Company Law - Corporate Law Reporter

SEBI Order with respect to esrtwhile Hyderabad Stock Exchange

Order in the matter of Exit of Hyderabad Securities and Enterprises Limited (Erstwhile Hyderabad Stock Exchange 1.There are currently 25 Stock Exchanges across the country most of which are non-operational and only five have trading on their platform which includes NSE, BSE, MCX, USE and CSE. 2.SEBI vide Circular dated May 30, 2012 had issued… Read More

Increase in FII debt limit for Government and Corporate Debt category

CIRCULAR CIR/IMD/FIIC/3/2013 February 08, 2013 To All Foreign Institutional Investors Through their designated Custodians of Securities Dear Sir/Madam Sub: Increase in FII debt limit for Government and Corporate Debt category 1. The Reserve Bank of India vide circular RBI/2012-13/391, dated January 24, 2013, had enhanced the limit for investment by FIIs in the Government Debt… Read More

Liquidity Enhancement Schemes for Liquid Securities in Equity Cash market

CIRCULAR CIR/MRD/DP/05/2013 February 08, 2013 To All Stock Exchanges. Dear Sir/Madam, Sub: Liquidity Enhancement Schemes for Illiquid Securities in Equity Cash market 1. SEBI vide its circular CIR/DNPD/5/2011 dated June 02, 2011, permitted liquidity enhancement schemes (LES) in Equity Derivatives Segment and specified broad guidelines for the same. 2. Pursuant to the introduction of LES… Read More

SEBI Suspends Certificate of registration on account of functioning irregularities

PR No. 21/2013 Certificate of registration of M/s. Chanakya Stock Broking Services Pvt. Ltd., suspended Shri Prashant Saran, Whole Time Member, SEBI has vide an order dated February 05, 2013, in the matter of M/s. P.N. Vijay Financial Services Pvt. Ltd., suspended the certificate of registration of the stock broker M/s. Chanakya Stock Broking Services… Read More

Recognition to Members of ICSI under SEBI (Investment Advisers) Regulations, 2013

SEBI has issued SEBI (Investment Advisers)Regulations, 2013 on January 21,2013, requiring yearly audit of Compliance by Members of ICSI. Regulation 19 (3) reads as under : An investment adviser shall conduct yearly audit in respect of compliance with these regulations from a member of Institute of Chartered Accountants of India or Institute of Company Secretaries of… Read More

High Court Order for a Company Appeal related to allegations of betrayal of trust and faith and illegal control of BoD

COMPANY APPEAL (SB) No. 100 of 2012 Page 1 of 21 IN THE HIGH COURT OF DELHI AT NEW DELHI COMPANY APPEAL (SB) No. 100 of 2012 Reserved on: January 24, 2013 Decision on: February 5, 2013 SANJAY GAMBHIR & ORS. ..... Appellants Through: Mr. K. Datta with Mr. Manish Srivastava and Mr. Diggaj Pathak,… Read More

SEBI circular on Time periods for offerings and allotments of tax saving mutual fund schemes

CIRCULAR CIR/ IMD/ DF/02/2013 February 06, 2013 All Mutual Funds/Asset Management Companies (AMCs)/ Trustee Companies/Boards of Trustees of Mutual Funds Sir/ Madam, Subject: Time Period for initial offering and allotment of units of Mutual Fund Scheme eligible under Rajiv Gandhi Equity Savings Scheme, 2012 (RGESS) 1. As per Regulation 34 of SEBI (Mutual Funds) Regulations,… Read More

Permission to standalone Primary Dealers for trading in corporate bonds

RBI/2012-13/412 IDMD. PCD.No.2310/14.03.05/2012-13 February 06, 2013 All Standalone Primary Dealers (PDs) Dear Sir/Madam, Permission to standalone PDs for membership in SEBI approved Stock Exchanges for trading in corporate bonds With a view to further developing the debt market in India, it has been decided to permit standalone PDs to become members of SEBI approved stock… Read More

Scheme of Arrangement under the Companies Act 1956 – Revised requirements for the Stock Exchanges and Listed Companies

CIRCULAR CIR/CFD/DIL/5/2013 Date: February 4, 2013 To The Stock Exchanges Dear Sir/Madam Sub: Scheme of Arrangement under the Companies Act, 1956 Revised requirements for the Stock Exchanges and Listed Companies Vide Circular No. SEBI/CFD/SCRR/01/2009/03/09, dated September 03, 2009 (Circular) certain requirements were prescribed for seeking exemption under subrule (7) of rule 19 of the Securities Contracts (Regulation)… Read More

Date for filing cost audit report in XBRL extended till 28th Feb 2013

The date for Filing of Cost Audit Report and Compliance Report in the eXtensible Business Reporting Language (XBRL) mode has been extended to 28th February 2013. The full notice / circular is given here. General Circular No. 2/2013 52/17/CAB-2011 Government of India Ministry of Corporate Affairs Cost Audit Branch ***** ˜B-1™ Wing, 2nd Floor, Paryavaran… Read More

RBI allows Indian Companies in Hotel Sector to Avail Benefits under ECB

Union Tourism Minister Shri Chiranjeevi has welcomed the decision of Reserve Bank of India to allow Indian companies in the hotel sector to avail benefits under the ECB (External Commercial Borrowings) scheme to repay their outstanding rupee loans and or to finance fresh capital expenditure. In a statement issued here today the Minister said amended… Read More

Revival of Scooters India Limited, Lucknow

The Union Cabinet today approved the revival of Scooters India Limited, Lucknow (SIL) through infusion of funds of Rs. 90.38 crore as capex/working capital and financial restructuring through waiver/conversion of Government of India loan/interest to the tune of Rs.111.58 crore. The Cabinet also approved the 2007 pay scales to the employees as per the Department… Read More

SEBI releases Discussion Paper on ‘Mandatory Safety Net Mechanism’

Background Regulation 44 of SEBI (ICDR) Regulations, 2009 addresses the concept of Safety Net in public Issues. Excerpts from the same are reproduced below: An issuer may provide for a safety-net arrangement for the specified securities offered in any public issue in consultation with the BRLM after ascertaining the financial capacity of the person offering… Read More