Connec ion - LLB & Co

Connec ion Volume VIII, Issue 6 LLB & Co.

“Anyone can find the dirt in someone. Be the one that finds the gold.”

~ Gaur Gopal Das

March 2020

In exercise of the powers con-

ferred under Rule 8 of the The

Direct Tax Vivad se Vishwas

Rules, 2020, the Principal

Director General of Income

Tax (Systems) hereby lays

down the following proce-

dures:

2. Online filing of Form-1 and

Form-2:

i. All the declarants filing dec-

laration under sub-section (1)

of section 4 of the The Direct

Tax Vivad se Vishwas Act,

2020, are required to file the

declaration in Form -1 online

on the e-Filing portal of the

D e p a r t m e n t :

www.incometaxindiaefiling.go

v.in.

ii. The declarants are further

required to furnish the under-

taking referred to in sub-

section (5) of section 4 elec-

tronically in Form-2 along with

the declaration online on the

e-Filing portal of the Depart-

m e n t :


v.in.

iii. The submission of Form-1

and Form-2 shall be done in

conjunction as a single sub-

mission. The declaration and

undertaking shall be verified

in accordance with section

140 of the Income-tax Act,

1961.

iv. Form-1 and Form-2 shall

be furnished electronically

under digital signature, if the

return of income is required

to be furnished under digital

signature or, in other cases

through electronic verification

code.

v. Please refer to Pr. DGIT

Notification in F No. 1/23/CIT

(OSD)/E-filing – Electronic

Verification/ 2013-14 -

Notification No. 2/2015 dt.

13th of July 2015 and F.No.

1 / 2 3/ C I T ( O SD )/ E - f i l in g -

Electronic Verification/2015-

16 – Notification No. 1/2016

dt. 19th of January, 2016 for

details regarding Electronic

Verification Code (EVC) for

electronically filed Income Tax

Return which will be applica-

ble for the submission under

this Notification.

3. Preparation and submis-

sion of Form-1 and Form-2:

i. Form-1 and Fortm-2 shall be

available for data entry and

preparation online to the de-

clarant after login.

ii. The declarant is required to

login into the e- Filing portal:


v.in using their valid creden-

tials.

iii. A link for filing the Form -1

and Form -2 has been provid-

ed under e-Filing portal:


v.in ―Login using User name

and password ―Select Vivad

se Vishwas Tab ―Select

‗Prepare and Submit DTVSV

Forms‘.

iv. Select Form-1 and Assess-

ment Year (or Financial Year

as applicable for Tax Deduc-

tion/Collection at Source re-

lated cases) and filing type

(original/revised) from the

drop down.

v. Form-1 contains specific

schedules and the declarants

are required to fill the rele-

vant schedules and tables

under the schedules with

validations for proper submis-

sion of the declaration.

vi. Form-2 shall also be sub-

mitted electronically on the e-

Filing portal on the same

path.

vii. These Forms can be sub-

mitted by clicking on ―Submit‖

button.

viii. Digital Signature Certifi-

cate or Electronic Verification

Code is mandatory to submit

these Forms.

ix. Acknowledgement number

for submission of declaration

shall be generated electroni-

cally.

4. Viewing submitted Forms

i. The submitted Forms would

be available for view and

download by going to


v.in -Login using User name

and password -Select Vivad

se Vishwas Tab -*Select ‗View

DTVSV Forms‘

5. Submission to designated

authority.-

i. Online submission of Form-

1 and Form-2 in the manner

prescribed herein would be

treated as submission to the

designated authority as pre-

scribed under Clause (e) of

Section 2 of the The Direct

Tax Vivad se Vishwas Act,

2020.

6. Instructions and FAQs to fill

the Forms are available on

the e-Filing Portal: incomet-

axindiaefiling.gov.in.

7. The Notification comes into

effect immediately.

P R O C E D U R E F O R D E C L A R A T I O N & U N D E R T A K I N G

U N D E R V I V A D S E V I S H W A S R U L E S

Volume VIII , Issue 6 Innovate Create Lead

LLB & Co.

Just to Remind You:

March 22— last

date for filing

GSTR 3B

March 25— last

date for filing P.F

Returns

March 30—

Deposit of TDS on

payment made

for purchase of

property in feb

March 31—Last

date for payment

of LIC, deposite of

PPF etc for saving

TAX.

March 31– last

date to opt for

composition

scheme

March 31– Last

date for filing ITR

for AY 2019-20

with late fee

March 31– Pay-

ment of balance

advance tax by all

March 31– Linking

of PAN with

Aadhar.

In side th is

i ssue:

1. Income Tax 2

1. Company Law

Update

5

2. GST Update 7

3. RBI Update 8

4. Corporate Law

Updation

11

Innovate Create Lead


ferred by sub-section (2) of

section 12 real with sub-

sections (1) and (5) of section

4 and sub-sections (1) and (2)

of section 5 of the Direct Tax

Vival se Vishwas Act, 2020 (3

of 2020), the Central Govern-

ment hereby makes the fol-

lowing rules, namely:‑

1. Short title and commence-

ment.-(1) These rules may be

called the Direct Tax Vival se

Vishwas Rules, 2020.

(2) They shall come into force

on the date of their notifica-

tion in the Official Gazette.

2. Definitions-In these rules,

unless the context otherwise

requires, ‑

(a) ―Act‖ means the Direct Tax

Vivad se Vishwas Act, 2020 (3

of 2020);

(b) ―dispute‖ means appeal,

writ or special leave petition

filed or appeal or special

leave petition to be filed by

the declarant or the income-

tax authority before the Appel-

late Forum, or arbitration,

conciliation or mediation initi-

ated or given notice thereof,

or objections filed or to be

filed before the Dispute Reso-

lution Panel under section

144 der section 264 of the

Income-tax Act;

(c) ―eligible search cases‖ n

made under sub-section (3) of

section 143 or section 144 or

section 153A or section 153C

of the Income-tax Act on the

basis of search initiated un-

der section 132 or section

132A of the Income-tax Act

and the amount of disputed

tax does not exceeds five

crore rupees;

(d) ―Form‖ means the Forms

appended to these rules;

