CS Ankur Srivastava (Company Secretary & Compliance Officer) (17853 Points)
19 January 2011When a scheme of amalgamation is sanctioned by High Court, Assessing Officer cannot reject same on ground that it was a mere divice to avoid tax.
ACIT v. TVS Motors Co. Ltd.
CS Ankur Srivastava
(Company Secretary & Compliance Officer)
(17853 Points)
Replied 19 January 2011
To be 'person acting in concert' there should be a shared common objective or purpose of substantial acquisition os shares, etc., of target company. Mere fact that two companies are in relationship of a holding company and a asubsidiary company, without anything else, is not sufficient to comprise person acting in concert.
Daiichi Sankyo Co. Ltd. v. Jayaram Chigurupati
CS Ankur Srivastava
(Company Secretary & Compliance Officer)
(17853 Points)
Replied 19 January 2011
If it is unearthed during inquiry before SEBI that a particular chartered accountant, in connivance and in collusion with officers / directors of company, has concocted false accounts, such aperson can be prevented from dealing with auditing of such a public listed company to protect interests of investors and to regulate securities market.
SEBI can also take appropriate remedial steps which may include keeping a person including a chartered Accountant at a safe distance from securities market and while exercising such powers, it cannot be said to be in any way in conflict with powers of ICAI under Chartered Accountants Act.
Price Waterhouse & Co. v. SEBI
CS Ankur Srivastava
(Company Secretary & Compliance Officer)
(17853 Points)
Replied 19 January 2011
A chartered accountant of a company may be appointed as a non- whole time director director of another company (might it be parent company of that company) without prior permission of ICAI, and would not be guilty of professional misconduct.
Yogeshwari Kumari v. Institute of Chartered Accountants of India
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