Legal Updates - Corporate Law Reporter

EPFO to appoint Fund Manager to manage its 3 Lacs crore corpus

Employees Provident Fund Organisation (EPFO) is in the process of appointing multiple fund managers for manging its funds for a three year period beginning July 1. The meeting of the committee to recommend the appointment of the fund managers for EPFO to its trustees is likely to be held next week where the panel would… Read More

Flexibility in Labour laws proposed in the New Manufacturing Policy

India will formulate its new policy for increasing share of manufacturing in its gross domestic product with a view to create additional jobs in the country. Prime Minister Manmohan Singh has convened a meeting on June 2 of senior ministers to give a direction for firming up the policy. Its draft prepared by the industry… Read More

Foreigners receiving more patents in India than Indians

There are more foreigners than Indians receiving patents in India, prompting the government to say "much needs to be done to encourage more domestic innovations". The number of patents granted to Indian applicants has steadily decreased from a high of 41 per cent in 2002-03 to a low of 17 per cent in 2009-10, according… Read More

Finmin to set-up Directorate of Criminal Investigation by end of May, 2011

The Finance Ministry is likely to set up Directorate of Criminal Investigation, a specialised wing to probe cases of black money, money laundering and terror funding, by the end of this month. "A dedicated unit called Directorate of Criminal Investigation will look into the nexus between black money (which is illegally acquired), money laundering, and… Read More

Debate is on on the proposed Open Offer Limit in the new Takeover code

In order to bring down the cost of acquisition, the Finance Ministry is likely to peg the open offer limit to 50-75 per cent as against 100 per cent recommended by the Sebi panel on the new Takeover Code. "In regard to 100 per cent open offer (as recommended by Achuthan panel), more or less… Read More

IT Dept. starts scrutinizing 6.5 Lacs Frozen Demat Accounts

The Income Tax Department has started scrutinizing over 6.5 lakh demat accounts, which were frozen following 2006 IPO scam, to see if blackmoney was used to purchase equities by persons through multiple accounts. "Investigation and intelligence wings have started looking into the frozen accounts with substantial amounts lying in them to see if they are linked," a… Read More

New Rules to regulate Stock Exchanges soon : Consultations Begin

The government will begin tomorrow its consultations with various stakeholders regarding a new set of rules on how stock exchanges should be owned and run, proposed by a Sebi-appointed committee last year. Besides the exchanges, new ownership and governance rules have also been proposed by the committee, chaired by former RBI Governor Bimal Jalan, for… Read More

New Internet Regulations : Is it an Attack on Privacy of a User?

Under flak for the new Internet rules which are being interpreted as an attack on privacy of a user, the government while clarifying the rules questioned the why critics were silent when the draft rules were opened for public opinion. R Chandrashekhar, Secretary in the Department of Information Technology, in an interaction with PTI said… Read More

Mergers within the same group should be exempted from CCI norms: CII

Industry body CII today said competition watchdog CCI's approval should not be made mandatory for mergers and amalgamations between group companies. "While acquisitions of control or shares or voting rights or assets within the same group have been exempted from the notification requirement, mergers or amalgamations have not been specified, which appears to be an… Read More

Participation by directors in meetings of Board / Committee of directors under the Companies Act, 1956 through electronic mode.

General Circular No. 28/2011, Dated: 20.05.2011 Subject: Green Initiative in the Corporate Governance Participation by directors in meetings of Board / Committee of directors under the Companies Act, 1956 through electronic mode. Sir, The Ministry of Corporate Affairs has taken a Green Initiative in the Corporate Governance by allowing paperless compliances by the Companies after… Read More

Participation by Shareholders in General Meetings under the Companies Act, 1956 through electronic mode

General Circular No. 27/2011, Dated: 20.05.2011All the Regional Directors,All the Registrar of Companies Subject: Green Initiative in the Corporate Governance Participation byshareholders In general meetings under the Companies Act, 1956 through electronic mode. Sir, The Ministry of Corporate Affairs has taken a Green Initiative in the Corporate Governance by allowing paperless compliance™s by the Companies… Read More

ICSI Admit Card available for online Download

Click here to download the ICSI Admit Card for June 2011 Examinations and also get complete information on Institute of Company Secretaries of India (ICSI) Admit Cards, CS Results, CS Course Syllabus, Company Secretary Course, ICSI Results. Read More

AMLS and CFT Standards – Money changing activities

ï»¿ AML standards/CFT Standards - Money changing activities RBI/2010-11/536 ; Circular No. 65; Anti-Money Laundering (AML) standards/Combating the Financing of Terrorism (CFT) Standards - Money changing activities Please refer to our A.P.(DIR Series) Circular No.51 { A.P.(FL/RL Series) Circular No.13} dated April 6, 2011 forwarding the Financial Action Task Force (FATF) Statement identifying a list of… Read More