Government Of India | Corporate Law Reporter

Procedure for PAN allotment to undergo a change w.e.f. 03rd Feb 2014

Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes Dated 24th January, 2013 Press Release The procedure for PAN allotment process will undergo a change w.e.f. 03.02.2014. From this date onwards, every PAN applicant has to submit self-attested copies of Proof of Identity (POI), Proof of Address (POA) and Date of Birth… Read More

Tags: Commissioner, Government of India, Identity document, Income tax, PAN Facilitation Centre, Press Release, Rekha, Taxation in India

Report by Regional Director (RD) u/s 394A of the Companies Act, 1956- Taking accounts of comments/inputs from Income Tax Department and other sectoral Regulators while filing reports by RD

General Circular No 1/2014, Dated :15th January 2014 Subject: Report u/s 394A of the Companies Act, 1956- Taking accounts of comments/inputs from Income Tax Department and other sectoral Regulators while filing reports by RDs. Section 394A of the Companies Act, 1956 requires service of a notice on the Central Government wherever cases involving arrangement/compromise (under Section 391) or reconstruction / amalgamation (under… Read More

Tags: Amalgamation, Central Government, Companies Act 1956, Government, Government of India, Income tax, Merger, RD report, Registrar of Companies, Section 394

Amendments in Chapter 3 of Foreign Trade Policy 2009-14

To be published in the Gazette of India Extraordinary Part II Section 3, Sub Section (II) Government of India Ministry of Commerce & Industry Department of Commerce Udyog Bhawan, New Delhi Notification No: 64 (RE-2013)/2009-2014 New Delhi, the 06 January, 2014 Subject: Amendments in Chapter 3 of Foreign Trade Policy 2009-14 S.O.(E) In exercise of… Read More

Tags: Asia, Customs, File Transfer Protocol, Government of India, India, New Delhi, Para, Scrip

MCA Finalizes Rules for NCLT (Salary of President & Other Members) – to be notified in Official Gazette

The Ministry of Corporate Affairs has finalized some of the Rules leading to the formation of NCLT. The first set of rules will be called the National Company Law Tribunal (Salary, Allowances and other Terms and Conditions of Service of President and other Members) Rules, 2013, will be published in the Official Gazette of India. The… Read More

Tags: Allowances, Companies Act, Corporate Affairs Ministry, Government, Government of India, India, LokSabha, National Company Law Tribunal, NCLT, Official Gazette, Official Gazette of India, Sachin Pilot

Deferred Tax Liability on Special Reserve created under Section 36(1) (viii) of the Income Tax Act, 1961

RBI/2013-14/412 DBOD. No.BP.BC.77/21.04.018/2013-14 December 20, 2013 The Chairmen and Managing Directors / Chief Executive Officers of all Commercial Banks (excluding Regional Rural Banks) Dear Sir, Deferred Tax Liability on Special Reserve created under Section 36(1) (viii) of the Income Tax Act, 1961 Please refer to our mailbox clarification dated November 6, 2009 with respect to… Read More

Tags: Banks, Government of India, Income tax, Income Tax Act, Income Tax Act 1961, India, Karnataka High Court, United States

MCA Notification on Exemption from Vessel Sharing Agreements

MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, the 11 th December, 2013 S.O. 3641(F).- In exercise of powers conferred by clause (a) of Section 54 of the Competition Act, 2002 (12 of 2003), the Central Government, in public interest, hereby exempts the Vessel Sharing Agreements (VSAs) of Liner Shipping Industry from the provisions of Section… Read More

Tags: Central Government, Director-general, Government of India, India, Ministry of Corporate Affairs, New Delhi, Official Gazette, Secretary

Registered Valuers Under Companies Act, 2013

Registered Valuer is one among the many new concepts introduced by the Companies Act, 2013 to provide for a proper mechanism for valuation of the various assets and liabilities related to a company and to standardize the procedure thereof. This will not only help in eliminating doubts relating to arbitrary valuation and window dressing but… Read More

Tags: Book value, Central Government, Companies Act, Company, Corporate Affairs Ministry, Discounted cash flow, Employee stock option, Government of India, India, Real estate appraisal, Valuation (finance)

Most Recommendations of The Damodaran Committee Taken Into Account In The Companies Act, 2013

A Committee under the Chairmanship of Shri M. Damodaran was constituted to suggest measures for a roadmap for improving business climate in India. Giving this information in written reply to a question in the Lok Sabha today, Shri Sachin Pilot, Minister for Corporate Affairs, said that the Committee has since submitted its report to the… Read More

Tags: Committee, Companies Act, Corporate Affairs Ministry, Government of India, India, LokSabha, Sachin Pilot, Shri Sachin Pilot

Government Approves one Proposal of Foreign Direct Investment

Further to para 7 of the Press Release dated September 27, 2013, wherein it was stated that decision of the one proposal will be communicated separately, the Government of India has approved the proposal of Foreign Direct Investment (FDI) amounting to Rs. 31.92 crore approximately. Following one (1) proposal has been approved: Sl. No. Name of theapplicant Particulars of the proposal FDI/NRIinflows (Rs. in crore) 1… Read More

Tags: Asia, FDI, foreign direct investment, Foreign Investment Promotion Board, Foreign ownership, Government of India, India, Press Release

Exchange Traded Cash Settled Interest Rate Futures (IRF) on 10-Year Government of India Security

CIRCULAR CIR/MRD/DRMNP/35/2013 December 05, 2013 To Recognized Stock Exchanges Recognized Clearing Corporations Dear Sir/Madam, Sub: Exchange Traded Cash Settled Interest Rate Futures (IRF) on 10-Year Government of India Security 1. SEBI vide circular No.… Read More

Tags: Annexation, Government of India, India, Risk management, SEBI, Securities & Exchange Board of India, Securities and Exchange Board of India Act 1992, Stock exchange

Implementation of the New Company Law

The Companies Act, 2013 has been assented to by the President of India on 29.08.2013 and published in the Official Gazette on 30.08.2013 which empowers the Central Government to bring into force various sections from such date(s) as may be notified. Accordingly, 98 Sections of the Companies Act, 2013 have been notified on 12.09.2013. Giving… Read More

Tags: Companies Act, Companies Act 1956, Corporate Affairs Ministry, Government of India, India, Lok Sabha, Sachin Pilot, Site of Special Scientific Interest

Union Budget – 2013-14 Interest Subvention Scheme

RBI/2013-14/398 RPCD.No.FSD.BC.71/05.04.02/2013-14 December 4, 2013 To, The Chairman / Managing Director All Public & Private Sector Scheduled Commercial Banks Dear Sir Union Budget - 2013-14 Interest Subvention Scheme As directed by the Government of India and in pursuance of the budget announcement made by the Finance Minister relating to the Interest Subvention Scheme 2013-14, Interest subvention… Read More

Tags: Bank, Government of India, Interest, Kisan Credit Card, Loan, Public sector, Reserve Bank of India, Statutory auditor

SEBI clarification on Investments by FIIs/QFIs in Credit Enhanced Bonds

CIRCULAR CIR/IMD/FIIC/ 19 /2013 November 28, 2013 To All Foreign Institutional Investors through their designated Custodians of Securities The Managing Directors NSDL and CDSL Sir / Madam, Sub: Investments by FIIs/QFIs in Credit Enhanced Bonds On September 10, 2012, Government of India decided to permit Foreign Institutional Investors (FIIs) to invest in Credit Enhanced INR… Read More

Tags: $51 billion, Corporate bond, Government of India, India, Institutional investor, Reserve Bank of India, Run batted in, United States