Cost Audit Order for Drugs, Fertilizers, Sugar, Petro, Electricity, Telecom, Alcohol Industries

( COST AUDIT ORDER ON SPECIFIC INDUSTRIES) F. NO. 52/26/CAB-2010; Dated the 2nd May, 2011 Ministry of Corporate Affairs - Cost Audit Branch CLR Note: The companies as per the circular dated 11.04.2011 where required to appoint Cost Auditor, thus with regard to the same order has been passed for specific industries to implement the same… Read More

Cost Audit Order for Cement, Tyres, Tubes, Steel Tubes, Steel Pipes, Paper Industries

F. NO. 52/26/CAB-2010;  Dated the 3th May, 2011 Ministry of Corporate Affairs - Cost Audit Branch CLR Note: An order has been passed directing all companies to which the rules specified herein are applicable and their aggregate value of turnover made from sale or supply of all products or activities during the immediately preceding financial year exceeds Rs.… Read More

Bank penalised by RBI for not following KYC / AML norms

The Reserve Bank of India has  imposed the monetary penalty Rs.  5.00 lakh (Rupees five lakh only) on Ahmedabad District Central Co-operative Bank Ltd., Ahmedabad, Gujarat in exercise of powers vested in it under the provisions of Section 46 read with Section 47A of the Banking Regulation Act, 1949 (AACS) for violating guidelines issued by Reserve Bank of India… Read More

Whether Mens Reas necessary for Crimes by Companies

Whether Mens Reas is necessary for Crimes by Companies - Mens Rea means "Guilty Mind". Can a Company, which is an artificial person have a Guilty Mind? Hemanth beautifully provides an account in his Article below. The Hon™ble Supreme Court in Iridium India Telecom Ltd V Motorola Incorporated & Ors., had held that, the Companies… Read More

Tag: criminal law

Compulsory attendance in Professional Development Programmes of ICSI

Compulsory Attendance of Professional Development Programmes by the Members The Council of the Institute at its 200th Meeting held on March 18, 2011 at New Delhi amended the Guidelines for Compulsory Attendance of Professional Development Programmes by the Members to provide as under:- Next block of three years April 01, 2011 to March 31, 2014… Read More

RBI Policy Guidelines for issuance and operation of Prepaid Instruments in India

RBI/2010-11/512 DPSS.CO.No.2501/02.14.06/ 2010-11 May 4, 2011 All System Providers, System Participants And Prospective prepaid Instrument Issuer Madam/ Dear Sir Policy Guidelines for issuance and operation of Prepaid Instruments in India. A reference is invited to Para 124 of the Monetary Policy statement (2011-2012) on the issue of mobile based semi-closed prepaid payment instruments.  Attention is also… Read More

MFIs to get bank loans on priority for agriculture, micro and small enterprise- RBI

RBI/2010-11/505 RPCD.CO.Plan. 66 /04.09.01/2010-11 May 3, 2011 The Chairman/Managing Director/ Chief Executive Officer (All Scheduled Commercial Banks) Dear Sir/ Madam, Bank loans to Micro Finance Institutions (MFIs) Priority Sector status We invite a reference to paragraphs 92-93 of the Annual Policy Statement for the year 2011-12. 2. It has been decided to regulate microfinance sector by… Read More

CAG aims at better monitoring of the Project Imports

Circular No.22/2011-Customs Government of India; Ministry of Finance; Department of Revenue- Central Board of Excise and Customs CLR Note: The ˜Project Import Scheme™ is an Indian innovation to facilitate setting up of and expansion of industrial projects. Now, for setting up of a ˜Project™, a number of goods are needed to be imported in one or many consignments… Read More

Tag: CAG

Legal Perspective of the Live-in Relationship

India is a country, which is slowly opening its doors for western ideas and lifestyles and one of the most crucial episodes amongst it, is the concept of Live-in relationships. Many has been said and debated on the concept of Live-in relationships in India. It is important to understand the said concept from legal view… Read More

Guidelines on Mobile Banking Transaction by Banks

RBI/2010-11/511 DPSS.CO.No.2502 /02.23.02/ 2010-11 May 4, 2011 The Chairman and Managing Director / Chief Executive Officers All Scheduled Commercial Banks including RRBs / Urban Co-operative Banks / State Co-operative Banks / District Central Co-operative Banks Madam/ Dear Sir Mobile Banking Transactions in India - Operative Guidelines for Banks A reference is invited to Para 125 of… Read More

Non Payment by Guarantor will constitute debt – HC allowed winding up petition

N & S & N CONSULTANTS S.R.O Vs. SRM EXPLORATION PRIVATE LIMITED Synopsis of the Case:- The Petitioner Company is a company which was registered under the laws of Czech Republic.  It had executed the agreement with M/s. Newco Prague, s.r.o. i.e. purchaser company, for sale of 100% equity  interest  of SP of W, a.s. at the purchase price of CZK  230,000,000. … Read More

Tags: corporate guaranteeGuaranteeNon payment by GuarantorWinding up

Interest Rate on Savings Deposits increased

CLR NOTE:- The Reserve Bank of India  has notified that the interest rate on saving deposits has increased by 0.5 % with immediate effect from 3.5 % to 4 %. RBI/2010-11/507 DBOD.Dir.BC. 90 /13.03.00/2010-11 May 3, 2011 All Scheduled Commercial Banks (excluding RRBs) Dear Sir/Madam Interest Rates on Deposits Please refer to our directive DBOD.No.Dir.BC.75/13.03.00/2002-03 dated… Read More

FICCI to set up National Knowledge Functional Hub

FICCI  has proposed setting up of National Knowledge Functional Hub (NKFH) to engage higher Educational Institutions with the industry to produce quality engineering graduates and meet increasing requirement of engineers.. FICCI Capital Goods Committee Chairman K Venkataramanan said recommended that each capital goods company can adopt two to three institutions in its vicinity for sustained interaction… Read More


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