Legal Updates - Corporate Law Reporter

Acute labour problem may encumber India’s goal to become global hub for small cars

Labour issues prevailing in India will surely hamper India's dream of becoming the global hub for small cars because of the rising shortage of skilled workers and slow pace of expansion by auto component makers, according to market research firm JD Power. In its report 'India Automotive 2020: The Next Giant from Asia', JD Power said the country's ambition… Read More

New York Mayor wants removal of cap on H1B visa and Green Card

Calling for a comprehensive immigration reform that gives more opportunities to high-skilled workers from countries like India, New York Mayor Michele Bloomberg has demanded removal of Congressional mandated cap on H-1B visas and Green Cards. "We must stop telling US companies that they cannot hire the high-skilled workers they need. By making it difficult for… Read More

MPLAD Guidelines made broad based, simple and easily implementable

Government Changes MPLAD Guidelines to Make them More Broad Based, Simple and Easily Implementable Government of India, after 13 years, is increasing the annual allocation of MPLAD funds from Rs.2 crore to Rs.5 crore per Member of Parliament. The Minister of Statistics & Programme Implementation Dr. M.S.Gill firmly believes that the benefit of the scheme… Read More

CAG to carry out special audit in respect of fields operated under Pre-NELP and NELP regime

At the request of Ministry of Petroleum & Natural Gas in November 2007, the Comptroller & Auditor General of India agreed to carry out special audit in respect of certain blocks/fields operated under Pre-NELP and NELP regimes. 2. The draft Performance Audit Report has been received in this Ministry on 08.06.2011. This Ministry is examining… Read More

Amendment in Notification No. 09/2010-Service Tax, dated the 27th February, 2010

Notification No.40/2011-Service Tax G.S.R. (E).- In exercise of the powers conferred by sub-section (1) of section 93 of the Finance Act, 1994 (32 of 1994) (hereinafter referred to as the Finance Act), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following amendment in the notification… Read More

Amendment in Notification No. 08/2010-Service Tax, dated the 27th February, 2010

CLR Note: According to the following amendment the Exemption provided in Notification No. 08/2010 is extended upto January 2012 Notification No.39/2011-Service Tax G.S.R. (E).- In exercise of the powers conferred by sub-section (1) of section 93 of the Finance Act, 1994 (32 of 1994) (hereinafter referred to as the Finance Act), the Central Government, on being… Read More

SEBI relaxes the provisions on change in names for the Listed Companies

Relaxing provisions for change in names by companies, regulator SEBI today said any listed firm seeking to undertake such an exercise can do so provided that the amount invested in new projects associated with change of profile is at least 50 per cent of their assets. As per the earlier rule, at least 50 per… Read More

Investigation initiated against alleged dumping of digital plates

The government has initiated a probe into alleged dumping of digital plates, used in the printing industry, from Japan and China to protect domestic players from cheap imports. Acting on an application of domestic producers on the alleged dumping of 'Digital Offset Printing Plates' from Japan and China, the Directorate General of Anti-dumping and Allied… Read More

Amends Notification No. 07/2010-Service Tax, dated the 27th February, 2010

Amendment to Notification No. 07/2010-Service Tax, dated the 27th February, 2010 Notification No. 38/2011-Service Tax G.S.R. (E).- In exercise of the powers conferred by sub-section (1) of section 93 of the Finance Act, 1994 (32 of 1994) (hereinafter referred to as the Finance Act), the Central Government, on being satisfied that it is necessary in the… Read More

Extension of Notification No. 61/2006-CUSTOMS -Anti-dumping duty on imports of ˜Metronidazole- till 14th June, 2012

CLR Note: Anti-dumping duty on imports of ˜Metronidazole™ is extended till 14th June, 2012 Notification No. 48/2011-Cust Whereas, the designated authority vide notification No. 15/18/2010-DGAD, dated the 30th May, 2011, published in the Gazette of India, Extraordinary, Part I, Section 1 dated the 30th, May 2011, has initiated review in terms of sub-section (5) of… Read More

Handbook on Disinvestment will now be available through Public Offerings

CLR Note: A handbook on Disinvestment has been released, and appreciated initiative taken by the Department of Disinvestment to help on the rules, regulations laid down for the purpose. Its gives a step-by-step guide line to the entire disinvestment process starting from seeking Government approval to final listing on the stock exchanges. Even the online version… Read More

RBI raises interest rates on Housing, Auto loans

Pay more, if you have taken loan for a car, a house, or any other loan as the interest rates on loans rises by 25 basis, from the existing 7.25 per cent to 7.50 per cent points. This step has been taken to control the spiralling inflation. RBI has sought to maintain an interest rate environment that moderates… Read More

Directions for submission of system audit reports from CISA qualified Auditor

June 14, 2011 To All Scheduled Commercial Banks Dear Sir, Directions for submission of system audit reports from CISA qualified Auditor Please refer to our circular Ref No. DPSS.1444/ 06.11.001/ 2010-2011 dated December 27, 2010 on the captioned subject. It is clarified that the contents of the above circular are applicable to only those entities which… Read More