TMI BlogAmendment of section 47.X X X X Extracts X X X X X X X X Extracts X X X X ..... co-operative bank , the words or to the converted banking company shall be inserted; (ii) in the Explanation, for the words expressions business reorganisation , predecessor co-operative bank and , the words expressions business reorganisation , converted banking company , predecessor co-operative bank and shall be substituted; (c) after clause (viiab), the following clauses shal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... country or a specified territory with which an agreement referred to in sub-section (1) of section 90 or sub-section (1) of section 90A has been entered into; or is established or incorporated or registered in a country or a specified territory as may be notified by the Central Government in this behalf; (iii) the fund and its activities are subject to applicable investor protection regulations ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ted a certificate of registration as a Category I or Category II or Category III Alternative Investment Fund, and is regulated under the Securities and Exchange Board of India (Alternative Investment Fund) Regulations, 2012 made under the Securities and exchange Board of India Act, 1992 (15 of 1992); and. (ii) is located in any International Financial Services Centre as referred to in sub-secti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that the allotment of shares of the converted banking company to the shareholders of the predecessor co-operative bank as a result of this conversion shall not be treated as transfer for the purposes of capital gains. It is also proposed to amend the Explanation to clause (vicb) of the said section so as to provide that the expression converted banking company shall have the meaning assigned ..... X X X X Extracts X X X X X X X X Extracts X X X X
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