable or paid by any buyer under or in accordance with the provision of the Act , shall not , for the porpose of computation of income under the income tax Act 1961 , be allowded as deduction

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