Legal Updates

Government inviting comments on the proposed anti graft bill

New Delhi, Apr 12 (PTI) In the backdrop of uproar over corruption and blackmoney issues, Government has sought suggestion from people on a proposed anti-graft law which will facilitate extradition and prosecution of foreign public officials involved in bribery. In a public notification, the government sought views and suggestions of general public on the Prevention… Read More

Tags: anti-graft lawlokpal billprevention of bribery

Interactive Session with Regulators on Regulatory Overlaps

ASSOCHAM is organizing an Interactive Session with Regulators on Regulatory Overlaps On Wednesday, the 13th April, 2011 at from 11.00  a.m. to 1.00 p.m. at ASSOCHAM House, 47, Prithviraj Road, New Delhi Smt. Usha Narayanan, Executive Director, SEBI will be the Guest of Honour. The program would be followed by Lunch. There is no participation fee… Read More

Tag: ASSOCHAM

Compensatory Fines allowable as deduction under Income Tax

While Penalties have always been disallowed under the Income Tax Act, the recent judgment clarifies on allowability of compensatory fines paid to authorities. In a recent order, Income-tax  Appellate Tribunal, (ITAT) has held that fines paid to RTO is an allowable expenditure under the Income-tax Act. According to the provisions of the Income-tax Act, if… Read More

Tag: ITAT

Clarification Regarding Education cess under Service Tax

Circular No. 134 /3 / 2011 ST; F.No.354/42/2011-TRU; Since Education Cess is levied and collected as percentage of service tax, when and wherever service tax is NIL by virtue of exemption, Education Cess would also be NIL. [ CLR View: Ministry of Finance stating the Obvious...but when it comes to Revenue, nothing can be taken… Read More

ROCs to check for diversion of IPO funds

To check the misuse of funds raised by Companies via IPOs, the Ministry of Corporate Affairs has directed the Registrar of Companies (RoCs) to check for diversion of IPO funds while performing scrutiny of their annual accounts. MCA has asked ROCs to check for fund diversions by companies from the objectives stated in the prospectus with a… Read More

Tags: Registrar of CompaniesROC

Practicing CA and CS to act responsibly or face penal action from MCA

No 17/102/2011 CL-V Circular 14/2011; Ministry of Corporate Affairs In addition to the penal actions against the companies and their officers in default for furnishing incorrect or false information in the documents as provided under the Companies Act, 1956, action would also be taken on receipt of any complaint against practicing professionals for alleged wrong submissions of eForms… Read More

Clarification regarding Easy Exit Scheme

General Circular No:12/2011 dated 7th April, 2011 The Ministry of Corporate Affairs has notified the revised simplified procedure for dealing with the applications received under easy exit scheme issued for striking off the name of the Company under Section 560 of the Companies Act 1956 vide its general circular no 12/2011 dated 7th April 2011… Read More

PAN / Passport mandatory to obtain DIN

General Circular No.11/2011, New Delhi Dated 07.04.2011 Income Tax Permanent Account Number (PAN) will be mandatory for DIN in case of all Indian Nationals and Passport in case of all Foreign Nationals. All existing DIN holders who have not furnished their PAN earlier at the time of obtaining DIN, are required to furnish their PAN by filing DIN-4… Read More

Tag: DIN

Director™s Relatives (Office or Place of Profit) Amendment Rules, 2011

G.S.R. 303(E) : NOTIFICATION [F.NO. 17/75/2011-C.L.V], DATED 6-4-2011 In exercise of the powers conferred by clause (b) of sub-section (1) of section 642, read with sub-section (1B) of section 314 of the Companies Act, 1956, the Central Government hereby makes the following rules to amend the Director™s Relatives (Office or Place of Profit) Rules, 2003, namely:-… Read More

Jurisdictional Limits of Regional Directors Redefined

G.S.R. 304(E) NOTIFICATION [F.NO.5/18/2005-C.L.V], DATED 6-4-2011 Jurisdictional Limits of Regional Directors Redefined by amendment in Companies Regulations, 1956 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… Read More

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