(e) ―issues covered in favour

of the declarant‖ means is-

sues in respect of which –

(i) an appeal or writ or special

leave petition is filed or ap-

peal or special leave petition

is to be filed by the income-

tax authority before the appel-

late forum or

(ii) an appeal is filed or to be

filed before the Commissioner

(Appeals) or objections is filed

or to be filed before the Dis-

pute Resolution Panel by the

dedarant, on which he has

already got a decision in his

favour from Income Tax Ap-

pellate Tribunal (where the

decision on such issue is not

reversed by the High Court or

the Supreme Court) or the

High Court (where the deci-

sion on such issue is not re-

versed by the Supreme

Court), or

(iii) an appeal is filed or to be

filed by the ded arant before

Income Tax Appellate Tribunal

on which he has already got a

decision in his favour from the

High Court (where the deci-

sion on such issue is not re-

versed by the Supreme

Court);

(f) ―section‖ means section of

the Direct Tax Vivad se Vish-

was Act, 2020 (3 of 2020);

(g) the words and expressions

used in these rules and not

defined but defined in the Act

or Income-tax Act,1961 shall

have the same meanings

respectively as assigned to

them in those Acta

3. Form of declaration and

undertaking.-(1) The declara-

tion under sub-section (1) of

section 4 shall be male in

Form-1 to the designated

authority.

(2) The undertaking referred

to in sub-section (5) of section

4 shall be furnished in Form-2

along with the declaration.

(3) The dedaration under sub-

rule (1) and the undertaking

under sub-rule (2), as the

case may be, shall be signed

and verified by the dedarant

or any person competent to

verify the return of income on

his behalf in accordance with

section 140 of the Income-tax

Act, 1961.

(4) The designated authority

on receipt of dedaration shall

issue a receipt electronically

in acknowledgement thereof.

4. Form of certificate by desig-

nated authority.- The desig-

nated authority shall grant a

certificate electronically re-

ferred to in sub-section (1) of

section 5 in Form-3.

5. Intimation of payment.- The

detail of payments male pur-

suant to the certificate issued

by the designated authority

shall be furnished along with

proof of withdrawal of appeal,

objection, application, writ

petition, sped al leave peti-

tion, arbitration, conciliation,

mediation or claim filed by the

dedarant to the designated

authority in Form-4.

6. Manner of furnishing.- The

Form-1 and Form-2 referred

to in rule 3 and Form-4 re-

ferred to in rule 5 shall be

furnished electronically under

digital signature, if the return

of income is required to be

furnished under digital signa-

ture or, in other cases through

electronic verification code.

Explanation. – For the pur-

pose of this rule, ―electronic

verification code‖ shall have

the same meaning as referred

to in rule 12 of the Income-tax

Rules, 1962.

7. Order by designated au-

thority .-The order by the desi

nated authority under sub-

section (2) of section 5, in

respect of payment sate

granted under sub-section (1)

of section 5, shall be in Form-

5.

8. Laying down of procedure,

formats and standards.-The

Principal Director General of

Income-tax (Systems) or the

Director General of Income-

tax (Systems), as the case

may be, shall lay down proce-

dures, formats and standards

for furnishing and verifying

the declaration in Form-1

under sub-rule (1) of rule 3,

furnishing and verifying the

undertaking in Form-2 under

sub-rule (2) of rule 3, granting

of certificate in Form-3 under

rule 4, intimation of payment

C B D T N O T I F I E S D I R E C T T A X V I V A D S E V I S H W A S

R U L E S 2 0 2 0 W I T H F O R M S

and proof of withdrawal in

Form-4 under rule 5 and issu-

ance of order in Form-Sunder

rule 7 and the Principal Direc-

tor General of Income-tax

(Systems) or the Director Gen-

eral of Income-tax (Systems)

shall also be responsible for

evolving and implementing

appropriate security, archival

and retrieval policies in rela-

tion to the said declaration,

undertaking, certificate, inti-

mation and order.

9. Manner of computing dis-

puted tax in caws where loss

or unabsorbed depredation is

reduced.-(1) Where the dis-

pute in relation to an

ciwdtbilient year relates to

reduction in loss or unab-

sorbed depredation to be

carried forward under the

Income-tax Act, the declarant

shall have an option to

(i) include the tax, including

surcharge and cess, payable

on the amount by which loss

or unabsorbed depredation is

reduced in the disputed tax

and carry forward the loss or

unabsorbed depredation by

ignoring such amount of re-

duction in loss or unabsorbed

depreciation; or

(ii) carry forward the reduced

amount of loss or unabsorbed

depreciation.

(2) Where the declarant exer-

cises the option as per dause

(ii) of sub-rule (1), he shall be

I i able to pay tax, including

surcharge and cess, along

with interest, if any, as a con-

sequence of carrying forward

the reduced amount of loss or

unabsorbed depreciation in

subsequent years:

Provided that the written

down value of the block of

asset on the last day of the

year, in respect of which un-

absorbed depredation has

been reduced, shall not be

increased by the amount of

reduction in unabsorbed dep-

redation:

Provided further that in cases

other than the eligible search

cases, in computing the re-

duced amount of loss or un-

absorbed depreciation to be

carried forward in dause (ii) of

sub-rule (1), one-half of the

amount by which loss or un-

absorbed depreciation is re-

duced shall be considered for

reduction, if such reduction is

related to issues covered in

favour of declarant:

Provided also that in case of

eligible search cases, in com-

puting the reduced amount of

loss or unabsorbed depreda-

tion to be carried forward in

clause (ii) of sub-rule (1), one

and one-fourth times of the




reduction and where the one

and one-fourth times of the



duced exceeds the amount of

loss to be carried forward

before it‘s reduction, such

excess shall be ignored:


eligible search cases in com-


loss or unabsorbed depreda-

tion to be carried forward in

clause (ii) of sub-rule (1), five-

eighth of the amount by which

loss or unabsorbed deprecia-

tion is reduced shall be con-

sidered for reduction, if such

reduction is related to issues

covered in favour of declar-

ant.

10. Manner of computing

disputed tax in casaswhere

Minimum Alternate Tax (MAT)

credit is reduced.-(1) Where

the dispute in relation to an

assessment year relates to

reduction in Minimum Alter-

nate Tax (MAT) credit to be

carried forward, the declarant

shall have an option to

(i) include the amount by

which MAT credit to be carried

forward is reduced in disput-

ed tax and carry forward the

MAT credit by ignoring such

amount of reduction, or

(ii) carry forward the reduced

MAT credit.

