Legal Updates - Corporate Law Reporter

SEBI begins probe for fake bids in IPO

Sebi has begun a probe into possible use of fake bids for artificially pushing up the subscription levels in numerous IPOs over past few years, with a modus-operandi similar to that in Vaswani Industries case. After halting Vaswani Industries' listing earlier this month on suspicion of irregularities in its IPO bidding, the market watchdog last… Read More

HC asks PNB to release security worth 1000 crores

The Delhi High Court has come down heavily on Punjab National Bank for its "arm twisting" tactics of not releasing Rs 1,000 crore loan-securities to real estate major DLF Ltd for alleged default in paying pre- payment charges of Rs 20 crore. While directing the bank to release the securities, the court also quashed the… Read More

FDI in Services declines in 2010-11

Foreign direct investment (FDI) in India's services sector, which contribute over 50 per cent in the country's economic growth, declined by 22.5 per cent to USD 3.4 billion in 2010-11, according to the industry ministry's latest data. The services sector (financial and non-financial services) had attracted FDI worth USD 4.39 billion during 2009-10. According to… Read More

Lockheed Martin avoids a Cyber Attack

Lockheed Martin, one the world's largest aerospace companies, today said it had successfully thwarted "a significant and tenacious" attack on its sensitive information systems network. "Lockheed Martin detected a significant and tenacious attack on its information systems network," the top US defence contractor said in statement. Lockheed learned of the attack on May 21 and… Read More

Thrust on Faster and inclusive growth and sustainability : Montek

Planning Commission's Deputy Chairman Montek Singh Ahluwalia today said the issues like cash subsidy and PPP, especially raised by Bihar, would be addressed prominently in the approach paper to 12th five year plan. "We will give thrust on ensuring faster and inclusive growth and sustainability," Ahluwalia said. He was speaking to reporters along with Union… Read More

Anti-dumping investigations show a downward trend

In line with other major economies, India initiated less number of anti-dumping investigations against imports between Oct, 2010 to Apr 2011, according to a joint report of multilateral agencies the World Trade Organisation, OECD and UNCTAD. India launched 15 anti-dumping investigations during this period as against 20 in the same months (October 2009 to April 2010)… Read More

Government Commissions Fresh Study for Black Money

Government Commissions Fresh Study Through Top National Level Institutions for Estimation of Unaccounted Income/Wealth both Inside and Outside the Country Ministry of Finance, Government of India has commissioned an in-depth and fresh study, engaging three top national level institutions for estimation of unaccounted income and wealth held within and outside India. This study will bring… Read More

India and Tanzania Signed Double Taxation Avoidance Agreement

The Government of the Republic of India signed a Double Taxation Avoidance Agreement (DTAA) with the United Republic of Tanzania for the avoidance of double taxation and for the prevention of fiscal evasion with respect to taxes on income on 27th May, 2011 at Dar-es-Salaam. The Agreement was signed by Shri K V Bhagirath, High… Read More

New Directorate of Income Tax (Criminal Investigation) Created

New Directorate of Income Tax (Criminal Investigation) Created; to be Headed by an Officer of the Rank of Chief Commissioner of Income Tax; to Look into Criminal Matters Having any Financial Impliaction Punishable as an Offence Under any Direct Tax Law A new Directorate of Income Tax (Criminal Investigation), to be known in short as DCI,… Read More

Electronic Benefit Transfer (EBT) scheme & Financial Inclusion Plan (FIP)

RBI/2010-11/550 RPCD.CO.LBS.BC.No. 74/02.19.010/2010-11 May 30, 2011 The Chairmen/Chairman and Managing Director, All SLBC Convenor banks Dear Sir/Madam, Resolution of issues regarding allocation of villages under Electronic Benefit Transfer (EBT) scheme and roadmap for providing banking services in villages with population above 2000 under Financial Inclusion Plan (FIP) It has been brought to our notice that… Read More

Public inspection of Physical Records at the office of ROC Delhi at Manesar

Public inspection of Physical records at the office of ROC delhi at Manesar shall be discontinued from 25th May to 30th June, 2011 due to shifting of records and it shall be resumed from 1st July,2011 at the IICA Building , Manesar. The Public inspection is available for old records prior to 2006 which have not… Read More

Tax Defaulters – Beware, names to appear in Newspaper soon

The tax recovery of more than Rs one lac crore has been held up because of the non availability of information of the defaulters, the Income Tax department is working on plans to publish the names of the defaulters in the newspaper. The problem has been further compounded with several of the tax defaulters having created… Read More

SEBI – Rules violation leads Rs 2 lacs penalty for a Plantation Company

YSVK Agro Green Fields & Estate Ltd and its three directors have been fined amounting to Rs. 2 lacs by a Delhi court for raising huge fund from the public after promising them high returns without prior approval from Securities and Exchange Board of India. Additional Sessions Judge (ASJ) Pawan Kumar Jain fined the company on a complaint… Read More