Tax exemption for regulatory authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and return filing...
Dispute Resolution Panel objections must reach both prescribed forums; otherwise assessment may proceed and statutory appeal remains the proper remedy...
Political contribution deductions require recipient party compliance with contribution-reporting conditions; banking-channel donations alone do not qu...
Aggregation under TNMM prevents selective testing of intra-group services without comparable uncontrolled transactions, while appellate additional cla...
Protective assessment cannot duplicate identical receipts under competing characterisations; remote services did not establish a taxable permanent est...
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NCLAT held that Respondent-foreign shareholder was not a "promoter" on the date of the rights issue, as it neither exercised control nor held majority shareholding nor had board representation, and had been validly reclassified as "public shareholder/other than promoter" by board resolution prior to the issue. NCLAT clarified that promoter reclassification is permissible for unlisted public companies and SEBI circulars for listed entities are inapplicable. Under Rule 9A, the obligation to hold securities in dematerialised form before subscribing rested on the shareholder; the Appellant's duty was limited to facilitating dematerialisation, which Respondent never sought. Rejection of Respondent's application and continuation of the rights issue were lawful. NCLAT set aside NCLT's order cancelling the rights issue and directing refund, and allowed the appeal, leaving the pending oppression and mismanagement petition to be decided independently.
NCLAT held that Respondent-foreign shareholder was not a "promoter" on the date of the rights issue, as it neither exercised control nor held majority shareholding nor had board representation, and had been validly reclassified as "public shareholder/other than promoter" by board resolution prior to the issue. NCLAT clarified that promoter reclassification is permissible for unlisted public companies and SEBI circulars for listed entities are inapplicable. Under Rule 9A, the obligation to hold securities in dematerialised form before subscribing rested on the shareholder; the Appellant's duty was limited to facilitating dematerialisation, which Respondent never sought. Rejection of Respondent's application and continuation of the rights issue were lawful. NCLAT set aside NCLT's order cancelling the rights issue and directing refund, and allowed the appeal, leaving the pending oppression and mismanagement petition to be decided independently.
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