Legal Updates - Corporate Law Reporter

MCA organises first Lok Adalat in Chandigarh

Union Ministry of Corporate Affairs today said it will organise a Lok Adalat for companies for the first time on June 11, with an intention of minimising litigation and avoid unnecessary prosecution against defaulting companies. "The Ministry of Corporate Affairs has decided to organise Lok Adalat for companies for settlement of compoundable offences for the… Read More

Haryana Govt. declares Maruti strike as illegal

Amid threats of the week-long strike at Maruti Suzuki's Manesar plant spreading to the Gurgaon-Manesar industrial belt, the Haryana Government today imposed a ban on the stir and referred the matter to the Labour Court. Undeterred by the step, a panel of workers of various firms in the region, who have been supporting colleagues at… Read More

RBI pitches for greater autonomy for banks to tame inflation

Amid rising inflation, Reserve Bank Governor D Subbarao today pitched for greater autonomy for the central bank saying that operational freedom would help it focus better on management of prices. "Having autonomy frees the central bank from the pressure of responding to short-term developments, deviating from its inflation target and thereby compromising its medium term… Read More

MCA has initiated enquiry against 12 Practicing Professionals for wrong eForm filing

MCA Directs Regional Directors to Initiate Inquiry Against Those Practicing Professionals Who Certified the Particulars Furnished by Listed Companies The Ministry of Corporate Affairs has directed its Regional Directors to initiate inquiry against those practicing professionals who had certified 12 cases of wrong e-filing by certain listed companies in their e-forms. During the examination it… Read More

Non-implementation of Senior Citizens Savings Scheme- 2004 (SCSS)

RBI/2010-11/562 DGBA. CDD. No. H-8545/15.15.001/2010-11 June 09, 2011 The Managing Director/ Chief General Manager Government Accounts Department Government Business Department/Head Office State Bank of India//State Bank of Patiala/ State Bank of Bikaner & Jaipur/State Bank of Travancore/ State Bank of Hyderabad/State Bank of Mysore/ Allahabad Bank/Bank of Baroda/Bank of India/ Bank of Maharashtra/Canara Bank/Central Bank… Read More

Prudential Guidelines on Restructuring of Advances by Banks

RBI/2010-11/ 561 DBOD.BP.BC.No.99 /21.04.132/2010-11 June 10, 2011 The Chairman and Managing Directors/ Chief Executive Officers of All Scheduled Commercial Banks (excluding RRBs & LABs) Dear Sir, Prudential Guidelines on Restructuring of Advances by Banks Please refer to paragraph 3.4.2(v) of our circular DBOD.BP.BC.No.37/21.04.132/ 2008-09 dated August 27, 2008 on ˜Prudential Guidelines on Restructuring of Advances by… Read More

Internet Protocol IPv6 Released

Internet Society Celebrate World IPV6 Day - India IPV6 Task Force Newsletter and Compendium on IPV6 Activities Released Sh. R Chandrashekhar, Secretary (Telecom) released the first India IPv6 (Internet Protocol IPv6 )Task Force Newsletter and technical compendium on IPv6 activities at a function held in Sanchar Bhawan on the occasion of World IPv6 day, 8th June,… Read More

Remittance of assets by foreign nationals – Opening of NRO Accounts

RBI/2010-11/560 A.P. (DIR Series) Circular No. 70 June 9, 2011 To All Category - I Authorised Dealer Banks Madam / Sir, Remittance of assets by foreign nationals - Opening of NRO Accounts The foreign nationals employed in India holding valid visas are eligible to maintain resident accounts with an Authorised Dealer Category - I (AD… Read More

IRDA (Scheme of Amalgamation and Transfer of General Insurance Business) Regulations, 2011

NOTIFICATION NO. [F. NO.IRDA/REG/1/55/2011], DATED 20-5-2011 In exercise of the powers conferred by clause (zc) of sub-section (2) of section 114A of the Insurance Act, 1938 (4 of 1938) read with sections 6A, 14 and 26 of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999) in consultation with the Insurance Advisory Committee,… Read More

Levy of Processing Charges on Retail Electronic Payment Systems

RBI/2010-11/559 DPSS (CO) EPPD No. /2649/ 04.03.01/2010-11 June 02, 2011 The Chairman and Managing Director / Chief Executive Officer of member banks participating in NEFT / NECS / RECS / ECS Madam / Dear Sir, Retail Electronic Payment Systems NEFT / NECS / RECS / ECS Levy of Processing Charges As you are aware, the… Read More

Company Law Quiz by ICSI Gurgaon Chapter

GURGAON CHAPTER OF NIRC OF THE ICSI Is conducting Company Law Quiz On Saturday, June 18, 2011 at 10 AM At Gurgaon chapter of NIRC of the ICSI First Floor, Deen Bandhu Sir Chhoturam Bhawan, Jharsa Road, (Behind Shiv Mandir), Sector-32, Gurgaon (Hr.)- 122002 ALL CS STUDENTS ARE CORDIALLY INVITED to Participate in the Company… Read More

Half of HNIs globally wish they had more self control over their investment habits

Despite their wealth, 41 per cent of high net-worth individuals (HNWIs) across the globe wish they had more self-control over their investment habits, a report has revealed. The Barclays Wealth Insights series said that a need for increased financial discipline is likely to be felt most by those at the wealthiest end of the scale… Read More

Liberalisation of FDI policy likely to allow multi brand retail

Amid suggestions for opening up of multi-brand retail for foreign investments, Finance Minister Pranab Mukherjee today said discussions were on to further liberalise the FDI policy. "Discussions are underway to further liberalise the FDI (foreign direct investment) policy," he said at the annual conference of chief commissioners and directors general of Central Board of Excise… Read More