Key Highlights of Banning of Unregulated Deposit Schemes Ordinance, 2019

The purpose of Banning of Unregulated Deposit Schemes Ordinance is to totally ban all forms of the Unregulated Deposits. This may be intended to protect investors from dubious outfits selling Ponzi and pyramid schemes.

Status of Homebuyers under IBC and its Mechanism

Homebuyers who have been assured of committed returns from the developer could trigger IBC as a financial creditor under section 7 whereas all the homebuyers have been granted the right to represent themselves as a participant of the committee of creditors.

Insolvency Application viz-a-viz Ongoing Arbitration Proceedings

An application under section 7 filed by the Operational Creditor is barred due to pending Arbitration Proceedings as the on-going arbitration proceedings signifies the pre-existence of dispute

Income Tax Audit-Applicability, Limits, Penal Consequences, Penalty for late filing

There are various kinds of audit being conducted under different laws such as company audit/statutory audit conducted under company law provisions, cost audit, stock audit etc.