Author: Legal Parivar

On June 24, Prime Minister Narendra Modi urged the opposition to meet the people’s expectations by prioritizing substance over slogans and upholding the dignity of democracy. In a speech during the Lok Sabha session, the Prime Minister stated, “The people of the country expect good steps from the opposition. I hope that the opposition will live up to the expectations of the common citizens of the country to maintain the dignity of democracy. People do not want drama, disturbance. People want substance, not slogans. The country needs a good opposition, a responsible opposition and I have full faith that the…

Index funds are a type of mutual fund or exchange-traded fund (ETF) that seeks to replicate the performance of a specific market index, such as the Nifty 50 or the Sensex in the context of India. Here’s a comprehensive overview of index funds: What are Index Funds? Index funds are designed to track the performance of a particular index by investing in the same stocks or securities that make up the index. The goal is to mirror the returns of the index as closely as possible, rather than trying to outperform it through active stock selection or market timing. Key…

Entities incorporated under the Companies Act, 2013 are required to submit the DIR 12 form through the Ministry of Corporate Affairs portal. This form plays a critical role in notifying the Registrar of Companies about changes such as director appointments, resignations, or alterations in key officials within the organization. The filing must be completed within 30 days from the occurrence of these events, as stipulated in Rules 8, 15, and 18 of the Companies (Appointment & Qualification of Directors) Rules, 2014, and Sections 7(1)(c), 168, and 170(2) of the Companies Act, 2013. Rule 17 of the Companies (Incorporation) Rules also…

What is Total Expense Ratio? TER in Mutual Fund: The Total Expense Ratio (TER) is the annual fee charged by mutual funds to manage investments. It encompasses various costs, including management fees, administrative expenses, marketing, and distribution costs. TER is expressed as a percentage of the fund’s average assets under management (AUM). Components of TER in Mutual Fund SEBI Regulations on TER The Securities and Exchange Board of India (SEBI) has set specific limits on TER to protect investors from excessive charges. These limits vary based on the type and size of the fund: Equity Funds: Debt Funds: Other Schemes:…

Taxpayers have the right to report any mistakes they find in their Annual Information Statement (AIS). The tax department will verify the source when notified of the issue. If discrepancies persist, a notification under the e-verification process may be issued. What is the Annual Information Statement (AIS)? The AIS provides a comprehensive view of a taxpayer’s information, displayed in Form 26AS. Taxpayers can give feedback on the information shown in AIS. It includes both the reported value and the modified value (i.e., value after considering taxpayer feedback) under each section (such as TDS, SFT, Other information). Objectives of AIS: How…

Byju’s, the embattled ed tech company, has approached the Karnataka High Court to challenge a National Company Law Tribunal (NCLT) order that prevents it from proceeding with its second rights issue. Typically, NCLT orders are appealed at the National Company Law Appellate Tribunal (NCLAT), but Byju’s has opted for a writ petition in the Karnataka High Court, often used to contest governmental actions violating fundamental rights. The High Court’s website shows the plea was briefly heard on June 18 and 21, with no effective order issued on those dates. On June 12, the NCLT in Bengaluru instructed Byju’s to maintain…

Finance Minister Nirmala Sitharaman announced several significant measures during the 53rd GST Council meeting held on Saturday, June 22, 2024. Chaired by Sitharaman and attended by state finance ministers, the session focused on tax amendments, Aadhaar biometric integration, and exemptions in railway services. Here are the key takeaways: Aadhaar-based Biometric Authentication“There will be a nationwide rollout of biometric-based Aadhaar authentication to combat fraudulent input tax credit claims made through fake invoices,” announced Finance Minister Nirmala Sitharaman. This initiative aims to enhance tax compliance by curbing fraudulent practices. GST Rate on Milk CansA uniform GST rate of 12% was announced for…

The primary market is set to remain busy as ten new companies, including two in the mainboard segment and eight in the small and medium enterprise (SME) segment, are preparing to launch their initial public offerings (IPO) in the upcoming week. In addition to new public offerings, the market will also witness 11 new listings next week. Last week, the IPOs of DEE Development Engineers and Akme Fintrade received strong responses from investors, with overall subscriptions reaching 99 times and 55 times, respectively. Here are the IPOs open for subscription next week: Allied Blenders and Distillers IPO Vraj Iron and…

Four members of the Hinduja family, known as Britain’s wealthiest clan with an estimated net worth of £37 billion ($47 billion), were sentenced to jail by a Swiss court on Friday. The court criticized them for exploiting Indian staff at their Geneva residence, describing their actions as “selfish.” While cleared of human trafficking charges, Prakash Hinduja, Kamal Hinduja, Ajay Hinduja, and Namrata Hinduja were found guilty of other offenses. Prakash Hinduja and Kamal Hinduja received four years and six months each, while Ajay Hinduja and Namrata Hinduja received four-year terms, according to the presiding judge in Geneva. The Hinduja Group,…

Defence PSU Garden Reach Shipbuilders & Engineers Limited (GRSE) entered into an agreement on June 22 with German firm Carsten Rehder Schiffsmakler and Reederei GmbH & Co KG for the construction and delivery of four multi-purpose vessels, each with a capacity of 7,500 DWT (Deadweight Tonnage). The contract, valued at $54 million, includes an option to build an additional four ships in the future. Under the terms of the agreement, GRSE will design, construct, and deliver these vessels within a period of 33 months. The ships, measuring 120 meters in length, 17 meters in width, and with a maximum draft…