Mubadala Investment Company will invest Rs 6,247.5 crore ($853 million) in Reliance Retail Ventures Ltd, making the Abu Dhabi sovereign wealth fund the fourth investor in the unit. This investment will translate into a 1.4% stake in Reliance Retail Ventures on a fully diluted basis. The investment values Reliance Retail at a pre-money equity valuation of Rs 4.285 trillion. Here […]
Several entities have been impacted by the COVID-19 pandemic. As per accounting prospective both Ind AS 36, ‘Impairment of assets’ and AS 28 ‘Impairment of Assets’, require that management consider at each report date whether there is any indication that an asset may be impaired. Ind AS 36 and AS 28 include both internal and external indicators to identify if […]
Introduction: The Three lines Model helps organizations to identify the framework and processes that best suits the objectives of the organization and simplifies Risk Management and Governance. A governing body is eventually responsible for governance, which is achieved through the actions and activities of the governing body as well as management. A Governing Body in any organization receives periodic reports […]
Finance Act, 2020 amended provisions relating to TCS w.e.f. 1-10-20. On 29.9.20, CBDT issued guidelines for its implementation and on 30.9.20, CBDT issued a press release clarifying its applicability. In a nutshell, following may be summarized:- TCS shall be applicable only on the receipt exceeding Rs. 50 lakh by a seller from a particular buyer. TCS is made applicable to […]
In this edition we have tried to bring to your notice the latest amendment that followed in the month of September issued by MCA. Amendment introduced by MCA Companies (Acceptance of Deposits) Rules, 2020 In exercise of the powers conferred by section 73 read with sub-sections (1) and (2) of section 469 of the Companies Act, 2013 (18 of 2013), […]
Notional interest on security deposit is taxable if it sways value of supply – AAR Karnataka Facts The plaintiff plans to enter in an agreement for renting of an immovable property to an Educational Institution. Ensuing the agreement, the rent is Rs. 1.5 lacs per month and refundable security deposit is Rs. 500 lakhs, the same is refundable on termination […]
Indiabulls India Estate and two subsidiaries of the Embassy Group have entered into an agreement to merge their residential and commercial projects. This shall become one of the India’s leading real estate development platforms, with 80.8 Million sq. ft. launched and planned development potential. Here are the latest financial news of private equity, venture capital and mergers & acquisitions: Private […]
AAAR Karnataka held supply of goods and services under warranty contract as composite supply, as principal supply being services and “recipient of supply” to make payment to under the contract to the supplier. Elaborative: Facts: The appellant provides warranty and other after sales support services on supply as a distributor of branded trucks on a principal-to-principal basis to its […]
NFRA issues Audit Quality Review Report of the Statutory Audit of IL&FS for F.Y. 2017-18 In pursuant to section 132(2)(b) of the Companies Act, 2013 and NFRA Rules, 2018, The National Financial Reporting Authority (NFRA) has issued the Audit Quality Review Report (AQRR) of the Statutory Audit of IL&FS Financial Services Ltd. for the financial year 2017-18. This AQR was […]
In this edition we have tried to bring you notice the latest amendment that followed in the month of August issued by MCA, SEBI, RBI and others. Amendment introduced by MCA Amendment of item no. (ix) In the Schedule VII of the Companies Act, 2013 In exercise of the powers conferred by sub-section (1) of section 467 of the Companies […]