Articles - Corporate Law Reporter

Writ Petition will be not be maintainable against the award of RBI Ombudsman

Recently, in Kanaiyalal Lalchand Sachdev & Ors. Vs. State of Maharashtra & Ors. {(2011) 2 SCC 782; decided on 07.02.2011} hon™ble Supreme Court has observed as follows (in para 21): 21. In our opinion, therefore, the High Court rightly dismissed the petition on the ground that an efficacious remedy was available to the appellants under… 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

If Exoneration in Adjudication Proceeding on Merits, Criminal Prosecution on Same Set of Facts Can Not be Allowed to Continue

Recently, a three judge bench of hon™ble Supreme Court in Radheshyam Kejriwal Vs State of West Bengal & Anr. {(2011) 3 SCC 581; Decided on 18.02.2011} held as follows (per majority) (SCC para 37, 38 and 39). 19¦¦¦¦¦. There may appear to be some conflict between the views in the case of Standard Chartered… Read More

Judicial Discipline High time to Evolve the Concept of Judicial Accountability

By Narendra Sharma, Consultant (Legal) Introduction Recently in Commissioner of Income-tax Vs. General Insurance Corporation (2007)19 CLA-BL Supp 85 (SC) (decided on 25 September, 2006) (hereinafter referred to as ˜CIT Vs. GIC™) the Hon™ble Supreme Court has held that expenditure incurred by the company on account of stamp duty and registration fee for the … Read More

Withdrawal of Withdrawal Application Permissible SC

By Narendra Sharma, Consultant (Legal) Recently, hon™ble Supreme Court in RAJENDRA PRASAD GUPTA V. PRAKASH CHANDRA MISHRA & ORS. {(2011) 2 SCC 705 = 2011 (1) SCALE 469; Civil Appeal No(s). 984 of 2006-Decided on 12-01-2011} has held as follows. 2. ¦¦¦¦.Rules of procedure are handmaids of justice. Section 151 of the Code… Read More

Beg to Differ SC Judgment in Sita Ram Gupta Vs Punjab National Bank and Ors

By Narendra Sharma, Consultant (Legal) 1. Introduction Recently, a 2 judge bench of hon™ble Supreme Court in Sita Ram Gupta Vs. Punjab National Bank and Ors {(2008) 5 SCC 711, Appeal (civil) 1878 of 2008, Date of judgment: 10/03/2008} held as follows (in para 8): 8¦¦¦¦we hold that in view of the nature of… Read More

Arbitration Clause in General Insurance Policies A Legal Gimmick to Avoid Liability

Author: Narendra Sharma, Consultant (Legal) E-mail: nkdewas@yahoo.co.in If parties to a contract have agreed to something unreasonable, they should be treated as if they have not agreed at all and be released. This happens in the case of general insurance contracts and is dealt with here in the light of a recent decision. Introduction… Read More

Structuring of Business Entities in India

Written By S.Dhanapal, B.Com,B.A.B.L,A.C.S Practising Company Secretary STRUCTURING OF BUSINESS ENTITIES IN INDIA SOLE PROPRIETORSHIP MEANING:- The sole proprietorship is the oldest, simplest, and most common form of business entity. It is a business owned by a single individual. For tax and legal liability purpose, the owner and the business are one and the same.… Read More

Service tax to be charged in Restuarants

In this year™s budget, there was a proposal to charge service tax on services provided by restaurants. But restaurants do charge VAT on the bill, then on what amount should the service tax be charged? ” Santosh Shetty The Finance Bill 2011, which is passed by both the houses, proposed to levy service tax from… Read More

eForms uploaded by CA, CS and CWAs to be Auto Approved by MCA

Chartered accountants, cost accountants and company secretaries will now be able to directly upload most of the certified e-forms on MCA's portal, without prior approval of the ministry, while holding them responsible for such submissions. The move is seen as a major initiative towards expeditious e-filing. Now, practicing professionals registered as members of ICAI, ICSI… Read More

Competition Commission™s direction of investigation cannot be challenged before Appellate Tribunal

[2010] 98 CLA (Mag.) 35 Competition Commission™s direction of investigation cannot be challenged before Appellate Tribunal Rules Supreme Court in Jindal™s case Mamta Bhargava In this brief note, Mamta Bhargava, Company Secretary, summaries decision of the Supreme Court in CCI v. Steel Authority of India [2010] 98 CLA 278 holding that the authority of the… Read More

Procedure of E-Payment of Excise duty and Service tax online

1. To pay Excise Duty and Service Tax online, the Assessee has to enter the 15 digit Assessee Code allotted by the jurisdictional Commissionerate. 2. There will be an online check on the validity of the Assessee Code entered. 3. If the Assessee code is valid, then corresponding assessee details like Name, Address, Commissionerate code etc. as present in the Assessee Code Master will be displayed. 4. Based on the Assessee Code, the duty… Read More

FAQs on Authority of Advance Rulings – CBEC

FREQUENTLY ASKED QUESTIONS Q.1. What is the scheme of advance rulings? Ans. Appreciating the need for foreign investors to be assured in advance of their likely indirect tax liability, the Central Government has set up an Authority for Advance Rulings (Central Excise, Customs and Service Tax) to provide binding ruling on important issues so… Read More