| MUMBAI: Women in Maharashtra have another reason to celebrate as International Women's Day approaches.It is now perfectly legal for a woman to retain her maiden name after marriage. The Bombay high court recently amended a crucial rule under the Family Courts Act to prevent a woman from being compelled to file any mar
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Mumbai: Flavia Agnes of the womens rights activist group Majlis,sees the amendment that says women are not obliged to change their maiden name after marriage,as a progressive new addition to the law for women.Majlis efforts ensured that a woman can continue to use her maiden name and surname if she so desires after marriage.She is not b
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India's biggest builder DLF has decided to outsource a large portion of its construction work to companies such as L& and
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(Budget 2012: Tax rebate on 3-year bank FDs likely)
NEW DELHI: Following concerted pressure from banks, the finance ministry has agreed to consider a proposal to reduce the lock-in period for bank deposit eligible for tax rebate to three years from five years, even though it goes against the spirit of the Direct Tax Code.
If this proposal finds it way into next month's budget, it will make b
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Majority owned and managed by family, the company is opening up ownership and changing management structure
India’s biggest law firm Amarchand & Mangaldas & Suresh A. Shroff & Co. plans to get even bigger in the next five years by doubling in size to about 1,000 lawyers. But the firm will still run like a bicycle, the analogy that the firm’s joint managing partners —brothers C
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Mumbai: In a fortnight from now, obtaining a passport is all set to get a tad easier. A single visit to a Passport Seva Kendra will be enough for applicants to know whether they are eligible for a passport or not. As there would be no follow-up visits required, an agent may be required to only file applications online.
Citizens will no longer be required to carry passport-size photographs and pho
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Three directors of a public limited company will have to go to prison for six months besides paying up a penalty of Rs 10,000 each for not paying provident fund to senior executives of the company.
The complainant is a 60-year-old Goregaon resident, Subodh Gokhale, who resigned as vice-president of Gujarat Themis Biosyn Limited, a company headquartered in Vapi, a town in Gujarat.
The order c
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| Realty Index which had gained 50% in 2012, fell 16% in a week |
After a sharp recovery in the first one-and-a-half months of the calendar year — the Bombay Stock Exchange (BSE) Realty Index gained over 50 per cent, real estate stocks seem to have lost steam. The in
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| Some are funding it from internal accruals, while many want to avoid the put option |
Thursday was a big payday for Deutsche Bank (DB), which ended its tumultuous relationship with the Mumbai-based Lodha Group. For DB, the exit was a windfall — a neat 55 per cent profit in four years.
Such buybacks are risin
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The finance ministry, in a big reform initiative is planning to introduce a comprehensive legislation to overhaul the stamp duty regime in the country that will lead to a uniform rate for all financial transactions. The legislation has gone to law ministry for vetting... We are looking at bringing it in the budget session, said a finance ministry official. For most securities transactions, both in
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Manishkumar & Co. Vs. ITO( ITAT Ahmedabad)- The first ground relates to addition of Rs.13,77,000/- made u/s 68 by the AO. During the assessment proceedings the assessee was asked by the AO to prove the identity of the lender, genuineness of the transaction and creditworthiness of the lender in respect of the loan of Rs.13,77,000/- shown in the name of Shri Madanlal J. Panjabi. The assessee was onl
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SEBI recently put out a set of FAQs relating to the Takeover Regulations, 2011 that came into effect on October 22, 2011. While a substantial part of the FAQs relate to either explanation of matters or elaboration of certain aspects of process and mechanics, they also address substantive issues on a few counts.
Had earlier discussed the issue as to whether hostile takeovers are permissible und
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Corporate governance generally places a fair amount of emphasis on board independence, and it is no different in India. Having a minimum number of independent directors (IDs) on the board is said to enhance monitoring of the management and promoters, and thereby protect the interests of the public shareholders. The Companies Bill, 2011 takes the concept of board independence to another level altog
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The Companies Act, 1956 does not contain any specific provision that generally governs the duties of directors. The duties are instead governed by common law, which judges are required to apply to a given set of facts and circumstances. Under common law, there are two broad sets of director duties: (i) duty to act with skill, care and diligence, and (ii) fiduciary duties (to act in the interests o
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Background
In developed markets, one of the key mechanisms used for enforcement of corporate law is shareholder actions against the company or its management for breach of duties and obligations owed under law. Such shareholder actions can be either direct actions for breaches of duties owed to the shareholders directly in which case the remedies will flow to the shareholders, or they can be d
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GOVERNMENT OF INDIA
MINISTRY OF CORPORATE AFFAIRS
NOTIFICATION
14th December,2011
G.S.R. (E).- In exercise of the power conferred by sub-section (1A) of section 81, read with section 642, of the Companies Act, 1956 (1 of 1956), the Central Government hereby makes the following rules to amend the Unlisted Public Companies (Preferential Allotment) Rules, 2003, namely:-
1. (1) The
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Unfazed by the setback to plans for FDI in retail, the government is moving ahead with a proposed hike in the foreign investment cap in different broadcasting services like Direct-to-Home and cable TV networks to a uniform 74%.
The Finance Ministry has given its approval to the draft cabinet note circulated by the Industry Ministry for liberalising the sector, sources said.
Among different s
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CIRCULAR No. Cir. /IMD/DF/17/2011 September 28, 2011
Sub: Guidelines for Issue and Listing of Structured Products/ Market Linked Debentures
1. SEBI had prescribed initial and continuous disclosure norms applicable to issue and listing of debt securities through the Securities and Exchange Board of India (Issue and Listing of Debt Securities) Regulations, 2008 and the Simplified Listing Agreement
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Ansal Housing & Construction Ltd. v. DCIT (ITA Nos. 3192/Del/08 & 4595/Del/05 dated 9 Sept 2011 –ITAT Delhi)
Assessee had commenced restaurant business during the financial year ending 31.3.2002, relevant to A.Y. 2002-03,. In order to extend the business in the field of hospitality and for operating the restaurant, t entered on 17th August 2000. In terms of that agreement, invoices of Rs. 18,75
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The Hindu Undivided Family can best be defined as a family that consists of a common ancestor and all his lineal male descendants and their wives and unmarried daughters. The Hindu Undivided Family (HUF) cannot be created by acts of any party. The only exceptions are in the case of an adoption or a marriage when a stranger may become a HUF member. An undivided family, which is a normal condition o
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The cost of educating our children is rising consistently. It’s a matter of concern for all of us. One relief is the tax benefit provided for spending on children’s education. The Income Tax Act provides a direct deduction on account of fees paid for the education of dependent children. The act also provides for deduction on account of interest on loans taken for higher education of children.
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Online PAN Verification now extended to Insurance companies
To enable eligible Entities verify Permanent Account Numbers (PANs), Income Tax Department (ITD) has authorized National Securities Depository Limited (NSDL) to launch an online PAN verification service for verification of PANs by authorized entities.
Entities who can avail of this facility:
• Department of Commercial Taxes
• Gove
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RBI/2011-12/207
DBOD.AML.BC.No. 36/ 14.01.001/2011-12, Dated- September 28, 2011
Know Your Customer Norms – Letter issued by Unique Identification Authority of India (UIDAI) containing details of name, address and Aadhaar number
Please refer to the Government of India Notification No. 14/2010/F.No. 6/2/2007-ES dated December 16, 2010 which recognises the letter issued by Unique Identification
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There is a reason to cheer for the retail sector, especially for companies that have foreign joint ventures. On the much debated FDI in retail, the Department of Industrial Policy & Promotion (DIPP) has come up with a new definition for ‘Group Company’.
Talking exclusively to CNBC-TV18, Future Group chief Kishore Biyani is all in praise for this new definition of Group Company. The retail mog
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At present, India does not allow FDI in multi-brand retail, which has restricted international players to the wholesale cash-and-carry business.
In the wholesale business, 100 per cent FDI is allowed, whereas in single brand retail, 51 per cent overseas investment is permitted.
While a committee of secretaries has given a green signal to FDI in multi-brand retail, the move requires political app
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The Oberoi Realty group is in talks to buy the 50% stake held by ICICI Venture in a posh residential project in South Mumbai. Oberoi Realty, the group’s publicly-held company, is expected to pay . 300 crore for the stake, giving ICICI Venture a return of just less than six times in seven years. Oberoi, in 2004, teamed up with ICICI Venture to float a joint venture to buy a prime four-acre plot b
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Offering hope to a city seriously starved of space, Union urban development minister Kumari Selja said, on Tuesday, that the Centre was working on measures to free up acres of salt pan land in the city for housing. “Urbanisation leads to migration and people need to be housed. We have initiated the move considering Mumbai’s scarcity of space,” Selja said.
Mumbai has 5,000 acres of salt pan
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Maharashtra Government has decided to undertake a re-survey of land records in the state after a gap of more than eight decades.
This excercise will be a five-year programme and the most modern technology will be used for the purpose. But the field inquiry and verification will require massive man power, Principal secretary (Revenue) Swadheen Kshatriya said.
He said Land settlement commissioner
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Now a days, in a modern organization , there will exist a complicate business structure of holding & subsidiary companies along with closely held companies. There will be routine flow of funds between these companies. It is very important to have the knowledge of provisions of deemed dividend under section 2(22)(e) of the Income tax act, 1961 before making any transaction with the closely held com
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This is regarding cases where the assessee has expired but a return has to be filed by LH using his DSC. Following process is suggested in above regard :
1. The legal heir (LH) has to get a DSC in his own name.
2. LH is required to make a request by sending a mail to efiling.administrator@incometaxindia.gov.in / efiling@incometaxindia.gov.in mentioning the name, PAN,Date-of-Birth of deceased as
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ICAI has released Book titled ‘Quick Insight on CA profession’ to be circulated to all CA firms/ practitioners for ready reference and it includes matters relating to direct and indirect tax, accounting standards, list of mandatory statements and standards on auditing, peer review, information regarding forms relevant to students, websites, contact e-mail ids of Committees of the Institute and
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On a review of the current ECB policy, it has been decided, in consultation with the Government of India, to further rationalise and liberalize the ECB Policy as under :
(i) The limit for eligible borrowers to avail of ECB under the automatic route per financial year has been enhanced as follows:
1. corporates in real sector-industrial sector-infrastructure sector – USD 750 million or equivale
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PART – II, SECTION 3, SUB-SECTION (i)]
GOVERNMENT OF INDIA
MINISTRY OF CORPORATE AFFAIRS
NOTIFICATION
New Delhi, dated the 23rd Sept 2011.
G.S.R. ______ (E). – In exercise of the powers conferred by sub-section (1) of section 642 read with section 610B of the Companies Act, 1956 (1 of 1956), the Central Government hereby makes the following rules further to amend the Companies (Central
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Electronic Reservation Slip (ERS) – The printout in standard specified Performa containing reservation particulars, and instructions for use which cn be used by the passenger along with the relevant authorized Identification, as travel authority for performing the journey.
Virtual Reservation Message (VRM) – A screen-shot of the e-ticket displayed through laptops/palmtops/ Mobile phone is ref
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On a review, it has been decided by RBI , to further liberalise the ECB policy in respect of the infrastructure sector.Direct foreign equity holder (holding minimum 25 per cent of the paid-up capital) and indirect foreign equity holder holding atleast 51% of the paid-up capital, will be permitted to provide credit enhancement for the domestic debt raised by Indian companies engaged exclusively in
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RBI/2011-12/204
A.P. (DIR Series) Circular No. 29, Dated- September 26, 2011
External Commercial Borrowings (ECB) from the foreign equity holders
Attention of Authorized Dealer Category-I (AD Category-I) banks is invited to the Foreign Exchange Management (Borrowing or lending in foreign exchange) Regulations, 2000, notified vide Notification No. FEMA 3/2000-RB dated May 3, 2000, amended from t
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CONCEPT PAPER ON REGULATION OF INVESTMENT ADVISORS
1. Background1.1 Section 11 (2)(b) of SEBI Act empowers SEBI to register and regulate working of Investment Advisors and such other intermediaries who may be associated with securities market in any other manner.
1.2 As decided by SEBI Board in its meeting dated March 22, 2007, SEBI had posted a consultative paper on the “Regulation of Investm
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STEPS FOR CERTIFICATION
1. Login on MCA website.
2. Click on the link ‘GET CERTIFIED COPIES’ which is on the left hand side of screen under the head ‘QUICK LINKS’
3. Enter Company name or CIN no. and search for the company on MCA web portal.
4. It will display the company name and its CIN no. Click on the CIN no.
5. Select the category of documents to be certified from the options giv
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Companies (Amendment) Regulations,2011
[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY,
PART- II, SECTION 3, SUB-SECTION (i)]
GOVERNMENT OF INDIA
MINISTRY OF CORPORATE AFFAIRS
Notification
New Delhi, 22.09.2011
G.S.R. ——- In exercise of the powers conferred by sub-sections (1), (2), (3), (5) and (8) of section 25 and sub-section (2) of section 609 read with sections 610A, 610B a
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Following the announcement by the Union Finance Minister Shri Pranab Mukherjee in his budget 2011-12, the Government in consultation with the regulators had raised the limit for FII investment in long-term corporate bonds issued by the companies in the infrastructure sector from USD 5 billion to USD 25 billion. This scheme was operationalised vide SEBI circular CIR/IMD/FIIC/5/2011 dated 31st March
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After dilly-dallying on the property tax conversion system, the civic standing committee will now have to act swiftly and take a decision at the earliest or else the proposal will be deemed to be approved. According to the new resolution by the state government, the standing committee should decide on a proposal within 45 days, failing which it will deemed to be cleared by the civic body; the dead
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Historically, the response of public shareholders to takeover offers in Indian companies has been lukewarm. This is primarily due to the fact that the market price of the company’s shares following the takeover announcement tends to be higher than the offer price. However, a report in the Business Line contains a study of recent offers indicating that shareholders who did not exit in the offers
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Soon, all commercial and residential buildings and complexes including five-star hotels and malls will have to get their security preparedness certified by a government-approved agency. The Centre is proposing mandatory audits of such buildings in an attempt to ward off modern-day terrorist threats.
A government official privy to the development told FE that the Union home ministry has discussed
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Pallavi Bhardwah vs Pratap Chauhan (SC) – Merely coming to court for restitution of conjugal rights is not sufficient rather a definite proof of marriage is must.
Pallavi Bhardwah Vs. Pratap Chauhan (Supreme Court)
Date of Decision – July 04, 2011
GANGULY, J.
1. Leave granted.
2. Heard learned counsel for the parties and carefully perused the record.
3. This appeal is from a judgment and
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A special voluntary disclosure scheme for bringing back black money stashed away in tax havens abroad may be in the offing. The Central Board of Direct Taxes (CBDT) is understood to be ‘seriously considering’ recommending to the government a scheme on the lines of the Voluntary Disclosure of Income Scheme (VDIS) announced in 1996 to tap funds lying abroad for productive use in India.
Sources
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Averse to opening another political front, govt won’t take a call before next financial year.
The much-awaited multi-brand retail policy allowing foreign direct investment (FDI) in the sector has been put on the back burner. Officials close to the developments say the government is likely to take a call on the matter only in the next financial year. The officials say no “concrete move” has
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Festivals have become a big part of the office culture nowadays. In the first of the two-part series, Mithila Mehta explores how organisations today celebrate festivals, outlining the professional implications
India is a country that loves its festivals and this sentiment extends to the workplace as well. Most organisations celebrate festive occasions with all the rituals and traditions in an ext
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Health experts and studies suggest meditation is a great way to keep stress at bay. A low-down on some of the different schools of meditation and techniques
One of the “side effects” of being a wealthy nation seems to have been an increase in stress and depression levels. According to the Cross-national Epidemiology of DSM-IV Major Depressive Episode study published in the BMC Medicine journa
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3-month deadline State to review and assess recommendations made by justice Dharmadhikari
Acting on the recommendations of one-man justice CS Dharmadhikari committee, the state government will soon make sexual harassment a non-bailable offence. Other recommendations made by justice Dharmadhikari include setting up of a separate space for such victims in the police station, increasing police vigil
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Shadow of the Law
Anti-corruption laws aimed at India Inc have been largely ineffective. But two changes are unfolding: anti-corruption measures are acquiring a global hue and focus is shifting to the supply side of corruption, reports
Transparency International, the global civil-society coalition against corruption, had been pursuing National Aluminium Company, a navaratna public sector underta
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--- As the dust settles on a display of people power led by anti-corruption activist Anna Hazare, the question to be asked is: will the elected representatives of the people have the courage to usher in change that alters the status quo? The recent rejection by the union cabinet of a Sports Bill does not inspire confidence, as illustrated in a recent issue of India Business Law Journal.
à But si
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Income tax law is notoriously complex, though the reasons are often misunderstood. Obvious reasons include tax law must address a huge and never-ending range of business transactions and structures. Last month’s Bombay High Court decision in the case of Aditya Birla Nuvo, Tata Industries and New Cingular (popularly called AT&T case) raises an interesting debate. The judgment stipulates that i
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It is one of the rare occasions when a negative policy of the Government has been more welcome than the positive policy. Negative policy here refers to the policy about the Negative List for service tax. Positive Policy refers to the policy of having Positive List of services as we are having now. It is the time to assess the virtue of negative list since the Government has hinted about such a
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RBI/2011 -12/169
A. P. (DIR Series) Circular No. 11, Date -September 07, 2011
External Commercial Borrowings – Simplification of Procedure
Attention of Authorized Dealer Category-I (AD Category-I) banks is invited to the Foreign Exchange Management (Borrowing or lending in foreign exchange) Regulations, 2000, notified vide Notification No. FEMA 3/2000-RB dated May 3, 2000, amended from time
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CIT Vs Gujarat State Petroleum Corporation Ltd (Ahmedabad High Court)- In the instant case, the assessee-company has let out only a very small portion (i.e. less than 10%) of its office premises to the Directorate of Petroleum. Department of Energy and Petrochemicals and that too under directions from the Government. The main purpose of this arrangement was to have, close liaison with the Director
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Bombay High Court has extended the Stay until 30th September 2011, in the famous renting case – Retailers Association of India and others v Union of India .
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Ministry of Overseas Indian Affairs had brought out a guidance booklet on “Marriages to Overseas Indians” in 2007 which contains information on safeguards available to women deserted by their NRI spouses, legal remedies available, authorities that can be approached for redressal of grievances etc. A pamphlet entitled “Thinking of the marriage of your daughter with an NRI?” had also been br
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Expert Group under the Chairmanship of
Shri.K.N.Chaturvedi has been constituted to study the legislative and regulatory architecture of the Society Registration Act, 1860.
The report has not yet been received.
The minister was replying to a written question whether the Government proposes to review the Societies Registration Act to make the functioning of Non-Governmental Organizations (NGOs)
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Press Information Bureau
Government of India
Ministry of Corporate Affairs
Companies of Baba Ramdev
The Minister of State in the Ministry of Corporate Affairs Shri R.P.N. Singh today informed the Lok Sabha that as per latest information available, no company with Baba Ramdev as Director is registered in the country. However, 34 companies are registered in the country with Acharya Balkrishna as
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Ghisalal vs Dhapubai (D) By Lrs. (SC) - Hindu Adoptions and Maintenance Act, 1956, s. 7 – Adoption by husband -This is clear from Section 7 of the Act. Proviso thereof makes it clear that a male Hindu cannot adopt except with the consent of the wife, unless the wife has completely and finally renounced the world or has ceased to be a Hindu or has been declared by a court of competent jurisdictio
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Any technique to multiply gains and losses in finance is known as leverage. Buyout means when a firm purchases the controlling interest of another firm to takeover assets or its business operation or both. Therefore, leveraged buyouts mean when and investor acquires a controlling interest in company’s equity, where a considerable amount of purchase value is financed through leverage. The assets
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All documents pertaining to the transactions in relation to which permanent account number to be quoted for the purpose of clause (c) of sub-section (5) of section 139A.
114B. Every person shall quote his permanent account number in all documents pertaining to the transactions specified below, namely :—
(a) sale or purchase of any immovable property valued at five lakh rupees or more;
(b) sal
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The Supreme Court vide its judgment dated 14.02.2006 in Seema Vs. Ashwani Kumar (AIR 2006 S.C 1158) has directed the State Governments and the Central Government that marriages of all persons who are citizens of India belonging to various religious denomination should be made compulsorily registerable in their respective States where such marriages are solemnized.
Giving this information in writt
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The Finance Minister Shri Pranab Mukherjee today released a new series of coins with improved design and revised size in the denomination of 50 paise, Rs. 1, 2, 5, and 10. Speaking on the occasion, Shri Mukherjee said that new coins will not only reduce the cost of moving materials but also are of user friendly size and weight. He said that security edging of new series of coins would be good for
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Single Window web Interface – “The Indian Railway web Portal” – Launched for the Benefit of Multiple Rail users
E-Ticket on Mobile Phone now Possible through new Web Portal Facilitating Travel by Merely Displaying SMS Without Ticket Printout
No Travel Agents Allowed to use New Web Portal to Facilitate Convenient Booking by Normal Passengers
In a milestone measure undertaken by Ministr
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CBI’s decision not to charge sheet Anil Ambani, Chairman of ADAG Group, in the 2G spectrum scam was today questioned in the Supreme Court by an NGO which alleged that he was making attempts to cover up his involvement by influencing his arrested employees.
“The three persons charge sheeted are just the professional employees of the ADAG and are not the beneficiaries of this scam. The real ben
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Domestic entrepreneurs can now easily access information related to global micro, small and medium enterprises, their products and technologies on the website launched by National Small Industries Corporation (NSIC).
