Legal Updates - Corporate Law Reporter

SEBI circular on change of name by Listed Companies

CIR/MRD/DP/ 07 /2011 To, All Stock Exchanges Dear Sir/Madam, Sub: Change of Name by Listed Companies 1. Please refer to SEBI Circulars No. SMDRP/Policy/Cir-8/99 dated April 26,1999 and No. SEBI/MRD/Policy/AT/Cir-20/2004 dated April 30, 2004 on thecaptioned subject matter. 2. The aforementioned SEBI circular dated April 30, 2004 required all listed companies seeking change of name… Read More

Modification to Investor Protection Fund (IPF)/ Customer Protection Fund (CPF) Guidelines

CIR/MRD/DP/ 06 /2011 To, All Stock Exchanges Dear Sir / Madam Sub: Modification to Investor Protection Fund (IPF)/ Customer ProtectionFund (CPF) Guidelines 1. SEBI vide circular no MRD/DoP/SE/Cir-38/2004 dated October 28, 2004had issued comprehensive guidelines for regulation of Investor ProtectionFund (IPF)/ Customer Protection Fund (CPF) required to be maintained byStock Exchanges. Further vide circular No.… Read More

Reporting of Offshore Derivative Instruments(ODIs)/ Participatory Notes(PNs)activity

CIR/IMD/FII&C/7/2011 To All Foreign Institutional Investors (FIIs)through their designated Custodians of Securities (Custodians) Dear Sir/Madam, Sub: Reporting of Offshore Derivative Instruments(ODIs)/ Participatory Notes(PNs)activity 1. Please refer to SEBI Circular No. CIR/IMD/FIIC/1/2011 dated January 17, 2011 andSEBI Circular No. CIR/IMD/FIIC/6/2011 dated May 12, 2011 on the captioned subjectwherein the implementation date of the new reporting format… Read More

IMF MD’s post continues to remain vacant

Finance Minister Pranab Mukherjee today said the government has not yet arrived at a decision regarding its choice for the next Managing Director of the International Monetary Fund. He also said that India is in touch with other member countries of the multilateral body in this matter. "There are two candidates left (in race for… Read More

Oracle seeking damages in billions from Google pertaining to Java Patent lawsuit

Oracle America, Inc v. Google Inc, 10-3561. Brief summary: The dispute which surfaced between the Google Inc and Oracle centres on the Java programming language, on infringement of Android mobile operating technology which was owned by Oracle after the acquisition of same from Sun Microsystems in 2010 has seen a new turn when Judge William Alsup… Read More

RBI releases DRG Study on Productivity, Efficiency and Competitiveness of the Indian Manufacturing Sector

Press Release : 2010-2011/1833 The Reserve Bank of India today released a DRG Study entitled, Productivity, Efficiency and Competitiveness of the Indian Manufacturing Sector. The study is co-authored by Prof. Pushpa Trivedi (Indian Institute of Technology Bombay), Shri L. Lakshmanan (Assistant Adviser, Internal Debt Management Department), Dr. Rajeev Jain (Assistant Adviser, Department of Economic and… Read More

RBI opens Urban Banks Department at its Panaji Office

With a view to bestowing focussed attention to urban co-operative banking sector in the state of Goa, the Reserve Bank of India has decided to open an Urban Banks Department in Goa. The Department has started functioning at the Reserve Bank of India, Panaji, Goa from June 17, 2011. Its functional jurisdiction will cover the… Read More

Bank penalised for not reporting transactions over 10 lacs to FIU

Press Release : 2010-2011/1842 The Reserve Bank of India has imposed a monetary penalty of ` 1.00 lakh (Rupees one lakh only) on The Padra Nagar Nagarik Sahakari Bank Limited, Vadodara, Gujarat, in exercise of powers vested in it under the provisions of Section 47(A)(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (AACS) for… Read More

DEPB scheme extended till 30th September 2011 by Goverment

Duty Entitlement Pass Book (DEPB) a tax intensive scheme get extended from 30th June 2011 till 30 september 2011,which will benefit the exports sector. As the scheme was set to close on June 30, exporters were agitated and lobbying hard with both Finance and Commerce ministries for its extension. The government spends about Rs 8,500 crore annually… Read More

MCA plans to substitute Unlisted Public Companies ( Preferential Allotment) Rules, 2003 with Rules, 2011

The Ministry of Corporate Affairs has clarified that Sahara Prime City limited, a Sahara Group company intending to go for an IPO, had filed information about its group companies to SEBI in its Draft Red Herring Prospectus. SEBI as market regulator vested with the mandate of investor protection, upon noticing inadequacy in material disclosures has… Read More

COSIA calls for ceiling on interest rate for SMEs

Chamber of Small Industry Associations (COSIA) has asked the Reserve Bank to put a ceiling on interest rates charged by banks on the small and medium enterprises. In a statement the COSIA said that RBI's repeated rate hikes have failed to curb inflation even as the domestic investors are feeling the pinch. M R Khambete… Read More

Periodical Report Grant of prior approval to Credit Rating Agencies

CIR/MIRSD/8/2011 June 17, 2011 To All Credit Rating Agencies Registered with SEBI Dear Sir/Madam, Subject: Periodical Report Grant of prior approval to Credit Rating Agencies 1) SEBI (Credit Rating Agencies) Regulations, 1999 {hereinafter referred to as "the saidRegulations"}, have been amended vide notification no. LAD-NRO/GN/2011-12/03/12650 dated April 19, 2011 {hereinafter referred to as "the said… Read More

Periodical Report Grant of prior approval to Depository Participants

CIR/MIRSD/9/2011 To The Managing DirectorsNSDL and CDSL Dear Sir/Madam, Subject: Periodical Report Grant of prior approval to Depository Participants 1) SEBI (Depositories and Participants) Regulations, 1996 {hereinafter referred to as "the said Regulations"}, have been amended vide notification no. LAD-NRO/GN/2011-12/03/12650 dated April 19, 2011 {hereinafter referred to as "the said amendment"}, acopy of which is… Read More