Legal Updates - Corporate Law Reporter

India and Iran discuss on issues related to Settlement of Payments

India and Iran hold detailed and Constructive Discussions on the Various Options for Resolving the Issues relating to Settlement of Payments; agreed to continue their Engagement in the Matter India and Iran sides held detailed and constructive discussions for two days i.e. May 30-31, 2011 on the various options for resolving the issues relating to… Read More

Jairam Ramesh to Release Report on Green Economy and the Forest on World Environment Day

Shri Jairam Ramesh to Release UNEP Report on Green Economy and the Forest on World Environment Day World Environment Day, 5th June is observed each year throughout the world, to focus attention on emerging environmental issues, and to induce public action. For 2011 UNEP (United Nations Environment Programme) has given the theme "Forests: Nature at Your… Read More

Do not respond to mails on IT refunds asking your credit card details

Information has been received from several quarters that people are receiving electronic mails informing them of their income-tax refunds and seeking their credit card details. It is clarified that the Income Tax Department does not send e-mails regarding refunds and does not seek any information regarding credit cards of taxpayers. Taxpayers are, therefore, cautioned that… Read More

Parkash Chandra is the new CBDT Chairman

No.402/92/2006-MC (11 of 2011) Government of India / Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi dated the 31st May, 2011 Shri Paraksh Chandra, an IRS (IT) officer of the 1973 batch, took over as Chairman of the Central Board of Direct Taxes (CBDT) today afternoon. He will also continue to look after… Read More

Customs Tariff Notification : New rates for Brass Scrap and Poppy seeds

[TO BE PUBLISHED IN PART-II, SECTION-3, SUB-SECTION (ii) OF THE GAZETTE OF INDIA, EXTRAORDINARY] Government of India Ministry of Finance (Department of Revenue) (Central Board of Excise and Customs) Notification No. 37/2011 Customs (N. T.) New Delhi, 31st May, 2011 10 Jyaistha, 1933 (SAKA) S. O¦ (E) In exercise of the powers conferred by sub-section (2)… Read More

Revision in the powers of adjudication of the officers of Customs

Circular No.24/2011-Customs F.No.450/117/2009-Cus.IV Government of India Ministry of Finance Department of Revenue Central Board of Excise & Customs 227-B, North Block, New Delhi-110001 31st May, 2011. To All Chief Commissioners of Customs / Customs (Prev.). All Chief Commissioners of Customs & Central Excise. All Commissioners of Customs / Customs (Prev.). All Commissioners of… Read More

Corrigendum to Notification SO 479(E) dated 04 March, 2011

TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRA ORDINARY PART II, SECTION 3, SUB SECTION (ii) GOVERNMENT OF INDIA MINISTRY OF CORPORATE AFFAIRS New Delhi, the 30th May, 2011 CORRIGENDUM SO.___ In the notification of the Government of India in the Ministry of Corporate Affairs, published in the Gazette of India, Extraordinary, Part II,… Read More

CCI: Penalty for making false statement or omission to furnish material information

TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRA ORDINARY PART ii, SECTION 3, SUB SECTION (II) GOVERNMENT OF INDIA 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… Read More

Power of CCI to impose penalty for non-furnishing of information on combinations

TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRA ORDINARY PART ii, SECTION 3, SUB SECTION (II) GOVERNMENT OF INDIA 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… Read More

Draft Rules in respect of unlisted public companies for preferential allotment /private placement

F.No. 12/13/2011-Legal Government of India Ministry of Corporate Affaris 51h Floor. A Wing, Shastri Rhawan, Dr. R.P. Road, New Delhi ” 110001 Dated 24.05.2011 To All the Regional Directors, All the Registrar of Companies/ Official Liquidators All stakeholders Sub : New Rules in respect of unlisted public companies preferential allotment /private placement Sir, Ministry is considering… Read More

Depreciation for the purpose of declaration of Dividend U/s 205 for Electricity Cos.

General Circular No: _31__ /2011 No: 51/23/2011-CL-III Government of IndiaMinistry of Corporate Affairs 5th floor, `A' Wing, Shastri Bhavan, Dr. R.P. Road, New Delhi-110 001. Dated: 31st May, 2011 To, All Regional Directors, All Registrars of Companies Subject: Depreciation for the purpose of declaration of Dividend under Section 205 in case of companies referred to… Read More

Lokpal Bill meets with hurdles

The Joint Drafting Committee on the Lokpal Bill on Monday for the first time got bogged down by contentious issues, with the UPA government opposing scrutiny of the Prime Minister, the higher judiciary and acts of MPs inside Parliament by the Lokpal and, as a way out, embarking on wider consultations. Both Union Minister for… Read More

CCI issues show cause order to NSE

The competition watchdog, CCI™s order last week confirming National Stock Exchange™s long-spell of predatory pricing in the currency futures segment, dissected and refuted the market institution™s argument that its intent was not to kill competition but to develop a nascent market. Opposing NSE™s arguments, the Competition Commission of India (CCI) asserted that NSE did not… Read More