Unveiling the website, www.msmeintelligence.com , MSME Secretary Uday Kumar Verma said: “Non availability of experts, high cost of primary data collection and higher cost of databa
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NOTIFICATION
Mumbai, the 5th July, 2011
SECURITIES AND EXCHANGE BOARD OF INDIA
(MERCHANT BANKERS) (AMENDMENT) REGULATIONS, 2011
No. LAD-NRO/GN/2011-12/09/21233 - In exercise of the powers conferred by section 30 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the Board hereby makes the following Regulations to amend the Securities and Exchange Board of India (Merchant Ban
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NOTIFICATION
Mumbai, the 5th July, 2011
SECURITIES AND EXCHANGE BOARD OF INDIA
(REGISTRARS TO AN ISSUE AND SHARE TRANSFER AGENTS)
(AMENDMENT) REGULATIONS, 2011
No. LAD-NRO/GN/2011-12/11/21228 - In exercise of the powers conferred by section 30 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the Board hereby makes the following Regulations to amend the Securities and Exch
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NOTIFICATION
Mumbai, the 5th July, 2011
SECURITIES AND EXCHANGE BOARD OF INDIA
(DEBENTURE TRUSTEES) (AMENDMENT) REGULATIONS, 2011
No. LAD-NRO/GN/2011-12/13/21222 – In exercise of the powers conferred by section 30 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the Board hereby makes the following Regulations to amend the Securities and Exchange Board of India (Debentur
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NOTIFICATION
Mumbai, the 5th July, 2011
SECURITIES AND EXCHANGE BOARD OF INDIA
(DEPOSITORIES AND PARTICIPANTS) (AMENDMENT)
REGULATIONS, 2011
No. LAD-NRO/GN/2011-12/14/21219 -In exercise of the powers conferred by section 30 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the Board hereby makes the following Regulations to amend the Securities and Exchange Board of India
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CM’s Nod Kickstarts Ambitious Rs 2,000-Cr Project To Revamp Bhendi Bazaar
Filmmaker Mira Nair shot scenes in Bhendi Bazaar as she explored the city’s darker side in ‘Salaam Bombay’. Anurag Kashyap filmed there for ‘Black Friday’, which was about the 1993 serial blasts. Raj Kumar Gupta shot the gritty ‘Aamir’ there, and Kiran Rao, in her directorial debut ‘Dhobi Ghat’, captured
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The state government is set to introduce a Bill on the lines of Centre’s proposed Real Estate Regulation Bill to protect the interest of home buyers.
B K Sinha, in-charge Additional Chief Secretary, State Urban Development Department, told The Indian Express that the process of drafting the Bill has begun. On the need for a separate Bill, he said that many provisions of proposed Central model A
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NEW DELHI: The Centre is likely to introduce a bill in the monsoon session of Parliament to protect consumers interests against dubious operators in the real estate sector.
The Real Estate (Regulation and Development) Bill 2011, prepared by the Housing and Poverty Alleviation ( HUPA )) Ministry intends to promote planned development of real estate and protection of public interest among others
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On the fourth day of his kisan padyatra along the Yamuna Expressway on his way to Aligarh, Congress General Secretary Rahul Gandhi said that the proposed Land Acquisition Bill that would be finally passed would be “friendly” towards farmers.
Talking to farmers, Rahul said: “Although the Union Government has coalition partners and different States have different kinds of problems, the prop
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It's time to hold the AGM in co-operative societies, says Advocate RAJAN R. HIRANANDANI
The time limit for holding the annual general meeting or AGM as it is popularly called for co-operative societies, both in case of residential as well as non-residential buildings is 14th August and thus many societies are now busy preparing for this annual event.
Under the Maharashtra Co-operative Societies
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Mumbai: Private developers will have to pay a hefty fine if they dupe buyers providing them the incorrect details of the plans.
The housing department, which is planning to bring in legislation to regulate the housing sector, has made changes in the draft bill and increase the proposed fine from a maximum of Rs 10 lakh to Rs 1 crore, said Sachin Ahir, minister of state for housing.
“In the d
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Following the slump in the sales of flats, builders have now begun attracting prospective buyers with discounts on their purchases. The discounts are based on the quantum of amount paid by the buyers. Paras Gundecha, president, Maharashtra Chambers of Housing Industry (MCHI) said that
discounts are because of low sales.
“Some builders are facing a cash crunch because of low sales and hence are
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When buying a house, a buyer always has a doubt whether to go in for a ready-for-possession property or book one under construction. Here, we examine issues related to buying a property under construction.
The primary advantage of an under-construction property is that it will invariably come cheaper than a ready-for-possession property. Depending on the stage of construction and also the respons
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Special Economic Zone (SEZ) Virodhi Sangharsh Samiti has upped its ante against the extension granted by the ministry of commerce and industry to Reliance Industries-promoted Mumbai SEZ at Raigad by deciding to relaunch its agitation against it. HT had reported on June 22 that the SEZ,
which is spread across 5,000 hectares, had been granted an extension by the ministry's Board of Approval (BOA) t
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There is good news for all those who have to make rounds of the office of the patwaris and tehsildars to get either documents of property or for other work related to the Revenue Department. The State Department of Revenue is in the last leg of computerisation of land records of 12,000 villages of the state.
Giving a detailed account of the project, Secretary Revenue, Punjab, and Divisional Commi
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Bangalore: Faced with protests from farmers over acquisition of their land, the Centre has decided to bring in a new legislation with a focus on farmers' welfare, Law Minister M Veerappa Moily said on Saturday. The Bill, being fine-tuned currently, was expected to be introduced in the coming monsoon session of Parliament, he told reporters.
"The focus of the new legislation would be on protectin
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Cong duplicity
With the Supreme Court constituting a Special Investigation Team(SIT) on the issue of black money, a defensive Congress has started questioning the “judicial overreach.” However, the party is caught in a difficult situation since it had all backed formation of SIT in Gujarat riots. Under the circumstances, if the Centre decided to file review petition in the Supreme Court, it
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JAMMU: Asserting that Companies that have not filed annual returns and balance sheet to Ministry of Corporate Affairs (MCA) for past five years have been put on notice, a senior official of MCA today said there were 80,000 such companies in Northern India.
“About 80000 defaulters (defaulting companies) are there in northern India. There are various type of defaulters and most of them are defaul
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At a time when the government is grappling with the black money menace, the RBI has penalised as many as 48 small banks in just six months, for lapses in implementing customer identification norms and various other violations. In the first six months of 2011, the apex bank has slapped penalties on 48 erring banks , mostly co-operative, as compared to just 15 such actions during 2010. The apex bank
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The Pune Bench of the Income Tax Appellate Tribunal recently clarified several aspects of the law in relation to transfer pricing, as well as some issues in relation to the position in relation to Section 10A of the Income Tax Act, 1961. The elaborate decision, Patni Computer Systems v. DCIT, is available here.
Insofar as the issues in relation to Section 10A are concerned, the principle issue wa
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Many new real estate projects, especially those in which private equity (PE) firms are investing, could see a substantial price correction across India as PE players have begun to dictate the prices to be charged, apartment sizes and project schedules. "PE players dictate terms like what
prices to be charged, whether the project should be affordable or luxury and exact time of its completion," sa
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NEW DELHI: The pace of private equity investments in the real estate space is picking up. The April-June 2011 quarter saw 15 investments in real estate projects and companies compared to 9 during the same period last year and 12 in the previous quarter, according to Venture Intelligence , which tracks PE and VC investment activity. Approximately $504 million were invested by PE firms across 10 dea
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Activists are irked with the fact that the state’s proposed housing regulator cannot regulate housing prices. The regulatory body is expected to be tabled in this year’s monsoon session. “Prices are a major factor,” said former Maharashtra Housing and Development Authority (Mhada)
chairman, Mumbai board, Chandrashekhar Prabhu. “Housing has gone beyond the reach of people and serious ste
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Mumbai: Sterling Holiday Resorts (India) is planning to go in for a complete makeover in terms of branding and portfolio. The company, now headed by Ramesh Ramanathan who is managing director, plans to have sub-brands under its current Sterling brand like Mahindra Holidays and Resorts in the years to come.
The company will be spending close to R100 crore during 2011-12 and part of 2012-13 on reno
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Private equity players are making a comeback to the real estate sector after a hiatus. PE funds flowing into real estate have risen during the quarter ended June 2011 compared to the same period last year, according to PE/VC tracker Venture
Intelligence.
PE firms closed 15 deals during the quarter. The fund infusion in five of these has not been disclosed, but the remaining 10 together amo
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NEW DELHI: Foreign direct investment in education infrastructure could become easier if a department of industrial policy and promotion proposal finds favour with the government.
The department has recommended dropping the three-year lock-in for FDI in construction if it is for creation of education infrastructure.
"The proposal is under consideration," an official told ET. "There is a vie
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General Circular No. 44/2011, Dated: 08.07.2011
To
All Regional Directors
All Registrar of Companies.
Registrar of Limited Liability Partnership
Sub: Integration of Director’s Identification Number (DIN) issued under Companies Act, 1956 with Designated Partnership Identification Number (DPIN) issued under Limited Liability Partnership (LLP) Act, 2008
Sir,
The Ministry of Corporate Affairs
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Union Minister of Corporate Affairs Shri Murli Deora today released the “National Voluntary Guidelines on Social, Environmental and Economic responsibilities of Business” that will mainstream the subject of business responsibilities”. At a function held in Ashoka Hotal today the Minister expressed the hope that these guideline will strengthen and enable the Indian corporate sector to evolve
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The Indian economy has expanded at a rapid rate during the current decade and the corporate sector has been the biggest contributor in this growth story. A significant feature of this growth is the increasing integration of the Indian corporate economy into the global business environment. While the Ministry of Corporate Affairs is working towards reforming the enabling environment for effective f
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NISCHINTAPUR TEA CO. LTD Versus SUBRATA SEN & ORS ( Calcutta High Court) - An application under Section 397 and 398 of the Companies Act, 1956 (hereinafter ‘the Act’) was filed in this court way back in 1985. It was numbered as C.P. No. 252 of 1985. It is still pending. The petitioner in that application was one Amita Sen, who has since died. In her place, her three sons Subrata, Ranjan and Sa
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A high level inter-ministerial group has recommended opening up of multi-brand retail sector to foreign direct investment at the earliest to check price rise.
But, the panel appointed by the Prime Minister and headed by chief economic advisor Kaushik Basu has suggested allowing FDI in a properly regulated fashion.
"We must guard against the risk of these new corporations becoming monopolistic an
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Mumbai: The Slum Rehabilitation Authority (SRA) will appoint an architect to survey and figure out the actual number of slums that come within the Coastal Regulation Zone (CRZ).
Sachin Ahir, minister of state for housing, said the Shivshahi Punarvasan Prakalp Limited (SPPL), which is overseeing the slum redevelopment, had received around 60 to 80 proposals for redevelopment so far.
"Our es
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The Union Cabinet today gave its approval to amend the title of the Inter-State Migrant Workmen (Regulation of Employment and Conditions of Service) Act, 1979 to ‘Inter State Migrant Workers (Regulation of Employment and Conditions of Service) Act, 1979’ by introducing a Bill, namely the Inter-State Migrant Workmen (Regulation of Employment and Conditions of Service) Amendment Bill, 2011 (Appe
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Investing in plots can be lucrative as well as cheap. But, Sandeep Bagchi, recently offered a plot of land at Rs 5 lakh on the outskirts of Mumbai, is not sure whether to go for the deal.
The broker’s pitch, “Five years from now, this plot will be worth Rs 25 lakh. It can also double up as a weekend home if you go for construction.” Given the small amount of initial capital required, Bag
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Dr. Sanjiv Agarwal
Recently, Income Tax Department searched a large number of private lockers and vaults in the city which resulted in unearthing of unaccounted or unexplained jewellery, gold, diamonds and cash in the lockers belonging to people whose whereabouts are not known ie, benami holdings. While this was going on, separately, Income tax department has made it mandatory for all high value
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RBI/2011-12/107
RPCD. CO. Plan. BC 10/04.09.01/ 2011-12
July 1, 2011
The Chairman/ Managing Director/
Chief Executive Officer
[All scheduled commercial banks
(excluding Regional Rural Banks)]
Dear Sir,
MASTER CIRCULAR – LENDING TO PRIORITY SECTOR
The Reserve Bank of India has, from time to time, issued a number of guidelines/instructions/directives to banks on lending to Priority Sector
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Tax Deduction and Collection Account Number (TAN)
Frequently Asked Questions and Answers (FAQs)
1. What is TAN?
TAN or Tax Deduction and Collection Account Number is a 10 digit alpha numeric number required to be obtained by all persons who are responsible for deducting or collecting tax. It is compulsory to quote TAN in TDS/TCS return (including any e-TDS/TCS return), any TDS/TCS payment chall
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Advance Television Network Ltd. Versus The Registrar Of Companies (Delhi High Court) – Mr. Beri submits that the petitioner-company has not done any business since 2001-2002 and thus, it has not earned any income for the last ten years. He states there is no hope or prospect of the petitioner-company doing any further business as stated in its Memorandum of Association. He submits that keeping i
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High cost of capital and historically high land values even in a depressed market are persuading corporates and public sector units to monetise land parcels sitting on their balance sheets for record valuations.
Companies like Raymond, Bayer, Mafatlal Industries, Rail Land Development Authority (RLDA) and National Textile Corporation (NTC) are liquidating their non-core assets despite weak sentim
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Leading credit information company, CIBIL, on Wednesday launched Credit Information Reports for companies to help them access the system data before they go for raising a loan or other financial dealings. Till now, Credit Information Bureau India (CIBIL) shared data regarding a company’s financial history (loans drawn earlier, repayment history, etc) with banks which helped latter assessing the
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GENERAL CIRCULAR NO. 41/2011, Dated 6th July 2011
Subject: E-filing of Income Tax return in respect of companies under liquidation.
The Official Liquidators have reported that they are facing problems in e-filing of Income Tax Returns in compliance as they are required to mention PAN No. of the person who files the return, representing the company in liquidation. In the Regional Directors Confer
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The Union Cabinet in its meeting today has approved the proposal of the Ministry of Information and Broadcasting to approve of the ‘Policy Guidelines on Expansion of FM radio broadcasting services through private agencies (Phase-Ill)’. Cabinet has also cleared the proposal of the Ministry for conducting ascending e-auction, as followed by Department of Telecommunications for the auction of 3G
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Lack of affordable housing and zero accountability on contractual obligations of the builder makes the real estate sector a dangerous proposition for those who stake their life’s savings on buying a dream house. The ever-burgeoning demand for quality and affordable housing has made land the final frontier of Indian politics. And it is in this context that the demand for a regulator in the real e
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FM to Meet CEOs of PSBs and FIs to Review their Annual Performance Including Flow of Agriculture Credit, MSMEs Credit, Disbursement of Housing and Educational Loans
Union Finance Minister Shri Pranab Mukherjee will meet with the Chief Executive Officers of Public Sector Banks (PSBs) and Financial Institutions tomorrow in the national capital. During the meeting, the Finance Minister will do the a
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A BILL to provide access to financial services for the rural and urban poor and certain disadvantaged sections of the people by promoting the growth and development of micro finance institutions as extended arms of the banks and financial institutions and for the regulation of micro finance institutions and for matters connected therewith and incidental thereto.
WHEREAS the banking system has ach
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SECTION 50 OF THE FOREIGN CONTRIBUTION (REGULATION) ACT, 2010 – POWER TO EXEMPT IN CERTAIN CASES – ACT NOT TO APPLY TO ALL BODIES CONSTITUTED OR ESTABLISHED BY OR UNDER A CENTRAL ACT OR A STATE ACT REQUIRING TO HAVE THEIR ACCOUNTS COMPULSORILY AUDITED BY THE COMPTROLLER AND AUDITOR GENERAL OF INDIA
ORDER S.O.1492(E), DATED 1-7-2011
WHEREAS the Central Government is of the opinion that it is
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Investors’ appetite for more Indian exposure remains strong to date and PE firms are eager to nourish it.
How India’s PE and VC industry evolves in the months and years ahead will be determined through ongoing shifts in attitudes and behaviours of PE fund managers, limited partners (LPs) who invest with them and promoters whose companies accept PE financing. How the firms approach new fund
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Ministry of Corporate Affairs
Notification
New Delhi the 5th July, 2011
G.S.R. …………………… (E). – In exercise of the powers conferred by sub-section (1) and (2) of section 79 of the Limited Liability Partnership Act, 2008 (6 of 2009), the Central Government hereby makes the following rules, further to amend the Limited Liability Partnership Rules, 2009 namely:-
1. Short title an
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BANGALORE: The low IPO activity across the world, including India, has put a dampener on the venture capital industry, according to the 2011 Global Venture Capital Survey conducted by advisory services firm Deloitte. For 81% of Indian venture capitalists surveyed, the IPO exit route is a critical element of the venture and entrepreneurial ecosystem.
More than half the respondents felt the curr
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Sita Jain &Ors. v. ACIT & Anr. (ITAT Delhi) – We have duly considered the rival contention and gone through the record carefully. The Hon’ble Punjab & Haryana High Court in the subsequent decision has upheld grant of exemption u/s 54B in a case where land was purchased in the joint name. The ITAT had discussed this issue in the case of Smt. Saraswati Swaminathan reported in 116 ITD 234 and has
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Bachhraj Factories Pvt Ltd Vs ITO (ITAT Mumbai)- in regard to 14 bighas, the assessee was found to be a trespasser. The law does not recognize the rights of a trespasser. Ordinarily, it is said that the possession is the nine point of ownership. The possessor has got right over the property and his right cannot be challenged by any one except the true owner. Undoubtedly, for some time, the assesse
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A decision on the contentious issue of allowing foreign direct investment (FDI) in multi-brand retail is likely to be taken before the Monsoon session of Parliament, sources said. However, there will be tough riders on the global retail chains for launching their operations. These would include hand-holding the small kirana shop-keepers who fear they could be wiped out by the giant retailers.
In
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New Delhi: Investors seeking government approval for Foreign Direct Investment (FDI) will now have to obtain electronically generated unique number from the concerned authorities before filing requests with the Foreign Investment Promotion Board. The government’s move is expected to streamline as well as expedite the process of clearing FDI proposals in key sectors such as telecom, defence, dire
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In a mammoth exercise involving millions of land titles, the Maharashtra government is planning to undertake a resurvey of all land records across the State. “ The programme will be spread over five years and will cover the entire State in a phased manner. It will be a Herculean task. We will have to make use of old and exiting records. The objective is to have a clear land title or 7/ 12 docume
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The Institute of Chartered Accountants of India (ICAI) today celebrated its 63rd foundation day. It was on this day in 1949 the Chartered Accountants Act was passed by the Parliament. At a function organised in Vigyan Bhawan, New Delhi Shri Rameshwar Thakur, Past President,ICAI and the Governor of Madhya Pradesh was the Chief Guest of the function. Deputy Chairman, Rajya Sabha, CA. K.Rahman Khan a
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1) Your PF entitles you to pension too
Despite the popularity of the EPF as a saving tool, not many people are enthused by or even aware of the Employees’ Pension Scheme. Introduced in 1995, it is funded by diverting 8.3%, or a little more than a third of your PF contribution. The pension on retirement is linked to the number of years in service and the average salary drawn in the year before r
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• Please click on the following link to know the balance in your EPF Account upto the date, the accounts are updated, which also includes the latest approved transactions of settlement/advances/transfer-in/transfer-out, if any.
• Select the EPFO office where your account is maintained and furnish your PF Account number.
• Leave the extension field blank, in case your account does not have
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RBI has issued Master Circulars on 01.07.2011 on the following subjects. These Master Circulars are updated till 30th June 2011. Full text of the Master circulars can be checked on the website of RBI. A link to master circulars is given at the bottom of this post.
1. Master Circulars – Miscellaneous Instructions to NBFC- ND-SI
2. Notification as amended upto June 30, 2011 – The Securitisatio
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Date: 30 Jun 2011
Challenges for Next Generation Banking
(Address by Dr. K.C. Chakrabarty, Deputy Governor, Reserve Bank of India at the Indian Chamber of Commerce and Industry, Coimbatore on June 25, 2011)
Mr. Krishnan, President of Indian Chamber of Commerce and Industry, Coimbatore; Mr. M. Narendra, Chairman and Managing Director of Indian Overseas Bank; Mr. D. Raj Kumar, Regional General Ma
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TRO v Industrial Finance Corpn. of India and Ors. (Gujrat HC)- The charges created against the property, by the mortgaging of the property by the assessee-borrower in favour of the financial institution during the pendency of any proceedings under the Income-tax Act, 1961, cannot be declared as void against any claim in respect of income tax if the same was made for adequate consideration and with
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F. No. 52/26/CAB-2010
Government of India
Ministry of Corporate Affairs
Cost Audit Branch
B-1 Wing, 2nd Floor,
Paryavaran Bhawan,
CGO Complex, Lodhi Road,
New Delhi-110 003
Dated the 30th June, 2011
ORDER
Consequent upon notification of the Companies (Cost Accounting Records) Rules, 2011 published vide G.S.R. 429(E) dated 3rd June 2011 and in modification of the earlier Order of even num
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Asking India to liberalise its foreign investment policies, particularly in the financial services sector, the US today said further opening these areas can add about 1.5% to the country’s economic growth.
“India imposes substantial FDI caps in the financial services sector particularly in the insurance sector… insurance penetration is very low (in India)…
“You should understand the ce
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The Committee appointed by the Ministry of Social Justice and Empowerment, Government of India, to draft a New Legislation replacing the existing Persons with Disabilities (Equal Opportunities, Protection of Rights and Full Participation) Act, 1995, presented the final draft of the new law, “The Rights of Persons with Disabilities Bill, 2011”, to Shri Mukul Wasnik, Minister for Social Justice
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In order to check banking frauds, RBI today asked public sector lenders to promptly report cases of cheating involving Rs 1 crore and above to the CBI, and of the lesser amount to the police.
