Fixing a record date without closing the register is legally ineffective and may amount to an improper register closure.
Fixing a record date without actually closing the register of members is not legally effective if the company intends transfers received after that date not to be considered; such treatment amounts to closing the register from the record date and the statutory consequences of a register closure must be applied.

Treatment of cess under section 40(a)(ii): omission of cess limits disallowance to taxes in business assessments.
Interpretation of section 40(a)(ii): the Select Committee omitted the word 'cess' from the clause, so disallowance under section 40(a)(ii) applies to taxes only and not to cesses; the Board instructs that this position be communicated to Income Tax Officers to prevent further litigation.

Inter corporate investment limits clarified: subsidiary and managed company holdings excluded from prescribed limit calculation, approval not required.
Investments specified in sub section (14) are to be excluded when applying the ceilings in sub section (2) and the proviso; holdings by a holding company in its subsidiary and investments by managing agents, secretaries or treasurers in companies they manage (clauses (d) and (e)) do not count toward the prescribed investment limit.

Exemption continuity for inter corporate investments: investments made while exempt remain subject to statutory obligations after cessation.
Investments made by companies falling within the enumerated exemptions remain subject to the provision's regime even after cessation of exemption; inter corporate investments entered into while exempt continue to be governed on cessation, and the administrative instructions applicable under the corresponding Company Law provision are to be applied mutatis mutandis to such investments.

Authorised capital: when shown on share certificates, subscribed and paid up capital must also be indicated.
Section 148 does not require stating a company's authorised capital on share certificates, but if authorised capital is specified the certificate must also indicate subscribed and paid up capital; paid up capital means the amount actually paid at the time the certificates are issued.