Shantanu eMinds Legal Consulting Pvt Ltd
eMinds Legal Consulting Pvt. Ltd. is a Consulting Firm in India specialzing in Corporate Laws, Compliances, Secretarial, FEMA, Indirect Taxation, Cyber Laws & Contracts. The Firm comprises of a team of professionals of Company Secretaries, Lawyers and Chartered Accountants with an in-depth subject matter knowledge and participative industry experience of over 15 years.
DSIDC to honour Schemes already issued
M/S United Cutlery Works vs. Delhi State Industrial Development Corporation Ltd. Brief Facts:- The Petitioner Company i.e. M/s United Cutlery Works (UCW) is a partnership firm. An advertisement issued by the DSIDC, the petitioner company submitted an application for allotment of an industrial plot of at Narela. It was relocation scheme that was floated to enable industrial… Read More
AMCs cannot change Unit terms without taking consent from Unitholders : SAT
Subramanian R. Venkat vs. Securities Exchange Board of India(Date of Decision 3/5/2011) CLR Note: It was held by the Securities Appelate Tribunal (SAT) that Asset Management Companies (AMCs) cannot change the terms of the issued units / securities arbitrarily without taking consent from the Unit-holders. Brief Facts: The Appellant are husband and wife who are… Read More
Infringement of Trademark in case of Deceptively similar marks
M/S MAHASHIAN DI HATTI LTD. Vs. MR. RAJ NIWAS, PROPRIETOR OF MHS MASALAY Brief Background of the case:- The Plaintiff company is engaged in the business of manufacturing and selling spices & condiments, which are being sold under its registered logo (comprising "MDH" within three hexagon device, on red colour background) and is registered since 31st May, 1991… 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
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
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
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
FCRA 2010 and FCRA Rules 2011 come into Force w.e.f. 1st May, 2011
FCRA Comes into Force W.E.F 1st May 2011 Foreign Contribution Regulation Act (FCRA) 2010 has been notified and it has come into force with effect from 1/5/2011. FCRA Rules 2011 have also come into force from 1/5/2011. Key features of FCRA 2010 include the following: ¢ Concept of ˜permanent™ registration done away with; A five-year… Read More
Professional Consulting Service Firms liable under ESI
CONSULTING ENGINEERING SERVICES (INDIA) PVT. LTD.Vs.THE CHAIRMAN, ESI CORPORATION & ORS. Brief Background of the case: The Appellant company is a private company which does not carry out any manufacturing activity nor it produces any goods for the purpose of marketing and supply to any of its clients and customers and even public in general. It is claimed that the… Read More
Pledge of shares for Business Purposes
BI/2010-11/497 A. P. (DIR Series) Circular No. 57 dated 02/05/2011 To All Authorised Dealer Category - I banks Madam / Sir, Pledge of shares for business purposes Under the extant FEMA regulations, powers have been delegated to the Authorised Dealer Category I (AD Category I) banks to convey ˜no objection™ to the resident eligible borrowers… Read More
Compliance with Corporate Governance Guidelines for Insurance Companies
Ref: IRDA/F&A/CIR/CG/081/05/2011 To, CEO of All Life Insurers, Non Life Insurers and Reinsurer Dear Sir, Re: Compliance with Corporate Governance Guidelines (CG Guidelines) Attention is drawn to the Corporate Governance Guidelines issued by the Authority vide Circular no. IRDA/F&A/CIR/025/2009-10 dated 05th August, 2009, and Circular No. IRDA/F&I/CIR/F&A/014/01/2010 dated 29THJanuary, 2010. The following additional stipulations shall form… Read More
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