“Incidence of frauds, dacoities, robberies, etc, in banks is a matter of concern,” the Reserve Bank of India (RBI) said, issuing guidelines for reporting frauds.
Private and foreign banks have been aske
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In a bid to contain frauds in banks, the Reserve Bank today asked lenders to rotate staff and put in place check and balances before giving high value loans. Banks may put in place a system wherein the concurrent audit can be undertaken in order to contain the frauds, RBI said in a notification.Banks should verify genuineness documents of title submitted as security for loans, especially for large
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In a bid to contain frauds in banks, the Reserve Bank today asked lenders to rotate staff and put in place check and balances before giving high value loans. Banks may put in place a system wherein the concurrent audit can be undertaken in order to contain the frauds, RBI said in a notification.Banks should verify genuineness documents of title submitted as security for loans, especially for large
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The Reserve Bank today allowed domestic companies to issue shares against import of capital goods and machineries, making it easier for them to expand. However, companies will have to get prior approval of the government to trade equities for imports.
“…it has been decided to permit issue of equity shares /preference shares under the Government route of the FDI scheme for import of capital go
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Securities and Exchange Board of India
CIRCULAR
CIR/MRD/DP/09 /2011 July 01, 2011
To,
All Stock Exchanges Dear Sir / Madam,
Sub: Establishment of Connectivity with both depositories NSDL and CDSL – Companies eligible for shifting from Trade for Trade Settlement (TFTS) to normal Rolling Settlement
1. It is observed from the information provided by the depositories that the companies listed
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THANE: Municipal commissioner R A Rajeev on Friday unveiled plans to streamline the clearance of development proposals by the town planning department.
The department, equivalent of the building proposals department in the Mumbai civic body, is vested with executive authority to plan, control and regulate development in the city.
However, Rajeev on Friday voiced his intentions to put an en
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Firm or individual/HUF covered under section 44AB are mandatorily required to file ITR-5 or ITR-4 electronically using digital signature
Income-Tax (Sixth Amendment) Rules, 2011 – Amendment in Rule 12
Notification No. 37/2011 [F. No. 149/68/2011-So (Tpl)], Dated 1-7-2011
In exercise of the powers conferred by section 295, read with section 139 of the Income-tax Act, 1961 (43 of 1961), the Cen
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RBI has issued Master Circulars on 01.07.2011 on the following subjects. These Master Circulars are updated till 30th June 2011. Full text of the Master circulars can be checked on the website of RBI. A link to master circulars is given at the bottom of this post.
1. Master Circulars – Miscellaneous Instructions to NBFC- ND-SI
2. Notification as amended upto June 30, 2011 – The Securitisatio
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The Reserve Bank of India said on Monday companies can refinance their overseas borrowing without seeking any specific approval from the bank. The ruling enables companies with outstanding debt to raise funds via fresh external commercial borrowings and foreign currency convertible bonds (FCCBs). Restructuring of FCCBs involving change in the existing conversion price is not permissible, the Reser
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NEW DELHI: The corporate affairs ministry has proposed that investment companies be barred from having more than two tiers of subsidiaries to ensure transparency in flow of funds and transactions, a move that is sure to impact infrastructure companies the most.
The proposal, being circulated by the ministry for comments, is part of the draft cabinet note on the Companies Bill 2009 that aims to
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Soon, disputes between flat owners and developers will see quick redressal with the state government all set to form a housing regulatory authority to deal with such issues. Breach in promises of built up areas, carpet areas, cheating in project completions are few of the issues that
will be addressed by the authority.
To be tabled in the monsoon session, which will kick off at the end of July,
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Pulling up the government for the “laggardly pace” in investigations into the issue of black money stashed abroad, the Supreme Court on Monday appointed a Special Investigation Team (SIT) headed by former apex court judge B P Jeevan Reddy to investigate and monitor steps taken to bring the unaccounted money back home. Another former apex court judge M B Shah will be Vice Chairman of the 13-mem
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Date : 04 Jul 2011
Citibank N.A. – Penalised
The Reserve Bank of India has imposed a monetary penalty of ` 25.00 lakh (Rupees twenty five lakh only) on Citibank N.A., in exercise of powers vested in it under the provisions of Section 47(A)(1)(b) of the Banking Regulation Act, 1949 for contravention of various guidelines and instructions relating to Know Your Bank (KYC)/Anti Money Laundering (A
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The Corporate Affairs Ministry has asked the Registar of Companies to inspect the books of accounts of the controversial multi-level marketing company Speak Asia and submit its report to the government by July 10. The Singapore-based company Speak Asia, which is yet to be incorporated as a company in India, would be inspected under section 591 of the Companies Act, which is applicable on companies
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The Corporate Affairs Ministry has asked the Registar of Companies to inspect the books of accounts of the controversial multi-level marketing company Speak Asia and submit its report to the government by July 10. The Singapore-based company Speak Asia, which is yet to be incorporated as a company in India, would be inspected under section 591 of the Companies Act, which is applicable on companies
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The government will come out with a draft ‘negative list’ for service tax in two weeks, meaning services which are not mentioned in it would be taxed under the proposed GST regime. “The draft paper (on negative list of services) is nearly ready and you should see this paper in two weeks,” Joint Secretary in the Ministry of Finance, V K Garg, told PTI.
Currently, only limited number of ser
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Maharashtra Sales Tax department claimed to have unearthed a major hawala racket having a turnover of Rs 6,500 crore after raiding 37 firms in the city. “During our investigations, we found that transactions worth around Rs 6,500 crore were carried out by 37 companies since 2007. Almost all the firms had bank accounts with a leading private bank,” a sales tax official said today.
“We conduc
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In exercise of the powers conferred by Sub-Section (2) of Section 22D of the Chartered Accountants Act, 1949 [as amended by the Chartered Accountants (Amendment) Act, 2006] read with Section 22A of the Company Secretaries Act, 1980 [as amended by the Company Secretaries (Amendment) Act, 2006] and Section 22A of the Cost and Works Accountants Act, 1959 [as amended by the Cost and Works Accountants
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In a major exercise to boost its profitability, the Department of Posts (DoP) plans to introduce core banking solution besides setting up India Post ATMs and debit cards for its customers.
“We have set target of bringing in core banking solution by 2012. It will ensure smooth online transactions. We are giving some e-payment services, but they are fragmented,” a top offical from Department of
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RBI/2011-12/106
DBOD.No.BP.BC. 23/21.04.141/2011-12
July 5, 2011
The Chairmen & Managing Directors/Chief Executive Officers of All Scheduled Commercial Banks (excluding Regional Rural Banks)
Dear Sir,
Investment by banks in liquid/short term debt schemes of mutual funds
Please refer to paragraph 112 of the Monetary Policy Statement 2011-12 (extract enclosed) wherein it has been indicated tha
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Group on Notification of Benefits of Registered OCI u/s 7B(1) of Citizenship Act, 1955. – (05-07-2011)
Council Affairs/M-626/2011
5th July, 2011
ALL MEMBERS OF THE COUNCIL
Madam/Dear Sir,
The Council, at its 306th meeting held from 7th to 9th June, 2011, while considering Item No.30 relating to Notification of Benefits of Registered OCI u/s 7B(1) of Citizenship Act, 1955, decided to constit
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All Party Resolution on Lokpal Bill – he All Party Meeting agreed that Government should bring before the next session of Parliament a strong and effective Lokpal Bill following the established procedures.
Statement by Shri P. Chidambaram at GoM Briefing on Lokpal Bill
Following is the Opening Statement by Union Minister for Home Affairs, Shri P. Chidambaram, at the GoM briefing on the outcome
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MUMBAI: McDonald's Corp converted one of its two joint-venture partners in India, Hardcastle Resturants, into a developmental licensee. Amit Jatia, vice chairman, Hardcastle Restaurants, acquired the 50% held by the American burger chain for an undisclosed amount. Jatia believes the changed structure gives his company full financial control to speed up expansion of McDonald's in the country's west
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NEW DELHI: In what is seen as a resounding investor confidence in the Indian market despite concerns over the global slowdown and image-rattling corruption scandals hitting foreign inflows, India managed total FDI equity inflows, in the first two months of the current financial year (i.e. April and May, 2011), of $7.785 billion, representing an increase of around 77 per cent over the FDI equity in
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In a move that aims to speed up property transactions, the state administration has decided to involve private players in land measurement exercises. According to a proposal that is expected to be discussed at the state cabinet meeting on Wednesday, qualified private surveyors will be roped in for land measurements. Land measurement surveys are often needed for marking plot boundaries following pu
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With the Brihanmumbai Municipal Corporation (BMC) deciding to revise its policy on leasehold plots, lessees will no longer be the permanent property owners of the plots they currently occupy. Under the proposed revised estate policy, 3,395 residential buildings on civic-owned plots in south and south central Mumbai, which were given on lease for 999 years at nominal rates, will not longer be the p
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Tata Housing will develop about one million sq.ft at an estimated Rs 850-900 crore on the public-private-partnership mode with the Maldives Government. The project will be developed with a local partner, SG18 Developers. A special purpose vehicle has been formed in which Tata Housing holds 65 percent and SG18 Developers the rest for executing the project. The local partner has inked the public-pri
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Amidst pressure on the government to tighten the screws on inflow of funds from tax havens, India’s foreign direct investment from Mauritius and Cyprus, dropped significantly in 2010-11. While the FDI inflows from all the sources declined by 25% in 2010-11, the drop was steeper at about 33% to USD 6.98 billion from Mauritius. Likewise, the inflows from Cyprus were down by 44% to USD 913 million,
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MUMBAI: The Reserve Bank of India has laid out strict and tedious due diligence standards for banks in sanctioning loans to the real estate sector after inspections found that most frauds were due to document forgeries even after certified by lawyers and chartered accountants.
The central bank has said banks should leave no stone unturned to verify the documents, including cross verification w
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MUMBAI: People driving down the Mumbai-Pune Expressway can hope for a reduction in traffic congestion and thus a 20-minute travel time cut on the 23-km ghat section between Khopoli and Lonavala in the near future.
Five big national and international infrastructure consultants have approached the Maharashtra State Road Development Corporation (MSRDC) to prepare a technical, financial, social an
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Mumbai: Indiareit Fund Advisors is all set to launch a rental yield fund with a corpus of R800 crore. Expected in early August, about R400 crore will be raised locally while the remaining amount will be mopped up overseas. “The fund will only address investors who are risk averse. Since the income is derived purely from rentals and there is no purchase of land or execution involved, the risks ar
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Amid a debate within the government on allowing foreign direct investment in multi- brand retail, the nodal Consumer Affairs Ministry is insisting on a FDI cap of 49% in the sensitive sector, sources said.
“Starting with 49% FDI in the sector would be a safe thing,” a senior Consumer Affairs Ministry official told PTI.
However, the Department of Industrial Policy and Promotion (DIPP), which
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The free trade agreement (FTA) between India and Malaysia will come into force from July 1, giving Indian professionals like accountants, engineers and doctors access to the key South-East Asian nation. In addition, exports of items of considerable interest to India, like basmati rice, mangoes, eggs, trucks, motorcycles and cotton garments, will attract lower or no duty in Malaysia with the implem
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The Central government proposed to give investment subsidies to the tune of Rs 1 lakh crore to give a big boost to the country’s electronics industry in the next ten years, a key official said today. This push is expected to generate Rs 4 lakh crore of investment in the sector and also create 20 million jobs in this decade, Joint Secretary in the Department of Information Technology Ajay Kumar s
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CIR/MRD/DP/ 8 /2011 June 30, 2011
Sub: Review of Internet Based Trading (IBT) and Securities trading using Wireless Technology (STWT)
1. Further to the SEBI circular no SMDRP/POLICY/CIR-06/2000 dated January 31, 2000 on Internet Based Trading and SEBI circular no CIR/MRD/DP/25/201 0 dated August 27, 2010 on Securities Trading using Wireless Technology, it has been decided that the stock exchange
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NEW DELHI: Be ready to mandatorily flash your PAN card, for any purchase of jewellery worth Rs five lakh or more from today — a move that would help the tax department keep an eye on such high value transactions.
As per the amendments in the income tax rules, coming into effect from July 1, quoting PAN (Permanent Account Number) will be mandatory for any payment of Rs five lakh or more for purc
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New Delhi, June 30 (PTI) In a bid to tighten the noose around defaulters, the Income Tax Department will set up a centralised system to identify entities which deduct tax at source but do not deposit it with the government. “This Centralised Processing Centre (CPC) would be set up to process TDS (tax deducted at source) statements and to identify the defaults and PAN errors…,” the Central Bo
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Land is contentious. With urbanisation and demand for non-agricultural use, coupled with lack of employment and skills for those in small-holder and subsistence-level agriculture, this is understandable. In western Europe, especially in Britain, and more especially in England, land markets were freed up before the Industrial Revolution and access to education and skills became more broad-based. We
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• So, the Prime Minister has spoken. Going by what the five editors who met the PM told news organisations, Manmohan Singh spoke "confidently" and seemed "in charge". Neither, according to Dr Singh's interlocutors, did the PM appear to evade any question. And that's good, isn't it? Especially because the Congress has decided that the PM must talk to the media more. Every time Dr Singh talks to t
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The fertiliser industry has been conditionally allowed to hike maximum retail price for potassic and phosphatic fertilisers. The companies will get the freedom from the next rabi season. This has been done due to the soaring international prices. The government will keep a check on the quantum of hike and its periodicity.
The cabinet also deferred the proposal to fine tune laws dealing with bena
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MINISTRY OF CORPORATE AFFAIRS
NOTIFICATION
New Delhi, the 14th June, 2011
G.S.R 453 (E).-In exercise of the powers conferred by sub-sections (1), (2), (5) and (8) of Section 25 and Sub-section (2) of Section 609 of the Companies Act, 1956 (1 of 1956), the Central Government hereby makes the following Regulations further to amend the Companies Regulations, 1956, namely :
1. (1) These Regulation
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RBI/2010-11/589
DBS. CO.FrMC.BC.No. 11/23.04.001/2010-11
June 30, 2011
The Chairmen & Chief Executive Officers of
All Scheduled Commercial Banks (excluding RRBs) and
All India Select Financial Institutions
Dear Sir,
Efficacy of Concurrent Audit
1. A study of large value frauds, including frauds under housing loan segment, reported by banks to Reserve Bank of India was undertaken to underst
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The Ministry of Railways has released its new All India Railway Time Table known as “TRAINS AT A GLANCE (TAG)” which has come into effect from 1st July, 2011. In addition to this All India Time table, all the 17 zonal Railways have also released their zonal railway time tables which too have come into effect from 1st July, 2011. This Time Table includes the new class of trains which were annou
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Social networking site Facebook will next month introduce a payment system ‘Facebook Credits’ for Indian users who could spend the virtual currency across various games or applications they use on the popular website.
A virtual currency, Facebook Credits is already popular among gaming enthusiasts in many other countries, including the US.
“Facebook will introduce a new payment system Face
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After reviewing the current policy on buyback/prepayment of Foreign Currency Convertible Bonds (FCCBs), the Reserve Bank in consultation with the Government of India, has decided to extend the time limit for buyback of FCCBs issued by Indian companies up to March 31, 2012 at reduced discount rates. Accordingly, Indian companies have been permitted to buyback the FCCBs at a minimum discount of 8 pe
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Joshi: Unlike many lawyers, he enjoys law firm managementExclusive: AZB & Partners has appointed senior partner Abhijit Joshi into the newly created chief executive officer (CEO) role, overseeing the Mumbai, Bangalore and Pune offices while continuing in his client-facing duties.
Corporate and M&A lawyer Joshi (pictured) would continue his fee-earning work in Mumbai but as CEO would also be taske
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As part of its continued emphasis to enable easy access to cost effective business productivity solutions on the cloud, Microsoft Corporation today announced commercial availability of Microsoft Office 365 in India.
Offering very attractive prices starting at two US dollars per user per month, (excluding taxes), this would allow SMBs and enterprise customers to access Microsoft’s popular e-m
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Kotak Investment Banking has been adjudged the 'Best Investment Bank and Best Equity House' in India in the Finance Asia Country Awards for Achievement and as the Best Domestic Equity House in the Asiamoney Best Banks Awards for 2011.
A press release here today said this was the sixth consecutive year that Kotak has been awarded the best investment bank in India title by Finance Asia and the f
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F.No.17/178/2011-CL-V
Government of India, Ministry of Corporate Affairs, CL V Section, 5th Floor, A Wing, Shastri Bhavan, Dr. R.P. Road, New Delhi
Dated the
Sub : Proposed guidelines for conversion of section 25 company (non profit company) to an ordinary company under Companies Act, 1956.
Sir,
The Ministry has been receiving representation from various stakeholders to develop a procedure un
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The Reserve Bank of India (RBI) said it has decided to permit the issuance of equity, preference shares under the government route of the foreign direct investment scheme for some categories vide its A. P. (DIR Series) Circular No.74 Dated- June 30, 2011. Circular specifies that Payments should be made directly by the foreign investor to the company. Payments made through third parties citing the
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The Reserve Bank of India (RBI) has announced some policy measures as follows:
1. Issue of Shares for Consideration Other Than Cash
In its recent foreign direct investment (FDI) policy, the Government of India had announced additional methods for issue of shares for consideration other than cash, such as: (a) import of capital goods/ machinery/ equipment (including second-hand machinery); (b) pr
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As many as eight Indian-origin persons, including those working with Tatas and Bharti group, have been named among 40 young leaders of the global telecom industry. Indians featured in the ’40 under 40′ list by Global Telecoms Business (GTB), a telecommunications magazine, include Srinivasa Addepalli of Tata Communications, Pankaj Agrawal (Aircel), Ajay Chitkara (Bharti Airtel), Gauri Raizada (
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The telecom ministry is likely to refer major policy changes in the sector, including pricing of excess spectrum and delinking of spectrum from licence as recommended by the sectoral regulator, to the Cabinet for a final decision.
The Telecom Commission has members from the finance ministry, Planning Commission, the Department of Industrial Policy and Promotion as well as the Department of Inform
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Government is drafting a new law that provides for stringent punishment, including revocation of licences of telecom service providers, for illegally intercepting telephone calls and making their content public.
The Right to Privacy Bill, which is likely to be tabled in the next session of Parliament, also proposes to set up a Data Protection Authority of India (DPAI) to monitor and enforce compl
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INTRODUCTION: Recently, relying on two decisions of the hon’ble Supreme Court in the case of Harman Electronics Private Limited Vs. National Panasonic India Private Limited {2009 (1) SCC 720; Decided on 12.12.2008} and in the case of Shri Ishar Alloy Steels Ltd. Vs. Jayaswals Neco Ltd {(2001) 3 SCC 609; Decided on 22.02.2001}, hon’ble High Court of Delhi in Surjeet Singh Vs M/s G.E. Capital Tr
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Circular No.40/2011, Dated the 23nd June 2011
Subject: Special Drive to clear pendency of e-forms filed with Registrar of Companies prior to implementation of revised Regulation 17 of the Companies Regulation, 1956
Sir,
It is noticed that a large number of e-forms filed by the companies with the ROCs prior to implementation of revised regulation 17 of the Companies Regulation, 1956 (i.e. 15.02.
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The centre is likely to come out with a uniform and market-friendly stamp duty structure for transactions in the capital and commodities markets within two weeks, a senior finance ministry official said.
” Department of Economic Affairs and Department of Revenue are in consultation to evolve a market friendly stamp duty structure,” a senior ministry official said.
The new structure, he added
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Draft Rules for mandatory dematerialisation of share certificate by Public Companies
The Ministry of Corporate Affairs (MCA) has issued a draft of Companies Dematerialisation of Certificates) Rules, 2011 (Draft Rules) on 6 June 2011 for public comments. Comments are to be sent to MCA latest by 30 June 2011.
Key highlights of the Draft Rules are as under:
1. The Draft Rules are proposed to be ma
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The Ministry of Corporate Affairs has clarified that its Circular No.33/2011 issued on June 01, 2011 shall be applicable to those defaulting companies and their Directors which have not filed their Balance Sheet and Annual Return for any of the financial year’s 2006-07, 2007-08, 2008-09 and 2009-10 with theRegistrar of Companies as required under sections 220 and / or 159 of the Companies Act, 1
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Applicants for new domestic LPG cooking gas connections can now produce the letters of allotment of Aadhaar numbers issued by Unique Identification Authority of India (UIDAI) as proof of identity and proof of address.
State-owned fuel retailers have advised their “LPG distributors to include the letter of issue of Aadhaar numbers with photograph and address issued by UIDAI as proof of identify
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Bela Juneja v CIT (Delhi High Court) – Additions under s 69 was justified since finding of facts has been arrived by lower authorities that assessee had made unexplained investment and there was huge difference between agreed price for purchase of property and price registered in sale deed and no perversity has been shown in such findings.Coming to the material available on record, enough eviden
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The debate over real estate regulator is raging as the draft of the new regulation Bill has been sent to the Law Ministry for comments. The regulatory regime will bring the much-needed transparency and fair play in the sector that is rife with allegations of malpractices, writes Geetu Vaid
Touted as the sunrise sector of the Indian economy, the real estate sector is not bereft of its dark alleys
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About 47.5 lakh domestic helps would soon get medical insurance benefits under the Rashtriya Swasthya Bima Yojana (RSBY) with the Union Cabinet approving the proposal on Thursday. The scheme, which envisages smart card-based cashless health insurance cover of up to Rs. 30,000 under any empanelled hospital anywhere in the country, was approved by the Cabinet at a meeting chaired by Prime Minister M
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Government of India has evolved a Scheme named Rajiv Gandhi Adhivakta Prashikshan Yojna (Rajiv Gandhi Advocate’s Training Scheme) to be launched on 27 June, 2011. The Scheme envisages selection of 10 young practicing Advocates from each State every year for being imparted professional training. This initiative is in sync with the Supreme Court directive in the case of State of Maharashtra vs Man
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Recovery of Black Money
There is a legal framework regulated by the Reserve Bank of India for the opening of bank accounts overseas by Indian residents and for outward or inward remission of funds through authorized channels.
