SEBI – Adjustment of differential pricing amount at the time of application for allotment of specified securities

SEBI CIRCULAR CIR/CFD/DIL/2/2011 May 16, 2011 CLR Note: The Securities and Exchange Board of India now offers its investors to take up shares at the differential pricing which would enable them to acquire more number of shares with the same money flow at the time of application itself. Sub.: Adjustment of differential pricing amount at the… Read More

Facebook case to enter US Supreme Court

The Winklevoss twins are taking their legal case against Facebook founder and their former Harvard classmate Mark Zuckerberg to the US Supreme Court after a federal appeals court today declined to review an earlier legal challenge from them. The Supreme Court is the final legal option open to Cameron and Tyler Winklevoss, who allege that… Read More

TRAI to get more powers akin to SEBI

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… Read More

CFOs optimistic about India Inc.

Finance executives in India are extremely optimistic about the prospects for economic expansion in India in the coming year than their global counterpart, says a survey. As per the fourth annual American Express/CFO Research Global Business and Spending Monitor, 87 per cent of CFOs in India are expecting economic expansion in the country in the… Read More

CBDT sets Rs. 5.30 lakh crore as tax collection target

Buoyed by mammoth tax mobilisation in last fiscal, Central Board of Direct Taxes (CBDT) has set a tax collection target of Rs 5.30 lakh crore for the current fiscal, which is up by 19 per cent compared with last fiscal's collections. "The tax collection target for current fiscal is Rs 5.30 lakh crore," CBDT Chairman… Read More

Loan to Public Companies Under Section 295 of the Companies Act, 1956 Clarification

CLR Note:  The circular regarding Loan to Public Limited Companies under Section 295 has been issued by the MCA to avoid unnecessary applications being filed by Companies for approvals even when the Act does not require approval. This circular seeks to clarify the position. Relevant extracts of Section 295 are also reproduced below for cross… Read More

Tag: Section 295 Companies Act

Withholding Tax not required to be deducted by Indian Company for data processing services

Indian firms outsourcing routine work to their overseas subsidiaries would not have to deduct withholding tax on the payments made to them. In a landmark ruling, the Authority of Advance Ruling (AAR) has held that firms are exempted from deducting the withholding tax on the payments made for services like transcription and data processing. Allowing… Read More

Solar PV farms exempted from MoEF clearance

India's ministry of environment and forests (MoEF) has exempted the solar PV farms coming up in the country from having to seek environment clearance. India is in the midst of a massive program to increase its grid-connected solar power generation capacity from around 20 million watts at the end of the 2010 to 20,000 million… Read More

Stakeholders invited for Compliance of provisions of the Companies Act, 1956

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 madethereunder. Sir, In order to ensure compliance of the provisions of the Companies… Read More

Self Clearing Member in the Currency Derivatives Segment

CIRCULAR CIR/DNPD/ 4 /2011 May 13, 2011 Recognized Stock Exchanges and their Clearing Corporations / Clearing Houses Dear Sir, Sub: Self Clearing Member in the Currency Derivatives Segment 1.  With regard to the newly created category of self clearing member, in the currency derivatives segment of a Stock Exchange, communicated vide notification no. LADNRO/GN/2011-12/01/11486 dated April  6, 2011,… Read More

Comprehensive Guidelines on Over the Counter (OTC) Foreign Exchange Derivatives and Overseas Hedging of Commodity Price and Freight Risks

RBI/2010-11/526 A.P. (DIR Series) Circular No. 60 May 16 , 2011 To All Authorised Dealer - Category I banks Madam / Sir Comprehensive Guidelines on Over the Counter (OTC) Foreign Exchange Derivatives and Overseas Hedging of Commodity Price and Freight Risks Attention of the Authorised Dealer Category - I (AD Category - I) banks is… Read More

Enhancement in gratuity limits – Prudential Regulatory Treatment

RBI/2010-11/527 RPCD.CO RRB.BC.No. 70 /03.05.33/2010-11 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.… Read More

Rate of Toll Tax revised in Delhi for Commercial Vehicles

The Municipal Corporation of Delhi, which had revised the toll tax for commercial vehicles entering the city recently, today said the new rates will be applicable from tomorrow. The fee chargeable in respect of taxi, tempo, Tata 407 and such type of commercial vehicles will be Rs 45 per visit while it will be Rs… Read More

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