(2) Where the declarant exer-

cises the option as per dause

(i i) of sub-rule (1), he shall be

I i abl e to pay tax, including

surcharge and cess, along

with interest, if any, as a con-

sequence of carrying forward

reduced MAT credit in subse-

quent years:

Provided that in cases other

than the eligible search cas-

es, in computing the reduced

amount of MAT credit to be

carried forward in clause (ii)

of sub-rule (1), one-half of the

amount by which MAT credit

is reduced shall be consid-

ered for reduction, if such

reduction is related to issues

covered in favour of declar-

ant:

Provided further that in case

of eligible search cases, in

computing the reduced

amount of MAT credit to be

carried forward in clause (ii)

of sub-rule (1), one and one-

fourth times of the amount by

which MAT credit is reduced

shall be considered for reduc-

tion and where the one and

one-fourth times the amount

by which MAT credit is re-

duced exceeds the amount of

MAT credit to be carried for-

ward before it‘s reduction,

such excess shall be ignored:


eligible search cases in com-


MAT credit to be called for-

ward in clause (ii) of sub-rule

(1), five-eighth of the amount

by which MAT credit is re-


reduction, if such reduction is

related to issues covered in

favour of dedarant.

Explanation – For the purpose

of this rule MAT credit means

tax credit as per the provi-

sions of section 115JAA or

115JD of the Income-tax Act.

11. Manner of computing

disputed tax in certain cams–

(1) Where the dispute in-

cludes issues covered in fa-

vour of declarant, the disput-

ed tax in respect of such is-

sues shall be the amount,

which bears to tax, including

surcharge and cess, payable

on all the issues in dispute,

the same proportion as the

disputed income in relation to

issues covered in favour of

declarant bear to the disput-

ed income in relation to all

the issues in dispute.



2. In the Companies

(Appointment and Qualifica-

tion of Directors) Rules, 2014,

in rule 6, –

(a) in sub-rule (1), in clause

(a), for the words ―three

months‖ the words ―five

months‖ shall be substituted;

(b) in sub-rule (4),‑

(i) for the first proviso, the

following proviso shall be

substituted, namely:‑

―Provided that an individual

shall not be required to pass

the online proficiency self-

assessment test, when he

has served as a director or


ferred by section 149 read

with section 469 of the Com-

panies Act, 2013 (18 of

2013), the Central Govern-


lowing rules further to amend

the Companies (Appointment

and Qualification of Directors)

Rules, 2014, namely:-

1. (1) These rules may be

cal led the Companies

(Appointment and Qualifica-

tion of Directors) Amendment

Rules, 2020.


on the date of their publica-


key managerial personnel, for

a total period of not less than

ten years, as on the date of

inclusion of his name in the

databank, in one or more of

the following, namely:-

(a) listed public company; or

(b) unlisted public company

having a paid-up share capital

of rupees ten crore or more; or

(c) body corporate listed on a

recognized stock exchange:‖.

(ii) in the second proviso, for

the word ―companies‖, the

words ―companies or bodies

corporate‖ shall be substitut-

ed.

C O M P A N I E S ( A P P O I N T M E N T A N D Q U A L I F I C A T I O N

O F D I R E C T O R S ) A M E N D M E N T R U L E S , 2 0 2 0

C O N S T I T U T I O N O F N C L A T B E N C H A T C H E N N A I

orders of the Benches of the

National Company Law Tribu-

nal (NCLT) having jurisdiction

of Karnataka, Tamil Nadu,

Kerala, Andhra Pradesh, Tel-

angana, Lakshadweep and

Puducherry.

2. The Bench of the NCLAT at

New Delhi shall be known as


ferred by section 410 of the

Companies Act, 2013 (18 of


ment hereby constitutes an-

other Bench of the National

Company Law Appellate Tribu-

nal (NCLAT) at Chennai to

hear the appeals against the

the Principal Bench of the

NCLAT which shall continue to

hear appeals other than those

in the jurisdiction of Chennai

Bench of the NCLAT.

3. This notification shall come

into force with effect from the

18th March, 2020.

G O V T I N T R O D U C E S C O M P A N I E S ( A M E N D M E N T )

B I L L , 2 0 2 0 I N L O K S A B H A

certain class of companies

from the definition of ―listed

company‖, mainly for listing of

debt securities;

(c) to clarify the jurisdiction of

trial court on the basis of

place of commission of of-

fence under section 452 of

the Act for wrongful withhold-

ing of property of a company

by its officers or employees,

as the case may be;

(d) to incorporate a new Chap-

ter XXIA in the Act relating to

Producer Companies, which

was earlier part of the Compa-

nies Act, 1956;

(e) to set up Benches of the

Government introduces Com-

panies (Amendment) Bill,

2020 in Lok Sabha on 17th

March 2020. The Companies

(Amendment) Bill, 2020, inter

alia, provides for the follow-

ing, namely:—

(a) to decriminalise certain

offences under the Act in

case of defaults which can be

determined objectively and

which otherwise lack any ele-

ment of fraud or do not in-

volve larger public interest;

(b) to empower the Central

Government to exclude, in

consultation with the Securi-

ties and Exchange Board,

National Company Law Appel-

late Tribunal;

(f) to make provisions for allow-

ing payment of adequate remu-

neration to non-executive di-

rectors in case of inadequacy

of profits, by aligning the same

with the provisions for remu-

neration to executive directors

in such cases;

(g) to relax provisions relating

to charging of higher additional

fees for default on two or more

occasions in submitting, filing,

registering or recording any

document, fact or information

as provided in section 403;

(h) to extend applicability of

section 446B, relating to less-

er penalties for small compa-

nies and one person compa-

nies, to all provisions of the

Act which attract monetary

penalties and also extend the

same benefit to Producer

Companies and start-ups;

(i) to exempt any class of per-

sons from complying with the

requirements of section 89

relating to declaration of ben-

eficial interest in shares and

exempt any class of foreign

companies or companies

incorporated outside India

from the provisions of Chap-

ter XXII relating to companies

incorporated outside India;

(j) to reduce timelines for

applying for rights issues so

as to speed up such issues

under section 62;

(k) to extend exemptions to

certain classes of non-

banking financial companies

and housing finance compa-

nies from filing certain resolu-

tions under section 117;

(l) to provide that the compa-

nies which have Corporate

Social Responsibility spending

obligation up to fifty lakh ru-

pees shall not be required to

constitute the Corporate So-

cial Responsibility Committee

and to allow eligible compa-

nies under section 135 to set

off any amount spent in ex-

cess of their Corporate Social

Responsibility spending obli-

gation in a particular financial

year towards such obligation

in subsequent financial years;

(m) to provide for a window

within which penalties shall

not be levied for delay in filing

annual returns and financial

statements in certain cases;

(n) to provide for specified

classes of unlisted companies

to prepare and file their peri-

odical financial results;

(o) to allow direct listing of

securities by Indian compa-

nies in permissible foreign

jurisdictions as per rules to be

prescribed.