The existing legal framework for dealing with illicitly generated funds transferred overseas and measures for the attachment and repatriation of such illegal assets to Indi
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Broad Structure of Proposed Infrastructure DEBT funds (IDFs) Finalized; IDFs — A Novel Attempt to address the Issue of Sourcing Long term DEBT for Infrastructure Projects; RBI to Issue Regulations for Setting-up of IDFs on Company Route
Union Finance Minister Shri Pranab Mukherjee in his budget speech for 2011-12 had announced setting up of Infrastructure Debt Funds (IDFs) in order to accelerat
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SEBI yesterday issued a detailed and well-reasoned order in the case involving the offering of optionally fully convertible debentures (OFCDs) by two Saharacompanies. It found that the Sahara companies had offered OFCDs to millions of investors in the garb of a ‘private offering” without complying with the requirements applicable to a public offering of securities.
Although the order itself
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Last week, in a 5-4 verdict, the US Supreme Court once again narrowly interpreted Rule 10b-5, this time holding that only the “maker” of a false statement could incur 10b-5 liability: “maker” in this context being defined as “person or entity with ultimate authority over the statement.” The case, Janus Capital Group Inc. v. First Derivative Traders, reversed the Fourth Circuit's holdin
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Continuing with its practice of engaging in public consultation before announcing changes to the FDI policy, the Department of Industrial Policy and Promotion (DIPP) has issued a discussion paper on “FDI Policy-Rationale and Relevance of Caps”. The discussion paper introduces the possibility of abolishing all sectoral caps for foreign equity shareholding below 49%.
Before dealing with the rat
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Recently, SEBI in an informal guidance to Vulcan Engineers Limited vide Informal Guidance Letter No. CFD/DCR/16403/11, DATED 23-5-2011, opined that a pre agreed purchase of shares of a listed company through call / put option is not valid under the Securities Contract (Regulation) Act, 1956 (SCRA).
Background -Vulcan Engineers Limited (VEL), a listed company, sought informal guidance in relation
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MUMBAI: The Maharashtra government is looking to speed up approval process for all real estate development projects and make it transparent by taking e-governance route.
The state government is contemplating usage of satellite technology and global positioning system for faster and transparent approvals, Chief Minister Prithviraj Chavan said.
"We want to make it (project approvals) less di
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After the commissioning of a series of flyovers permitting a signal-free drive from South Mumbai to the eastern suburbs, the state government is now working on a plan to provide respite from traffic snarls along the arterial roads in the western suburbs. This time, with a series of flyovers between Bandra and Dahisar.
Aimed at reducing congestion along Linking Road and S V Road, the Maharashtra S
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Economies seldom get rich on agriculture alone. But the tussle between industry and agriculture is not new in India.
Singur is the latest. The Supreme Court back in 1970 had held in the case of 'Lt Governor of Himachal Pradesh-vs-Avinash Sharma' that once possession of land was taken under the Land Acquisition Act, 1894, the land vests with the government statutorily and it cannot be reverted to
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MUMBAI: Keen to promote planned development in areas around Mumbai and other cities, the state cabinet is expected to discuss a proposal for revision in town planning norms. The proposal, formulated by the state urban development (UD) department, has recommended amendment in norms to enable development of plots pooled from land owners from an area.
According to the proposal, planning authoriti
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NEW DELHI: Union Law and Justice Minister M. Veerappa Moily has said that the new Land Acquisition Bill will be in the interest of the farmers whose lands were acquired illegally or by force in the past.
Talking to reporters here on Monday, Moily said: "The new Land Acquisition Bill will support all those farmers whose lands were allotted to India's auto majorTata Motors by the erstwhile West
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The guidelines for setting up mobile phone towers in the state drafted last year by an interdepartmental committee of state officials was not approved by chief minister Prithviraj Chavan on Tuesday. Chavan asked Urban Development Department to submit a revised report of the policy giving information
such as specific levels of radiation caused by these mobile phones.
The guidelines had recommende
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MUMBAI: The Bombay high court on Tuesday set aside the cancellation of a 999-year lease of a Dadar Hindu Colony plot by the Brihanmumbai Municipal Corporation (BMC). The court directed the assistant commissioner (estate) to clear the redevelopment of a pre-1940 building within two weeks. The structure was vacated two years ago.
The order assumes significance as the BMC is contemplating a chang
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28 recorded investments in the sector so far
Private equity investments in the infrastructure sector are estimated to grow between 25 and 50 per cent in the next six to 12 months. Public infrastructure outlays will double over the next five years, amounting to $1 trillion, with the private sector accounting for 40-50 per cent of the total, according to the India Private Equity Report 2011 by Bain
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MUMBAI: The state government has plans to construct 10 lakh affordable houses in five years. Even as it scouts for land for these houses, the government has sought central assistance to achieve the objective.
During a consultation with the Planning Commission members in Mumbai on Monday, chief minister Prithviraj Chavan asked for amendment in norms and funding support from the centre to enable
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It hurts isn’t it when somebody deducts our tax monthly or quarterly even if our total income during the year does not exceed maximum exemption limit. TDS being an early collection for government becomes tedious both for employer and employee especially when employee’s total income during the year does not exceed maximum exemption limit.
Form 16 or 16A are provided by employer to employee as
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New Delhi, the 27th June, 2011
Notification No. 41/2011 – Service Tax
G.S.R. (E).- In exercise of the powers conferred by clause (a) and clause (hhh) of sub-section (2) of section 94 of the Finance Act, 1994 (32 of 1994), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following rules further to amend the Point of Taxation Rules
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Coffee Day group, the Bangalore-based coffee retailing to wealth management diversified group, is understood to have restarted a move to acquire an boutique investment bank. The group, which has a growing presence in the stock and commodity broking and wealth management space, is understood to have initiated talks with at least three boutique investment banks to get into space.
This is the sec
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KOLKATA: The government is uncertain about the introduction of goods and services tax from April 1, 2012, as the Bill for bringing in the proposed tax regime could not be tabled in the Parliament so far.
"I have serious doubts whether the deadline of April 1, 2012 can be maintained," finance ministry's special secretary Sumit Dutt Majumder said on Tuesday.
He said even in the event of the
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The Central Board of Excise and Customs (CBEC) today said that tax rates under the proposed Goods and Services Tax (GST) regime in India is likely to be between 16% and 20%.
“World over, GST rates are typically between 16% and 20%. In India it is likely to be the same,” CBEC Chairman Sumit D Majumdar told reporters here.
He said tax rates under the proposed GST would come down sharply and th
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CBDT has issued a Circular No. 03/2011 dated May 13, 2011 as per which TDS Certificates in Form No. 16A will be generated from Tax Information Network (TIN). It is mandatory for Companies and Banks to issue Form 16A from TIN to their deductees for deductions made from April 1, 2011 (F.Y. 2011-12 onwards). Taxpayers are advised to insist on Form 16A (quarterly TDS certificate) that has been downloa
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The Ministry of Finance has issued a press release that paves the way for setting up “Infrastructure Debt Funds (IDFs) in order to accelerate and enhance the flow of long term debt in infrastructure projects for funding the government’s ambitious programme of infrastructure development.” IDFs are envisaged to be suitable vehicles that enable raising debt to finance infrastructure projects.
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Need to Explore Innovative Approaches to Sustain High Growth With Stability; Challenge is to Harness this Growth to Make the Development Process More Inclusive, Strengthen Food Security, Improve Education Opportunities and Health Facilities Both in Rural and Urban Areas ;Discussions Underway to Build Consensus on Further Liberalisation of the FDI Policy in Retail and Defence Sector: FM
The Union
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Raheja Group co files fresh plea in HC seeking the removal of Wadia as caretaker of the estate
MAULIK VYAS MUMBAI
The battle between industrialist Nusli Wadia and real-estate developer Gopal Raheja over a 600-acre estate in Malad (West) will continue in the Bombay High Court. A company owned by the Raheja Group has filed a fresh plea in the HC seeking the removal of Wadia as caretaker of the e
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The proposed Real Estate Regulation Bill may be delayed. The ministry of housing and poverty alleviation, which was set to table the draft bill during the Monsoon session of Parliament, is yet to get the law ministry’s opinion on it. The draft Bill was sent to the law ministry for vetting nearly two months ago.
Once the law ministry gives its opinion on the matter, a draft Cabinet note on the s
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THIRUVANANTHAPURAM: The State government is planning to set up a State real estate regulatory authority for monitoring the construction and funding of flats, Chief Minister Oommen Chandy said here on Monday.
Replying to questions in the Assembly, the Chief Minister said the proposal for floating the authority, similar to the one in Haryana, had been made following complaints against construction
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Passing of a Board Resolution by Circulation under Companies Act, 1956 of India
Provisions Applicable
Section 289 read with Regulation 81 of Table A of Schedule I.
Provisions in Brief
• Whatever act is required to be done by the Board, unless the same is specifically required to be done by calling a meeting of the Board (like the one mentioned in section 292) may be done by the directors by
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A programme intended to make lawyers more competent and ethical in tune with 'globalisation of legal profession' was inaugurated at National Law University in the Capital today.
The government-funded Rajiv Gandhi Advocates Training Scheme is designed to train 'future lawyers' about their ethical obligations to society and raise public confidence in the legal system.
It will select ten youn
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Moily: Talkin' bout a reformationThe Law Ministry’s National Mission for Justice Delivery and Legal Reforms comprising of the law minister and bureaucrats as members of the advisory and governing councils has received the government’s approval with an estimated Rs 7,000 crore ($1.56bn) earmarked for lower judiciary infrastructure development over five years.
The funding of the mission would b
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SECURITIES AND EXCHANGE BOARD OF INDIA
MUTUAL FUNDS DEPARTMENT
HOW TO GET REGISTERED AS A MUTUAL FUND
SEBI will guide the applicant step by step after getting application for registration as a mutual fund. Normally, all replies are sent within 21 working days from the date of getting each communication from the applicant during the process of registration. Thus, the total time period for regist
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In a major relief in this year’s budget, Finance Minister had proposed to exempt salaried class assessees from filing tax returns provided they do not have income from other sources. It was proposed that salary earners having an income of less than Rs. 5 lack will not have to file income tax returns from this year. However, a notification was to be issued to give effect to this. That dream day h
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Market regulator Securities and Exchange Board of India (Sebi) is set to reopen its probe into multi-crore IPO scam of 2003-2006, after more than a year of declaring as 'null and void' the charges made by its own committee against depository NSDL and others in the matter. Sebi will discuss afresh in
its next board meeting on June 30 a two-member committee's investigation report on the scam, excep
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The government on Monday said that foreign investors, other than FIIs, would be allowed to invest up to $10 billion in domestic mutual funds, a move that will help in moderating volatility in the capital market.
This class of investors called Qualified Foreign Investors (QFIs), but not Foreign Institutional Investors (FIIs), can invest money into domestic mutual funds through Unit Confirmation
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The finance ministry has decided to allow foreign direct investment (FDI) in proprietary trading, despite the Reserve Bank of India’s (RBI’s) opposition. RBI feels allowing foreign companies into this business may affect financial stability.
The ministry, however, felt since foreign companies were willing to invest their own money, they should be allowed to do proprietary trading.
Under p
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EMPLOYEES’ PROVIDENT FUND ORGANISATION
(Ministry of Labour & Employment, Govt. of India), Head Office
Bhavishya Nidhl Bhawan, 14, Bhlkaiji Camaji Place, New Delhi – 110 066.No. Coord./4(6)2003/Clarification/Vol.II/2482 Dated: 21.06.2011
Sub: Forwarding of Landmark Judgment delivered by the Hon’ble Division Bench of Madhya Pradesh High Court on the issue of considerable components of Basic
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Taking cognizance of the protest by farmers in several parts of the country over inadequate compensation for their land, Prime Minister Manmohan Singh-led UPA government has drafted an ambitious pro-farmer policy to halt their exploitation.
"In consultation with a section of state governments and a study of the dispute raised by farmers, we have drafted a comprehensive land acquisition bill to
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Raj Ratan Palace Co-op Hsg Soc vs. DCIT (ITAT Mumbai)- The assessee-society had merely given permission to the developer to construct on the society’s land. No part of the land was ever transferred by the society. The Society continued to be the owner of the land and no change in ownership of land had taken place.Mere grant of consent will not amount to transfer of land/or any rights therein. Th
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“If parties to a contract have agreed to something unreasonable, they should be treated as if they have not agreed at all and be released. This happens in the case of general insurance contracts and is dealt with here in the light of a recent decision.”
Introduction
(a) Purpose of Arbitration Act : The purpose of Arbitration and Conciliation Act, 1996 (‘the Act’) is to provide quick redr
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MUMBAI: Market regulator Securities and Exchange Board of India, or Sebi, will take a final call on takeover code for public-listed firms after taking into account the government's views on the proposed guidelines. Sebi would like to hear the finance ministry's views on the proposed takeover code, a regulatory official said. A decision on this is expected when the Sebi board meets on June 30.
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India is likely to allow foreign individuals to invest in mutual funds in the next two weeks but with a cumulative cap of USD 10 billion, an official said today. The detailed guidelines are being worked out jointly by the finance ministry, RBI and Sebi. These will be notified by the capital market regulator, the Finance Ministry official said.
The move follows announcement in the last Budget by
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CIT v Steinle Machine Fabric India (High Court of Himachal Pradesh) – The Circular is specific that in group cases also, each single case must be taken up individually to decide the monetary limits. It appears that these instructions were issued to avoid unnecessary litigation and also litigation where the tax effect was much less and it waste time and money recovering small amounts but we haste
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Dy. CIT Vs. Ms/. Shah Builders & Developers, (ITAT Mumbai) - Uto 31st March, 2005, deduction u/s. 80/B(10) is allowable to housing projects approved by the local authority having residential units with commercial user to the extent permitted under the DC Rules/Regulations framed by the respective local authority irrespective of the fact that the project is approved as “housing project” or ‘r
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The Ministry of Corporate Affairs has clarified, that Sahara Prime City limited, a Sahara Group company intending to go for an IPO, had filed information about its group companies to SEBI in its Draft Red Herring Prospectus. SEBI as market regulator vested with the mandate of investor protection, upon noticing inadequacy in material disclosures has asked information about some Sahara Group compani
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NBFCs : Non-Banking Financial Companies (Opening of Branch/Subsidiary/Joint Venture/Representative Office or Undertaking Investment Abroad by NBFCs) Directions, 2011
NOTIFICATION NO. DNBS.(PD)229/CGM(US)-2011, DATED 14-6-2011
In exercise of the powers conferred by sections 45JA, 45K and 45L of the Reserve Bank of India Act, 1934 (2 of 1934) and of all the powers enabling it in this behalf, Reser
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• Foreigners cannot buy agricultural land in India. This is applicable to all of India. No state in India allows foreigners to buy agricultural land.
• Nri’s cannot buy agricultural land in India. Yes! all over India as above. Approval is required from the Reserve bank of India which one can assume is not easily available and this would depend on individual circumstances.
Furthermore, so
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The civil society and the government today failed to arrive at a common draft on Lok Pal Bill over which there were major differences as the official version excluded the Prime Minister from its purview.
A draft Bill, which could be a combination of views of both the sides or separate, will be taken up by the Union Cabinet before introduction in Parliament during the Monsoon Session.
The key iss
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Government has vide notification No. G.S.R. 442(E) dated 09.06.2011 exempted CBI from thr purview of RTI Act, 2005. This has been done by inserting the CBI Name in Second Schedule of the RTI Act. The Second Schedule of the RTI Act exempts certain Public Authorities under the Central Government from disclosure of information under the RTI Act 2005. However, these Public Authorities have to respond
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NSDL on its website on 21/06/2011 posted a message by which it asked to Quote updated e-mail ID and contact details including mobile no. in our Quarterly TDS/TCS statement so that it can send updates on developments/ changes at TIN on our email address and via sms on our mobile phone. The message posted is as follows:-
“Quote updated e-mail ID and contact details including mobile no. in your Qu
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All South Korean companies hiring foreign manual workers will be required from later this year to subscribe to the departure-expiration insurance to pay their retirement benefits, the labor ministry said today. Owners of smaller firms hiring at least five foreigners with E-9 or H-2 visas are currently required to subscribe to the departure-expiration insurance to ensure that retirement benefits ar
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General Circular No. 38 /2011, Dated 20.06.2011
Sub: Clarification on Circular No. 33/2011 dated 01.06.2011 with regard to compliance of provisions of the Companies Act, 1956 and Rules made there under
The Ministry has issued General Circulars No. 33/2011 dated 01.06.2011 wherein it was informed that in order to ensure corporate governance and proper compliances of provisions of Companies Act, 1
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CIT v Ashok Kumar Arora
High Court of Delhi
ITA No. 713 of 2010
A.K. Sikri and M.L. Mehta, JJ
Decided on: 3 May 2011
Judgment
A.K. Sikri, J.
1. We had heard the counsel for the parties on the admission of this appeal. After hearing the matter, we are of the view that the substantial questions of law do arise for consideration.
2. Admit. The following substantial questions of law are framed
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Ahead of his US and UK visit at end of this month, Union Finance Minister Pranab Mukherjee assured global community that India is in the process of deepening policy reforms in the financial sector, liberalising the Foreign Direct Investment (FDI) regime, and addressing gaps in the overall regulatory architecture.
“We are in the process of deepening policy reforms in the financial sector and add
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Leaving no stone unturned to check tax evasion, the Income Tax department has begun a countrywide investigation of charitable and religious trusts that have been found violating tax exemption rules and are using donation funds for business purposes. A classified report prepared by the department has found that “a large number” of trusts and societies are violating I-T exemption laws and are co
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The Finance Minister, Mr. Pranab Mukherjee, with the CAG, Mr Vinod Rai, and the Secretary, Economic Affairs, Mr. R. Gopalan, releasing the report on ‘Accrual Based Financial Reporting’, in the Capital on Tuesday. – Ramesh Sharma
The Finance Minister, Mr Pranab Mukherjee, has sought to downplay the jittery reaction by the stock markets to the developments on the Indo-Mauritius double tax avo
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India has made a fresh request to Mauritius to re-work an over three-decade-old tax treaty that spares FIIs routing their investments through the island nation from paying capital gains tax on the sale of Indian shares. "Mauritius has agreed to participate in the joint working group (JWG) which lends hope that the island nation would agree to rework the tax treaty.
We have sent our agenda for
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In what could be a dampener to the global retail chains, the Centre is considering allowing 51% FDI in the politically sensitive sector with a rider that permission of the states would be a must to open stores, sources said. “The states’ permission would be required, since the trade is a state subject,” an official said. The development could be a big dampener for the global chains like Wal-
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In view of the provisions of the Securities Contracts (Regulation) Act, 1956 (SCRA) and notifications issued thereunder, the validity of put and call options on securities of public limited companies entered into outside the stock exchange has been in doubt. In the last year, however, SEBI has been making its stand clearer: such options are invalid. On two previous occasions involving the MCX Exch
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The Ministry of Corporate Affairs (MCA) has announced draft rules that will, when promulgated, substitute the Unlisted Public Companies (Preferential Allotment) Rules, 2003. This will make the process of issue of securities more stringent for unlisted public companies.
Some of the key features of the draft rules and their impact are as follows:
Disclosures
Unlike the existing regime, the draft
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Event and Entertainment Management Association versus Union Of India & Ors. (Delhi High Court)- Delhi HC has dismissed the petition seeking a direction to the Union of India, Ministry of Human Resource Development, to frame objective standards for determination and levying of royalties of various copyrighted works administered by Phonographic Performance Ltd and the Indian Performing Right Society
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F.No.3/57/2011-CL.II
Government of India
Ministry of Corporate Affairs
5th Floor, ‘A’ Wing, Shastri Bhavan,
New Delhi-110001
Dated 03.06.2011
To
All Regional Directors,
Subject: Settlement of prosecutions cases – regarding
Sir,
While reviewing prosecution cases it was decided to review pending prosecution cases. Ministry of Corporate Affairs has decided following actions to be take
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(The following post is contributed by Sumit Rai, who is an associate with Economic Laws Practice, Mumbai since 2007 and has been on a long study leave pursuing his LLM, Masters in International Dispute Settlement at Geneva)
In Arti Jethani v. Daeshan Trading (India) Pvt. Ltd. (decision dated 16.05.2011), the Delhi High Court held that a Section 8 application under the Arbitration & Conciliation A
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Our guest contributor Satvik Varma in Governance Now;
Merging business with competition law
Let's hope CCI continues to promote market efficiency and consumer welfare by judiciously merging commercial considerations with the ethos of competition law
The Competition Commission of India (CCI) finally notified the regulations titled “The Competition Commission of India (procedure in regard to th
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List of Cost Accounting Records Rules which have been superseded by the MCA vide Notification No. G.S.R. 429(E) dated June 3, 2011
1. Cost Accounting Records (Cycles) Rules, 1967 published vide G.S.R. 311 dated 2nd March, 1967.
2. Cost Accounting Records (Tyres & Tubes) Rules, 1967 published vide G.S.R. 1260 dated 10th August, 1967.
3. Cost Accounting Records (Air-Conditioners) Rules, 1967 publ
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The auditor at the Chinese-based software company Longtop Financial Technologies has quit and the Securities and Exchange Commission in the United States has opened an inquiry, the company said.
