Legal Updates - Corporate Law Reporter

Workshop on Limited Liability Partnerships- A New Business Model

The growing Indian economy has acknowledged, appreciated the role played by the entrepreneurs as well as by the technical and professional manpower. It is felt oppurtune that entrepreneirship, knowledge and risk capital combine to provide a further impetus to India's economic growth.In this background a need has been felt for a new corporate form that would provide an alternative… Read More

National seminar on XBRL by ICSI – An emerging professional oppurtunity

ICSI is organising a national seminar on XBRL -An Emerging Professional Oppurtunity wherein the topic of discussion will be on the overview of XBRL; applications, adoption & Indian regulatory requirements; taxonomy and instance reporting; tools & report creation. This seminar will be evidencing the honourable presence of Mr. D.K. Mittal, the Secretary to Government of India, MCA… Read More

Guidelines on Mergers and Acquisitions to benefit Consumers – CCI

Competition Commission of India (CCI) has commented that its recent guidelines on corporate mergers and acquisitions will not create any hindrance in such deals, but is aimed at avoiding the formation of monopolies, for the benefit of consumers. "CCI's regulations are not there to create obstruction, but we will take a practical approach. We are… Read More

SEBI plans to have a Call Centre for handling Investor Complaints

Market regulator Sebi, which receives well over 100 investor complaints a day, plans to initially have about 10 agents at its proposed call centre to be managed by an outside agency to redress such grievances. "It is estimated that the helpline services would require 10 persons initially to provide the nation wide helpline service to… Read More

Foreign Companies to pay Tax on all Revenue from Seismic Data contracts

Foreign firms operating in the country will have to pay tax at the existing rate of 4.223 per cent on revenue earned under seismic data acquisition and processing contracts, says a tribunal. In a ruling, the Authority of Advanced Rulings (AAR) held that foreign firms would not enjoy any leeway even if their income falls… Read More

SEBI – Adjustment of differential pricing amount at the time of application for allotment of specified securities

SEBI CIRCULAR CIR/CFD/DIL/2/2011 May 16, 2011 CLR Note: The Securities and Exchange Board of India now offers its investors to take up shares at the differential pricing which would enable them to acquire more number of shares with the same money flow at the time of application itself. Sub.: Adjustment of differential pricing amount at the… Read More

Facebook case to enter US Supreme Court

The Winklevoss twins are taking their legal case against Facebook founder and their former Harvard classmate Mark Zuckerberg to the US Supreme Court after a federal appeals court today declined to review an earlier legal challenge from them. The Supreme Court is the final legal option open to Cameron and Tyler Winklevoss, who allege that… Read More

TRAI to get more powers akin to SEBI

Telecom regulator TRAI may soon get powers to summon persons and penalise operators for violating licence conditions, if the amended Act, which has proposed to give more teeth to the regulator, comes into effect. The Telecom Ministry is looking to give more powers to Trai, which will bring it on par with the Civil Courts… Read More

CFOs optimistic about India Inc.

Finance executives in India are extremely optimistic about the prospects for economic expansion in India in the coming year than their global counterpart, says a survey. As per the fourth annual American Express/CFO Research Global Business and Spending Monitor, 87 per cent of CFOs in India are expecting economic expansion in the country in the… Read More

CBDT sets Rs. 5.30 lakh crore as tax collection target

Buoyed by mammoth tax mobilisation in last fiscal, Central Board of Direct Taxes (CBDT) has set a tax collection target of Rs 5.30 lakh crore for the current fiscal, which is up by 19 per cent compared with last fiscal's collections. "The tax collection target for current fiscal is Rs 5.30 lakh crore," CBDT Chairman… Read More

Loan to Public Companies Under Section 295 of the Companies Act, 1956 Clarification

CLR Note: The circular regarding Loan to Public Limited Companies under Section 295 has been issued by the MCA to avoid unnecessary applications being filed by Companies for approvals even when the Act does not require approval. This circular seeks to clarify the position. Relevant extracts of Section 295 are also reproduced below for cross… Read More

Withholding Tax not required to be deducted by Indian Company for data processing services

Indian firms outsourcing routine work to their overseas subsidiaries would not have to deduct withholding tax on the payments made to them. In a landmark ruling, the Authority of Advance Ruling (AAR) has held that firms are exempted from deducting the withholding tax on the payments made for services like transcription and data processing. Allowing… Read More

Solar PV farms exempted from MoEF clearance

India's ministry of environment and forests (MoEF) has exempted the solar PV farms coming up in the country from having to seek environment clearance. India is in the midst of a massive program to increase its grid-connected solar power generation capacity from around 20 million watts at the end of the 2010 to 20,000 million… Read More