Legal Updates - Corporate Law Reporter

RBI calls for secured systems to check credit card frauds

Amid rising instances of debit and credit card frauds, a RBI panel has recommended that banks should put in place secure systems to check such cases within a year's time. "All acquirers and issuers may put in place adequate fraud risk management systems and processes (within) 12 months," said the panel in its recommendations for… Read More

MSME-DI Conference on Policy Changes for Effective Implementation of MSME Schemes

A two day MSME-DI Officers Conference on Policy Changes on Effective Implementation of MSME Schemes : Analysis and Road Map was conducted by the Office of Development Commissioner under Ministry of Micro, Small and Medium Enterprises (MSME). In his valedictory address the Minister of MSME, Shri Virbhadra Singh complemented the initiative taken and emphasized on… Read More

CAG™s Online National Level Essay Competition Begins Today

As part of the 150 years™ celebrations of the Institution of the CA&G of India, a national level on-line essay competition for the graduate and post graduate students in all the disciplines has been organized from today. The subject is Role of CAG in Meeting Challenges of Good Governance. The competition is open only for… Read More

National Green Tribunal functional

National Green Tribunal, Van Vigyan Bhawan, Policy & Law Division, Ministry of Environment and Forests, New Delhi, dated 2nd June 2011. Hon™ble Supreme Court of India in its matter of UOI vs Vimal Bhai & others in SLP (Civil) No. 12065/2009, vide its order dated May 12, 2011, has directed the National Green Tribunal (NGT)… Read More

Committe constituted to check Food Wastage

Ministry of Consumer Affairs, Food & Public Distribution has constituted a fifteen member committee to deliberate upon and suggest possible ways and means to check food wastage. Concern has been voiced time to time on the wastage of food items and ostentatious behavior witnessed especially during occasions like marriages/parties/meetings. It has been estimated that about… Read More

Challenges to Central Banking in the Context of Financial Crisis – RBI Publication

The Reserve Bank of India today released the Volume for the First International Research Conference (FIRC) on ˜Challenges to Central Banking in the Context of Financial Crisis™. The Volume, edited by Dr. Subir Gokarn, Deputy Governor, brings together the papers and proceedings of the FIRC and gives a flavour of the issues and discussions on… Read More

Findings of Forensic Scrutiny- Guidelines for prevention of frauds

RBI/2010-11/555; Dated May 31, 2011 The Chairmen & Chief Executive Officers of All Scheduled Commercial Banks (excluding RRBs) and All India Select Financial Institutions In the recent past, we had conducted forensic scrutinies at certain identified banks due to occurrence of large value frauds or sharp increase in number of frauds at such banks. The… Read More

Internal Vigilance in Private Sector/foreign Banks

RBI/2010-11/554; dated May 26, 2011 CLR Note: The Reseve Bank of India has issued detailed guidelines for the internal vigilance in the private sector and foreign banks so that all issues arising out of lapses in the functioning of the private sector and foreign banks especially relating to corruption, malpractices, frauds etc can be addressed… Read More

DIN- 1 & DIN- 4 – Application to be digitally signed by CA, CS & ICWAs

The Ministry of Corporate Affairs has decided that with effect from 12th June, 2011, all DIN-1 & DIN-4 applications has to be digitally signed by the practicing Chartered Accountants, Company Secretaries or Cost Accountants who shall also verify the particulars of the applicant given in the applications. All these applications will be approved online. At… Read More

Guidelines for declaring Financial Institution as Public Financial Institutions

GOI; MCA; Gen. Circular No. dated 34/2011 dated 2nd June, 2011 Guidelines for declaring financial institution as Public Financial Institutions under section 4A of the Companies Act, 1956 Section 4A of the Companies Act, 1956 was inserted by the Companies ( Amendment) Act, 1974 (41 of 1974) with effect from 1st February, 1975. Sub- section… Read More

MCA not to take any form on record unless BS, P&L & Annual Returns are filed

Gen. Circular No. 33/2011 dated 1.06.2011; GOI; MCA All the Regional Directors; All the Registrar of Companies/ Official Liquidators; The Stakeholders Sub:- Compliance of provisions of the Companies Act 1956 and Rules made there under. Section 610 of the Companies Act, 1956 confers a right to any person to inspect any document kept with the… Read More

Revised Schedule VI not applicable for November, 2011 CA Exams

This is to bring to the attention of students that a decision has been taken to defer the applicability of the Revised Schedule VI for CA examination, consequent to which the same will not be applicable for the PCC, IPCC and Final examinations to be held in November, 2011. Accordingly, in the list of publications/amendments… Read More

Indirect Tax Ombudsman Guidelines, 2011

The Guidelines are introduced with the objective of enabling the resolution of complaints relating to public grievances against the Customs, Central Excise and Service Tax Department and to facilitate the satisfaction or settlement of such complaints. CHAPTER I PRELIMINARY 1. Short title, commencement, extent and application I. These Guidelines shall be known as the Indirect… Read More