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New PE valuation norms for unlisted Cos
RBI has amended the valuation norms under the provisions of the Foreign Exchange Management Act (FEMA) for acquisition of stakes in unlisted Indian Companies by foreign private equity players by insisting on adopting the Discounted Cash Flow Method model.
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New pricing norms for issue of shares to non residents
The Reserve Bank of India (RBI) has issued Notification no. FEMA 205/2010-RB dated 7th April 2010 (Notification), which has amended the regulation in connection with pricing norms for issue of shares by an Indian company to a person resident outside India.
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FCGPR Part B revised
The Reserve Bank of India conducted meetings with selected corporates with discuss the issues/ difficulties in filling FCGPR Part B and also to clarify the conceptual issues/definitions involved in FCGPR. Based on the suggestions received from corporate companies, the format of the FCGPR Part B has been slightly revised.
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Decision on FDI in LLPs likely soon
The inter ministerial departments comprising of Department of Industrial Policy and Promotion (DIPP), the Department of Economic Affairs and Ministry of Corporate Affairs (MCA) are engaged in consultation on allowing FDI in LLPs in sectors where 100 percent overseas investment is permitted through automatic route.
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Reduction in time between opening closure of issue
SEBI has decided to reduce the time between issue and closure of listing to 12 working days from average 22 days.
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New Regional Directorates of the Ministry of Corporate Affairs (MCA)
The Ministry of Corporate Affairs is in process of setting up of two more Regional Directorates (RDs) which would be set up in North Western Region in Gujarat (Ahmedabad) and another in North Eastern Region in Assam (Guwahati).
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CAs, CSs and CWAs told to report all suspicious fund transfers
The Home Ministry, through the Ministry of Corporate Affairs (MCA), has asked the ICAI, ICSI and the ICWAI to ensure that their members report directly to the Home Ministry, without any procedural policies, instances of suspicious fund movements in and out of companies. This is direct fallout of the raging controversy over FDI in the IPL Cricket tournament.
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Enhancement of wage ceiling limit under Employee State Insurance from Rs. 10,000 to Rs. 15,000
Ministry of Labour and Employment has issued a Notification amending the Employees’ State Insurance (Central) Rules, 1950 for enhancing wage ceiling for coverage under ESI Act, 1948 from Rs. 10,000/- to Rs. 15,000/- w.e.f. 1st May, 2010.
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Sweat Equity Shares
In light of the controversial issue of sweat equity shares to certain beneficiaries by the sponsoring companies of IPL teams we thought it fit to include a write up on issue of sweat equity shares and ESOP. The article by Mr. Vivek Hegde and Divya Paras covers provisions under the Indian Companies Act and Income Tax Act.
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