Legal Updates - Corporate Law Reporter

Fast Track Exit Scheme to strike off Defunct Companies U/s 560

General Circular No. 36/2011 F. No. 2/3/2011-CL V Government of India Ministry of Corporate Affairs 5th Floor, ˜A™ Wing, Shastri Bhavan, Dr. R.P. Road, New Delhi Dated the 7th June, 2011 To All Regional Director, All Registrars of Companies. Subject: Guidelines for Fast Track Exit mode for defunct companies under section 560 of the Companies… Read More

If AO does not assess income for which reasons were recorded u/s 147, he cannot assess other income u/s 147

Ranbaxy Laboratories Ltd vs. CIT (Delhi High Court) The AO issued a notice u/s 148 for the reason that club fees, gifts and presents and provision for leave encashment had escaped assessment. Pursuant to the assessee™s explanation, the AO accepted that these items had not escaped assessment. However, he passed an order u/s 147 on the ground… Read More

MCA Circular regarding settlement of prosecutions cases against Companies

F.No.3/57/2011-CL.II Government of India Ministry of Corporate Affairs 5th Floor, ˜A™ Wing, Shastri Bhavan, New Delhi-110001 Dated 03.06.2011 To All Regional Directors, Subject: Settlement of prosecutions cases regarding Sir, While reviewing prosecution cases it was decided to review pending prosecution cases. Ministry of Corporate Affairs has decided following actions to be taken by RDs and… Read More

ICSI Seminar on Company Law Updates

ICSI is organising a seminar on Company Law Updates on the 18th June, 2011 at the Conference Hall of ICSI-CCGRT,CBD Belapur, Navi Mumbai from 9.30 am onwards till 5.30 pm. The session topics will focus on Amendments to schedule VI; Board Meetings through video conferencing; Revised procedure for appointment of Cost Auditor; Appointment of Directors; Appointment of… Read More

India’s high economic growth attracts FDIs

Despite regulatory hurdles, India continues to be among the preferred destinations for FDI due to the country's high economic growth, with both Mumbai and Delhi being touted as among the cities likely to produce the next Microsoft or Google, a survey said. According to the '9th Annual European Attractiveness Survey' by Ernst & Young, India… Read More

Maruti Suzuki sacks its 11 workers

Maruti Suzuki, today sacked 11 of its workers who were inciting workers to go on an illegal strike, creating an unsafe environment and compeling the company to take such a decision. Maruti Suzuki India (MSI) Chairman R C Bhargava told PTI. He added on saying that the workers had gone on strike without any notice… Read More

Ashok Chawla may head the Competition Commission of India (CCI)

Ministry of Corporate Affairs has proposed the name of former Finance Secretary Ashok Chawla as the next Chairman of the anti-trust watchdog Competition Commission of India (CCI). The Ministry of Corporate Affairs has sent Chawla's name for ACC (Appointments Committee of Cabinet) approval, a top source in the ministry told PTI. Chawla retired as Finance… Read More

Gross Direct Tax collection rises by 37.34%

Gross direct tax collections during the first two months of the current financial year (April & May 2011) are up by 37.34 percent at Rs.50,405 crore as against Rs.36,702 crore in the same period during the last fiscal. Net direct tax collections were, however, down by 47.93 per cent at Rs.12,954 crore as against Rs.24,878… Read More

Company Incorporation within 24 hours in India

Come July and you will be able to register a company in India within 24 hours! The Ministry of Corporate Affairs (MCA) has set the target date as first week of July for launching a completely digitized service that will allow anyone with all relevant documents and approvals to complete the process of registering a… Read More

Nation’s manufacturing policy to be out soon: Sharma

Prime Minister Manmohan Singh will chair a ministerial meeting next week on the manufacturing policy which is expected to be unveiled soon. The country's first manufacturing policy would come out soon and the Prime Minister scheduled to hold a meeting in this regard on June 9, Commerce and Industry Minister Anand Sharma said today. The… Read More

Baba Ramdev demands discontinuing Rs. 500 and 1000 currency notes

Amidst demand by Yoga guru Ramdev of banning currency notes of Rs 500 and Rs 1,000, the Reserve Bank today said the decision to demonetise a currency is taken by the government not the regulator. "These decisions (of banning Rs 500 and Rs 1,000 notes) are taken by the government and not the RBI. The… Read More

List of Terrorist Individuals/ Organisations under UNSCR 1267(1999) and 1822(2008) on Taliban/Al-Qaida Organisation

RBI/2010-11/557 DBOD. AML.No.18819/14.06.001/2010-11 June 3, 2011 The Chairmen / CEOs of all Scheduled Commercial Banks (Excluding RRBs)/ Local Area Banks / All India Financial Institutions Dear Sir, List of Terrorist Individuals/ Organisations under UNSCR 1267(1999) and 1822(2008) on Taliban/Al-Qaida Organisation Please refer to our circular letter DBOD. AML No.16832 /14.06.001/2010-11 dated May 2, 2011. We have… Read More

Financing of Self Help Groups and Joint Liability Groups by UCBs

RBI/2010-11/556 UBD.BPD.(PCB)CIR No. 50/13.05.000(B)/2010-11 June 2, 2011 The Chief Executive Officers All Primary (Urban) Co-operative Banks Madam / Dear Sir, Financing of Self Help Groups (SHGs) and Joint Liability Groups (JLGs) by Primary (Urban) Co-operative Banks (UCBs) As announced in the Monetary Policy 2011-12 [para 100 - appended], with a view to further expanding… Read More