Legal Updates - Corporate Law Reporter

International Summit on Advantage Haryana ˜The Land of Opportunities™

ASSOCHAM in partnership with Government of Haryana is organizing a Summit Advantage Haryana ˜The Land of Opportunities™. Hon™ble Chief Minister Shri Bhupinder Singh Hooda will inaugurate the summit . Shri Randeep Singh Surjewala, Hon™ble Commerce & Industry Minister has also consented to grace the occasion as a special guest of honor. The summit will be… Read More

Conference on “Biosimilars”- ASSOCHAM

Biosimilars which are the generic versions of high-priced biotechnology drugs can become a potent weapon for a country like India by increasing affordability and healthcare access to the poor and needy. The expiry of patent protection for many original biotechnological medicines has led to the development of what are called biosimilars or follow-on biologics. To… Read More

BSE gets nod to launch an exclusive Exchange for SMEs

Asia's oldest bourse, the Bombay Stock Exchange (BSE), today said it has been granted an 'in-principle' approval by the capital market watchdog Sebi to launch an exchange exclusively for small and medium enterprises (SMEs). "BSE today received an 'in-principle' approval...the BSE is now gearing-up for its latest venture in an emerging market segment," a release… Read More

Telecom Operators advised not to reject MNP request if O/s less than Rs. 10

Concerned over subscribers facing problems in exercising Mobile Number Portability service, Trai has asked operators not to reject a request if the amount outstandings are less than Rs 10. Telecom regulator Trai's directive came in the wake of telecom operators rejecting the request of subscribers for porting on the ground of "contractual obligation" and "outstanding… Read More

NSE abusing its dominant position: CCI

Competition watchdog CCI today pronounced the National Stock Exchange (NSE) guilty of abusing its dominant market position by adopting unfair trade practices in connection with currency derivatives trading. However, the quantum of fine to be levied on NSE is yet to be ascertained. "The Commission has pronounced NSE guilty of violating section 4 of the… Read More

CCI imposed penalty on 27 film producers for cartel formation

The Competition Commission of India (CCI) today imposed a penalty of Rs one lakh each on 27 film producers on charges of colluding through a cartel to exploit theatre owners. The CCI imposed the fine on filmmakers after having found them guilty of entering into anti-competitive agreement. The issue pertains to the strike in 2009… Read More

Expect Tighter norms for reporting and monitoring of interest rate and forex derivatives : RBI

In order to improve transparency and avoid build up of a financial crisis, a Reserve Bank panel today suggested tighter norms for reporting and monitoring of interest rate and forex derivatives. The report of the Working Group set up by the Reserve Bank suggested that Clearing Corporation of India (CCIL) should be made the repository… Read More

RBI places report on OTC Interest Rate and Forex Derivatives

The Reserve Bank of India today placed on its website the Report of the Working Group on Reporting of over-the-counter (OTC) Interest Rate and Forex Derivatives (Chairman: Shri P Krishnamurthy). The Working Group has observed that non-transparency of the OTC market results in build-up of risks in the system which is widely believed to be… Read More

Finance for Loans and Advances against IDRs

RBI/2010-11/ 543; Dated May 25, 2011 All Scheduled Commercial banks (Excluding RRBs) In terms of Foreign Exchange Department circular A.P (DIR Series) Circular No.5 dated July 22, 2009, eligible companies resident outside India have been permitted to issue Indian Depository Receipts (IDRs) through a domestic depository, subject to terms and conditions indicated therein. 2. The matter… Read More

Tax collection in Delhi grows by 23% over last year

ï»¿ - Delhi The Delhi Government has collected a record tax revenue of Rs 16,478 crore in the year 2010-11, registering a growth of 23 per cent over 2009-10. "The collection has gone up from Rs 13,448 crore in 2009-10 to Rs 16,478 crore in 2010-11," Chief Minister Sheila Dikshit, who also holds the charge… Read More

ASSOCHAM – Seminar on Transfer Pricing

A seminar on Tranfer Pricing will be held on the 17th June, 2011 in Mumbai at the Hilton Mumbai International Hotel. The Tax authorities globally have been increasing scrutiny of taxpayer's transfer pricing policies, challenging companies with reduced profitability and imposing transfer pricing adjustments to increase tax payables. While the recessionary environment is mainly to blame,… Read More

Enhancement in gratuity limits – Prudential Regulatory Treatment

RBI/2010-11/544; CIR No. 49/09.14.000/2010-11; Dated May 24, 2011 The Chief Executive Officers; All Primary (Urban) Co-operative Banks Please refer to para 10 of Memorandum attached to our Circular UBD.No.I&L.38/J.1-92/93 dated February 9, 1993 advising UCBs that it is necessary to estimate the liabilities on account of Provident Fund, Pension, Gratuity etc. on actuarial basis and full… Read More

CBEC- Provisional assessment of imports of vitrified porcelain tiles exported to India without anti-dumping duty being paid

GOI; Ministry of Finance (Department of Revenue); Notification No. 41/2011-Customs G.S.R. (E). Whereas, in the matter of import of Vitrified Porcelain Tiles, (hereinafter referred to as the ˜subject goods™), falling under Chapter 69 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975) (hereinafter referred to as the ˜Customs Tariff Act™) and originating… Read More