C O M P A N I E S ( M E E T I N G S O F B O A R D A N D I T S

P O W E R S ) A M E N D M E N T R U L E S , 2 0 2 0

(Meetings of Board and its

Powers) Amendment Rules,

2020.


on the date of their publica-


2. In the Companies

(Meetings of Board and its

Powers) Rules, 2014, rule 4

shall be renumbered as sub-

rule (1) thereof and after sub-

rule (1) as so renumbered,


ferred by sections 173, 177,

178 and section 186 read

with section 469 of the Com-





the Companies (Meetings of

Board and its Powers) Rules,

2014, namely:-

1. (1) These rules may be


the following sub-rule shall be

inserted, namely:-

―(2) For the period beginning

from the commencement of

the Companies (Meetings of

Board and its Powers) Amend-

ment Rules, 2020 and ending

on the 30th June, 2020, the

meetings on matters referred

to in sub-rule (1) may be held

through video conferencing or

other audio visual means in

accordance with rule 3.‖.

G O V T I N C R E A S E S S A E D O N P E T R O L A N D D I E S E L

B Y R S . 2 P E R L I T R E

ment of India in the Ministry

of Finance (Department of

Revenue), No. 05/2019-

Central Excise, dated the 6th

July, 2019, published in the

Gazette of India, Extraordi-

nary, Part II, Section 3,

Subsection (i), vide number

G.S.R. 488(E), dated the 6th

July, 2019, namely:-

In the said notification, in the

Table,-


ferred by section 147 of Fi-

nance Act, 2002 (20 of

2002), read with section 5A

of the Central Excise Act,

1944 (1 of 1944) (herein

after referred to as the Excise

Act), the Central Government

being satisfied that it is nec-

essary in the public interest

so to do, hereby makes the

following amendments in the

notification of the Govern-

(i) against Sl. No. 1, for the

entry in column (4), the entry

―Rs. 10 per litre‖ shall be sub-

stituted;

(ii) against Sl. No. 2, for the


―Rs. 4 per litre‖ shall be substi-

tuted;



14th March, 2020.


G O V T I N C R E A S E S E X C I S E D U T Y C E S S O N P E T R O L

& D I E S E L B Y R S . 1 P E R L I T R E

India in the Ministry of Fi-

nance (Department of Reve-

nue), No. 04/2019-Central

Excise, dated the 6th July,

2019, published in the Ga-

zette of India, Extraordinary,

Part II, Section 3, Subsection

(i), vide number G.S.R.

487(E), dated the 6th July,

2019, namely:-

In the said notification, in the

Table,-


ferred by section 112 of Fi-

nance Act, 2018 (13 of

2018), read with section 5A

of the Central Excise Act,

1944 (1 of 1944) (hereinafter

referred to as the Excise Act),

the Central Government being

satisfied that it is necessary

in the public interest so to do,

hereby makes the following

amendments in the notifica-

tion of the Government of

(i) against Sl. No. 1, for the



stituted;

(ii) against Sl. No. 2, for the



stituted;



14th March, 2020.

N O S I T T I N G O F B E N C H E S O F C E S T A T T H I S W E E K ,

E X C E P T U R G E N T H E A R I N G S , D U E T O C O R O N A

V I R U S

restricted the functioning of

the Courts to hearing of only

urgent matters.

The Honourable President,

CESTAT, in consultation with

senior Members of the Tribu-

nal and for the safety and

welfare all lawyers, represent-

atives, staff, litigants and all

visitors, has decided that

there will be no sitting of

The Ministry of Health and

Family Welfare, Government

of India has issued an Office

Memorandum dated 5 March

2020 as advisory cautioning

against mass gathering due

to global pandemic Novel

Coronavirus (COVID 19). The

Honourable Supreme Court of

India and the Honourable

High Court of Delhi have also

Benches of the Tribunal includ-

ing Regional Benches from 16

March 2020 to 20 March

2020. All tours of the Members

during this period stand can-

celled. Urgent matters, if found

to be appropriate, will be heard

on mention by the Advo-

cate/Representative before

the Officer in charge of the

Registry.

of said Act.

The following persons shall be

authorised to access the pro-

tected system: –

(a) designated GSTN employ-

ees authorised by Head of

GSTN;

(b) designated Tax officers of

the Central Government,

State Government, Union

territories, Auditing agencies


ferred by sub-section (1) of

section 70 of the Information

Technology Act, 2000 (21 of

2000), the Ministry of Finance

hereby declares the Goods

and Services Tax Database

and its associated infrastruc-

ture dependencies installed

at Goods and Services Tax

Network (GSTN), as the pro-

tected system for the purpose

and Accounting Authorities;

(c) authorised members or em-

ployees of Contractual Man-

aged Service Provider or third-

party vendor(s) or its partner(s);

and

(d) GSTN authorized business

partner(s).


into force on the date of its

publication in the Official Ga-

M O F D E C L A R E S G S T D A T A B A S E &

I N F R A S T R U C T U R E I N S T A L L E D A T G S T N A S

P R O T E C T E D


F O R E I G N E X C H A N G E M A N A G E M E N T ( M A N N E R O F

R E C E I P T A N D P A Y M E N T ) ( S E C O N D A M E N D M E N T )

R E G U L A T I O N S , 2 0 2 0

2. In the Principal Regula-

tions,

(i) in sub-Regulation 1 (A) of

Regulation 3, the following

shall be substituted, namely:

―Members of Asian Clearing

Union (ACU)‖

(ii) in sub-Clause (a) of Clause

(i) of sub-Regulation (1)(A) of



―Receipt for export of eligible

goods and services by debit to

the ACU Dollar account and /

or ACU Euro account and / or

ACU Japnese Yen account in

India of a bank of the mem-

ber country in which the other

party to the transaction is

resident or by credit to the

ACU Dollar account and / or

ACU Euro Account and / or

ACU Japnese Yen account of

the authorized dealer main-

tained with the correspondent

bank in that member coun-


ferred by Section 47 of the

Foreign Exchange Manage-

ment Act, 1999 (42 of 1999),

the Reserve Bank of India

makes the following amend-

ments in the Foreign Ex-

change Management (Manner

of Receipt and Payment) Reg-

ulations, 2016 [Notification

No. FEMA 14(R)/2016-RB

dated May 02, 2016]

