MINISTRY OF INFORMATION & BROADCASTING
India chosen as first Country of Honour ever at Cannes Film Market (MAY 4, 2022)
Union Minister for Information and Broadcasting Shri Anurag Thakur today announced that India will be the official Country of Honour at the upcoming Marche’ Du Film, organized alongside the 75th edition of Cannes Film Festival, in France.
In another highlight of India’s participation at this edition of Cannes Film Festival is the World Premier of the Movie “Rocketry” produced by Shri. R. Madhavan. The movie would be showcased at the Palais des Festivals of the market screening on the 19th May 2022.
SUPREME COURT
Supreme Court rejects the bail plea of Dawood Ibrahim's nephew, case is registered under MCOCA (MAY 4, 2022)
The Supreme Court on Wednesday refused bail to underworld don Dawood Ibrahim's nephew in a case registered against him in 2019. A case was registered for allegedly threatening a builder under the Maharashtra Control of Organized Crime Act (MCOCA), a law to curb organized crime. A bench of Justice MR Shah and Justice BV Nagarathna asked the lower court to frame charges in the matter. Along with this, Dawood's nephew has been allowed to apply afresh for bail.
The Bench dismissed the petition filed against the Bombay High Court's December 2021 order dismissing the bail plea of Mohammad Rizwan Iqbal Hasan Shaikh alias Ibrahim Kaskar.
Tax reassessment: Supreme Court sets aside HC orders, revives show-cause notices (MAY 4, 2022)
The Supreme Court on Wednesday held that the reassessment notices issued under the unamended Section 148 of the Income Tax Act on or after April 1, 2021, will not be deemed to be invalid just because they were issued under the old law.
While modifying the relevant orders of various high courts that quashed the reassessment notices issued under the Section after the cut-off date, the SC said that these notices will be deemed as show-cause notices issued to the respective assessees under the new Section 148A of the Act.
A Bench led by Justice MR Shah passed the judgment in a batch of cases led by Union of India vs Ashish Agarwal. In this batch of 24 cases, the high courts had ruled in favour of the assessees by quashing several reassessment notices issued by the department under Section 148 on the ground that the same were bad in law in view of the amendment by the Finance Act, 2021.
NCLAT
Decision Of Homebuyers As A Class Is Binding On Every Homebuyer: NCLAT, Delhi (MAY 4, 2022)
National Company Law Appellate Tribunal (NCLAT), Principal Bench New Delhi in a recent case of Sandeep Kumar Jain versus Anil Tayal held that decision taken by the homebuyers as a class is binding on every single homebuyer. The bench comprising of Justice Ashok Bhushan and Ms. Shreesha Merla was hearing the appeal filed by two homebuyers against the order of NCLT New Delhi which rejected the Appellant's intervention application on the basis that the class of homebuyers is already being represented before NCLT.
NCLAT also observed that the Authorized representative of class of homebuyers can always approach the Resolution Professional and the adjudicating authority in case of any difficulty.
NCLAT dismissed the appeal but removed the cost imposed on the appellants by NCLT.
MINISTRY OF CORPORATE AFFAIRS
Companies (Share Capital and Debentures) Amendment Rules, 2022 (MAY 4, 2022)
In exercise of the powers conferred by sub-section (1) and (3) of section 56 read with 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 Debenture) Rules, 2014, namely:-
In the Companies (Share Capital and Debentures) Rules, 2014, in the Annexure, in Form No.SH-4, before the Enclosures, the following declaration shall be inserted, namely.-
“Declaration:
- Transferee is not required to obtain the Government approval under the Foreign Exchange Management (Non-debt Instruments) Rules, 2019 prior to transfer of shares; or
- Transferee is required to obtain the Government approval under the Foreign Exchange Management (Non-debt Instruments) Rules, 2019 prior to transfer of shares and the same has been obtained and is enclosed herewith.”.
WORD OF THE DAY
AD LITEM : Latin for “for the purposes of the legal action.” It refers to the appointment by the court of one party to act in a legal action on behalf of another party. For example , A guardian ad litem is a person appointed by the court to protect the interests of minors or legally incompetent persons in legal actions.
MARKET TODAY ( as on 4.05.2022 )
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DOLLAR VS RUPEE
1 US Dollar = 76.21 Indian Rupee (May 5, 7:52 AM UTC)
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