Legal Updates - Corporate Law Reporter

Central Excise and Service tax evasion of Rs. 5500 crore unearthed

Tax sleuths unearthed central excise and service tax evasion amounting to over Rs 5,500 crore in the 2010-11 financial year, even as pressure mounted on the government to crack down on black money. Unravelling the trail of the ill-gotten wealth, taxmen was able to recover Rs 431 crore in search-and-seizure operations during the same period,… Read More

RBI – Enhancement of Rates of Provisioning for Non-Performing Assets and Restructured Advances

RBI 2010-11/529; DBOD.No.BP.BC. 94/21.04.048/2011-12; May 18, 2011 The Chairman and Managing Directors / Chief Executive Officers; All Scheduled Commercial Banks (Excluding RRBs) Enhancement of Rates of Provisioning for Non-Performing Assets and Restructured Advances Please refer to paragraph 110 of the Monetary Policy Statement for the year 2011-12 (extract enclosed) wherein it was proposed to enhance… Read More

MCA clarification on Certification of E- forms under the Companies Act by the practicing professionals

Corrigendum to Circular no. 14/2011 dated 8th April,2011 GOI, Ministry of Corporate Affairs All Regional Directors; All Registrar of Companies Subject: Certification of E- forms under the Companies Act, 1956 by the practicing professionals The undersigned is to draw the attention on the Circular no. 14/2011 dated 8.4.2011 of this Ministry on this subject cited… Read More

RBI notifies Central Electronic Registry under SARFAESI to curb fraud

RBI/2010-11/530 RPCD.CO RRB.BC.No. 72/03.05.33/2010-11 May 19, 2011 CLR Note: The Government of India, Ministry of Finance notified to set up the Central Registry, to prevent frauds in loan cases involving multiple lending from different banks on the same immovable property. This Registry has become operational on March 31, 2011. The Central Registry of Securitisation Asset Reconstruction… Read More

RBI opens its 2nd sub-office in Agartala

The Reserve Bank of India (RBI) opened its sub-office at Agartala. Tripura will be the second state in the North-East region to have an RBI office. The new office was inaugurated by Shri Manik Sarkar, Hon™ble Chief Minister of Tripura. Dr. D. Subba Rao, Governor, Reserve Bank of India presided over the inaugural function. The… Read More

Expect policy changes soon in FDI in Multi-brand retail

The government is expected to take a decision in the next three months on allowing foreign direct investment in multi-brand retail, a long pending issue. A new National Manufacturing Policy creating an investor friendly environment is also likely, Minister of State for Commerce and Industry Jyotiraditya Scindia said today. "We are committed to the issue… Read More

FICCI Secretary General Amit Mitra resigns

Amit Mitra, who is tipped to become the next Finance Minister of West Bengal in the Trinamool Congress-led government, has resigned as Ficci Secretary General. Mitra, 63, emerged as a 'giant killer' by defeating CPI(M) veteran and state Finance Minister Asim Dasgupta by a big margin from the Khardah Assembly constituency. His resignation has been… Read More

SEZs require sanction of Unit Approval Committee for service tax refund

The government today said that SEZ unit and developers would require the sanction of Unit Approval Committee for availing benefits of service tax refund. Besides, developers and units would also have to furnish original invoices for claiming benefits, the Department of Revenue said in a circular. SEZ units and developers are exempted from service tax.… Read More

Damages due to Defamation and Wrong Doings of Excise Deptt.

Recently one of our acquaintances faced a serious problem due to collusion between his past rival, a Media Moghal who used a higher official of Excise Deptt to act against the said person. They used print media to defame him. He had lot of activities among public and social sector. The plan was to arrest… Read More

Clarifications regarding Service Tax Refund in SEZ

Circular No.142/11/2011 - ST F. No.354 /30 /2011-TRU Government of India Ministry of Finance Department of Revenue Central Board of Excise and Customs Tax Research Unit North Block, New Delhi 18th May 2011 To Chief Commissioners of Central Excise and Service Tax (All), Director General (Service Tax), Director General (Central Excise Intelligence), Director… Read More

SEZ Exports in 2010-11 grow by 43%

Total Employment Generated from SEZ 6,76,608 People The Minister of State for Commerce Shri Jyotiraditya M. Scindia presented the EPCES Export Awards to EOUs and SEZ Units for Outstanding Export Performance for 2008-09, here today. Speaking on the occasion Shri Scindia said, The exports from SEZs during 2010-11 is to the tune of Rs.3, 15,867… Read More

Need for a Checklist for Directors’s Job Profile

Ahead of the new Companies Act, a seminar on ' Strategies of protecting Directors' had been initiated by CII in association with Raheja QBE Genral Insurance Company Ltd. and WIRC of ICAI to focus on having a checklist for professional directors which will be used as a standard yardstick by directors of various companies as the Companies Act is touted… Read More

Issuance of TDS Certificate in Form 16A downloaded from the TIN Website

CIRCULAR NO 03/2011, Dated: May 13, 2011 CLR Note: Form No. 16A for Issuance of TDS Certificates can be downloaded from TIN Website, a facility initiated to eliminate the mismatch in figures provided in form no. 26AS and form no. 16A and along with it the option to authenticate the same by way of digital signature… Read More