MM TAX CLUB

The MCA vide General Circular No. No. 03/2023 dated February 07, 2023 extended the time for filing of 45 company e-Forms and PAS-03 in MCA 21 Version 3.0 without additional fees for a period of 15 days.

Due to change in way of filing in Version-3, including fresh process of registration of users on MCA-21 and process of stabilization of 45 forms launched with effect from 23.01.2023, and after considering various representations, in continuation of General Circular 1/2023 dated 09.01.2023, it has been decided to allow further additional time of 15 days for filing of these forms, without additional fees, to the stakeholders.

2. Further, Form PAS-03 which was closed for filing in Version-2 on 20.01.2023 and launched in Version-3 on 23.01.2023, and whose due dates for filing fall between 20.01.2023 and 06.02.2023, can also be filed without payment of additional fees for a period of 15 days.

3. This issues with the approval of the Competent Authority

Copy to:1. e-Governance Section and Web Content officer to place the Circular on MCA Website, 2. file No. Policy-02/01/2023-CL-V-MCA and 3 Guard File.

Press Release Dated Feb 03, 2023

There have been media reports expressing concern about the exposures of Indian banks to a business conglomerate.

As the regulator and supervisor, the RBI maintains a constant vigil on the banking sector and on individual banks with a view to maintain financial stability. The RBI has a Central Repository of Information on Large Credits (CRILC) database system where the banks report their exposure of ₹5 crore and above which is used for monitoring purposes.

As per the RBI’s current assessment, the banking sector remains resilient and stable. Various parameters relating to capital adequacy, asset quality, liquidity, provision coverage and profitability are healthy. Banks are also in compliance with the Large Exposure Framework (LEF) guidelines issued by the RBI.

The RBI remains vigilant and continues to monitor the stability of the Indian banking sector.

ED has provisionally attached movable and immovable assets belongs to Suresh Kumar Banthia and Jitesh Kumar Banthia to the tune of Rs. 9,12,58,507/- in the form of Bank account balances, 02 Residential Flats at Kolkata and land situated at “different places of South 24-Parganas and Howrah District” under the PMLA, 2002, total value of assets seized/freezed/attached is Rs. 10.74 Crore in this case.

Press Release dated 03.02.2023

Directorate of Enforcement has provisionally attached movable and immovable assets of one Suresh Kumar Banthia and Jitesh Kumar Banthia to the tune of Rs. 9.12 Crore in the form of Bank account balances, 02 Residential Flats at “South City Galaxy Apartment of Bhowanipore – Kolkata” and land situated at “different places of South 24-Parganas and Howrah District” under the provisions of Prevention of Money Laundering Act, 2002.

Income Tax Department filed Prosecution Complaint under Section 51 of Black Money (Undisclosed Foreign Income and Assets) in Complaint Case in the Learned Court of Chief Metropolitan Magistrate, Calcutta against Suresh Kumar Banthia and Jitesh Kumar Banthia respectively, for undisclosed credit in the Bank Account of an offshore company registered at BVI, of which they were beneficial owners. Since Section 51 of Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 is scheduled offence under Part C of the schedule to the PMLA, 2002, ED also initiated investigation under PMLA, 2002.

Previously, assets worth of Rs.1,51,49,805/- and cash amounting to Rs.10,20,000/- were freezed under Section 17 of PMLA.

The attached properties are equivalent in value held within the country, since proceeds of crime are lying in the bank account held outside India. After this provisional attachment order, total value of assets seized/freezed/attached is Rs. 10.74 Crore.

Investigation in the matter is under progress.

ED has provisionally attached movable assets worth Rs 3.30 Crore and immovable assets with market value of over Rs 3 Crore in its ongoing investigation into the matter of Saradha Group of Companies under the Prevention of Money Laundering Act, 2002 in the form of balance in the bank accounts, buildings and plot in Assam and West Bengal.

Press Release dated 03.02.2023

Directorate of Enforcement, Kolkata has provisionally attached movable assets worth Rs 3.30 Crore and immovable assets with value of over Rs 3 Crore in its ongoing investigation into the matter of Saradha Group of Companies under the Prevention of Money Laundering Act, 2002. These properties were owned by Saradha Group and other persons, who were beneficiaries of Proceeds of Crime generated by Saradha Group of Companies. The beneficiaries include Smt. Nalini Chidambaram, Debabrata Sarkar, Debendranath Biswas (Ex IPS and ex MLA CPM) and M/s Anubhuti Printers and Publications owned by Late Shri Anjan Dutta, ex Minister in Assam.

Saradha Group ran a chit fund scam with operations spread over the states of West Bengal, Assam and Orissa, till 2013. The quantum of total money mobilized by this group company is about Rs. 2459 Crore out of which nearly Rs 1983 Crore remains unpaid to the depositors till date excluding the interest amount.

ED had registered case against Saradha Group of Companies in 2013 on the basis of FIRs by Kolkata Police and CBI. In the past, prior to issue of this attachment order, ED Kolkata had issued eight Provisional Attachment Orders attaching assets / properties (value of more than Rs. 600 crores).

Further investigation is in progress.