Legal Updates - Corporate Law Reporter

The Companies (Passing of the resolution by Postal Ballot) Rules, 2011

Ministry of Corporate AffairsNotification New Delhi the Dated- 30th May, 2011 G.S.R. ¦¦¦¦.. (E). In exercise of the powers conferred by section 192A read with clauses (a) and (b) of sub-section (1) of section 642 of the Companies Act, 1956 (1 of 1956), the Central Government hereby makes the following rules, in supercession of Companies (passing of… Read More

Transfer Pricing Principles Elucidated – Landmark Judgement by ITAT Mumbai

Symantec software Solutions Pvt Ltd vs. ACIT (ITAT Mumbai) The assessee™s appeal raised the issues whether (i) the TPO could consider financial information of comparables not available at the time of TP study, (ii) multi-year data of comparables could be considered, (iii) a turnover filter had to be applied for identification of comparable companies, (iv)… Read More

Singapore Exchange to clear Asian FX forwards by Sep

The Singapore Exchange (SGX) today said it will start clearing Asian foreign exchange forwards (non-deliverable) by September. The clearing of Asian foreign exchange (FX) forwards would include the non-deliverable currencies traded in the region, namely the Chinese yuan, Indonesian rupiah, Indian rupee, Korean won, Malaysian ringgit, Philippine peso and Taiwanese dollar. "A world's first, this… Read More

Commerce Ministry to push for relaxation of Visa norms for foreigners in SEZ

The Commerce Ministry will push for a relaxation in employment visa norms for foreigners in Special Economic Zone units that bring in large foreign direct investment. The ministry is receiving feedback from the industry, after which it will formally send a proposal in this regard to the Home Ministry, an official said. At present, employment… Read More

India signs DTAA with Government of Mozambique

No.402/92/2006-MC (12 of 2011) Government of India / Ministry of Finance Department of Revenue Central Board of Direct Taxes The Government of India notified the Double Taxation Avoidance Agreement (DTAA) with the Government of Mozambique for the avoidance of double taxation and for the prevention of fiscal evasion with respect to taxes on income on… Read More

Tax Defaulters have no escape – IT Dept to Arrest and Prosecute evaders

The Income Tax Department has gone into strict measures to curb the tax default resulting into use of its never used power , to arrest and prosecute evaders, after its say to publish the name of the defaulters in the newspaper. The step comes in the backdrop of the government initiating various steps to curb generation… Read More

Go Global with Google – An Opportunity for the Indian business

A news which became an opportunity, here comes google with the launch of its new tool 'Global Market Finder' in India, which will help advertisers find new markets overseas for their products. This new innovative tool will help Indian businesses to expand world wide and reach out to potential customers in international markets. The new tool… Read More

Transfer Pricing – A tool mis-used for transferring illicit funds outside the country

The words like corruption , black money transactions are not new to the people of our country, we have known this for a long time now. The Government has always tried its best and still, continues to work on this aspect, but somehow there has been no good results, because no one asked questions as to why… Read More

Sunil Mitra appointed as Finance Secretary

ï»¿ Shri Sunil Mitra, the present Revenur Secretary has been appointed as the Finance Secretary and Secretary, Department of Revenue upon retirement of Smt. Sushama Nath, Finance Secretary and Secretary, Department of Expenditure on 31st May, 2011. Shri Mitra, an IAS officer of the 1975 batch (West Bengal Cadre) had become the Revenue Secretary last year in… Read More

Log on to Facebook or Twitter to complain about misleading Ads

Errant advertisers could face more heat from industry watch dog Advertising Standards Council of India (ASCI), which has jumped on the social networking bandwagon, encouraging youths to speak out against questionable campaigns through its Facebook and Twitter accounts. Within a month of making its debut on Facebook and Twitter, ASCI has already received ten times… Read More

Govt. defers decision on Navi Mumbai SEZ split proposed by Sr. Ambani

The government today deferred a decision on a request from Mukesh Ambani-promoted Navi Mumbai SEZ for splitting itself into five zones, seeking more details from the developer. The issues was taken up by the Board of Approval (BoA) headed by Commerce Secretary Rahul Khullar at its meeting here. "The issue will be looked into by… Read More

Mines Ministry proposes raising funds abroad for Exploration Cos

Concerned over inadequate fund flows into the mining sector, the Mines Ministry has proposed allowing domestic exploration firms to raise funds abroad by listing equity-linked securities. The Ministry of Mines has also suggested facilitating venture capital investment and listing of early stage exploration companies. "Venture capital flows to be facilitated by bringing concepts of flow… Read More

HC to CCI: Provide Complete order by 3rd June

The Delhi High Court today asked Competition Commission to provide the NSE by friday its complete order including views of members dissenting with the majority ruling that held the bourse guilty of abusing market dominance. The National Stock Exchange (NSE) will have to reply to the Competition Commission of India (CCI) in the five working… Read More