Company Law - Corporate Law Reporter

Rationalisation of pay and allowance to licensed category of employees of Air India as per Industry practices and DPE guidelines

Rationalisation of pay and allowance to licensed category of employees of Air India in line with Industry practice and standard over and above the DPE guidelines The Cabinet Committee on Economic Affairs has approved that in addition to pay and allowances admissible under Department of Public Enterprises (DPE) Guidelines as recommended by Dharmadhikari Committee, flying… Read More

Merger of Bharat Heavy Plate & Vessels Limited with Bharat Heavy Electricals Limited

The Union Cabinet today gave its approval for merger of Bharat Heavy Plate & Vessels Ltd. (BHPV) Vishakhapatnam with Bharat Heavy Electricals Limited (BHEL), New Delhi. The merger will facilitate BHPV to become a unit of BHEL. BHPV would be able to participate in tenders, obtain orders and attract best vendors for procuring materials /… Read More

GoI directed to provide Debt Recovery Tribunals the necessary manpower & adequate infrastructure

CLR Editorial Note: With reference to the Civil Writ Petition case filed by Debt Recovery Tribunal (DRT) Bar in the Punjab and Haryana HC, seeking directions from the Government on functioning of the various benches appointed. The focus of the Writ was the inability of two benches to function due to lack of infrastructure such as… Read More

SEBI Clarification on Gold Deposit Scheme of banks

CIRCULAR CIR/IMD/DF/04/2013 February 15, 2013 All Mutual Funds/Asset Management Companies (AMCs)/ Trustee Companies/Boards of Trustees of Mutual Funds/ All Depositories Sir/ Madam, Sub: Gold Exchange Traded Fund Scheme (Gold ETFs) Investment in Gold Deposit Scheme (GDS) of Banks 1. SEBI (Mutual Funds) Regulations, 1996, (MF Regulations) permits Gold Exchange Traded Fund scheme (Gold ETFs) to… Read More

Introduction of Periodic Call Auction for Illiquid Scrips and Extension of Pre-open Session to all Scrips

CIRCULAR CIR/MRD/DP/ 6/2013 February 14, 2013 To All Stock Exchanges Dear Sir/Madam, Sub: Introduction of Periodic Call Auction for Illiquid Scrips and Extension of Pre-open Session to all Scrips. 1. SEBI vide circular no CIR/MRD/DP/21/2010 dated July 15, 2010 introduced Call Auction in Pre-open session on pilot basis at NSE and BSE for scrips forming… Read More

Ministry taking measures to resolve issues with MCA 21 e-Governance Portal

Ministry of Corporate Affairs Taking Necessary Measures to Resolve the Temporary Difficulties in the Ministry™s MCA 21 e-Governance Portal The Ministry of Corporate Affairs is taking necessary measures to resolve the temporary difficulties that have arisen in the MCA 21 e-Governance portal of the Ministry. At the same time, in order to alleviate the problems… Read More

DGCI urges license holders to launch new drugs within 6 Months or else face cancellations

F.No.12-01/12DC Pt- 127 Directorate, General of Health Services (Office of DCG(I)), FDA Bhawan, Kotla Road, new Delhi Dated : 10.01.2013 To All State Drug Controllers Sub: Cancellation of permission / license in case an applicant/ manufacturer who fails to launch their product for marketing in the country within a period of six months from obtaining the permission / license from CDSCO regarding. Sir, Under the… Read More

NSDL does not have jurisdiction to adjudicate claim of ownership with respect to demated shares

CLR Editorial Notes: This is an Appeal under Section 10F of the Companies Act, 1956. The Hon'ble High Court of Mumbai has ruled that the National Securities Depositories Limited is not empowered to decide and/or adjudicate the claim of title in respect of demated shares. Any dispute with regard to the ownership and/or title of any share… Read More

Filing of Data in XBRL mode extended till 28th February 2013

General Circular No: 05/2013 No. 17/ 161 /2012-CL-V Government of India Ministry of Corporate Affairs 5th Floor, "A" Wing, Shastri Bhawan, Dr. R.P. Road, New Delhi-110001 Dated 12/02/2013 All the Regional Directors, All the Registrar of Companies. Sub: -Filing of Balance Sheet and Profit and Loss Account in extensible Business Reporting Language (XBRL) mode for… Read More

Relaxation of additional fees and extension of last date in filing of various forms with the MCA

Circular No.. L./2013 No.17/187/2011-CL.V Government of India Ministry of Corporate Affairs 5th Floor, 'A' wing, Shastri Bhawan Dr. R.P. Road, New Delhi-110 001 Dated the: 8th February, 2013 To, All Regional Directors, All Registrars of Companies, All Official Liquidators, All Stakeholders. Sub:-Relaxation of additional fees and extension of last date in filing of various… Read More

CLB dismissed Company Petition filed under Sec 397 and 398 (oppression and mismanagement)

CLR Editorial Notes: The case refers to a Company Petition (CP) filed under sections 397 and 398 (oppression and mismanagement). The Company Law Board has held that that the consideration of oppression and mismanagement arises only if the petitioners are found to be shareholders of the company. Hence the issue being held against the company and… Read More

MCA will waive additional fees owing to non-smooth functioning of its website

The following message has been displayed on the home page of the Ministry of Corporate Affairs. The Ministry acknowledges that services on MCA 21 are not of the fullest satisfaction of the stakeholders for last few days. The Ministry is seized of the matter and taking all necessary steps for smooth functioning of MCA 21.… Read More

Supreme Court sets aside judgement related to cheque dishonour due to signature mismatch

CLR Editorial Notes: A Supreme Court Justice Bench had set aside a verdict given by Hon'ble Gujarat High Court, in a case of dishounour of cheque due to mismatch of signatures of signatories. The HC had held that a criminal proceeding against the perpetrator for cheque dishonour can be initiated only in an event where… Read More