(hereinafter referred to as

‗the Principal Regulations‘),

namely:


ment:-

i. These Regulations may be

called the Foreign Exchange

Management (Manner of Re-

ceipt and Payment) (Second

Amendment) Regulations,

2020.

ii. They shall come into force

from the date of their publica-

tion in the official Gazette.

try;‖

(iii) in sub-regulation 1(A) of



―Members of Asian Clearing

Union (ACU)‖

(iv) in sub-Clause (a) of Clause

(i) of sub-Regulation (1)(A) of



―Payment for import of eligible

goods and services by credit to

ACU Dollar account and / or

ACU Euro account and / or ACU

Japnese Yen account in India

of a bank of the member coun-

try in which the other party to

the transaction is resident or

by debit to the ACU Dollar ac-

count and / or ACU Euro ac-

count and / or ACU Japnese

Yen account of the authorized

dealer maintained with the

correspondent bank in that

member country:‖

Y E S B A N K L I M I T E D R E C O N S T R U C T I O N S C H E M E ,

2 0 2 0

an order of the Government of

India in the Ministry of Fi-

nance, Department of Finan-

cial Services vide notification

number S.O. 993(E), dated

the 5th March, 2020 in exer-

cise of the powers conferred

by sub-section (2) of section

45 of the Banking Regulation

Act, 1949 (10 of 1949);

And whereas, during the peri-

od of moratorium, the Re-

serve Bank of India has con-

sidered it necessary in the

public interest and in the in-

terest of the depositors and

also to secure the manage-

ment of the banking compa-

ny, to prepare a scheme for

the reconstruction of the con-

Whereas, the Yes Bank Lim-

ited is a banking company

registered under the Compa-

nies Act, 1956 (1 of 1956)

and carrying on the business

of banking in India;

And whereas, the rapidly dete-

riorating financial position of

the Yes Bank Limited relating

to liquidity, capital and other

critical parameters, and the

absence of any credible plan

for infusion of capital necessi-

tated the Reserve Bank of

India to take immediate ac-

tion in the public interest and

particularly in the interest of

the depositors and according-

ly, the Yes Bank Limited was

placed under moratorium by

cerned banking company;

And whereas, the State Bank

of India and certain other in-

vestors have expressed their

willingness to make invest-

ment in the Yes Bank Limited

and to participate in its recon-

struction scheme;

And whereas, the Central Gov-

ernment has accorded its

sanction to the said scheme

for reconstruction.

Now, therefore, in exercise of

the powers conferred by sub-

section (4) and sub-section (7)

of section 45 of the Banking

Regulation Act, 1949 (10 of


ment hereby notifies the fol-

lowing scheme, namely: –


(3) The investor bank and

other investors, shall invest in

the reconstructed bank and

the reconstructed bank shall

allot equity shares of the re-

constructed bank, at a price

of rupees ten only with face

value of rupees two only and

premium of rupees eight only,

subject to the condition that

post infusion of equity capital,

the equity shareholding of the

investor bank shall not be

less than twenty-six per cent.

and not more than forty-nine

per cent. of the total equity

shares of the reconstructed

bank.

(4) The investor bank shall

not reduce its equity share-

holding below twenty six per

cent. of the total equity share-

holding of the reconstructed

bank before completion of

three years from the date of

allotment of the shares.

(5) An investor, other than the

investor bank, may exercise

voting rights to the extent of –

–

(i) its shareholding; or

(ii) nine per cent. of the total

voting rights of all the share-

holders of reconstructed

bank; or

(iii) as may be decided by the

Reserve Bank,

whichever is lower:

Provided that the Reserve

Bank may after satisfying

itself that an investor (other

than the investor bank) hold-

ing more than nine per cent.

of the equity shares in the

reconstructed bank is ‗fit and

proper‘ to hold voting rights in

excess of nine per cent., per-

mit such investor to exercise

voting rights to the extent of

its shareholding or up to fif-

teen per cent. of the total

voting rights of all equity

shareholders of the recon-

structed bank, whichever is

less.

(6) The reconstructed bank

shall allot its equity shares

within two working days fol-

lowing the commencement of

this Scheme.

(7) The investor bank and


ment.––(1) This Scheme may

be called the Yes Bank Lim-

ited Reconstruction Scheme,

2020.

(2) It shall come into force on

the 13th day of March, 2020.

2. Definitions.––((1) In this

Scheme, unless the context

otherwise requires––

(a) ―Act‖ means the Banking

Regulation Act, 1949 (10 of

1949);

(b) ―investor‖ means any per-

son other than the investor

Bank willing to invest in the

reconstructed bank under this

Scheme;

(c) ―investor bank‖ means the

State Bank of India, constitut-

ed under the State Bank of

India Act, 1955 (23 of 1955);

(d) ―reconstructed bank‖

means the Yes Bank Limited,

a banking company having its

registered office at Yes Bank

Tower, IFC-2, 15thFloor, Prab-

hadevi (W), Mumbai -400013,

Maharashtra;

(e) ―Reserve Bank‖ means the

Reserve Bank of India, consti-

tuted under the Reserve Bank

of India Act, 1934 (2 of

1934).

(2) Words and expressions

used herein and not defined

but defined in the Act shall

have the meanings respec-

tively assigned to them in the

Act.

3. Share capital of recon-

structed bank.–– (1) The au-

thorised capital of the recon-

structed bank shall stand

a l t e r e d t o

Rs.62,00,00,00,000 (Rupees

Six thousand two hundred

crore only) and number of

e q u i t y s h a r e s t o

30,00,00,00,000 (Three

thousand crore only) of ru-

pees two only each, aggregat-

ing to Rs.60,00,00,00,000

(Rupees Six thousand crore

only).

(2) The authorised preference

share capital shall continue to

be Rs. 200,00,00,000

(Rupees two hundred crore

only).

investors who have subscribed

to the shares of the recon-

structed bank under this

Scheme shall not be liable to

pay capital gains tax under the

Income-tax Act, 1961 (43 of

1961) for any deemed profits

or gains on account of such

subscriptions.

