June 2020

SEBI relaxes cool off period between two QIP

The Security Exchange Board of India (SEBI) has amended the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018 with respect to the cool off the gap period between two Qualitative Institutional Placements (QIP) from 6 months to two weeks. QIPs are a capital raising wherein a listed company can…

In Accommodation Entry Business, entire Deposits can’t be assessed as Unexplained Cash Credits: Bombay HC

The High Court of Bombay recently ruled that in the Accommodation Entry Business, entire deposits cannot be assessed as unexplained cash credits. The Assessee, Alag Securities Pvt. Ltd is engaged in the business of providing accommodation entries to entry seekers. During the assessment proceedings, AO held that the identity of the parties involved in the…