The case deepens concern about possible accounting irregularities at Chinese companies. The S.E.C. has created a task force to investigate fraud by non-American companies listed on United States exchanges
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The New York Times analyzes an instance of possible accounting fraud at a Chinese company, Longtop Financial Technologies that has close similarities with India’s own Satyam scandal (i.e. improper confirmation of bank balances). While the Satyam scandal came into the public domain through a confession letter of the Chairman, in this case the auditor blew the whistle. Here is an extract:
Deloitt
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NEW DELHI: Despite regulatory hurdles, India continues to be among the preferred destinations for FDI due to the country's high economic growth, with both Mumbai and Delhi being touted as among the cities likely to produce the next Microsoft or Google , a survey said.
According to the '9th Annual European Attractiveness Survey' by Ernst & Young , India will rank fifth among the most attrac
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A limited liability partnership (LLP) of chartered accountants (CAs) can now act as a statutory auditor of a company notwithstanding Section 226 (3) (a) of the Companies Act, 1956, which stipulates that a ‘body corporate’ is disqualified from such an appointment.
In this regard, the Ministry of Corporate Affairs (MCA) has recently issued a clarification vide General Circular No. 30A/2011 that
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One of the changes sought to be introduced through the Budget this year was the imposition of alternate minimum tax on Limited Liability Partnerships. This is sought to be achieved by the introduction of Section 115JC into the Income Tax Act, 1961. Section 115JC provides:
115JC. Special provisions for payment of tax by certain limited liability partnerships.—(1) Notwithstanding anything contain
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Holding that "in the absence of a specific provision that permits the levy of stamp duty on the increase in authorized share capital", it is not open to the Government "to insist upon the Petitioner having to pay stamp duty for the increased authorized share capital" the Delhi High Court in a recent decision in S.E. Investments Ltd. v. Union of India declared that no stamp-duty was payable on incr
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On March 11, 2011, SEBI passed an order in relation to Pyramid Saimara Theatre Limited (PSTL) restraining three of its independent directors (Mr. K.S. Kasiraman, Mr. K. Natarahjan and Mr. G. Ramakrishnan) from being independent directors or members of audit committees of any listed company for a period of two years from March 11, 2011.
The order was passed on the ground that these independent dir
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The Securities Appellate Tribunal (SAT) has ruled in a matter involving the HSBC Mutual Fund. In that case, HSBC had issued a scheme with two plans, viz. a long term plan and a short term plan. The relevant investors had invested in the short-term plan. However, HSBC wound up the long-term plan, and changed the term of the short-term plan by increasing the tenure. This resulted in a fall in the ne
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A somewhat peculiar situation came up for consideration of the Securities Appellate Tribunal (SAT) in Liquid Holdings Private Limited v. SEBI, on which SAT passed its order on March 11, 2011.
Background
Liquid Holdings Private Limited (Liquid) was one of the promoters of Blue Coast Hotels Limited (the Target). Morepen Laboratories Limited, a group company of Liquid, obtained loans from two banks
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Although there has been a signficiant amount of discussion about corporate social responsibility (CSR) in India, there has been little academic analysis of the concept. A new paper titled Directors as Trustees of the Nation? India’s Corporate Governance and Corporate Social Responsibility Reform Efforts by Professor Afra Afsharipour fills this gap. Interestingly, it also considers the crucial in
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Shareholders agreements are contracts among shareholders of a company (to which the company is also usually a party) that confer rights and impose obligations over and above those provided by company law. The agreements provide for matters such as restrictions on transfer of shares (right of first refusal, right of first offer), forced transfers of shares (tag-along rights, drag-along rights), nom
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India to become smaller for lawyersIndian lawyers will be able to practice in all courts and tribunals across India irrespective of which bar council they are enrolled in, after law minister Veerappa Moily said he would notify long-pending section 30 of the Advocates Act 1961.
Currently advocates can only practice in courts within the state where they hold their bar council enrolment.
The Hindu
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Introduction of the proposed real estate regulation Bill is likely to increase the cost of operations by 10-15 per cent, said Sreedhar Reddy, president of Andhra Pradesh Realtors Association and president-elect National Association of Realtors, India (NAR-India).
Stating that there was a trust deficit in the Hyderabad market, he said the market would go forward and the volume would increase.
Pro
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In an interesting judgment delivered earlier this month, Chandler v. Cape Plc. [2011] EWHC 951 (dt. 14/4/2011), it has been held that a parent company owes a duty of care to employees of its subsidiary. The decision contains a detailed analysis of the scope of the duty of care in such situations; and provides some indication that the existence of the corporate veil between the parent and its subsi
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From Next month you can register a company in India in 24 hours! The Union ministry of corporate affairs has set the first week of July as the target date for launching a completely digitised service that will allow anyone with all relevant documents and approvals to complete the process of registering a company in one day. Offices of the Registrar of Companies (ROC) are busy putting in place the
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General Circular No: 31 /2011 , Dated: 31st May, 2011
No: 51/23/2011-CL-III
Government of India, Ministry of Corporate Affairs, 5th floor, `A’ Wing, Shastri Bhavan, Dr. R.P. Road, New Delhi-110 001.
To,
All Regional Directors,
All Registrars of Companies
Subject: Depreciation for the purpose of declaration of Dividend under Section 205 in case of com
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The Central Government hereby appoints the 1st day of June, 2011 as the date on which Sections 43A of the Competition Act, 2002 shall come into force.
MINISTRY OF CORPORATE AFFAIRS
New Delhi, the 30th May, 2011
NOTIFICATION
SO.___ In exercise of the powers conferred by sub-section (3) of section 1 of the Competiotion Act, 2002 (12 of 2003), the Central Government hereby appoints the 1st day of
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Errant advertisers could face more heat from industry watch dog ASCI, which has jumped on the social networking bandwagon, encouraging youths to speak out against questionable campaigns through its Facebook and Twitter accounts. Within a month of making its debut on Facebook and Twitter, the Advertising Standards Council of India (ASCI) has already received ten times more complaints against advert
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Concerned over low tax-GDP ratio, Home Minister P Chidambaram has pitched for higher taxes on luxury products and imposing inheritance tax. Chidambaram, who is a former finance minister, had expressed these views at the full Planning Commission meeting headed by Prime Minister Manmohan Singh last month.
“We are really underestimating our capacity to raise resources, especially tax resources. Si
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The Delhi High Court today asked Competition Commission to provide the NSE by friday its complete order including views of members dissenting with the majority ruling that held the bourse guilty of abusing market dominance.
The National Stock Exchange (NSE) will have to reply to the Competition Commission of India (CCI) in the five working days after getting the complete order, along with the dis
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NO-ACTION LETTER UNDER SEBI (INFORMAL GUIDANCE) SCHEME, 2003
Request for No-Action Letter under Securities and Exchange Board of India (Informal Guidance) Scheme, 2003 [The Scheme] in the matter of acquisition of shares of M/s. Disa India Limited [Target Company/Applicant] under SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 [Takeover Regulations]
LETTER NO. CFD/DCR/SKM
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As many as 85 lakh salaried tax payers with an annual income of up to Rs 5 lakh will not have to file income-tax return from now onwards, a finance ministry official said.
“No income-tax returns would be required for salaried persons earning up to Rs 5 lakh per annum. We would notify this in first week of June,” outgoing Chairman of Central Board of Direct Taxes Sudhir Chandra told reporters
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1. What is refund process?
The user is required to make various payments to avail MCA21 services. A number of instances have been observed where the users make multiple payments or incorrect payment or excess payment while using these services. In order to allow the stakeholders to claim refund of such payments, refund process has been introduced by MCA.
2. How can I apply to claim refund?
You
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New India Assurance Co. Ltd. vs Manjit Singh & Ors. on 18 May, 2011 – An insurance company would not be liable for payment of compensation in a motor vehicle accident if the driver had been transporting passengers on a learner’s licence, the Delhi High Court held in the case, New India Assurance Ltd vs Manjit singh. However, the company has to pay the decreed amount to the claimants first and
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CIT Vs Dalmia Dairy Industries Ltd (Delhi High Court) – Income tax – Capital or Revenue Receipt – Rule 115 – Whether, if assessee receives a sum on account of non-performance of the terms of the agreement by the purchaser under an arbitration award and keep it in the capital account, the surplus arising on account of fluctuation in foreign exchange is taxable as revenue receipt or should b
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GOVERNMENT OF INDIA
MINISTRY OF CORPORATE AFFAIRS
New Delhi, dated the 26th May 2011
Notification
G.S.R. (E). – In exercise of the powers conferred by sub-section (1) of section 642 read with section 610E of the Companies Act, 1956 (1 of 1956), the Central Government hereby makes the following rules further to amend the Companies (Central Government’s) General Rules and Forms, 1956, namely
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What is a Digital Signature Certificate (DSC)?
The Information Technology Act, 2000 provides for use of Digital Signatures on the documents submitted in electronic form in order to ensure the security and authenticity of the documents filed electronically. This is the only secure and authentic way that a document can be submitted electronically. As such, all filings done by the companies under MC
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The much talked about National Advisory Council’s land policy, the draft of which is under preparation, has missed the core issue of political opportunism, feel the developers.
The NAC met under the chairmanship of the UPA chairperson, Mrs Sonia Gandhi, and made several recommendations to the Centre including fixing of six times the cost of the land to be acquired as compensation.
The develope
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GOVERNMENT OF INDIA, MINISTRY OF CORPORATE AFFAIRS
New Delhi, dated the -26th May 2011 Notification
G.S.R. (E). – In exercise of the powers conferred by sub-section (1) of section 642 read with section 610B of the Companies Act, 1956 (1 of 1956), the Central Government hereby makes the following rules further to amend the Companies (Central Government’s) General Rules and Forms, 1956, namely
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Migrant workers and minorities are among groups that continue to face discrimination in the labour market as a result of the global economic crisis, despite positive advances in anti-discrimination laws, the United Nations International Labour Organization (ILO) said in a report unveiled today.
“Economically adverse times are a breeding ground for discrimination at work and in society more broa
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Telecom regulator Trai may soon get powers to summon persons and penalise operators for violating licence conditions, if the amended Act, which has proposed to give more teeth to the regulator, comes into effect. The Telecom Ministry is looking to give more powers to Trai, which will bring it on par with the Civil Courts or market regulatory body like Sebi by amending Trai”s act 1997.
“The pr
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Cellular Operators Association of India & Ors. Versus Municipal Corporation of Delhi.(Delhi High Court)
IN THE HIGH COURT OF DELHI AT NEW DELHI
Date of decision: 29th April, 2011
W.P.(C) 3267/2010 – Cellular Operators Association of India & Ors. Versus Municipal Corporation of Delhi.
W.P.(C) 3423/2010 – Idea Cellular Limited Versus MCD And Ors
W.P.(C) 439/2010 – Tower Vision India Priva
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The much debated Regulations governing combinations have been finally notified by the Government on 11 May 2011. These Regulations shall come into force on 1st day of June, 2011. This article summarizes key provisions of the Competition Commission of India (Procedure in regard to the transaction of business relating to combinations) Regulations, 2011 (Regulations) relating to combinations i.e. mer
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NOTIFICATION NO. 1-1/COMBINATION REGULATIONS/2011-12/CD/CCI, DATED 11-5-2011
In exercise of the powers conferred by sub-section (1) and clauses (b), (c) and (f) of sub-section (2) of section 64 read with sub-sections (2) and (5) of section 6 of the Competition Act, 2002 (12 of 2003), the Competition Commission of India hereby makes the following regulations, namely:—
Short title and commenceme
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The war is not just on the trading floorThe winner doesn’t take it all anymore in the capital markets field. Read Legally India’s full analysis of the main players and contenders in the equity and debt capital markets.
Although capital markets work in India is not necessarily the most technical or profitable area, it nevertheless comes with major kudos and potential for relationship building.
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Recently, the Section 44AD has been revised and now it is applicable to all businesses instead of only to civil construction business. On the other outset, limit of tax audit u/s 44AB is increased to Rs. 60 lakh from earlier limit of Rs. 40 lakh.
Being an entrepreneur first, I had lot of disappointments on increase of limit as now there will be lesser business men falling under the tax audit brac
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The Finance Ministry will take up 42 foreign direct investment (FDI) proposals, including that of BNP Paribas , Tata Steel and PTC India Financial Services, next week. The Foreign Investment Promotion Board (FIPB) headed by Economic Affairs Secretary R Gopalan is scheduled to meet on May 20 here.
As per the Finance Ministry, 15 proposals are new ones and 14 are those on which decisions were defer
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Murli Deora Stresses to expedite the Process of Liquidation Of Companies
Union Minister for Corporate Affairs Shri Murli Deora has desired that concerted action to be taken to expedite the process of liquidation of companies which is currently taking inordinately long. In the conference of Official Liquidators organised by the Ministry recently to discuss ways for expediting liquidation process t
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Prosecution provisions (for specified offences) were a part of Chapter V of Finance Act, 1994 (the Act) introduced in 1994. However, with expansion of Service tax laws in 1998, these provisions were deleted. Budget 2011 (with effect from 8 April 2011) re-introduced prosecution provisions for offences like rendition of services without raising invoices, availment of Cenvat credit without receipt of
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The Delhi High Court today awarded Rs 10 lakh as compensation to Nina Pillai, wife of 'biscuit tycoon' Rajan Pillai, who died in judicial custody in Tihar Jail in 1995 under mysterious circumstances, and asked the Delhi government to pay the sum within four weeks.
Justice S Muralidhar awarded the compensation on the plea of Nina Pillai who sought compensation from the Centre as she alleged tha
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The Ministry of Corporate Affairs has issued clarification on loan to Public Limited Companies under Section 295 of the Companies Act. A circular issued by the Ministry in this regard says that it has come to the notice of the Ministry that some Companies are making applications for getting prior approval of Central Government when they propose to make any loan to, or give any guarantee or provide
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CIRCULAR
CIR/CFD/DIL/2/2011, Dated - May 16, 2011
Dear Sirs,
Sub.: Adjustment of differential pricing amount at the time of application for allotment of specified securities
This refers to the provisions of Regulation 29 of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009 which provide for offer of specified securities at different prices to certain investors.
2. It has b
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General Circular No. 26 /2011, Dated: 18.05.2011
Corrigendum to Circular No. 14/2011 dated 08th April, 2011
[ F. No. 17/102/2011-CL V]
Subject: Certification of E-forms under the Companies Act, 1956 by the practicing professionals.
The undersigned is to draw the attention on the Circular No. 14/2011 dated 08.04.2011 of this Ministry on the subject cited above. The following errata has been not
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Finance Act, 2010 has expanded the scope of service tax of legal consultancy services w.e.f. 1st May, 2011
Finance Act, 2011 has substituted the definition of taxable service under clause 65 (2105) (zzzzm) as follows –
“Taxable service means any service provided or to be provided
(i) to any person, by a business entity, in relation to advice, consultancy or assistance in any branch of law,
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The Delhi High Court today dismissed a petition seeking its intervention in deciding the maximum limit for expenses in marriage functions. “I am of the considered opinion that this court cannot venture into the issue and hence the petition stands dismissed,” a division bench of Chief Justice Dipak Misra and Justice Sanjiv Khanna said.
The court was hearing a Public Interest Litigation (PIL) f
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An unmarried Hindu woman is entitled to equal share in ancestral or coparcenery property along with other male members under the amended Hindu Succession Act, the Supreme Court has held. Coparcenary refers to equal inheritance which was restricted only to male members of the Hindu Undivided Family but after succesive amendements several states have chosen to extend the benefit to unmarried female
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The Employees’ Provident Fund Organisation (‘EPFO’) has issued updated Frequently Asked Questions (FAQs) on 6 May 2011 in context of applicability of the Employees’ Provident Fund Scheme, 1952 (EPFS) and Employees’ Pension Scheme, 1995 (EPS), which are primary social security scheme in India, to International Workers .
Key clarifications
The FAQs provide the following key clarification
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NOTIFICATION NO. 1-1/COMBINATION REGULATIONS/2011-12/CD/CCI, DATED 11-5-2011
In exercise of the powers conferred by sub-section (1) and clauses (b), (c) and (f) of sub-section (2) of section 64 read with sub-sections (2) and (5) of section 6 of the Competition Act, 2002 (12 of 2003), the Competition Commission of India hereby makes the following regulations, namely:—
Short title and commenceme
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Recently, the Section 44AD has been revised and now it is applicable to all businesses instead of only to civil construction business. On the other outset, limit of tax audit u/s 44AB is increased to Rs. 60 lakh from earlier limit of Rs. 40 lakh.
Being an entrepreneur first, I had lot of disappointments on increase of limit as now there will be lesser business men falling under the tax audit brac
Posted in Posts | 1 Comment »
The Finance Ministry will take up 42 foreign direct investment (FDI) proposals, including that of BNP Paribas , Tata Steel and PTC India Financial Services, next week. The Foreign Investment Promotion Board (FIPB) headed by Economic Affairs Secretary R Gopalan is scheduled to meet on May 20 here.
As per the Finance Ministry, 15 proposals are new ones and 14 are those on which decisions were defer
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The Supreme Court today asked the Centre to frame guidelines for interception of telephone conversations in order to prevent illegal phone tapping by service providers. “The central government must frame certain statutory guidelines in this regard to prevent interception of telephone conversations on unauthorised communication,” a bench of justices GS Singhvi and AK Ganguly said.
The bench al
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High-value property transactions in the capital will soon attract substantially higher taxes. The Delhi government has decided to remove the cap of Rs 50,000 as the
upper limit of registration fees levied on property sales, in effect hiking the fee for all properties valued above Rs 50 lakh.
The government charges 1% of a property’s sale price as registration fees. So, the fee for a Rs 1 crore
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Being a landlord in most cities can be quite traumatic if you can’t get the tenant to vacate, more so if you gave your property out several decades ago when rentals were very low. Most of the older commercial/residential areas in Indian cities fall in this category, and shopkeepers/offices give a few hundred rupees as rent for properties worth crores. To add salt to injury, local authorities oft
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The Centre on Thursday said it has plans to introduce bill on Land Acquisition in the next session of Parliament as there appears to be consensus on the issue. However, Home Minister P Chidambaram said law and order in Uttar Pradesh is not a “happy situation” as farmers were protesting in many villages on the land acquisition issue and criticised the way Chief Minister Mayawati was handling th
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BHUBANESWAR: Worried over the circulation of a large number of fake ration cards , Orissa government has asked collectors of eight districts to initiate criminal proceedings against the responsible officials. The department of food supplies and consumer welfare asked the collectors of Bolangir, Kalahandi, Koraput, Nuapada, Malkangiri, Nabarangpur, Rayagada and Sonepur to act against officials invo
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The United Nations human rights chief today added her voice to the chorus welcoming the 100th ratification of the UN’s disability convention, but warned that too few countries currently have laws protecting persons with disabilities from discrimination. “The adoption of this treaty brought great hope to many individuals with disabilities,” UN High Commissioner for Human Rights Navi Pillay sa
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A panel set up by Sebi to boost mutual fund investments through distributors is considering a new incentive model, wherein investors could be asked to pay a service fee and commissions would be borne by fund houses. The proposals also involve a single-cheque payment for the combined amount of the agreed investment and service fee or transaction cost, which could be capped at an amount between Rs 1
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13.05.2011
DISCUSSION PAPER
SUBJECT: UTILITY MODELS
I. Invitation of Views:
1. Over the past eighteen months, this Department has adopted an inclusive approach in the process of formulation of various policies. As part of this approach we have engaged in public consultation and discussion on important issues prior to initiating policy reforms. These structured discussions are triggered by the
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SEBI (Issue of Capital and Disclosure Requirements) (Amendment) Regulations, 2011 – Amendment in regulation 58
NOTIFICATION F. NO. LAD-NRO/GN/2011-12/05/13907, DATED 29-4-2011
In exercise of the powers conferred by section 30 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the Board hereby makes the following Regulations to further amend the Securities and Exchange Board
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FINANCE DEPARTMENT
Mantralaya, Mumbai 400 032, dated 29th April 2011
Order
MAHARASHTRA VALUE ADDED TAX ACT, 2002.
No. VAT-1511/CR. 64/Taxation-1.— In exercise of the powers conferred by sub-section (3B) of section 8 of the Maharashtra Value Added Tax Act, 2002 (Mah. IX of 2005), the Government of Maharashtra hereby amends with effect from the 1st May 2011, the Government Order, Finance Depar
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The Supreme Court stated last week that in a case of compensation for permanent injury suffered in a motor vehicle accident, the loss of earning capacity of the victim alone is not the factor to be taken into account. Dependence on others for normal life and personal comforts should also be considered, the court stated in the appeal case, B Kothandapani vs Tamil Nadu SRTC. In this case, a person w
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Mauritian children are increasingly vulnerable to sexual exploitation, due to a combination of poverty, family dysfunction, social taboos, alcohol and drugs, an independent United Nations human rights expert warned today.
