Others - Corporate Law Reporter

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

IRDA selects Implementation Agency for Business Analytics Project

Ref:IRDA/IT/NTC/TNDR/082/05/2011 Sub: Selection of Implementation Agency (IA) for Business Analytics Project Based on the detailed scrutiny of the Technical & Commercial Proposals submitted by the Shortlisted IT firms and further evaluation based on Combined Quality Cum Cost Based System (CQCCBS), M/s L & T Infotech has been formally selected as an Implementation Agency for the… Read More

ICSI 12th National Conference at Ooty in July, 2011

The 12th National Conference for the Practicing Company Secretaries will be organised on the 14th ,15th & 16th of July, 2011 at Ooty, an apt location for discussing on Capital market and opportunities for Practising Company Secretaries, FEMA, Foreign Direct Investment, External Commercial Borrowings, Emerging opportunities in other laws with emphasis on SMEs, Opportunities for appearance before various tribunals / quasi… Read More

Liability of Directors on Check Bounce under Section 138 Negotiable Instruments Act

Liability of Directors on Check Bounce under Section 138 Negotiable Instruments Act : Are all the Directors liable under Section 138 ? What happens to the innocent Directors who were not aware of the cheque so issued ? What about the Directors who no more work with the Company as Directors. Hemanth deals with these… Read More

Payment of fee under the RTI Act by Indian Postal Order

CLR Note: The person who is filing the application under Right to Information Act, can make payment through various modes including Indian Postal Order. If any authority refuses to accept the Postal order, it may be penalized by the Central Information Commission on the concerned Central Pubic Information Officer No.F.10/9/2008-IR Government of India Ministry of Personnel, PG & Pension… Read More

Every procedure is permitted to the court for doing justice unless expressly prohibited

Recently, hon™ble Supreme Court in RAJENDRA PRASAD GUPTA V. PRAKASH CHANDRA MISHRA & ORS. {(2011) 2 SCC 705; Civil Appeal No(s). 984 of 2006-Decided on 12-01-2011} has held as follows (in para 2). 2.........................Rules of procedure are handmaids of justice. Section 151 of the Code of Civil Procedure gives inherent powers to the court… Read More

AGREEMENTS VALID WITHOUT PAYING STAMP DUTY-Purchase order, Airline ticket and Courier receipt etc

Extracts from Section 3 and Entry No. 5 in Schedule I to the Indian Stamp Act, 1899 are reproduced below for ready reference. (A) Entry No. 5 in Schedule I (Stamp Duty on Instruments) to the Indian Stamp Act, 1899 read as follows. 5. AGREEMENT or Memorandum of Agreement-(a) if relating to the sale of… Read More

When an Unregistered Equitable Mortgage Deed is Invalid

An extract of section 58(f) and section 59 of the Transfer of Property Act, 1882 is reproduced below for ready reference. 58(f). Mortgage by deposit of title-deeds.”Where a person in any of the following towns, namely, the towns of Calcutta, Madras, and Bombay, and in any other town which the State Government concerned may, by notification… Read More

Arbitral award need not be written on stamp paper by the Arbitrator

This has reference to the observations of hon™ble Single Judge bench of Delhi HC in Eider PW1 Paging Limited and Eider PW1 Communications Ltd. Vs. Union of India and Ors. {2010 (115) DRJ 263- Delhi HC}, which has been referred to a larger bench of Delhi HC. However, with highest respect to hon™ble Single Judge bench… Read More

A sparkling fresh start for CAs, as MNCs bring lucrative offers

According to the Institute of Chartered Accountants of India (ICAI), 5375 newly qualified CAs registered with the Institute for February-March 2011 placements. 73 Interview teams participated in place one of the placements at 11 smaller centers. Over 1710 candidates were short listed through Interviews and 528 candidates were offered jobs. This year the highest salary offered… Read More

Unique Protection to Chartered Accountants – Insurance for Practicing Members & CA Firms

The Committee for Capacity Building of CA Firms and Small & Medium Practitioners, ICAI ( CCBCAF & SMP ) has taken a major step for arranging Insurance cover against Professional Indemnity through New India Assurance Co. Ltd., Mumbai. An MOU has been signed by ICAI with New India Assurance Co. Ltd., on the 10th February… Read More

Directions issued by Supreme Court in exercise of its power under Article 142 of the Constitution do not constitute a binding precedent

In State of U.P. Vs Neeraj Awasthi & Others {2005 (5) Suppl.SCR 906 , 2006 (1) SCC 667 , 2005 (10) SCALE 286 , 2006(1) JT19; Date of Judgment: 16/12/2005} hon™ble Supreme Court has observed as follows. In All Manipur Regular Posts Vacancies Substitute Teachers' Association v. State of Manipur [1991 Supp (2) SCC 643],… Read More

Seminar on Capital Market- Challenges & Opportunities by ICSI on 30th April 2011

A Seminar on Capital Market- Challenges & Opportunities will be organised on the 30th April,2011, the details to it are given in the link below: Seminar on Capital Market Read More