Legal Updates - Corporate Law Reporter

Stakeholders invited for Compliance of provisions of the Companies Act, 1956

F.No. 17/146/2011-CL-V Government of India Ministry of Corporate Affairs 5th Floor, A Wing, Shastri Bhavan Dr. R.P. Road, New Delhi-110001 Dated 12.05.2011 To All the Regional Directors, All the Registrar of Companies/ Official Liquidators The Stakeholder Sub: Compliance of provisions of the Companies Act, 1956 and Rules madethereunder. Sir, In order to ensure compliance of the provisions of the Companies… Read More

Self Clearing Member in the Currency Derivatives Segment

CIRCULAR CIR/DNPD/ 4 /2011 May 13, 2011 Recognized Stock Exchanges and their Clearing Corporations / Clearing Houses Dear Sir, Sub: Self Clearing Member in the Currency Derivatives Segment 1. With regard to the newly created category of self clearing member, in the currency derivatives segment of a Stock Exchange, communicated vide notification no. LADNRO/GN/2011-12/01/11486 dated April 6, 2011,… Read More

Comprehensive Guidelines on Over the Counter (OTC) Foreign Exchange Derivatives and Overseas Hedging of Commodity Price and Freight Risks

RBI/2010-11/526 A.P. (DIR Series) Circular No. 60 May 16 , 2011 To All Authorised Dealer - Category I banks Madam / Sir Comprehensive Guidelines on Over the Counter (OTC) Foreign Exchange Derivatives and Overseas Hedging of Commodity Price and Freight Risks Attention of the Authorised Dealer Category - I (AD Category - I) banks is… Read More

Enhancement in gratuity limits – Prudential Regulatory Treatment

RBI/2010-11/527 RPCD.CO RRB.BC.No. 70 /03.05.33/2010-11 May 16, 2011 The Chairmen All Regional Rural Banks (RRBs) Dear Sir, Enhancement in gratuity limits - Prudential Regulatory Treatment Consequent upon the enhancement in gratuity limits following the amendment to Payment of Gratuity Act 1972, RRBs have approached us for the amortisation of the enhanced expenditure resulting therefrom. 2.… Read More

Rate of Toll Tax revised in Delhi for Commercial Vehicles

The Municipal Corporation of Delhi, which had revised the toll tax for commercial vehicles entering the city recently, today said the new rates will be applicable from tomorrow. The fee chargeable in respect of taxi, tempo, Tata 407 and such type of commercial vehicles will be Rs 45 per visit while it will be Rs… Read More

Global M&A Strategy Conclave-2011 at Leela Kempinski, Mumbai

Global M&A Strategy Conclave-2011 May 26-27, 2011 at Leela kempinski, Mumbai Corporate India™s appetite for inorganic growth has resulted in making the year 2011, one of the best years of M&A activity, through M&A deals valuing $68.3 billion a three fold increase over 2009. A merger or acquisition encounters many risks and challenges and its success… Read More

Rate of 9.5% on Provident Fund notified – Income Tax

NOTIFICATION NO. 24/2011 [F.NO. 142/14/2010-SO (TPL)] DATED 13-5-2011 In exercise of the powers conferred by clause (b) of rule 6 of Part A of the Fourth Schedule to the Income-tax Act, 1961 (43 of 1961), and in supersession of the notification of the Government of India in the Ministry of Finance (Department of Revenue)… Read More

Export of Service Rules – Clarification

Applicability of the provisions of the Export of Services Rules, 2005 in certain situations CIRCULAR NO. 141/10/2011-TRU DATED 13-5-2011 Circular No.111/05/2009-ST was issued on 24th February, 2009 on the applicability of the provisions of the Export of Services Rules, 2005 in certain situations. It had clarified on the expression "used outside India" in… Read More

SEBI -CHANGE IN CONDITIONS OF REGISTRATION OF CERTAIN INTERMEDIARIES) (AMENDMENT) REGULATIONS, 2011

THE GAZETTE OF INDIA EXTRAORDINARY PART III SECTION 4 PUBLISHED BY AUTHORITY NEW DELHI, APRIL 19, 2011 SECURITIES AND EXCHANGE BOARD OF INDIA NOTIFICATION Mumbai, the 13th April, 2011 SECURITIES AND EXCHANGE BOARD OF INDIA (CHANGE IN CONDITIONS OF REGISTRATION OF CERTAIN INTERMEDIARIES) (AMENDMENT) REGULATIONS, 2011 No. LAD/NRO/GN/2011-12/03/12650. - In exercise of the powers conferred by section 30 of… Read More

Dealing between Client and Stock Broker – SEBI Clarification

CIRCULAR SEBI/ MIRSD /Cir/ 01/ 2011 May 13, 2011 The Managing Directors/Chief Executive Officers/ Executive Directors/Officiating Executive Directors of all the Recognized Stock Exchanges Dear Sir/Madam, Sub: Clarification on circular dated December 3, 2009 on ˜Dealings between a Client and a Stock broker 1. This is with reference to SEBI circular No. MIRSD/SE/Cir-19/2009 dated December… Read More

SKS moves SC against AP Govt’s Microfinance Act

SKS Microfinance recently challenged in the Supreme Court the special Act passed by the Andhra Pradesh government to regulate microfinance institutions in the state, following allegations that their high interest rates and strong-arm recovery methods led to suicides by farmers. A bench of justices Markandey Katju and Gyan Sudha Mishra issued a notice to the… Read More

GST to face hiccups as Asim Gupta moves on

With West Bengal finance minister, Asim Dasgupta losing the election from Khardah, speculation is rife that -Ficci secretary-general Amit Mitra - may be the man who could drive political consensus on the long-delayed goods and services tax (GST). Asim Dasgupta , who played the lead role in finalising the GST structure, will not be there… Read More

CCI issues show cause notice to NSE for alleged violation of Competition Act

The MCX-SX in its representation to the CCI in November 2009 had alleged that NSE had substantially reduced admission and trade related fees to eliminate competition and discourage other entities from entering the market. MCX-SX is promoted by commodity exchange MCX and Financial Technologies . Based on this complaint, the CCI had ordered a probe into the… Read More