Legal Updates - Corporate Law Reporter

Income on sale of shares to be taxed under the head Capital Gain and fee paid to the Asset Management Company is allowed

M/s KRA Holding & Trading P. Ltd.vs. DCIT (ITAT Pune) & ARA Trading & Investments Pvt Ltd vs. DCIT Brief summary: there were 7 appeals, couple of issues are involved in all the grounds of the appeals involving both the assessee, (i) relating to whether the income earned on sale of shares is to be assessed… Read More

New rules are likely for simplifying the process of payment of holding tax

New rules would soon be framed for simplifying the process of payment of holding tax in urban areas in Bihar, Deputy Chief Minister S K Modi said . "The system of tax collection by urban bodies are not perfect which leads to non-payment of holding tax.New rules are being charted out for simplification of the process to… Read More

3rd Financial Stability Report June 2011 issued by RBI

Press Release : 2010-2011/ 1814 The Reserve Bank of India presented its assessment of the health of India™s financial sector in its Financial Stability Report (FSR), released here today. The report reflects the Reserve Bank™s continuing endeavour to communicate its assessment of the incipient risks to financial sector stability. The first FSR was released in March 2010… Read More

Processing of investor complaints against listed companies in SEBI Complaints Redress System (SCORES)

All recognized Stock Exchanges Dear Sir/Madam, Sub: Processing of investor complaints against listed companies in SEBIComplaints Redress System (SCORES) 1. SEBI has commenced processing of investor complaints in a centralized webbased complaints redress system ˜SCORES™. The salient features of thissystem are:¢ Centralised database of all complaints,¢ Online movement of complaints to the concerned listed companies,¢… Read More

Whether the unsecured loans advanced by the promoter group could be adjusted against allotment of shares ?

SRM Energy Limited, Mumbai vs (1) Securities and Exchange Board of India, Mumbai; (2) Arihant Capital Markets Limited, Mumbai Brief Facts:- The appellant was incorporated as a public limited company in the year 1985 under the name and style of Hitkari Fibers Limited. Its shares are listed on the Bombay Stock Exchange. Spice Energy Pvt. Ltd (for short SEPL)… Read More

Facebook IPO coming soon with valuation over USD 100 billion

Facebook, a social networking site is likely to file an IPO by the first quarter of 2012, with a valuation of over USD 100 billion. Facebook is likely to go public by next spring, CNBC quoted people familiar with the matter as saying. "The company's IPO, were it to happen by next spring, would probably be… Read More

Companies (Amendment) Regulations, 2011

G.S.R. (E).- In exercise of the powers conferred by sub-sections (1),(2),(5) and (8) of Section 25 and Sub-section (2) of Section 609 of the Companies Act, 1956 (1 of 1956), the Central Government hereby makes the following Regulations further to amend the Companies Regulations, 1956, namely:- 1. (1) These Regulations may be called the Companies… Read More

New Rules Proposed: Companies (Dematerialization of Certificates) Rules, 2011

No 17/143/2011-CL.V, Dated: 06.06.2011 Ministry of Corporate Affairs Subject : Companies (Dematerialization of Certificates) Rules, 2011 Sir, The Ministry of Corporate Affairs is considering to issue Companies (Dematerialization of Certificates) Rules, 2011 so that all public Companies and their subsidiaries which have raised money by issue of shares, debentures, by accepting public deposits, stock, bond or any other financial instruments from public, other than… Read More

Govt ‘purposefully’ defaming Lokpal movement : Anna

Anti-corruption activist Anna Hazare today accused the office bearers of Congress and union ministers of intentionally "defaming" the Lokpal movement and emerging NGO sector in the country. "They (the government) making lot many allegations, including the so-called hidden support and political agenda designed by RSS and BJP, is a sheer humiliation of sentiments of the… Read More

Maruti strike enters 10th day – No production at Plant

The country's largest car-maker Maruti Suzuki India's Manesar facility continues to be completely shut down, with a workers' strike at the plant entering its 10th day today. "The talks are going on, but the strike is still continuing. The production at the plant is stopped," a company spokesperson told PTI. In the morning, shares of… Read More

Transactions by cheques up marginally in April: RBI

Cheque transactions worth over Rs 8.66 lakh crore were carried out in the country during April, 2011, a growth of over 0.7 per cent from the same month last year. Banks had cleared cheques worth almost Rs 8.60 lakh crore in April 2010, as per the latest data from the Reserve Bank. However, the total… Read More

Govt. extends DEPB scheme for 3 months till September, 2011

The government today said it has extended the popular exports scheme - DEPB - for three more months till September. The DEPB scheme was due to end on June 30. "...we have extended Duty Entitlement Pass Book (DEPB) till September," Finance Secretary Sunil Mitra told reporters at the sidelines of a seminar organised by Ministry… Read More

Equality at WORK: the Continuing Challenge

P. C. Chaturvedi Secretary of Labour & Employment Addresses the 100th Session of International Labour Conference on Report of ILO Director General-Equality at WORK: the Continuing Challenge Millions of people suffer from discrimination in the world of work which not only violates a basic human right but has wider social and economic consequences. Discrimination stifles… Read More