Here are some of the key news highlights from various sources:
India Considering Decriminalizing Some Violations Under Bankruptcy Law
India, which recently proposed changes to overhaul the Insolvency and Bankruptcy Code (IBC), is considering decriminalizing some violations under the bankruptcy law to further enhance the ease of doing business and accelerate the corporate insolvency resolution.
India May Amend GST To Deny Tax Credits For Charity Spending By Firms
India may amend the Goods and Services Tax (GST) law via the Finance Bill 2023, repudiating businesses credit for the taxes paid for charity spending.
– Mint
NCLT To Issue Order On Reliance Capital’s Insolvency Resolution Next Week
India’s National Company Law Tribunal (NCLT) will issue its order Reliance Capital’s insolvency resolution matter next week. The NCLT has asked the parties to maintain status quo until the tribunal passes its verdict.
India Tightens Rules For Companies To Update Address
India’s Ministry of Corporate Affairs (MCA) has tightened the rules for companies to update the address where they keep their books of accounts if the address is different from the registered office. The move is likely to lead to better monitoring and help remove shell companies.
Indian Banks Seek Protection For Board Members From Arbitrary Arrest
Indian banks have requested the government for immunity from the arbitrary arrest of board members for business decisions like giving loans. The lenders are seeking similar protection for executives on the boards of borrowing companies.