(8) There shall be a lock-in

period of three years from the

commencement of th is

Scheme to the extent of seven-

ty-five per cent. in respect of––

(a) shares held by existing

shareholders on the date of

such commencement;

(b) shares allotted to the inves-

tors under this Scheme:

Provided that the said lock-in

period shall not apply to any

shareholder holding less than

one hundred shares.

4. Alteration of articles of asso-

ciation of reconstructed bank.–

– The following articles of asso-

ciation of the reconstructed

bank shall be omitted, name-

ly:––

(a) article 110(b);

(b) article 127 (b);

(c) article 127A (a); and

(d) article 127A (b).

5. Constitution of Board of

Directors.–– (1) The office of

the Administrator of the recon-

structed bank, appointed by

the Reserve Bank of India,

shall stand vacated immediate-

ly after seven calendar days

from the date of cessation of

moratorium under paragraph

11 and a new Board of Direc-

tors shall be reconstituted

comprising of the following

persons, namely:––

(i) Shri Prashant Kumar, former

Chief Financial Officer and

Deputy Managing Director of

State Bank of India, as Chief

Executive Officer and Manag-

ing Director;

(ii) Shri Sunil Mehta, former

Non-Executive Chairman of

Punjab National Bank, as Non-

Executive Chairman;

(iii) Shri Mahesh Krishna-

murthy as Non-Executive Direc-

tor;

Provided that the Board of Di-

rectors of the reconstructed

bank shall, for reasons to be

recorded in writing and after

following the due procedure,

discontinue the services of the

key managerial personnel at

any time as it deems neces-

sary.

8. No change in offices or

branch network of reconstruct-

ed bank.––(1) The offices and

branches of the reconstructed

bank shall continue to function

in the same manner and at the

same location where they were

functioning prior to the com-

mencement of this Scheme,

without in any way being affect-

ed by this Scheme.

(2) It shall be open to the re-

constructed bank to open new

offices and branches or close

down existing offices or branch-

es, in accordance with the

guidelines of the Reserve Bank

and after complying with the

necessary terms and condi-

tions.

9. Furnishing statements and

information.––The reconstruct-

ed bank shall submit to the

Reserve Bank such statements

and information as may be

required by the Reserve Bank

from time to time, regarding the

implementation of this Scheme

or any other matter relating

thereto.

10. Manner of service of no-

tice.––(1) Any notice or other

communication required to be

given to the reconstructed bank

shall be considered to be duly

given, if addressed to and sent

by speed post or by courier or

by pre-paid ordinary post or by

email at the address of the

registered office of the recon-

structed bank.

(2) Notwithstanding anything

contained in sub-paragraph (1),

any notice or communication,

which is of general interest,

shall be advertised, in addition,

in one or more daily newspa-

pers, which may be in circula-

tion at the place where the

registered office of the recon-

structed bank is situated.

11. Cessation of moratorium.–

–The order of moratorium on

the reconstructed bank issued

(iv) Shri Atul Bheda as Non-

Executive Director.

(2) The investor bank shall

nominate two officers as Di-

rectors in addition to the

members appointed under

sub-paragraph (1).

(3) The Reserve Bank of India

may appoint one or more

persons as additional direc-

tors as it may consider neces-

sary.

(4) Any investor who is permit-

ted to have voting right of

fifteen per cent. shall have

the right to nominate one

director on the Board consti-

tuted under sub-paragraph

(1).

(5) It will be open to the Board

of Directors to co-opt more

directors to it, so however

that the total membership in

the Board, excluding the addi-

tional directors appointed by

the Reserve Bank of India

under sub-paragraph (3),

shall not exceed the maxi-

mum prescribed by the arti-

cles of association.

(6) The appointment of the

directors shall have effect,

n o t w i t h s t a n d i n g n o n -

fulfillment of any requirement

as to minimum shareholding,

qualification, experience or

any other condition, for being

a director of the reconstruct-

ed bank.

(7) The members of the

Board, other than the addi-

tional directors, so appointed

shall continue in office for a

period of one year, or until an

alternate Board is constituted

by reconstructed bank in ac-

cordance with the procedure

laid down in its memorandum

and articles of association,

whichever is later.

(8) Any defect in the constitu-

tion or any vacancy in the

Board shall not invalidate any

meetings conducted by the

Board or any decision taken

by it.

(9) The investor bank and the

investors shall be treated as

‗public shareholders‘ of the

reconstructed bank for a peri-

od of five years from the date

of allotment of shares to them

under all applicable laws.

6. Rights and liabilities of

reconstructed bank.–– (1)

Unless otherwise expressly

provided in this Scheme, all

contracts, deeds, bonds,

agreements, powers of attor-

ney, grants of legal represen-

tation and other instruments

of whatever nature, subsisting

or having effect immediately

before the commencement of

this Scheme, shall be effec-

tive to the extent and in the

same manner,as was applica-

ble before such commence-

ment.

(2) It shall not be necessary to

obtain the consent of any

third party or other person

who is a party to any of the

aforesaid instruments or ar-

rangements to give effect to

them.

(3) All the deposits with and

liabilities of the reconstructed

bank, except as provided in

this Scheme, and the rights,

liabilities and obligations of its

creditors, shall continue in the

same manner and with the

same terms and conditions,

completely unaffected by this

Scheme.

(4) No person shall be entitled

to get any compensation from

the reconstructed bank on

account of the changes in the

reconstructed bank by virtue

of this Scheme.

(5) Any cause of action ac-

crued, suit, appeal or other

proceeding of whatever na-

ture pending, and decree or

recovery certificate obtained

by or against the reconstruct-

ed bank, shall remain unaf-

fected by this Scheme.

7. Continuation of services of

employees.––All employees

of the reconstructed bank

shall continue to be employ-

ees of the reconstructed bank

with the same remuneration

and on the same terms and

conditions of service, includ-

ing terms of determination of

service and retirement, as

were applicable to such em-

ployees immediately before

the commencement of this

Scheme, for a minimum peri-

od of one year:



the date of commencement of

this Scheme.

12. Interpretation of the provi-

sions of the Scheme.––If any

doubt arises in the interpreta-

tion of the provisions of this

Scheme, the matter shall be

referred to the Reserve Bank

by the Government of India in

the Ministry of Finance, De-

partment of Financial Ser-

vices vide notification number

S.O. 993(E), dated the 5th

March, 2020 shall cease to

have effect on the third work-

ing day at 18:00 hours from

and its views on the issue shall

be final and binding on all con-

cerned.

