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Some news of September 2023

  1. From 2024 there are a total of 102,611 companies and LLPs were registered in India.
  2. The Prime Minister, Shri Narendra Modi has expressed deep sorrow over the death of eminent agriculture scientist, Dr. MS Swaminathan whose “groundbreaking work in agriculture transformed the lives of millions and ensured food security for our nation.”  Dr. Swaminathan was a powerhouse of innovation and a nurturing mentor to many. His unwavering commitment to research and mentorship has left an indelible mark on countless scientists and innovators.
  3. Online gaming companies, including the likes of Dream 11, Games 24×7, and Head Digital Works, which are facing cumulative demands for Goods And Services Tax (GST) demands of over Rs 55,000 crore, have sought or are planning to seek redressal from the courts after they were served pre-show cause notices in this month.
  4. Mediation Act, 2023 received the assent of the Hon’ble President of India on September 14, 2023. The object of this law inter alia is to promote and facilitate mediation, and resolution of disputes, enforce mediated settlement agreements, provide a body for registration of mediators, encourage community mediation, and make online mediation an acceptable and cost-effective process. Though the Act has received the assent of the President, the provisions of this law will come into force on such date(s) as the Central Government will notify.
  5. India retains 40th rank out of 132 economies in the Global Innovation Index 2023 rankings published by the World Intellectual Property Organization. India has been on a rising trajectory, over the past several years in the Global Innovation Index (GII), from a rank of 81 in 2015 to 40 in 2023. Innovation has been at the forefront of our battle against the unprecedented crisis created by the pandemic and will be pivotal in driving the country’s resilience, as enshrined in the Prime Minister’s clarion call on Atma Nirbhar Bharat. NITI Aayog has been working tirelessly to ensure the optimization of the national efforts for bringing policy-led innovation in different areas such as electric vehicles, biotechnology, nanotechnology, space, alternative energy sources, etc NITI Aayog, in partnership with the CII and the World Intellectual Property Organisation (WIPO), has hosted virtually, the India Launch of the GII 2023 on September 29, 2023.
  6. The Government has notified the final valuation rules effective from September 25, 2023, for overseas investment in start-ups which should reduce disputes relating to the so-called angel tax while taking care of the money laundering concerns. These newly revised rules include a mechanism for determining the fair market value of investments made through CCPs (Compulsorily Convertible Preference  Shares). The rules offer investors the flexibility of picking any of the five valuation methods (Comparable Company Multiple Method, Probability Weighted Expected Return Method, Option Pricing Method, Milestone Analysis Method and Replacement Cost Method) in addition to Discounted Cash Flow and Net Asset Value Methods for determining Angle Tax incidents u/s 56 (2) (vii) (b) of the Income Tax Act 1961. The revised rules also provide a safe harbour of 10% variation from the determined value- no tax will be payable if the actual investment is within 10% of the value assessed under permitted methods
  7. Finance Minister Sitharaman said that India is looking at commencing listing with the International Financial Services Centre (IFSC) at GIFT City.  Hopefully, once that is done, Indian businesses may consider listing in London.  Currently, Indian companies are not allowed to list directly on overseas exchanges.
  8. SEBI and NFRA stated that they will increase the scrutiny of requirements for an “effective two-way communication process” between the Auditors, Audit Committee, and the Independent Director to prevent scandals like IL & FS and to minimize the influence of the management on the independence of Auditors.
  9. SEBI has extended until December 31, 2023, for freezing of the Demat Account who do not have a choice of nomination, and for giving PAN, Nomination, Contact details, Bank account, and specimen signature for the folio no by the holders of security in physical form.
  10. The Union Cabinet chaired by Prime Minister Shri Narendra Modi has approved the eCourts Project Phase III as a Central Sector Scheme spanning 4 years (2023 onwards) with a financial outlay of Rs.7210 crore. eCourts Mission Mode Project is the prime mover for improving access to justice using technology by moving towards digital, online, and paperless courts through digitization of the entire court records including legacy records, and by bringing in universalization of e-filing/ e-Payments through saturation of all court complexes with e-Sewa Kendras. It will have systems enabling data-based decision-making for judges and registries while scheduling or prioritizing cases. It will emphasize on automated delivery of court summons by further expanding the NSTEP (National Serving and Tracking of Electronic Processes), hence drastically reducing the delays in trials. The use of emerging technologies in court processes will make them more efficient and effective, hence contributing significantly towards the reduction of pendency cases.
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