Religious purpose exclusion versus charitable purpose: non overriding religious objects do not attract Explanation 3, registration directed under sect...
Search-assessment proviso jurisdiction, time-barred valuation reports, and denial of cross-examination vitiate valuation-based and confession-based ad...
SEBI has expanded the permissible use of fresh borrowings by InvITs where net borrowings exceed 49% of InvIT asset value. The borrowings may now be used for capital expenditure to enhance asset performance or augment capacity, for major maintenance expenses in road projects, and for refinancing debt by the InvIT, SPV or Holdco. Major maintenance is limited to non-routine maintenance required under the concession agreement, and road project is confined to the notified roads and bridges infrastructure sub-sector. Refinancing is permitted only for the principal portion of eligible original debt; accumulated interest, charges and fees cannot be refinanced. The circular takes immediate effect.
SEBI has expanded the permissible use of fresh borrowings by InvITs where net borrowings exceed 49% of InvIT asset value. The borrowings may now be used for capital expenditure to enhance asset performance or augment capacity, for major maintenance expenses in road projects, and for refinancing debt by the InvIT, SPV or Holdco. Major maintenance is limited to non-routine maintenance required under the concession agreement, and road project is confined to the notified roads and bridges infrastructure sub-sector. Refinancing is permitted only for the principal portion of eligible original debt; accumulated interest, charges and fees cannot be refinanced. The circular takes immediate effect.
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