M A H A R E R A - R E S C H E D U L I N G O F H E A R I N G D U E

T O C O R O N A V I R U S E P I D E M I C

notice thereof will have to be

given well in advance and

only after satisfaction of ur-

gency then matter could be

taken for hearing. Such Notic-

es will be accepted in Ma-

haRERA office from 11.00 am

to 2.00 pm on every working

day.

The Project/Agent registration

The Hearing of all cases be-

fore MahaRERA & Adjudicat-

ing Officers shall be ad-

journed till 31st March, 2020.

The cases which are sched-

uled from 16th March 2020

till 31st March 2020 are be-

ing rescheduled due to pan-

demic of Coronavirus except

the very urgent matters. The

Process is completely online.

The MahaRERA staff is allowed

to work from home till further

orders. This notice is being

issued as and by way of precau-

tionary measure in view of

COVTD-19.

Approved by MahaRERA Au-

thodty

R E G . F E A T U R E F O R M O D I F I C A T I O N O F C I R P

F O R M S ( I N C L U D I N G I P - 1 F O R M )

modification of an already

submitted Form. An IP may

modify a Form already submit-

ted by him by submitting a

modified Form on the plat-

form on payment of the appli-

cable fee. However, such

modification till 31st March,

2020 shall not attract any

fee.

3. IPs are advised to exercise

due care and diligence while

submitting a Form to avoid

modification. They are also

advised to submit the Forms

in time. Modification of Forms

Sub-regulation (3) of regula-

tion 40B of the IBBI

(Insolvency Resolution Pro-

cess for Corporate Persons)

Regulations, 2016 mandates

that an insolvency profession-

al shall ensure that the Forms

and its enclosures filed under

this regulation are accurate

and complete. Sub-regulation

(4), however, enables modifi-

cation (correction or up-

dation) of a Form already

filed, on payment of a fee.

2. The Board has enabled a

feature on the platform for

or failure to file a Form in time

does not reflect well on an IP

and may invite action for non-

compliance with sub-regulation

(3).

4. This is issued in exercise of

the powers under clauses (aa)

and (g) of sub-section (1) of

section 196 of the Insolvency

and Bankruptcy Code, 2016,

and in consultation with the

Insolvency Professional Agen-

cies.

E S I C O N T R I B U T I O N D U E D A T E E X T E N D E D F O R

F E B R U A R Y & M A R C H 2 0 2 0

(General) Regulations, 1950′.

The proviso of regulation 31

shall be read as 45 days in-

stead of 15 days for the con-

tribution payable for the

month of February & March,

2020 only.

Keeping in view the pandemic

in the form of ―Corona virus‖

(COVID-19) in the country, the

Director General has relaxed

the provision as entered in

regulations 26 & 31 of ‗The

Employees‘ State Insurance

The ESI contribution for the

month of February, 2020 &

March 2020 can be filed & paid

up to 15th April, 2020 & 15th

May 2020 instead of 15th

March, 2020 & 15th April,

2020 respectively.


(SPICe), wherever they occur,

the letters, brackets, words

a n d f i g u r e s ― S P I C e +

(Simplified Proforma for Incor-

porating Company Electroni-

cally Plus: INC-32)‖ shall be

substituted with effect from

the 15th February, 2020

4. In the said rules, in rule 38,

in the marginal heading, for

the word, brackets and letters

―Electronically (SPICE)‖, the

words, brackets and letters

―Electronically Plus (SPICE+)‖

shall be substituted with ef-

fect from the 15th February,

2020.

5. In the said rules, in rule

38A,-

(i) in the marginal heading, for

the words, brackets and let-

ters ―and Employees‘ Provi-

dent Fund Organisation

(EPFO) Registration‖, the

words, brackets and let-

ters‖,Employees‘ Provident

Fund Organisation (EPFO)

Registration and Profession

Tax Registration and Opening

of Bank Account‖ shall be

substituted;

(ii) for the letters ―AGILE‖, the

letters ―AGILE-PRO‖, shall be

substituted;

(iii) after clause (c), the follow-

ing clauses shall be inserted,

namely:-

―(c) Profession Tax Registra-

tion with effect from the 15th

February, 2020

(d) Opening of Bank Account

with effect from 15th Febru-

ary, 2020.‖.

6. In the said rules, in the

annexure,-

(i) for forms ―RUN, e-form No


ferred by sub-sections (1) and

(2) of section 469 of the Com-





t h e C o m p a n i e s

(Incorporation) Rules, 2014,

namely: –


ment.- (1) These rules may be


(Incorporation) Amendment

Rules, 2020.


with effect from the 15th Feb-

ruary, 2020.

2. In the Companies

(Incorporation) Rules, 2014

(hereinafter re-

ferred to as the

said rules), for rule

9, the following rule

shall be substitut-

ed, namely:-

―9. Reservation of

name or change of

name.- An applica-

tion for reservation

of name shall be

made through the web service

available at www.mca.gov.in

by using web service SPICe+


porating Company Electroni-

cally Plus: INC-32), and for

change of name by using web

service RUN (Reserve Unique

Name) along with fee as pro-

vided in the Companies

(Registration Offices and

Fees) Rules, 2014, which may

either be approved or reject-

ed, as the case may be, by

the Registrar, Central Regis-

tration Centre after allowing

resubmission of such web

form within fifteen days for

rectification of the defects, if

any, with effect from the 15th

February, 2020.‖.

3. In the said rules, in rules

10, 12, sub-rule (1) of rule

19, sub-rules (1),(2),(3), (4),

(7) and (9) of rule 38, for the

words, letters, figures and

brackets„ ―Form No INC-32

INC-32 (SPICe), and e-form

No.INC-35 (AGILE), the follow-

ing forms shall be substituted,

namely:-

FORM NO. INC-32

SPICE+


porating Company Electronical-

ly Plus)

[Pursuant to sections 4, 7, 8(1),

12, 152 and 153 of the Com-

panies Act, 2013 read with

rules made thereunder]

FORM NO. INC-35

AGILE-PRO

(Application for Goods and ser-

vices tax Identification number ,

employees state Insur-

ance corporation regis-

tration plus Employees

provident fund organi-

zation registration, Pro-

fession tax Registration

and Opening of bank

account)

(Pursuant to rule 38A of

t h e C o m p a n i e s

(Incorporation) Rules,

2014)

(ii) for form No.INC-9, the fol-

lowing form shall be substitut-

ed, namely:-

RUN

Reserve Unique Name

(For change of name only)

(Pursuant to section 4(4) of the

Companies Act, 2013 and Pur-

suant to rule 8 & 9 of the Com-

panies (Incorporation) Rule,

2014)

(iii) in form No. INC-33, the

letters, words and brackets

―MOA language 0 English 0

Hindi SRN of form (RUN)‖ shall

be omitted;

(iv) in form No. 1NC-34, the

letters, words and brackets

―AOA language 0 English 0 Hin-

di SRN of form (RUN)‖ shall be

omitted;

(v) in Form No.URC-1, the words

and letters ―Form language 0

English 0 Hindi SRN of RUN‖

shall be omitted.