Mauritian children are increasingly vulnerable to sexual exploitation, due to a combination of poverty, family dysfunction, social taboos, alcohol and drugs, an independent Unit
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The Supreme Court last week set aside a Delhi high court judgment holding that the high court had no power to entertain an international arbitration petition in the appeal case, Videocon Industries Ltd vs Union of India. A production sharing contract was entered into between the government and a consortium of four companies consisting of ONGC, Videocon, Cairn Energy of UK and Ravva Oil of Singapor
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The Supreme Court last week ruled that the criminal trial of directors of a company accused of forging documents to get loan from a bank could not be quashed merely because the loan has been repaid with interest. In this case, Sushil Suri vs CBI, some directors of a pharmaceutical firm, Morpen Laboratories Ltd of Delhi, were charge-sheeted for fabricating false invoices to obtain a hire purchase l
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I.T.A.No.3051/ Mum/2010
(A.Y.2006-07)
ORDER
PER R.S. SYAL, AM:
This appeal by the assessee arises out of the order passed by the CIT (Appeals) on 10-03-2010 in relation to the A.Y. 2006-07. Various grounds raised in this appeal deal with a solitary issue about the chargeability of the income under the head ‘Capital gains’.
2. Briefly stated, the facts of the case, as stated by the Assessi
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Atul G. Puranik vs. ITO (ITAT Mumbai) Section 50C applies only to a capital asst, being land or building or both, it cannot be made applicable to lease rights in a land. As the assessee transferred lease right for sixty years in the Plot and not land itself, the provisions of sec.50C cannot be invoked. A distinction has been drawn between ‘land or building’ on one hand and ‘or any rights in
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According to Section 69, every person liable to make payment of service tax or any other person notified by the central govt through a notification is required to get the registration under the service tax act
On Line Registration
On line registration has been mandatory for all kind of assesses w.e.f. 30-09-2009 Vide commissioner of service tax Trade Notice no. 14/ST/2009 dated 17-09-2009 Under
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CIT vs. Ankitech Pvt Ltd (Delhi High Court)
REPORTABLE
* IN THE HIGH COURT OF DELHI AT NEW DELHI
+ITA No.462 of 2009 with ITA Nos. 2087/2010, 901/2010, 902/2010, 903/2010, 960/2010, 1327/2010, 1436/2010, 1502/2010, 1865/2010, 461/2010, 998/2009, 1421/2009, 1618/2010, 1758/2010, 1978/2010, 622/2011, 623/2011, 270/20111588/2010, 211/2010, 352/2010 & 2014/ 2010.
Reserved On: April 27, 2011.
% Pr
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B.N. Shivanna Versus Advanta India Limited & Anr. (Supreme Court)- Contempt – Fraud by Advocate – Conviction upheld - appellant was enrolled as an advocate on 14.8.1998 and since then he has been practicing in the High Court of Karnataka at Bangalore. Prior to joining the Bar, he had been working for the respondent company as Marketing Executive. Being well known to the officials of the compan
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Giving relief to 4.71 crore subscribers of EPFO, the government has allowed tax exemption on the 9.5% interest income on PF deposits for 2010-11. The finance ministry notification last week raises the income tax exemption to 9.5% interest income from 8.5%. The decision clears the air for the EPFO subscribers who were given increased interest rate by one percentage point for 2010-11, but the financ
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General Circular No. 24/2011, Dated: – 12th May, 2011
F. No. 14/13/2011-CL-VII
Government of India
Ministry of Corporate Affairs
Subject:- Loan to Public Limited Companies under Section 295 of the Companies Act, 1956 – Clarification regarding.
It has come to the notice of the Ministry that some companies are making applications for getting prior approval of Central Government when they pr
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Revision of procedure for approval by Central Government for payment of remuneration to a relative of a director for holding an office or place of profit in the company
Background
Section 314 (1 B) of the Companies Act 1956 (the Act) provides that
a) no partner or relative of a director or manager,
b) no firm in which such director or manager, or relative of either, is a partner,
c) no privat
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RBI/2010-11/527
May 16, 2011
The Chairmen
All Regional Rural Banks (RRBs)
Dear Sir,
Enhancement in gratuity limits - Prudential Regulatory Treatment
Consequent upon the enhancement in gratuity limits following the amendment to Payment of Gratuity Act 1972, RRBs have approached us for the amortisation of the enhanced expenditure resulting therefrom.
2. The additional liability on account of
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The Limited Liability Partnership Act 2008 (LLP Act) was notified in April 2009 but FDI in LLPs was not permitted under the FDI policy.
In September 2010, the Department of Industrial Policy and Promotion, Ministry of Commerce & Industry, Government of India, had issued a discussion paper on permitting FDI in LLPs, surrounding aspects / issues and invited comments thereon from various stakeholder
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Sebi has allowed brokers an uninterrupted access to their clients’ accounts by seeking one time authorisation, reversing its earlier direction of such a requirement every year. Sebi has agreed to drop the requirement of stock brokers seeking ‘running account authorisation’ from their clients at least once a year — which was made mandatory in December 2009 — after repeated requests from b
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F.No. 17/146/2011-CL-V
Government of India
Ministry of Corporate Affairs
5th Floor, A Wing, Shastri Bhavan
Dr. R.P. Road, New Delhi-110001
Dated 12.05.2011
To
All the Regional Directors,
All the Registrar of Companies/ Official Liquidators The Stakeholder
Sub: Compliance of provisions of the Companies Act, 1956 and Rules made thereunder.
Sir,
In order to ensure compliance of the provisi
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Murli Deora Stresses to expedite the Process of Liquidation Of Companies
Union Minister for Corporate Affairs Shri Murli Deora has desired that concerted action to be taken to expedite the process of liquidation of companies which is currently taking inordinately long. In the conference of Official Liquidators organised by the Ministry recently to discuss ways for expediting liquidation process
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Tivoli Investment and Trading Co vs. ACIT (ITAT Mumbai)- the municipal value or standard rent is not binding on the AO but is a guiding factor for determining the reasonable rent expected to be fetched by the property. If the AO finds that the actual rent received is less than the fair market rent because of the abnormally high interest-free security deposit, he can undertake necessary exercise in
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1) Who is an International Worker?
An International worker may be an Indian worker or a foreign national.
- Any Indian employee working or having worked abroad in a country with which India has entered into a Social Security Agreement (SSA); OR
- Any foreigner working in India in an establishment where the Employees‟ Provident Funds & Miscellaneous Provisions Act, 1952 is applicable.
2) Who
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Food served in hotel rooms from their air conditioned restaurants with liquor licences will not attract service tax, the revenue department today said. “When the food is served in the room, service tax cannot be charged under the restaurant service as the service is not provided in the premises of the air-conditioned restaurant with a licence to serve liquor,” a Central Board of Excise and Cus
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Circular No. 139/8/2011-TRU, New Delhi, the 10th May 2011
Subject: Short Term Accommodation Service and Restaurant Service- clarification -regarding
Since the levy of service tax on the two new services relating to services provided by specified restaurants and by way of short-term hotel accommodation came into force with effect from 1st May 2011, a number of queries have been raised by the pote
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Outsourcing or sub-contracting of infrastrcture projects will attract a service tax, the finance ministry has said, a move likely to raise project costs .
Service tax, which is 10%, will have to be paid even on exempted sectors such as construction of dams, tunnels, roads and bridges.
"Sub-contractor is essentially a taxable service provider. The fact that services provided by such sub-con
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Case continued to be argued at length by Mr. A S Chandiok, ASG, UOI for the third session also. He has argued the matter now for nearly 7 hours, by painstakingly taking the Court through allied laws, judgements of the constitutional benches, orders passed by the Courts in other Service tax matters.
Petitoners were awaiting their chance to present their final arguments as rejoinder, but that could
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Private equity (PE) fund companies are looking to exit realty projects, dealing another blow to the sector that is already reeling under the impact of loans drying up and the fading interest of investors. “There is a problem of funding for the sector. Unfortunately, banks and other financial institutions are treating the sector like an untouchable. This is mostly affecting small developers or th
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The laws of demand and supply do not apply to your city's real estate scenario. With 93,000 under-construction and readyfor-possession homes still unsold, the 'weighted average' cost of a flat is at its peak, according to a finding put out by property research firm Liases Foras.
On an average, the cost of a flat in Greater Mumbai (area under BMC limits) is pegged at Rs 2.18 crore. That's a 436
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Joseph Vilangadan. v. Phenomenal Health Care Services Ltd. & Anr. - As per the said contract, Contractors deposited the sum of Rs. 10 lacs by undated cheque no.027840 drawn against South Indian Bank Ltd., Palarivattom Branch, Cochin branch with the respondent no.1 as refundable security deposit for the due performance of the agreement. The said undated cheque was in custody of the respondent 2 no.
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With a mammoth exercise on to issue an Aadhar number to each of India’s 1.2 billion citizens and interested residents, IANS tracks the process involved for getting what will become a unique identity for people in India to access all public or private services.
The Unique Identification Authority of India (UIDAI) – under the chairmanship of Nandan Nilekani – is the nodal agency, which had ap
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Notification
New Delhi, the 9th May, 2011
G.S.R.- (E): – In exercise of the powers conferred by sub-sections (1),(2),(5) and (8) of section 25 of the Companies Act, 1956 (1 of 1956), the Central Government hereby makes the following regulations further to amend the Companies Regulations, 1956, namely:-
1. (1) These regulations may be called the Companies (Amendment) Regulations, 2011.
(2) Th
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GOVERNMENT OF INDIA
DIRECTORATE OF REVENUE INTELLIGENCE
KOLKATA ZONAL UNIT
8, Ho Chi-Minh Sarani, Kolkata- 700071
Telephone:- (033)-2282 3321, Fax:- (033)-2282 4465
Press release
SEIZURE OF FAKE INDIAN CURRENCY NOTES (FICN) HAVING FACE VALUE OF RS. 3,00,000/-
Acting on a specific intelligence, the officers of DRI, Kolkata & Berhampore had effected a seizure of Fake Indian Currency Notes (FI
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RBI/2010-11/517
RPCD.CO.Plan.BC.69/04.09.01/2010-11
May 9, 2011
The Chairman/Managing Director/
Chief Executive Officer
[All Scheduled Commercial Banks (excluding Regional Rural Banks)]
Dear Sir/ Madam,
Housing Loan limit under priority sector
Please refer to paragraph 6.1 of our master circular RPCD.CO.Plan.BC.10/04.09.01/2010-11 dated July 1, 2010 on lending to priority sector, wherein
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G Mohan Gopal, a former member on the board of the Securities and Exchange Board of India (Sebi), has alleged that the Sebi board “abused” its powers to protect CB Bhave from being subjected to any independent inquiry with “respect to his actions as NSDL chairman” during the 2003-06 IPO scam.
In a letter to the Prime Minister, Gopal wrote, “As an outgoing (part time, independent) member
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Reserve Bank of India has liberalised opening of Escrow Accounts for Foreign Direct Investment transactions vide A. P. (DIR Series) Circular No. 58 dated 2 May 2011. Hitherto, opening of Escrow / Special Bank Account by Non-resident Corporate(s) for the purpose of acquisition/transfer of shares / convertible debentures of an Indian Company was permitted only in cases of Open Offers / Delisting / E
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Section 637 of the Companies Act, 1956 – Delegation by Central Government of its powers and functions under Act – Powers & functions delegated to Registrar of Companies for specified provisions of Act – Corrigendum to Notification No. G.S.R. 222(E), dated 17-3-2011
CORRIGENDUM [F.NO. 5/7/2011-CL V], DATED 1-5-2011
In exercise of the powers conferred by sub-section (1) of section 637 of the
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Multi-Stakeholder Consultations Draft National Voluntary Guidelines on Social, Environmental and Economic Responsibilities of Business (NVGs) & Global Reporting Initiative (GRI) Sustainability Reporting Guidelines
A Half-Day multi Stakeholder consultation is being organized by the Indian Institute of Corporate Affairs (IICA) and Deutsche Gesellschaft für Internationale Zusammenarbeit GmbH (GIZ)u
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A new online tracking system will allow websites to pin point your location to within a few hundred metres – without you ever giving your permission. Internet sites will be able to work out where users are to within an average of 690m, less than half a mile, using information about their internet connection.
At the moment they can only track users’ locations to within a radius of about 200 ki
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Several branches of the country’s largest insurance company Life Insurance Corporation of India are allegedly causing huge loss to exchequer by issuing receipts without affixing revenue stamps.
The matter came to light during a hearing before the Central Information Commission which directed the LIC to make public details of all the revenue stamps purchased by the Corporation between 2006-10.
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It is a prevalent belief that section 17 of the Arbitration and Conciliation Act, 1996 (‘the Act’) does not confer any power on the Arbitral tribunal to enforce its order for interim measure of protection, nor does it provide for judicial enforcement of any such interim order passed by the Arbitral tribunal. Consequently, it appears that section 17 of the Act is REDUNDANT; however, THIS COULD
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In the wake of a spurt in allegations of fraudulent behaviour by India Inc, capital market regulator Sebi, gave a stern warning to corporates to be on the “right side” and not indulge in market manipulation and insider trading. “Some corporates, who ideally should not have fallen into this category or this trap, we are discovering that due to lack of focus this (illegal activity) is happenin
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Fearing possible black money flow and terror financing risks from Iran and North Korea into the Indian stock market, Sebi has asked bourses to be cautious in dealings with funds and entities from those countries. The country”s top bourse NSE”s investigation department today said in a circular to the bourse”s members that Sebi in a letter dated May 5 has informed it about Iran and North Korea
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Hitherto, Authorised Dealers Category – I Banks (AD) were allowed to permit pledge of shares held by the Promoters as security for External Commercial Borrowings (ECB) availed by the Borrowing Resident Investee Company subject to prescribed conditions. As a measure of liberalisation and simplifications, the Reserve Bank of India (RBI) has now permitted ADs to allow pledge of shares of an Indian
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RBI/2010-11/520
Ref.DBS.ARS.BC. No.07/ 08.91.020/ 2010-11
May 11, 2011
The Chief Executives Officers
All foreign banks operating in India
Dear Sir/Madam,
Regulatory and Audit Compliance
It is observed that Indian operations of foreign banks functioning in India as branches of the parent banks generally do not have a separate Audit Committee vested with the responsibility of examining and re
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The Competition Commission of India (CCI) today released the regulation of Combinations related with the implementation of provisions of Section 5 & 6 of Competition Act (the Combination Provisions, which have been envisaged to prevent creation of anti competitive environment in Indian economy),are coming into effect from 1st June, 2011. Elaborating the modalities of new rules to the media persons
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The attention of Government has been drawn to news items in a section of media on certain aspects of the Rules notified under Section 79 pertaining to liability of intermediaries under the Information Technology Act, 2000. These items have raised two broad issues. One is that words used in Rules for objectionable content are broad and could be interpreted subjectively. Secondly, there is an appreh
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The Ministry of Corporate Affairs has clarified that its notification of 31st March, 2011 regarding Companies (Particulars of Employees) Amendment Rules, 2011 raising the limit of employee’s salary to be disclosed in the Directors Reports shall be applicable to all Director’s Reports under Section 217 of the Companies Act, 1956 approved by the Board of Directors on or after April 1st, 2011. It
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The government is in the process of redrafting the proposal document format for appointment of merchant bankers to avoid the conflict of interest between the public and private share sale issues.
“There was an issue in SAIL… That part (appointment of merchant bankers) of the document was drafted way back in 2001, we are trying to update that,” Disinvestment Secretary Sumit Bose told reporte
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Approval for FDI in Limited Liability Partnership firms The Cabinet Committee on Economic Affairs today approved the proposal to amend the policy on allowing Foreign Direct Investment (FDI) in Limited Liability Partnership (LLP) firms.
The FDI in LLPs will be implemented in a calibrated manner, beginning with the ‘open’ sectors where monitoring is not required, subject to the following condit
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Social goals are welcome, but a firm cannot be expected to dilute its responsibility to shareholders. Governments that feel cheated should re-work their incentives.
Social goals are welcome, but not at the cost of shareholders.
No corporate leader today would dare deny that his or her enterprise has a responsibility to society. Corporate social responsibility (CSR) is now an accepted obligatio
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We have previously discussed issues surrounding the application of the “territorial nexus” doctrine to income tax law in several posts (here, here, here and here). In its recent decision in GVK Industries v. Union of India, a Constitution Bench of the Supreme Court has confirmed that the doctrine applies to Parliamentary laws. The precise question of the constitutionality of Section 9(1)(vii)
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The growth of the commodity futures markets has been quite amazing in the last few years. Forward Markets Commission (FMC) data shows that volumes have been around Rs 120 lakh crore in FY11, which is almost 1.5 times India’s GDP at current market prices. Does this mean that commodity futures trading has finally arrived?
Let’s go back to the basics. When futures trading were revived in 2003,
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CIT v Grewal Brothers – No doubt the firm and the partners may be separate entities for income tax and it may be permissible for a firm to give a contract to its partners and deduct tax from the payment made as per s 194C, but it has to be determined in the facts and circumstances of each case whether there was any separate subcontract or the firm merely acted as an agent as pleaded in the prese
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SEBI has modified the norms for appointment of its internal auditor, a move that enabled the capital market regulator to retain chartered accountants firm Chokshi & Chokshi for two more years. The decision to give a two-year extension to the firm was taken at the last Board meeting of the Securities and Exchange Board of India (SEBI).
The earlier guidelines provided that the SEBI could hire an ac
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The Supreme Court has stated that a Lok Adalat cannot pass an order to pay the insurance money when there was no compromise between the parties, in the case, Life Insurance Corporation vs Suresh Kumar. Lok Adalat cannot take over the function of the regular courts. In this case, the Lok Adalat tried to arrive at a compromise between the parties, but failed. Then it passed an order to LIC to pay Rs
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The government is mulling hiking penalty for improper use of names and emblems conveying state patronage or ownership for the purpose of professional and commercial gains to Rs 5 Lakh. At present, the penalty for violating the provisions of the Emblems and Names (Prevention of Improper Use) of 1950 is only Rs 500.
“The penalty has not been increased since the law came into force in September 19
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CL : Section 620A of the Companies Act, 1956 – Power to modify Act in its application to Nidhis, etc. – Amendment in Notification No. G.S.R. 978, dated 28-5-1963 as amended by Notification Nos. G.S.R. 84(E) & G.S.R. 517(E), dated 23-2-1988 and 31-8-2006 respectively
NOTIFICATION NO. G.S.R. 326(E), DATED 8-4-2011
In exercise of the powers conferred by sub-section of section 620A read with sub
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In the recent times, XBRL has emerged as a novel way of electronic communication of financial and business data which is revolutionizing business reporting around the world. Considering the benefits attached with implementing XBRL in the preparation, analysis and communication of business information, the regulators in India have also decided to implement XBRL in their reporting.
XBRL India, a co
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Finally, as a move to relieve the Corporate of huge financial burden of sending physical documents such as notices etc. by Registered Post instead of Under Posting Certificates after it being discontinued by the Postal Authorities, the Ministry of Corporate Affairs has come up with a Green Initiative of permitting the service of documents upon the Shareholders through e-mail or other permissible e
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Market regulator SEBI barred one Reena Bansal from dealing in the capital market and accused her of violating norms by acting as an unregistered sub-broker.”…restrain Reena Bansal from buying, selling or dealing in the securities market in any manner whatsoever or accessing the securities market, directly or indirectly, either for herself or for her clients or clients of Rajeev Bansal,” SEBI
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The Delhi High Court has held that a company is not required to pay the stamp duty on the increased amount of its authorised share capital. A bench headed by Justice S Muralidhar said this while allowing the plea of S E Investments Ltd, which challenged the direction of the Registrar of Companies (ROC) seeking stamp duty on increased amount in authorised share capital.
“In the absence of a spec
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Buyer’s credit is the credit availed by an Importer (Buyer) from overseas Lenders i.e. Banks and Financial Institutions for payment of his Imports on due date. The overseas Banks usually lend the Importer (Buyer) based on the Letter of credit (a Bank Guarantee) issued by the Importers (Buyer’s) Bank. In fact the Importers Bank brokers between the Importer and the Overseas lender for arranging
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RBI/2010-11/481
RPCD.SME & NFS. BC. No. 62/06.11.01/2010-11
April 21, 2011
The Chairman/Managing Director/
Chief Executive Officer
All Scheduled Commercial Banks
(excluding Regional Rural Banks)
Dear Sir
Scheme of 1% interest subvention on housing loans upto Rs. 10 lakh – Guidelines
Please refer to our circulars RPCD.SME & NFS.BC.No.16/06.11.01/2010-11 dated August 9, 2010 and RPCD.SME
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The Competition Commission will finalise rules for corporate merger and acquisitions by the first week of May, following which it will be mandatory for companies to seek the Commission’s approval for such deals.
“The notification will be finalised in the first week of May and would be implemented from June 1, 2011,” Secretary in the Ministry of Corporate Affairs D K Mittal told reporters on
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Union Minister of Corporate affairs Shri Murli Deora has assured the stakeholders especially the CEOs and Representatives of Corporate India that the Competition Commission of India (CCI ) will speedily clear mergers that increase efficiencies due to economies of scale, combined production plants, integrating procurement and pooling of R&D resources. Shri Deora was addressing a One day Conference
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To a supplier or, more generally, to any commercial entity involved in the initial stages of a supply chain, protecting itself in the event of the bankruptcy or change in constitution of its principal buyers is a matter of great importance. It is therefore commonplace to find clauses in a contract creating, for example, a unilateral right to terminate in the event of change of control. Similarly,
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Amendment to Companies (Central Government’s)General Rules & Forms,1956.
MINISTRY OF CORPORATE AFFAIRS
NOTIFICATION
New Delhi, the 26th March, 2011
GS.R. 259(E).-In exercise of the powers conferred by sub-section (1) of Section 642 read with Section 610B of the Companies Act, 1956 (1 of 1956), the Central Government hereby makes the following rules further to amend the Companies (Central Gov
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WASHINGTON : As many as 57 Indian companies including Reliance Industries , State Bank of India and Oil & Natural Gas Corp. figure in The Forbes Global 2000 list of public companies based on their rankings for sales, profits, assets and market value. Reliance with sales of $45.3 bn is ranked 121st in the list with three public State Bank of India Group (136, $29.1 bn), Oil & Natural Gas Corp. (172
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The Securities and Exchange Board of India (Sebi) may soon frame a stringent set of rules for funds investing in art works, antiques, coins and stamps, with an aim to check black money flow into these products and safeguard the interest of genuine investors.
