Legal Updates - Corporate Law Reporter

MCA clarifies on the applicability of provisions of sec 108A to 108I

GOI, MCA, Circular 30/2011, Dated- 23.5.2011 All the Regional Directors; All the Registrar of Companies/ Official Liquidators Sub: Clarification on applicability of provisions of section 108A to 108I of the Companies Act, 1956- regarding Sections 108A to 108I of the CVompanies Act, 1956 were inserted in the Companies Act, 1956 through Monopolies and Restrictive Trade… Read More

Sub-Committee of Financial Stability Development Council FSDC meets at Mumbai

The second meeting of the Sub-Committee of the Financial Stability Development Council (FSDC) was held today in the Reserve Bank of India, Mumbai. Dr. D. Subbarao, Governor, Reserve Bank of India, chaired the meeting. Shri R. Gopalan, Secretary, Department of Economic Affairs, Shri Shashi Kant Sharma, Secretary, Department of Financial Services, Dr. Kaushik Basu, Chief… Read More

Central Govt. specifies LLP a body corporate

GOI, MCA, Notification dated 23.5.2011 In exercise of the powers conferred by clause (c) of sub- section (7) of section 2 of the Companies Act, 1956 (1 of 1956), the Central Governement hereby specifies, for the purpose of the said clause, the Limited Liability Partnership, a body corporate, incorporated under clause (1) of section 3… Read More

DTAAs to be amended to check black money

Finance Minister Pranab Mukherjee Tuesday exuded confidence that modified tax avoidance agreements with various countries and pacts with tax havens will help in dealing with the menace of black money. "Income Tax Department is engaged in ways to tackle with black money," he told reporters on the sidelines of an income tax conference here. He… Read More

Government should not withdraw DEPB scheme :PHDCCI

The government should not withdraw tax refund DEPB scheme, which is ending in June, as it will make exports uncompetitive and would affect the growth momentum, industry body PHD Chamber said today. Exporters get refund of duties on import content of their export products. It costs the exchequer about Rs 8,000 crore per annum. "If… Read More

Govt. cautious in allowing FDIs in LLP format

The government has taken a cautious approach towards allowing FDI in the hitherto untried LLP format of business, mostly preferred by professionals, experts said today. The government has allowed FDI in Limited Liability Partnership (LLPs) only in sectors where 100 per cent FDI is allowed under the automatic route. But still government approval is must… Read More

FIIs and MFs to hedge risk against default in corporate bonds

The Reserve Bank today came out with a credit default swap (CDS) guidelines that would allow corporate entities including insurers, FIIs and mutual funds to hedge risk against default in corporate bonds to which they subscribe. The guidelines, which were finalised by the RBI after receiving views from stakeholders, will come into effect from October… Read More

Guidelines on Credit Default Swaps (CDS) for Corporate Bonds

RBI/2010-11/542; No. 5053 /14.03.04/2010-11; May 23, 2011 All Market Participants Guidelines on Credit Default Swaps (CDS) for Corporate Bonds As indicated in paragraph 113 of the Second Quarter Review of Monetary Policy for year 2009-10, an Internal Group was constituted by the Reserve Bank to finalise the operational framework for the introduction of plain vanilla OTC single-name CDS… Read More

Income tax refunds takes a slow pace

Amid fears of slowdown in tax collection in the current fiscal, the Finance Ministry today indicated that it may go slow on disbursement of pending income tax refunds. The indication was given by Revenue Secretary Sunil Mitra at the annual conference of chief commissioners and directors general of income tax here. "The Board's (CBDT) proposal… Read More

FM Inaugurates the 27th Annual Conference of Chief Commissioners and Directors General of Income Tax

ï»¿ The Union Finance Minister Shri Mukherjee said that for the Financial Year 2011-12, the Income-tax Department has been given a tax collections target of about Rs.5.33 lakh crores, which is at 20 per cent growth over the actual collections of the preceding year i.e. 2010-11. He said that the 13th Finance Commission (2010-15) has… Read More

Government Permits FDI in LLP Firms

The Government of India has reviewed the extant policy on FDI and decided to permit FDI in LLP firms, subject to specified conditions. Accordingly, the following changes are made in ˜Circular 1 of 2011-Consolidated FDI Policy™, which became effective from April 1, 2011: (A) Insertion of a new paragraph (2.1.41): A new paragraph (2.1.41) is… Read More

9TH ALL INDIA MOOT COURT COMPETITION 2011

Organized by Western India Regional Council of ICSI And Hosted by Pune Chapter of WIRC of ICSI Dates for the Competition a. Regional Level Saturday, June 18, 2011 at the office of respective Regional Council b. National Level - Saturday, July 2, 2011 at Pune at Regional Students™ Conference of WIRC of ICSI Rules for… Read More

National Conference on Value creation through M & A

National Conference on Value Creation through Mergers & Acquisitions will be held on June 03, 2011 in Hotel Hindustan International, AJC Bose Road, Kolkata. The registeration and networking tea will start from 9.45 am onwards continued by the welcoming speech by Shri Pavan Kumar Vijay, Chairman, M&A Council of ASSOCHAM & M.D., Corporate Professionals Capital Pvt. Ltd.… Read More