Reverse charge and assignment of royalty collection: exemption for excess royalty collectors subject to reconciliation; leaseholders remain liable und...
Authorization requirements for customs brokers and benami shipping bills: tribunal upholds licence revocation and penalties after COVID time limit fou...
Eligibility for notification exemption on imported fertilizers challenged; penalty, interest and confiscation set aside after voluntary payment and no...
Regulation 38 of the CIRP Regulations, 2016 is amended by inserting sub-regulation (3A) requiring every resolution plan to include (i) a beneficial-ownership statement, in the format to be specified by IBBI through circular, disclosing all natural persons who ultimately own or control the resolution applicant, along with the applicant's shareholding structure and the jurisdiction of each intermediate entity, and (ii) an affidavit, in the format specified by the Board, stating whether the resolution applicant is eligible or not eligible for the benefit of section 32A. These additions make such ownership disclosures and the section 32A eligibility declaration mandatory components of any resolution plan, effective from publication in the Official Gazette.
Regulation 38 of the CIRP Regulations, 2016 is amended by inserting sub-regulation (3A) requiring every resolution plan to include (i) a beneficial-ownership statement, in the format to be specified by IBBI through circular, disclosing all natural persons who ultimately own or control the resolution applicant, along with the applicant's shareholding structure and the jurisdiction of each intermediate entity, and (ii) an affidavit, in the format specified by the Board, stating whether the resolution applicant is eligible or not eligible for the benefit of section 32A. These additions make such ownership disclosures and the section 32A eligibility declaration mandatory components of any resolution plan, effective from publication in the Official Gazette.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4827 
Join Channel 
