Effective date of Rules under Companies Act, 2013 – MCA clarification

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MCA clarifies that all Rules published under Companies Act, 2013 are effective 1st April, 2014. MCA has released the attached statement on its website clarifying the above. This puts to rest the doubts that had arisen for certain rules which were mentioned to be applicable from the date of publication in official gazette, however, the same were not yet published in the official gazette till date....
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Fund/Non-Fund based Credit Facilities to Overseas Joint Ventures / Wholly owned Subsidiaries abroad

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RBI/2013-14/568 DBOD.No.BP.BC.107/21.04.048/2013-14 dated April 22, 2014 Fund/Non-Fund based Credit Facilities to Overseas Joint Ventures / Wholly Owned Subsidiaries / Wholly owned Step-down Subsidiaries of Indian Companies Please refer to our circular DBOD.IBD.BC.No.96/23.37.001/2006-07 dated May 10, 2007, in terms of which banks were permitted to extend fund/non-fund based credit facil...
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Foreign Direct Investment (FDI ) Policy (Circular 1 of 2014) dated 17th April,2014

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The Consolidated FDI Policy (Circular 1 of 2014) was released by the Department of Industrial Policy and Promotion (DIPP), Ministry of Commerce and Industry, Government of India on 17th April 2014 , setting out the consolidated foreign direct investment (FDI) policy of India which comes into force with immediate effect. The New Policy supersedes the Consolidated FDI Policy (Circular 1 of 2013)issu...
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Guidelines issued by CBDT for Laying Down Standard Operating Procedure for Verification/Correction of Arrear Tax Demand

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Detailed instructions have been issued by the Central Board of Direct Taxes (CBDT) to all the assessing officers laying down a Standard Operating Procedure (SOP) for verification and correction of demand by the AOs. As per this SOP, the taxpayers can get their outstanding tax demand reduced/deleted by applying for rectification along with the requisite documentary evidence of tax/demand already...
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Cap on Auditors for audit of 20 Companies not justified

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The Institute of Chartered Accountants of India (ICAI) has asked the Ministry of Corporate Affairs to exempt private limited and small companies from the ambit of the restriction imposed by Section 141 of the Companies Act, 2013 on Eligibility, qualifications and disqualifications of auditors which caps the number of audits which may be conducted by any auditor to 20. Under the new Companies ...
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Corporate Governance in listed entities – Amendments to Clauses 35B and 49 of the Equity Listing Agreement

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CIRCULAR No. CIR/CFD/POLICY CELL/2/2014 dated April 17, 2014  1. Please refer to master circular No. SEBI/CFD/DIL/CG/2004/12/10 dated October 29, 2004 on Clause 49 of the Equity Listing Agreement. 2. The Companies Act, 2013 was enacted on August 30, 2013 which provides for a major overhaul in the Corporate Governance norms for all companies. The rules pertaining to Corporate Governance wer...
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One Person Company under the Companies Act, 2013

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One Person Company - A Look at the relevant Legal provisions under the Companies Act, 2013   Introduction The sections relating to One Person Company were notified on the 26th March 2013 and the rules with regard to the same have also been notified.  The purpose of this Article is to enlighten readers about the legal provisions specific to a One Person Company. Meaning of One Per...
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Board Meetings through Video Conferencing and Criteria for Passing Circular Resolutions under Companies Act, 2013

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LEGAL ASPECTS GOVERNING BOARD MEETINGS THROUGH VIDEO CONFERENCING AND THE ELIGIBLE CRITERIA FOR PASSING CIRCULAR RESOLUTIONS UNDER THE NEW COMPANIES ACT, 2013 AND THE RULES FRAMED THEREUNDER Introduction The Companies Act, 1956 gave the flexibility to the Board to pass the required resolutions either through Board Meetings or through circular resolutions in case of emergency. But Passing Cir...
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Competitive Monetary Easing: Is it yesterday once more?

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Remarks by Dr. Raghuram G. Rajan, Governor, Reserve Bank of India at the Brookings Institution Good morning. As the world seems to be struggling back to its feet after the great financial crisis, I want to draw attention to an area we need to be concerned about: the conduct of monetary policy in this integrated world. A good way to describe the current environment is one of extreme monetary eas...
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Corporate Guarantees and Transfer pricing

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Corporate Guarantees – Whether a leg that fits into the shoes of Transfer pricing?? 1.   Introduction At a time where World’s almost every economy is going through a period of crisis, Government of every country is trying their best to provide stimulus to their economy.  As a result, every Government / Country wants their share of revenue (taxes) in a Global Economy. That’s where rece...
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