Sebi considers investment funds focussed on art works, antiques, coins and stamps as “Collective Investment Schemes”, which come under t
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RBI /2010-11/484
DBOD.Leg. No.BC. 86/09.08.011 /2010-11
April 21, 2011
All Scheduled Commercial Banks/Financial Institutions
(Excluding RRBs)
Dear Sir,
Setting up of Central Electronic Registry under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act 2002
Pursuant to the announcement made by the Finance Minister in the budget speech for 2011-1
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The government today said it will issue a public notice by next week to reconstruct 44,000 missing files from the trademarks office. The files will be reconstructed as per an undertaking given by the Controller General of Patents, Designs and Trademarks to the Delhi High Court which had issued directives in this regard.
These files are related to registration of trademarks.
“We have undertaken
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Boston: An Indian investment banker has been convicted by a US federal jury on charges of extortion and threatening a New York state comptroller official to reveal an extramarital affair if a multi-million dollar pension contract was not awarded in his favour – in short, blackmail. Giridhar Sekhar, 41, of Brookline near here was convicted of one count of attempted extortion and five counts of in
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The new Companies Bill, which seeks to replace a 50-year-old Act, will come up for consideration and passage in the Monsoon Session of Parliament. “The Companies Bill will come in for discussion in Parliament in the Monsoon Session,” the Corporate Affairs Minister, Mr Murli Deora, told reporters on the sidelines of a FICCI event here today.
The new Companies Bill, which was tabled in the back
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DIT vs. Maersk Co Ltd as agent of Mr. Henning Skov (Uttarakhand High Court – Full Bench)- where the assessee’s income is chargeable under the head “Salaries”, the person responsible for paying any income chargeable under the head “Salaries” shall at the time of paying, deduct income tax at source and failure on his part entails an obligation to pay interest under Section 234B of the Ac
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Indian promoters would do well not to invest abroad on their own, but only through the conduit of a company.
Dividend Distribution Tax (DDT) regime is applicable only to Indian companies. The shareholders of such companies are exempt from tax on dividend received from such companies, with the tax at the rate of 15 per cent plus surcharge and education cess having been paid by such companies.
I
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There is some interesting debate on the recent Sebi mandate to Vedanta-Cairn to repudiate a call/put/pre-emptive rights in their share purchase agreement. Sebi's stand is both interesting and dangerous. However, Sebi is mainly the messenger of an archaic law. And the message deserves to be shot. Luckily, Sebi owns the handgun that is capable of quickly shooting down this quixotic law.
The prob
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Today’s Economic Times carries a newsreport about a company that has 2.6 million shareholders, but nevertheless continues to be unlisted. If true, this oddity of circumstances calls into question section 67 of the Companies Act. That section provides any offer of shares or debentures made to 50 persons or more will be considered a public offering, which will require listing of the securities on
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The City and Industrial Development Corporation (Cidco) has decided to go ahead with the laying of foundation stone for Navi Mumbai’s first Metro on May 1.
“We will be awarding the letter of intent after getting an approval of the Cidco board on Monday so that work starts immediately. The bhoomi poojan is planned on May 1,” said Tanaji Satre, managing director of Cidco. The agency is also
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Although there had been a great amount of discussion a couple of years ago regarding soverign wealth funds (SWFs), both in terms of their investments in the Indian markets and to to whether India should create one for itself, that seemed to have died down. This was largely because SWFs were expressly recognized in 2008 as foreign institutional investors (FIIs) under the SEBI FII Regulations, and m
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A Supreme Court ruling in 2010 may have prohibited developers from selling parking areas as independent units to flat buyers, but developers seem to have found a way around it.
Developers are now offering car parking charges as part of the sale agreement value. This trend was noticed during the recently concluded property fair organized by the Maharashtra Chamber of Housing Industry wherein ma
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Government is planning 100 per cent foreign direct investment in sea plane operations as there is scope of phenomenal growth of sea plane, general aviation and helicopter travel.
“With India having a long coast line, there is a need for concerted efforts to promote sea plane operations. They are significant for the economy of islands like Anadaman and Nicobar Islands and Lakshadweep,” said S
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The Vedanta/Cairn Energy deal brings the issue of put and call options back into the spotlight as SEBI has sought removal of those clauses from the agreement regarding sale of shares in Cairn India. Curiously enough, SEBI has adopted a strict stance on an issue that is far from being clear under Indian law. As we have discussed earlier, the enforceability of put and call options hinges upon a numb
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Ref:IRDA/F&A/CIR/CG/081/05/2011 Date:02-05-2011
To,
CEO of All Life Insurers,Non Life Insurers and Reinsurer
Dear Sir,
Re: Compliance with Corporate Governance Guidelines (CG Guidelines)
Attention is drawn to the Corporate Governance Guidelines issued by the Authority vide Circular no. IRDA/F&A/CIR/025/2009-10 dated 05th August, 2009, and Circular No. IRDA/F&I/CIR/F&A/014/01/2010 dated 29TH
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Juris Corp partner Huzefa Nasikwala is going independent to start his own litigation and real estate practice in Mumbai.
Nasikwala, who was practicing independently and as an of counsel before joining Juris Corp in 2007 as a partner designate, said that his focus would primarily be on real estate and dispute resolution, including arbitration.
While he had not yet recruited associates, he sai
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Ref:IRDA/F&A/CIR/ACT/069/04/2011
Date:18-04-2011
The pay revision of the officers and employees has been carried out by the Public Sectors Insurance companies in the year 2010-11 and Government by Gazette, Notification dated May 24, 2010 has revised upward maximum limit for Gratuity under “Payment of Gratuity Act 1972” from Rs. 3,50,000/- to Rs. 10,00,000. The above factors will lead to
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Rallis India Ltd. Vs. Poduru Vidya Bhusan & Ors. (Supreme Court)
When partners of a firm issue cheques which are dishonoured, it is presumed that they were responsible for issuing them unless they prove that they were not in charge of the daily affairs of the firm. They have to discharge the burden during the trial under the Negotiable Instruments Act, the Supreme Court stated in the case, Rall
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Large corporate houses are helping micro and small enterprises (MSEs) to keep pace with the changing times, especially in the matter of introducing innovative measures to help them turn cost-efficient.
Last month the logistics company DHL organised a CEO mentoring clinic in Chandigarh, which focussed on providing MSEs with insights on cost reduction and time management. Chandigarh has over 2,50
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BANGALORE: Union Commerce Secretary Rahul Khullar said on Monday that the Indo-European Union Free Trade Agreement is “likely to be concluded by the end of the summer, after another round of talks in May.”
Speaking after inaugurating the new premises of the office of the Commissioner for Special Economic Zones (SEZ) and Export Oriented Units in Bangalore, Dr. Khullar said, “The FTA is not
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Getting a business off the ground requires a range of skills and expertise that a startup can find daunting and expensive. Outsourcing is an affordable way out. But the focus of outsourcing itself is changing from cost-saving to hiring the best talent at the lowest price.
The Internet is now opening up possibilities even for small businesses. PeoplePerHour.com, for instance, enables small busin
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After an initial setback due to the global recession, the Indian information technology (IT) and information technology-enabled services-business process outsourcing (ITES-BPO) industry is back on the high-growth path, according to the findings of a survey of SMEs in the sector, conducted by India MART Knowledge Services (IKS).
The outlook for the future is also positive, as almost half of the
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MUMBAI: The Mumbai Metropolitan Region Development Authority (MMRDA) is pushing ahead with its plans to build the trans-harbour link between Sewri and Nhava.
Additional metropolitan commissioner, S Srinivas said they will have to update some of the data from the surveys and have written to the Maharashtra State Road Development Corporation (MSRDC) asking for the relevant papers.
The MSRDC
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Bank customers may soon expect better services and speedy redressal of their grievances as the Reserve Bank of India is likely to consider a fresh set of rules to improve customer service practices.
Almost a year after the RBI put in motion a process to improve customer service, a panel set up by the apex bank is ready to submit its recommendations later this month.
Sources said the panel wa
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The Maharashtra Housing and Area Development Authority (Mhada) plans to acquire over 102 hectares of land from the market in 2011-12 for con structing affordable houses.
The state government has set aside Rs 8.55 crore for this purpose in its budgetary estimates for the current fiscal. Only 16.02 hectare of land was acquired in 2010-11.
Officials said that the move is influenced by an acute
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The Income Tax Department has asked taxpayers to furnish details earned from agriculture in its newly modified I-T return form — Sahaj — for assessment year 2011-12. Known as Saral-II and originally meant for the service-class, the Sahaj form has a column devoted to income from agriculture. “This information on agricultural income is for record only and not to be taxed,” a senior I-T offic
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Amid higher costs, slow demand and regulatory hurdles, many builders in the country's hottest property market, Mumbai, are inserting new clauses to palm off some of the uncertainties to buyers.
The allotment letters given to home buyers contain clauses like provisions for cost escalation, project abandonment, inability to commence construction, and also eventuality of non-disbursal of loan fro
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In a significant development towards renegotiation of tax treaty with Mauritius, the Finance Ministry has written to the Ministry of External Affairs to take up the issue of including more areas of information exchange in the agreement between the two countries. The existing tax treaty is being misused by many third country investors to avoid paying taxes.
In the revised Double Taxation Avoidan
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India is set to step up pressure on Mauritius to review its tax treaty with the country. The finance ministry has asked the ministry of external affairs to initiate talks with Mauritius on the issue.
"The finance ministry has written to MEA for renegotiation of the tax treaty to ensure exchange of information of banking transactions and assistance in tax matters," Central Board of Direct Taxes
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Scores of companies such as Sterlite Energy and Lodha Developers may have to scrap fund-raising plans for now as they let go the regulatory permission for float, awaiting higher valuations for their businesses than what investors are willing to pay.
Most companies that got regulatory approval about a year ago may have to refile offer documents as the regulator doesn't allow initial public offe
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The government has decided to issue biometric PAN cards to taxpayers across the country to weed out the problem of duplicate and fake ones. The decision was taken recently by the Finance Ministry and it comes in the wake of a Comptroller and Auditor General (CAG) report that asked the Income Tax department to ensure that a single tax payer is not issued multiple cards.
The proposed new biometri
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The Department of Industrial Policy and Promotion (DIPP) issued a Discussion Paper on Compulsory Licencing of Patents in August 2010. The Department received 38 responses. Ten of these responses were received from stakeholders based in countries outside India including Thailand, South Africa, USA , UK and Japan. Eleven responses were received from pharma manufacturers associations, and business pr
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1. What is Cheque Truncation ?Truncation is the process of stopping the flow of the physical cheque issued by a drawer to the drawee branch. The physical instrument will be truncated at some point en-route to the drawee branch and an electronic image of the cheque would be sent to the drawee branch along with the relevant information like the MICR fields, date of presentation, presenting banks etc
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The Jan Lokpal Bill (Citizen’s ombudsman Bill) is a draft anti-corruption bill drawn up by prominent civil society activists seeking the appointment of a Jan Lokpal, an independent body that would investigate corruption cases, complete the investigation within a year and envisages trial in the case getting over in the next one year.
Drafted by Justice Santosh Hegde (former Supreme Court Judg
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No 17/102/2011 CL-V
Circular 14/2011, Dated: 08.04.2011
Subject:- Certification of e-forms under the Companies Act, 1956 by the Practicing professionals
1. Ministry of Corporate Affairs has been steadily progressing towards total electronic filing and approval regime. Objective is to do away with human intervention in MCA approvals to the maximum extent possible.
2. For this purpose,
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Lawyers from Kolhapur, Sangli and neighbouring district staged 'rasta roko' blocking Pune-Bangalore national highway in support of their demand to set up Bombay High Court bench in this city.
Besides lawyers, political parties leaders, social workers and others also participated in the rasta roko yesterday.
Rasta roko agitation created problem to traffic on the national highway for about on
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The Maharashtra government announced a review of the Special Township Project scheme today, saying that the objective of the scheme, which was to provide affordable housing, had not been achieved. Under it, adeveloper has to acquire 100 acres of land to set up a township, and if there is a shortfall, government chips in. In return, the developer has to provide affordable housing on 10 per cent of
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On March 30, 2011, the U.K. Ministry of Justice released its long-awaited Guidance with respect to The Bribery Act of 2010, detailing the Act’s scope and jurisdictional applicability. The Guidance, which can be found here, has quickly been criticized in some quarters for “watering down” the Act, particularly with respect to the jurisdictional scope of the Act’s commercial bribery provision
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BACKGROUND
01 The definition of income under section 2(24) includes Capital Gains and therefore for the purposes of section 11, Capital Gains should form part of the income and consequently it should be treated at par with any other income under section 11. Section 11(1A), which deals with treatment of Capital Gains, was not there during the inception of the Act. In the absence of any provision
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Country’s Population Reaches 1210 Million as Per Census 2011
Up Remains Most Populous State With 199 Million
Overall Sex Ratio Reaches 940 – 7 Points Increases Over 2001
Literacy Rate Goes up to 74.04 Percent from 64.83 Percent
The population of the country as per the provisional figures of Census 2011 is 1210.19 million of which 63.72 million (51.54%) are males and 586.46 million (4
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The government today said service tax on foreign exchange transactions would be capped at Rs 5,000. The announcement will provide relief to market participants who feared high tax incidence would lead to a sharp decline in foreign exchange transaction volumes.
According to a notification, tax for foreign exchange transactions will be calculated at 0.1 per cent of the gross amount of currency ex
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The state government has been asked to examine the feasibility of modification in the Right to Information (RTI) Act. A section of legislators on Thursday claimed that it was being widely misused.
Congress MLA Ashok Jadhav supported the suggestion. I know people who do nothing but file RTIs. You should see the cars they have, he added. Home minister R R Patil said RTI was a central Act. Walse-P
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The Reserve Bank on Wednesday prohibited Non-Banking Finance Companies (NBFCs) from contributing to the capital of a partnership firm or become a partner of such entities. The central bank also asked NBFCs, which have already contributed capital or are partner in such firms, to exit from such arrangements at the earliest.
“In view of the risks involved in NBFCs associating themselves with par
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Indirect foreign investment into Indian companies had been a subject matter of ambiguity in the FDI policy. For instance, if an Indian company (that has foreign investors) makes investments into another Indian company, would that downstream investment be treated as domestic investment or foreign investment? While rules govern such investment?
In order to streamline the policy, the Government ha
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A significant condition in the FDI policy, first included in Press Note 18 of 1998 operated to restrict foreign investments. It required foreign investors to obtain prior Government approval to invest where they had a previous joint venture in India. In such cases, the automatic route was not available. This became an obstacle because FIPB, in considering applications, required a no-objection lett
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The FDI policy allows issue of shares by Indian companies to foreign investors only against cash remittances received through normal banking channels. However, the only exceptions to this are conversion of external commercial borrowings outstanding as well as payment obligations towards lump sum fee or royalty for technical collaborations. Any other type of transaction involving an issue of shares
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The Department of Industrial Policy and Promotion (DIPP), Government of India today released its new edition of the Consolidated FDI Policy, Circular 1 of 2011 that comes into effect April 1, 2011. This is part of the bi-annual review process that the DIPP commenced last year so as to ensure that the policy is in tune with dynamics in the economy and industry.
The recent round of review has int
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Relaxing rules for foreign direct investment (FDI) in the country, the Government today decided to permit issuance of equity to overseas firms against imported capital goods and machinery. Furthermore, the norms for overseas investment in production and developments of seeds have been liberalised.
“After stakeholder consultations, the Government has now decided to permit issue of equity, unde
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ShareExclusive: Former Amarchand Mangaldas partner and current Paul Hastings Hong Kong lawyer Kirti Ram Hariharan will join Barings Private Equity Asia as deputy general counsel (GC) responsible for South Asia.
Hariharan, who had left Amarchand in 2008 and joined Paul Hastings’ Hong Kong office as an associate thereafter, will join Barings by June 2011, according to sources with knowledge of
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Summary of Findings:-
• The OECD guidelines are not of binding nature and even the Proviso to Rule 10B (4) provides that any subsequent year data cannot be considered. The contemporaneous data of relevant financial year is to be used for making the comparable analysis for arriving at the ALP unless it is proved otherwise
• For arriving at the net margin of operating income, only operatin
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Yatish Trading Co.P ltd. Vs ACIT (ITAT Mumbai)
Summary of Findings:-
In the case of a trader where shares are held as stock-in-trade no part of interest on borrowed funds can be disallowed u/s 14A as incurred in relation to Dividend income.
The interest on borrowed funds used for trading activity is an allowable expenditure under section 36(1)(iii) and the same cannot be treated as the ex
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Parliament is likely to take up the new Companies Bill , which seeks to replace a half-a-century-old Act, in the next session. Sources in the Ministry of Corporate Affairs said that the Companies Bill, 2009, will be brought for passage before Parliament in the next session. The draft Bill will be sent to Cabinet in the first week of May, sources said.
The new Companies Bill, which was tabled in
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General Circular No. 08/2011, Dated the 25th March, 2011
To,
All Regional Directors,
All Registrars of Companies,
All Official Liquidators.
Sub: Prosecution of Directors – Regarding
Sir,
Penal actions for defaults committed under the Companies Act, 1956 are either to be taken against an “officer in default” or a “director(s)” or “persons” as provided in the rel
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In a bid to help pro-democracy campaigners, the US government is developing a mobile phone with a ‘panic button’ that can wipe out its address book and send emergency alerts. The new technology also includes a special application that can be activated if the smart phone is confiscated by security authorities. The US wants to equip the activists with the new tools to fight back the repressive g
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Even as the Dharavi redevelopment project seems likely to be pushed with renewed vigour by the new state government, fresh revelations threaten to put a big question mark over the rehabilitation of over 3 lakh slum residents, with some officials warning of a potential law-and-order problem.
A preliminary assessment carried out by the competent authority—BMC assistant commissioner (G-North war
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Faced with the Herculean task of handling lakhs of investor complaints, market regulator Sebi plans to rope in third party agencies for processing and maintenance of these grievances. The decision to outsource processing and maintenance of investor grievances has been taken by Sebi to help it resolve these complaints on a fast-track basis, a senior official said.
Incidentally, Sebi is currently
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In order to cut timelines and to bring transparency in service delivery, the Ministry of Corporate Affairs has simplified certain Procedures and Rules. Some of the important Procedures which have been simplified are as under: –
Simplification of issuing Director Identification Number (DIN) process: As per section 253 of the Companies Act, 1956, no person can be appointed as Director of the Co
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The government said it is planning to make it mandatory for corporates to file balance sheets with it in data form, using XBRL (eXtensible business reporting language) technology, from next fiscal. Currently companies file their annual returns and balance sheets with the Ministry of Corporate Affairs (MCA) by filing up an e-form.
To start with, MCA will make companies with paid up capital of R
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Legal Metrology Act, 2009 has received assent of President and is effective from 1-4-2011. The new Act has replaced Standard of Weights and Measures Act, 1976 and Standard of Weights and Measures (Enforcement) Act,1985. Provisions of declarations on pre-packaged commodities are contained in new Act also. Hence, the provisions of MRP valuation for excise purposes will continue under new Act also [s
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The Supreme Court has ruled that private companies cannot complain about violation of their contractual rights by government when national interest is involved in awarding contracts for public projects involving taxpayers' massive money.
A bench of justices VS Sirpurkar and TS Thakur in a judgment expressed anguish at the manner in which the Tehri Pump Storage Plant could not be taken up for
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Instead of notifying Indian IFRS standards in bits and pieces with a lot of loose ends, it will be worthwhile to adopt a holistic approach taking some more time to address all issues in full before implementation.
Finally the Ministry of Corporate Affairs notified 35 Indian IFRS standards (Ind-AS), without announcing the implementation date. Therefore there is no guarantee that the April 1, 201
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2G refers to second generation wireless telecommunication technology developed mainly for voice services and slow data services with data rates upto 9.6Kbps whereas, the 3G (3rd generation) mobile telecommunications is the generic name for the next generation of mobile networks that combines wireless mobile technology with high data rate transmission capabilities. The 3G network is capable of prov
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Internal audit functions are shifting away from hard, tangible controls toward softer ones.
An internal audit group can add significant value to an organisation by reviewing the risk management processes and ensuring that the right controls are put in place.
Internal Audit (IA) was once viewed as a finance policing function. This narrow focus did not survive as many problems were outside t
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The Centre seems tilted In opposition to the inclusion of Dalit Christians and Muslims in the Scheduled Castes list, arguing the necessitate for evidence to show that converts continued to face discrimination of the same degree as before their exit from the Hindu fold.
The Union law ministry has cited a SC judgment dismissing the claim that the constitutional provision limiting the SC tag to Hi
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The recent episode relating to the nomination of directors for appointment on the board of Hewlett-Packard Co. brings to the fore the role of the nomination committee. Institutional Shareholder Services (ISS), a shareholder advisory group, recommended a vote against certain nominees on the ground that HP’s nomination committee was heavily influenced by the HP CEO, Leo Apotheker. While HP’s act
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A somewhat peculiar situation came up for consideration of the Securities Appellate Tribunal (SAT) in Liquid Holdings Private Limited v. SEBI, on which SAT passed its order on March 11, 2011.
Background
Liquid Holdings Private Limited (Liquid) was one of the promoters of Blue Coast Hotels Limited (the Target). Morepen Laboratories Limited, a group company of Liquid, obtained loans from two
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Exclusive: M Dhruva & Partners (MDP) has hired former J Sagar Associates (JSA) senior associate Dipali Sarvaiya Sheth as a corporate partner to edge towards full-service law firm status.
