Page 21 - IACC Newsletter March-April 2014 Issue 03

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Gujarat Branch
Seminar on Companies Act 2013 - Important Changes & Transfer pricing - Recent Challenges on February 28,
2014 at Courtyard Marriott
Indo-American Chamber of Commerce (IACC) in coordination with Ernst & Young LLP organized a Seminar on “Companies
Act 2013 - Important Changes & Transfer pricing - Recent Challenges
by experts from Ernst & Young LLP on Friday, 28
th
February, 2014 between 6.00 p.m. to 8.30 p.m at Courtyard Marriott, Satellite, Ahmedabad.
IACC, Gujarat Branch Chairman Mr. Pankaj Bohra, gave welcome speech & introduction of the speakers - Mr.
Dhinal Shah-
Partner, Ernst & Young LLP & Mr. Arpit Patel- Partner, S.R. Batliboi & Associate LLP to the audience. He also enforced the
importance of transfer pricing and companies act for the recent time.
Mr. Dhinal Shah- Partner Ernst & Young LLP Spoke on Transfer Pricing – Recent Challenges. Mr. Shah briefed the
importance of Transfer Pricing Provisions and its applicability which has gained substantial importance due to cross border
transactions. The law is evolving and there is a substantial litigation on the same. Income Tax Act has also introduced
Domestic Transfer Pricing during last year. Mr. Shah also highlight some topic like, the definition of International
transaction, Deemed Associated Enterprises, documentation requirements, domestic transfer pricing provisions,
approach- TPO Vs. Taxpayer, APA- an effective alternate, Foreign Entity as tested party- General Motors, Outbound
Investments- Vijai Electricals, payments for royalty, payment for Guarantee fee, Map and interest on loan, intra group
services etc. through presentation .
Mr. Arpit Patel, Partner, S.R. Batliboi & Associate LLP Spoke on Companies Act, 2013 – Important Changes. Mr. Patel
briefed about the long awaited new Companies Act, 2013, Corporate Law has been substituted after 57 years with far
reaching changes on Independent Directors, Corporate Governance, Loans and Advances, Merger and Acquisition etc. Few
sections of the New Act have been made effective and balances are likely to be effective from April 1, 2014.
Mr. Patel showed slides and explain the overview of the companies act, approach of new company law through chart, CSR
Committee, role of CSR committee, definition of Related Party, power of board- content of board of directors report,
restriction on non- cash transaction involving directors, loans to directors and subsidiaries, loans & Investments by
company, financial year, financial statements, control Vs subsidiary, rotation of auditor, reporting responsibilities,
punishment for fraud, internal audit, National Financial Reporting authority (NFRA) NACAS to be replaced by NFRA etc.
Members found the seminar very interesting and they were full of praise for the speakers & presentation. They
appreciated efforts of branch for organizing such informative programme as updating on this subject was very important
& highly beneficial for their business. The programme was followed by dinner.
Chairman Mr. Pankaj Bohra giving Welcome speech.