C O M P A N I E S ( I N C O R P O R A T I O N ) A M E N D M E N T

R U L E S , 2 0 2 0


D A D R A A N D N A G A R H A V E L I A N D D A M A N A N D

D I U ( E X T E N S I O N W I T H M O D I F I C A T I O N S O F T H E

G O A , D A M A N A N D D I U E X C I S E D U T Y A C T , 1 9 6 4 )

E X C I S E R E G U L A T I O N , 2 0 2 0

(2) Notwithstanding anything

contained in sub-section (1),

or in the relevant provision, if

any, of the Act for the com-

mencement thereof, the provi-

sions of the Act shall come

into force in the Union territo-

ry of Dadra and Nagar Haveli

on such date as the Adminis-

trator may, by notification in

the Official Gazette, appoint:

Provided that different dates

may be appointed for differ-

ent provisions of the Act and

for different areas and any

reference in any such provi-

sion to the commencement of

the Act shall be construed as

a reference to the coming into

force of that provision in the

area where it has been

brought into force.

4. Amendment of long title,

Preamble and certain sec-

tions.

In the Act, in the long title, in

Preamble, in sub-sections (1)

and (2) of section 1, in clause

(v) of section 2, in section 10,

in sub-section (1) of section

15, in section 42 and in sec-

tion 45, for the word ―Goa‖,

wherever it occurs, the words

―Dadra and Nagar Haveli and‖

shall be substituted.

5. Amendment of section 2.

In the Act, in section 2,—

(i) clause (dd) shall be omit-

ted;

(ii) in clause (ff), in sub-clause

(i), for the words ―other than‖,

the word ―including‖ shall be

substituted;

(iii) for clause (j), the following

clause shall be substituted,

namely:—

‗(j) ―Government‖ means the

Administrator of the Union

territory of Dadra and Nagar

Haveli and Daman and Diu

appointed by the President

under article 239 of the Con-

stitution;‘;

(iv) in clause (o), for the word

―Goa‖, the words ―Dadra and

Nagar Haveli and‖ shall be


ferred by article 240 of the

Constitution, the President is

pleased to promulgate the

following Regulation made by

him:-

1. Short title.

This Regulation may be called

the Dadra and Nagar Haveli

and Daman and Diu

(Extension with modifications

of the Goa, Daman and Diu

Excise Duty Act, 1964) Excise

Regulation, 2020.

2. Definitions.

In this Regulation, unless the

context otherwise requires:—

(a) ―Act‖ means the Goa,

Daman and Diu Excise Duty

Act, 1964;

(b) ―Administrator‖ means the

Administrator of the Union

territory of Dadra and Nagar

Haveli and Daman and Diu;

(c) ―Dadra and Nagar Haveli‖

means the geographical

boundaries of the Union terri-

tory of Dadra and Nagar

Haveli prior to the Dadra and

Nagar Haveli and Daman and

Diu (Merger of the Union Terri-

tories) Act, 2019 comes into

force;

(d) ―Daman and Diu‖ means

the geographical boundaries

of the Union territory of

Daman and Diu prior to the

Dadra and Nagar Haveli and

Daman and Diu (Merger of

the Union Territories) Act,

2019 comes into force.

3. Extension with modification

of the Goa, Daman and Diu

Excise Duty Act, 1964 to Un-

ion territory of Dadra and

Nagar Haveli and their com-

mencement.

(1) The Goa, Daman and Diu

Excise Duty Act, 1964, as in

force in the Union territory of

Daman and Diu, shall extend

to the Union territory of Dadra

and Nagar Haveli, subject to

the modifications specified in

section 4.

substituted;

(v) after clause (s), the following

clause shall be inserted, name-

ly:—

‗(sa) ―Regulation‖ means the

Union territory of Dadra and

Nagar Haveli and Daman and

Diu (Extension with modifica-

tions of the Goa, Daman and

Diu Excise Duty Act, 1964) Reg-

ulation, 2020.‘.


In the Act, in section 21, for the

word ―Act‖, wherever it occurs,

the word ―Regulation‖ shall be

substituted.


In the Act, in section 22, sub-

section (3) shall be omitted.


In the Act, in section 40, for the

words ―Chief Secretary‖, occur-

ring at both the places, the

word ―Administrator‖ shall be

substituted.

9. Extension of rules, orders,

etc., under Act.

All rules, orders, regulations

and bye-laws made or notifica-

tions issued by the Central Gov-

ernment or the then Union terri-

tory of Goa, Daman and Diu or

the Union territory of Daman

and Diu under the provisions of

the Act generally for the territo-

ries to which the Act extends,

shall be deemed to have been

extended to the Union territory

of Dadra and Nagar Haveli and

Daman and Diu, from the date

of commencement of the provi-

sions of the Act.

10. Rules of construction.

(1) In the Act or in any of the

rules, orders, regulations and

bye-laws made or notifications

issued thereunder and extend-

ed to the Union territory of Da-

dra and Nagar Haveli by this

Regulation, any reference to

any provision of law not in

force, or to any functionary not

in existence, in the Union terri-

tory of Dadra and Nagar Haveli,

shall be construed as a refer-

525, The Summit Business Bay,

Behind Gurunanak Petrol Pump,

Near W.E. Highway Metro and

Cinemax, Andheri (East), Mumbai -

400 093

Phone: +91 - 22 - 26831036

+91 - 22 - 49242456

+91 - 22 - 28040048

E-Mail: [email protected]

Web: www.llbco.in

LLB & Co.

Disclaimer:

This newsletter is prepared strictly for private circulation and personal use only. This newsletter is for general guidance on matters of

interest only and does not constitute any professional advice from us. One should not act upon the information contained in this

newsletter without obtaining specific professional advice. Further no representation or warranty (expressed or implied) is given as to

the accuracy or completeness of the information contained in this newsletter.

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