MDP founding partner Nishit Dhruva told Legally India: “Basically Dipali is into hardcore M&A practice which she has been doing at JSA. The idea would be to develop MDP as a full service law firm.”
“W
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Government of India vide notification dated December 16, 2010 has recognized the letter issued by the Unique Identification Authority of India (UIDAI) containing details of name, address and Aadhaar Number as an “officially valid document” to satisfy the ‘Know Your Customer’ (KYC) norms for opening small accounts in banks. This is expected to promote the financial inclusion of the poor and
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Delay on the part of CDSL Ventures to complete the know-your-client process for mutual funds will derail the tax planning of many investors looking to save taxes by investing in equity linked savings scheme, or ELSS. With just 16 days for the tax season to end, CDSL Ventures is staring at a huge pile of know your-client (KYC) submissions waiting to be cleared.
According to three wealth managers
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The United Progressive Alliance (UPA) government has set its eyes on the monsoon session of Parliament, to be held in July-August, to push its key reform Bills. The curtailed schedule of the ongoing Budget session, with its predominant agenda of passing the Budget, has left very little space for government managers to follow the original routine.
While the Land Acquisition Amendment Bill is wai
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Public limited companies cannot pay their executives salaries beyond a percentage of their profits, while listed companies may do so with government permission, Parliament was told today.
'For Public Limited Companies and their subsidiaries ceiling as percentage of profits is already prescribed,' Minister of State for Corporate Affairs R P N Singh said in a written reply in Rajya Sabha.
Sin
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The Jharkhand government today revoked VAT on foodgrains and other essential commodities.
Deputy Chief Minister Hemant Soren announced this in the state Assembly that food grains, blankets, handkerchief, pillow covers and bedsheets would be tax-free.
However, the increase of 14 per cent from 12 per cent VAT on motor parts would stay. The government imposed VAT on these commodities a couple of
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The jurisdiction of Companies Act, 1956 under which the SFIO is functioning is restricted to the territory of India. Investigation regarding diversion of funds outside the country, is being carried on by the Central Bureau of Investigation (CBI) and Enforcement Directorate (ED) for which they have the requisite powers. This was stated by Minister of State for Corporate Affairs, Shri R.P.N. Singh w
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RBI/ 2010-11/425
UBD. BPD. (PCB) No. 38 /12.05.001/2010-11
March 15, 2011
The Chief Executive Officer
All Primary (Urban) Co-operative Banks
Dear Sir,
Amendments to the Prevention of Money Laundering Rules, 2005
We forward a copy of the Government of India Notification (No. 14/2010 / F. No. 6/2/2007 – ES) dated December 16, 2010 on the subject for necessary action.
Yours fait
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Recently, the Delhi High Court was called on to decide the interesting question of the tax treatment of loans and interest waived by financial institutions. In Logitronics v. CIT, the Court considered two cases which raised similar issues, and held that the treatment of the waived loan amount would depend on the purpose for which the loan was taken.
In the first case, the assessee had taken lo
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Earlier this year, the UK Court of Appeal was called on to consider an important question dealing with concurrent liability in contract and tort. The facts in Robinson v. Jones involved the defective construction of a house by a builder, which caused economic loss to the purchaser. However, the contractual remedy was barred by limitation. As a result, the purchaser sought to argue that he had a co
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Faced with a formidable enemy snapping at its sovereignty at sea, India proposes to bring a legislation that would empower its forces to take the menace of piracy head-on and deal with pirates gnawing at its territorial supremacy effectively.
With Somali pirates get audacious and inching towards the Indian coast, the matter has assumed greater proportions, not just security of the ships passin
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Mines and Minerals (Development and Regulation) Act
The draft Mines and Minerals (Development and Regulation) Act, 2010 was hosted on the website of Ministry of Mines (http://mines.nic.in) on 3rd June, 2010. The proposals received from the State Governments with reference to new legislation being framed pursuant to the National Mineral Policy, 2008 are presently under consideration of a Group o
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Admitting that the country was facing a persistent problem of illegal immigration, the government has ruled out a fresh legislation to deal with the issue saying stringent mechanisms were already in place.
Under the existing Foreigners’ Act 1946, there is enough provision for identification, detention and deportation of illegal immigrants and thus no new mechanism is required, Minister of St
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The Securities Appellate Tribunal today adjourned the hearing in the PriceWaterhouseCoopers-Sebi case to March 15, a company official said. The matter came before SAT yesterday. The case relates to the multi-crore rupee Satyam accounting scam wherein its Founder B Ramalinga Raju admitted to cooking up the company books. PwC was the auditor to the IT major at that time.
Market regulator Securit
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The employee strength of foreign banks in India dropped by over six per cent in 2010, with as many as 19 of the 32 overseas lenders in the country reporting a dip. According to the ‘Statistical Tables Relating to Banks of India’ released by the Reserve Bank of India, from 29,582 in 2009, the number of employees fell to 27,742 in 2010, a fall of 6.22 per cent.
Among those banks with a major
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The working days in the High Courts are regulated by the rules framed by the respective Courts. According to available information, all High Courts in the country normally have 210 working days in a year. The number of working days of the District/Subordinate Courts are regulated by the concerned High Court. However, no data about the number of working days in the lower courts is maintained Centra
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The Law Commission of India in its 205th Report had made recommendation for a uniform age of marriage of 18 years for both boys and girls. However, the Government is of the view that the difference in the age of marriage (21 years for boys and 18 years for girls) was deliberately inserted in the statutes in view of the social realities.
This information was given by Dr.M.Veerappa Moily, Minister
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Finance Minister Pranab Mukherjee today made a slew of announcements, including to bring investments in education and health segments under the infrastructure sector and special grants for women self-help groups and fishermen.
Replying to the discussion on the Budget for 2011-12 in Lok Sabha, Mukherjee said : “There is a need to further accelerate the creation of infrastructure in this (healt
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EPFO has launched a SMS based service for the benefit of all stakeholders. While submitting your claims, write your mobile number on top of the form. Attach a clear photocopy of first page of your bank passbook. A SMS will be sent to the mobile number about the status of your claim.
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Penalty Provision in respect of delay in payment of P.F. dues
1. Delay in deposit of P.F. dues attracts penal damages. Damages are levied at the following FLAT RATES:
For 0 — 2 months delay – @ 5 % p.a.
For 2 — 4 months delay – @10 % p.a.
For 4 — 6 months delay – @ 15 % p.a.
For delay above 6 months – @ 25 % p.a. (subject to a maximum of 100%)
2. Levy of damages at less
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Regarding Payment of MCA fees –electronic mode- General Circular – dated 09.03.2011
No. HQ/9/2002-Computerization
Government of India
Ministry of Corporate Affairs
5th Floor, A Wing, Shastri Bhavan
Dr. R.P. Road, New Delhi-110001
Dated 9th March, 2011
CIRCULAR
Sub: Payment of MCA fees –electronic mode-regarding
Ministry has reviewed the processes involved in delivery of im
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The Ministry of Corporate Affairs has reviewed the processes involved in delivery of important services to stakeholders, with a view to identify and improve the components causing delay in disposal of applications. Payment confirmation is found to be a major bottleneck in delivery of services in respect of offline payment made by physical challans. It was found that often there was a delay in conf
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“Companies are under pressure from investors to get the best auditor they can,” said Paul Gillis, an accounting professor at Peking University in Beijing. More than 200 Chinese companies are listed on U.S. exchanges, and hundreds more trade on over-the-counter bulletin boards. In the last five months, at least 15 have upgraded to a Big Four auditor — Deloitte, Ernst & Young, PricewaterhouseC
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On March 11, 2011, SEBI passed an order in relation to Pyramid Saimara Theatre Limited (PSTL) restraining three of its independent directors (Mr. K.S. Kasiraman, Mr. K. Natarahjan and Mr. G. Ramakrishnan) from being independent directors or members of audit committees of any listed company for a period of two years from March 11, 2011.
The order was passed on the ground that these independent d
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Marker regulator SEBI today barred three independent directors and members of audit committee of Pyramid Saimira from holding a similar position in any listed company for two years for giving false and misleading statements. http://economictimes.indiatimes.com/topics.cms?query=g%20ramakrishnan
These independent directors are K S Kasiraman , K Natarahjan and G Ramakrishnan.
“(SEBI) restrain
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Market regulator SEBI will soon come out with guidelines for foreign investors undertaking direct investments in mutual funds, a senior official said today. “SEBI will issue the guidelines allowing foreign investors to invest in mutual funds shortly…We are working with the Reserve Bank and the Finance Ministry (for allowing FIIs entry into mutual funds)…it is a matter of weeks and not months
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The logic that the LLP is, on most aspects, akin to a ‘Company' and can be levied MAT is flawed. A distinct tax treatment of LLPs is needed.
Limited Liability Partnerships (LLP) are governed by the Limited Liability Partnership Act 2008.
It has been conceived of as a body corporate with legal entity – separate from a firm governed by the Partnership Act – as a form of business organis
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The Ministry of Corporate Affairs (MCA) today said the Companies Bill 2009, which seeks to replace a half-a-century-old Act, is not likely to be passed in the ongoing Budget session of Parliament.
"We are working on the Companies Bill. But because Parliament is being cut short, so we may not be able to pass it in this session", Minister of State for Corporate Affairs R P N Singh told reporters
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NEW DELHI: The draft Companies Bill has sought discretionary powers for the government to stop a company from establishing multiple layers of subsidiaries if it is found abusing this right.
The law, at present, allows firms to establish any number of subsidiaries, which in turn could set up their own subsidiaries, and so on.
The corporate affairs ministry is of the view that such a layered
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The Ministry of Environment and Forests (MEF) has accepted a proposal for making violation of the Environment Protection (EP) Act a non-bailable offence.
The Ministry had appointed a committee headed by its senior officer J M Mauskar to suggest ways to make the Act more effective.
The Committee had given its report in January. The Ministry while placing the Report on its website yesterday sa
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Coinciding with International Women’s Day , the Corporate Affairs Ministry on Tuesday said it would make it mandatory for companies having five or more independent directors to have at least one female independent director.
Companies having five or more independent directors would have to necessarily have at least one female independent director, Corporate Affairs Minister Murli Deora said.
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Foreign investors may have to give a commitment that they will abide by the country's stringent money laundering laws if a proposal mooted by the department of industrial policy and promotion (DIPP) is accepted. The proposal is included in the draft of the revised foreign direct investment (FDI) policy circulated by DIPP. "A meeting of senior officials from all concerned departments and ministries
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VOTING ON SPECIAL RESOLUTIONS
Sebi seeks to protect small investors from abusive related-party transaction, hopes to ensure impartial resolution on contracts
The Securities and Exchange Board of India (Sebi) has proposed to suitably amend a portion of Clause 166 of the Companies Bill, 2009, disallowing interested shareholders from voting on special resolutions required for related-party
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Three new high courts in the north-eastern states of Tripura, Manipur and Meghalaya may soon be set up as Law Minister Veerappa Moily has submitted in a memorandum to the union cabinet in a move that would require amendment of the North-Eastern Areas (Reorganisation) Act 1971.
Moily assured a delegation of visiting Members of Parliament (MPs) from the seven north-eastern states that an amendme
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Exclusive: Law firms’ litigation associates could find themselves liable to have to charge service tax to their law firms and account for it to the Revenue under the Budget’s new service tax rules that apply to individuals representing businesses in courts or tribunals.
Economic Laws Practice (ELP) associate partner Nishant Shah and Vaish Associates indirect tax head Shilpa Sharma confirmed
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The Reserve Bank of India may start implementing some of the proposals of the Malegam committee on microfinance regulations, including a cap on lending rates, as early as April, said governor Duvvuri Subbarao.
The committee, set up in October 2010 under the chairmanship of YH Malegam, had recommended the creation of a category of non-banking finance companies (NBFCs) within the microfinance sec
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The government today gave green signal to the Banking Laws Amendment Bill that seeks to align the voting rights in banks in proportion with the equity holding.
Presently, the voting rights of a shareholder is limited to 1 per cent in state-owned banks and 10 per cent in private banks irrespective of the equity holding.
The Amendment Bill, which was cleared by the Union Cabinet, will now be t
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Three months after a spate of lawsuits were filed in the Delhi high court by suppliers to recover their dues from Koutons Retail India Ltd, Ascent Capital, one of the principal investors in the cloth seller, has exited the firm at a loss and considers the investment a “write-off”, said two executives at the private equity (PE) firm briefed on the development.
“We have completely exited Ko
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Multiples Alternate Asset Management, a private equity (PE) fund founded by Renuka Ramnath, the former CEO of ICICI Venture, has received Rs 325 crore ($70 million) for its offshore fund from the Public Institution for Social Security (PIFSS) — a pension fund run by the Government of Kuwait. With this fund, Multiples has achieved a corpus of more than $425 million. It is targeting a size of $450
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The Hindu festival of Mahashivaratri is celebrated on the 14th day of the dark fortnight of the Magh month, as per the Hindu lunar calendar. The Shiv principle is most active on this day of the year.
Maha Shivaratri literally means 'the night (ratri) of the Supreme God principle (Shiva)'. Accordingly, the various religious rituals and observances of this festival take place chiefly at night. Hind
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Revision in stamp duty rate
o Stamp duty on sale agreement reduced from 0.25% to 0.1% limited to a maximum of Rs.20,000/-.
o Stamp duty on joint development agreements and GPA at 1% of market value limited to a maximum of Rs.1.5 lakhs.
o Stamp duty on agreements relating to shares, debentures and other marketable securities reduced from Rs.200 to Rs.50 and on note or memos given to brokers, dep
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Dividend is the share of the profit that a company decides to distribute to its shareholders. While the company pays tax on the distributed dividends, the shareholders can enjoy their dividends tax-free. Dividends are paid out of the standalone profits of the company. Thus, if a company has made loss on standalone basis and its subsidiaries are profitable, the company would not be able to pay out
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Recently, the Delhi bench of the Income-tax Appellate Tribunal (the Tribunal) in the case of Whirlpool India Holdings Ltd. v. DDIT [201 1-TII-15-ITAT-DEL-INTL] held that Branch Office set up in India which merely remunerated employees seconded by US group company does not constitute a Permanent Establishment (PE) in accordance with Article 5 of India- USA tax treaty (the tax treaty) and therefore
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Unique Identification Authority of India (UIDAI) has suggested constituting a joint working group of Securities and Exchange Board of India (SEBI) and UIDAI to work out the modalities for recognizing ‘Aadhaar’ as a proof of address and proof of identity for Know Your Client (KYC) purposes in the securities market.
The Unique Identity number will eventually form the basic, universal identity
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NOTIFICATION NO. S.O. 388(E), DATED 11-2-2011
In exercise of powers conferred by sub-section (1)(c) of section 4 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the Central Government hereby makes the following further amendment in the notification of the Government of India, in the Ministry of Finance, Department of Economic Affairs, number S.O 147(E), dated the 21st Februa
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Investment bankers are disturbed at a discussion paper circulated by the capital markets regulator last year, requiring them to disclose their past track record when they set about a fresh offer document.
Track record in this context is traditionally understood to mean not only the company and its issue size handled in the past by a banking entity, but also the movement of its shares. Investme
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For the first time in the country’s minting history, government will issue coins of Rs. 150, marking the number of years of taxation in India. The special coins, to be released by Finance Minister Pranab Mukherjee before his Budget speech, will also be brought out in Rs. 5 denomination on the occasion of completion of 150 years, from 1860 to 2010, of the Income Tax department.
This is the firs
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Calling for legal empowerment of the poor and vulnerable, Prime Minister Manmohan Singh today said the legal order must constantly adapt itself to changes in a fast changing world to retain its relevance.
Inaugurating the 17th Commonwealth Law Conference, the Prime Minister said legal empowerment, development and democracy are demonstrably intertwined as the rule of law can no longer be divorce
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President Pratibha Patil today advised lawyers to accept the new challenges by keeping pace with the advancements in technology of 21st century and suggested to maintain legal ethics for healthy judicial system.
She was addressing a platinum jubilee inaugural function of the High Court Bar Association, Nagpur. Maharashtra Governor K Sankarnarayan, Chief Minister Prithviraj Chavan, Supreme Cour
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Yesterday’s board meeting at SEBI was not expected to generate any substantial decision owing to the impending change of guard at the regulatory institution. True to expectations, key matters such as amendment to the Takeover Regulations and implementation of the Jalan committee report on stock exchanges and other market infrastructure institutions were deferred. However, SEBI expressed its poli
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Dr. Sanjiv Agarwal
Budget 2011 is on the anvil and in about a fortnight’s time, Finance Minister shall unveil his budget announcements for the year 2011-12.
It is an unwritten reality that GST may not happen now but the forthcoming Budget should clearly state this and also lay a proper and achievable road map as to how and when it may happen. Here are certain issues which the Union Budget 201
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Liaison Office (LO) involved merely in purchasing activity is not a Permanent Establishment (PE)
ADIT (IT) vs Fabrikant & Sons Ltd. (Appeal Nos. 4657 to 4660 and 3342) dated 28 January 2011
The facts and the issues were same for the relevant assessment years i.e.1999-2000 to 2002-03 and 2003-04. A tax survey was carried out in the financial year 2005-06 in the premises of the assessee. The fol
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Citation:- Assistant Director of Income-tax v. M/s. Universal International Music BV (ITA No. 6063/M/2004, 9034/M/2004, ITA 2304/M/2006 & ITA 5064/M/2006) dated 31 January 2011
The taxpayer, a resident of Netherlands, belongs to Universal group of companies which are engaged in manufacturing of audio and video recording, acquisition, alienation, exploitation, assigning and managing of copy right
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Reserve Bank of India [RBI] had on 12 August 2010 issued guidelines for Core Investment Companies [CICs]. RBI has on, 5 January 2011 notified Core Investment Companies (Reserve Bank) Directions, 2011 [CIC Directions]. The CIC Directions and the consequential amendments to the existing regulatory framework for NBFC which are CIC are effective from 5 January 2011.
Overview
This Alert provides an
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Ministry of Corporate Affairs (MCA), Government of India had launched "Easy Exit Scheme, 2011" (EES 2011) under the Companies Act, 1956 (the Act) to provide a fast track exit for "defunct companies" to get their names struck off from the records of the Register of Companies (ROC). EES 2011 was operative for a limited period of 1 month i.e. from 1 January 2011 till 31 January 2011.
MCA has now ex
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Ministry of Corporate Affairs, Government of India (MCA), has on 8 February 2011 issued directions through General Circular No. 2/2011 and Press Note 3/2011 exempting holding companies from attaching specified particulars of its subsidiary companies with the balance sheet of the holding company. The directions have been issued by MCA in terms of Section 212(8) of the Companies Act, 1956 (the Act).
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Ministry of Corporate Affairs, Government of India (MCA), has on 8 February 2011 issued a Press Note No. 4/2011 of its intention to amend Schedule XIII of the Companies Act 1956 (the Act) relating to managerial remuneration. The amendment will be applicable to managerial remuneration payable by unlisted companies having no profits/ inadequate profits.
Public limited companies (listed and unliste
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CLB’s responsibility to supervise the Company affairs even after passing final orders in a petition under section 397/398?
In any litigation, the Court or the authority adjudicating the matter can pass interim orders and the matter will get finally disposed of. Once the matter is dispose of finally, there ends the litigation and the final order can be executed. If there is a provision for revi
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Legal luminaries at Commonwealth Lawyers Conference at Hyderabad were unanimous that the corrupt should not be allowed to get away with the ill-gotten wealth and must be treated as human rights violators.
The conference attended by the Chief Justices and Judges of 10 Commonwealth countries was inaugurated by Prime Minister Manmohan Singh early this week.
Speakers who included Chief Justice
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A contract note is an important document for investors transacting in shares and other listed securities on a recognised stock exchange. A contract note is a legal record of your transaction carried on a stock exchange through a broker.
A contract note serves multiple purposes. Not only does it record transactions but it also provides the details of the transaction in writing. It is a valid bill
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Background:-Securities and Exchange Board of India [SEBI] at their Board Meeting held on 7 February 2011 decided to recommend to the Ministry of Corporate Affairs, Government of India [MCA] to suitably amend Clause 166 of the Companies Bill, 2009 [Companies Bill], to disallow interested shareholders from voting on the special resolution of the prescribed related party transaction. SEBI move is aim
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The Industrial Disputes Act, 1947 [“IDA”], provides for an elaborate system of adjudication of disputes between employers and workmen, and litigation over “subsistence allowance” is by no means uncommon, not only for tactical reasons, but also because it is often the only means of survival for an employee facing disciplinary proceedings. In this context, a single judge of the Bombay High C
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These 18 appeals, by special leave, are directed against he common judgment and order dated September 6, 2007 passed by Calcutta High Court whereby 18 criminal revision applications filed by the appellant for quashing the proceedings initiated by the complainants in 18 complaint cases under Section 138 read with Section 141 of Negotiable Instruments Act, 1881 ( for short, ‘NI Act’) against him
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Any foreign direct investment (FDI) in an Indian company requires the investors to have a pre-calculated conversion price for using compulsory convertible instruments.
The DIPP wants to make departure from such norms for convertible instruments, to encourage greater private equity (PE) participation and venture capital (VC) deals in the country.
It would come as lot of ease for the PE and VC inv
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The government is proposing to keep the new company legislation flexible so that rules and regulations governing companies can be updated quickly without following the cumbersome procedure of amendment through Parliament.
"We want to make sure that the regulations can be modified and updated continuously, as and when required.
Amending a section would be time-taking and a long process, while ch
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