Buy back calculations when audited accounts more than six months old-MCA Notification

Buy back calculations when audited accounts more than six months old-MCA Notification

Government of India
Ministry of Corporate Affairs

Notification

New Delhi, 10th March, 2016

GSR….(E).- In exercise of the powers conferred by sub-sections (1) and (2) of section 469 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following rules further to amend the Companies (Share Capital and Debentures) Rules, 2014, namely:—

1. (1) These rules may be called the Companies (Share Capital and Debentures) Amendment Rules, 2016.

    (2) They shall come into force on the date of their publication in the Official Gazette.

2. In the Companies (Share Capital and Debentures) Rules, 2014, in rule 17, in sub-rule (1), in clause (n), after sub-clause (iii), the following proviso shall be inserted, namely:—

“Provided that where the audited accounts are more than six months old, the calculations with reference to buy back shall be on the basis of un-audited accounts not older than six months from the date of offer document which are subjected to limited review by the auditors of the company.”.

[F.NO.01/04/2013 CL-V (PART-II)]

Amardeep Singh Bhatia
Joint Secretary to the Government of India

• Entire amount of undisclosed money cannot be treated income but only profit embedded
• Penalty confirmed as loading point of the goods was different as declared in E- Way Bill
• Notice u/s 143(2) send by email fifty seconds before signing by AO not a legal notice
• Amount shown payable & receivable by both parties, not unexplained money – ITAT
• Consolidated satisfaction note for all assessment years fatal to jurisdiction u/s 153C