1st NUJS CFLS Competition

The CFLS is proud to announce the first of its kind competition at NUJS, the 1st NUJS Corporate And Fiscal Laws Competition. The competition is held by CFLS in association with PXV Law Partners.

The competition is a hypothetical problem prepared by certain members of the society. The task at hand is to identify the potential issues, risk areas, etc.. The problem and the rules of the competition are provided here and here.

PRIZES!! 

Up for grabs are 2 (two) internships at the Bangalore and the Mumbai offices of PXV Law Partners. In addition to the same, the top 3 entries also get cash prizes of INR 2500, 1500, 1000 respectively.

Please read the instructions and rules carefully. Do write to us at corpfiscnujs@gmail.com in case of any queries.

SEBI to bring in E-IPOs

The Securities Exchange and Board of India, the capital market regulator has decided to introduce electronic Initial Public Offerings [‘IPO’] from January 1, 2013.  Such a decision was taken so as to increase the reach of distribution of the IPOs.  Electronic IPO is a mechanism through which investments in the public offering can be done without any physical paperwork. E-IPO ensures a quick and efficient way to reach the widest possible investors.  This mechanism will also help the investors to check the status of their issue applications on the websites of the Stock Exchanges.

Service tax on railway travel!

Travelling across the country in trains has become more expensive in compliance with the Finance Bill, 2012 and notifications by the Finance Ministry. The hike in fare is owing to the imposition of service tax on railway passenger, starting October 1, 2012. This hike has been imposed in the following classes:

(i) AC First Class,

(ii) Executive Class,

(iii) AC-2 tier Class,

(iv) AC-3 tier class,

(v) AC Chair Car class,

(vi) AC Economy class and

(vii) First Class.

Service tax on transport of goods by rail

The Government of India has implemented the service tax levy of 3.7% on transport of goods by rail, which is effective from October 1, 2012. This was introduced by the Finance Bill 2010 and was originally planned to be implemented on April 1, 2010, but was deferred by repeated notifications. However, in order to raise its revenue and plug the fiscal deficit (see here), the government has finally released a circular on September 26, 2012, imposing service tax on railway freight.