Articles - Corporate Law Reporter

RBI RELAXES NORMS FOR TRANSFER OF SHARES

The transfer of shares of an Indian company, by a person resident in India (Resident) to a person resident outside India (Non-Resident) and vice versa is governed by the Foreign Exchange Management (Transfer or issue of security by a person resident outside India) Regulations, 2000 (Regulations). PRIOR POSITION IN LAW The Regulations stated that prior… Read More

Director not liable for all wrongs in a Company: SC

A director of a firm cannot be held liable for the wrongs committed by his company unless it is proved that he was involved in the irregularities, the Supreme Court has held. This court has repeatedly held that in case of a director, complaint should specifically spell out how and in what manner the director… Read More

Discussion paper on Tax Accounting Standards

DISCUSSION PAPER ON TAX ACCOUNTING STANDARDS OCTOBER 2011 Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes 1. Background 1.1 Section 145 of the Income-tax Act, 1961 (the Act) provides that the method of accounting for computation of income under the head Profits and gains of business or profession and… Read More

XBRL Filings – White Paper

Please download the White Paper on conversion of Financial Statements into XBRL and XBRL filings thereof containing the following: Elgibility Forms & Filing Manual Time lines for filing XBRL forms Process Overview Steps Involved in XBRL Conversions Information Required from the Company Deliverables Timelines Benefits to You Capability Statement Value Proposition & USP Read More

Role of the Company Secretary in Corporate Governance Framework

This is a vitally important period for corporate governance in India. After many false starts and delays, significant progress was made in the reform of company law with the completion of a comprehensive review in 2005 and the laying before the Lok Sabha the Bill. Any satisfaction that might have been felt as a result… Read More

Recent Changes in External Commercial Borrowings (ECB)

The Recent Changes made under External Commercial Borrowing (ECB) Norms by Reserve Bank of India (RBI) External Commercial Borrowings (ECB) from the foreign equity holders[1]: To rationalise the policy RBI has made certain clarifications:- The term ˜debt™ in the debt-equity ratio has been replaced with ˜ECB liability™ to make the term signify true position as… Read More

What to do When the Cheque Gets Bounced

Introduction: In the current era, when crimes have increased to a surprising rate, crimes in banking appear as one of the major forms. India is also not untouched from such crimes. Bouncing of cheques is one such crime which occurs almost everyday in some or the other bank throughout India infact throughout the world. For… Read More

Prime Minister writes to Shri Anna Hazare

The Prime Minister has written to Shri Anna Hazare on the Lokpal issue. The text of the letter is as follows: Over the last few days, I have watched with increasing concern the state of your health. Despite the differences between the Government and your team, I do not think that anybody is or should… Read More

Salient Features of Jan Lokpall Bill

A look at the salient features of Jan Lokpal Bill: 1. An institution called LOKPAL at the centre and LOKAYUKTA in each state will be set up 2. Like Supreme Court and Election Commission, they will be completely independent of the governments. No minister or bureaucrat will be able to influence their investigations. 3. Cases… Read More

Free Transferability of shares

Free Transferability of shares of a Public[Listed] Co under Sec:111-A has gained momentum in recent years. Vested interests are in favour of availing Right of First Refusal (ROFRs) keeping aside the validity of Sec: 111-A. Definition of Sec: 111-A is, again, defined in different meanings. Legal Experts have drawn it to favour their corporate clients whereas the Hon'ble Justice Dr.D.Y.Chandrachud in… Read More

Comments invited on Draft National Competition Policy

Ministry of Corporate Affairs has constituted a Committee under the Chairmanship of Shri Dhanendra Kumar, Former Chairperson of Competition Commission of India, for framing of National Competition Policy and related matters. Other Members of the Committee included Additional Secretary, MCA Shri Sudhir Mital, Shri Pradeep Mehta of CUTS, Smt. Pallavi Shroff, Advocate. Shri Manas Kumar… Read More

XBRL Training Material

Please download the XBRL training material which will clarify a host of concept and procedure for conversion of financial statements into XBRL Read More

Message from the ICSI President July, 2011

"A professional is someone who can do his best work when he doesn't feel like it." - Alistair Cooke Dear Professional Colleagues, Friends, lot has happened in the last one month on many fronts. I would like to share with you some of the developments through this communication. ICSI Welcomes Dr. M Veerappa Moily, Hon'ble Minister… Read More