Articles - Corporate Law Reporter

Quarterly Report on Debt Management for the Quarter Jan-March 2011 Released

Government has released the Quarterly Report on debt management pertaining to the quarter Jan-March 2011, here today. The Middle Office (MO), Department of Economic Affairs in the Ministry of Finance has been bringing out the Quarterly Report on debt management since September 2010. This Report for the quarter Jan-March 2011 is the fourth such report in… Read More

FAQ’s on Special Provisions for International Workers under Provident Fund

1) Who is an International Worker? An International worker may be an Indian worker or a foreign national. - Any Indian employee working or having worked abroad in a country with which India has entered into a Social Security Agreement (SSA); OR - Any foreigner working in India in an establishment where the Employees Provident… Read More

FAQs on New Rules relating to Appointment of Cost Auditor

CLR Note: Ministry of Corporate Affairs had recently issued notifications for appointment of Cost Auditors. Companies are having procedural queries with regard to the appointment of Cost Auditor, which has been clarified by ICWAI through its given questioner where the doubts have been sorted out for better understanding of everyone to implement it. Q.1 Has the Government prescribed a new procedure… Read More

Salient Features of FCRA, 2010 Comes into Effect from May 1, 2011

The Foreign Contribution (Regulation) Act, 2010 has come into effect from May 1, 2011. The Ministry of Home Affairs has issued the necessary Gazette Notification vide S.O. 999 (E) dated the 29th April, 2011 in this regard. The Ministry of Home Affairs has also issued a Gazette Notification vide G.S.R. 349 (E) dated the 29th… Read More

Message by the President of ICWAI

President CommuniquÃ© May, 2011 To exist is to change, to change is to mature, to mature is to go on creating oneself endlessly. Patience is bitter but its fruit is sweet. - Anonymous Dear Professional Colleagues, It gives me immense pleasure to share with you the growth story of India which is gaining momentum and… Read More

Legal Perspective of the Live-in Relationship

India is a country, which is slowly opening its doors for western ideas and lifestyles and one of the most crucial episodes amongst it, is the concept of Live-in relationships. Many has been said and debated on the concept of Live-in relationships in India. It is important to understand the said concept from legal view… Read More

Highlights of the Industrial Disputes (Amendment) Act, 2010

The Article analyses impact of Industrial Disputes (Amendment) Act, 2010 on staffing, business and organisations: In India, the Industrial Disputes Act, 1947 is the main legislation for investigation and settlement of all industrial disputes. The Industrial Disputes (Amendment Act), 2010 have brought few significant changes to the Industrial Disputes Act, which are produced under the… 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

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

Whether legal heirs of a former employee are liable to be prosecuted under section 630 of the Companies Act, 1956 ?

Wrongful withholding of company property is an offence and the wrong doer can be proceeded against under section 630 of the Companies Act. Whether this section can be pressed into service even against the legal heirs of past employee is the crucial question examined in the light of recent judicial elucidations. Introduction 1. The… Read More