Month-wise Summary of Notification and Circulars

Compiled By Asmeet A. Shah and Co. and Shubham Consultants

Subject Corporate Laws

Type Other
Date ID Reference Title Summarised Content
01/04/09 48 LLP Rules 2009 Notifing the liability partnership rule ,2009 and providing that
certain rules shall become applicable and inforce with effect from 01-
04-09 . The notification is specially In relation to easing the
formation of LLP on and from 01-04-09

02/04/09 45 Interpretative letterof Sheme 2003 to a company in relation to applicabilty of the SEBI
clarification by SEBI Regulation 1997and its provision relating to creeping acquition to
preferential allotment to pramoters . It is clerified by SEBI that if a
increase in pramoters' holding do not exceed by more that 5%
couled with the facts of there being no change in control , the
aquired would not be required to make a public annoucement under
the take over regulations. It may be noted this view would not affect
the applicability of any other law of reqiuerments of SEBI (DIP)
Guidelines, 2000 or listing agreement with concern stock exchange ,
with respect to proposed preferential allotment

08/04/09 44 Amendment to mutual fund Obtaining a prior in-priciple approval by he trustees of the mutual
Regulation fund from the recognised stock exchange where the unit under an
launch of any sheme are proposed to be issued , which would also
be the obligation of the assetmanagement company .
The offer document shall contain the disclosure regarding the
above reffered in-principle approval .
The provision relating to listing of close ended-sheme are replaced
and that the listing will now be required to be within time period and
subject to conditions specified by SEBI as against six-month tome
limit currently prevalent.
Repurchase of unit of aclose-endedsheme cannot be done before
the end of maturity period of the sheme
Issuance of statement of accounts/ unit certificates within 30 days
from the closure of subscription list
Close-ended sheme units listed on recognised stock exchange can
be traded if they are in demat form .

Subject Direct Tax

Type Notification
Date ID Reference Title Summarised Content
13/04/09 38 36/2009 In exercise to the power conferred by section 295 read with the
section 44AB of the income-tax Act 1961 , The Central Board Of
Direct Taxes , has , further amended the income tax Rule 1962
through the income-tax Rules 2009 to provide "In the Income-tax
Rules ,1962, in Appendix ii, in Form No.3D after item 17 , the
following shall be inserted , namely: 17A . Amount of interest
inadmmisible under section 23 of the micro , small and midium
enterprises Development Act, 2006
Section 23 of the Micro , Small and Midium Enterprises
Development Act 2006 provides that the amount of interest payable
or paid by any buyer under or in accordance with the provision of the
Act , shall not , for the porpose of computation of income under the
income tax Act 1961 , be allowded as deduction

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