Legal Updates - Corporate Law Reporter

Monthly Technical Reports under Customs, Excise and Service Tax

Circular No.944/05/2011-CX F.No.390/Misc/108/2010-JC Government of India Ministry of Finance Department of Revenue Central Board of Excise & Customs --- New Delhi, the 10th May, 2011 To. 1. All Chief Commissioners and Director Generals under the Central Board of Excise and Customs. 2. CDR, Customs, Excise & Service Tax Appellate Tribunal. 3. All Commissioners of Customs/Central Excise, Service Tax/… Read More

Govt. redrafting Rules for Appointment of Merchant Bankers

The Government is in the process of redrafting the proposal document format for appointment of merchant bankers to avoid the conflict of interest between public and private share sale issues. There was an issue in SAIL... That part (appointment of merchant bankers) of the document was drafted way back in 2001, we are trying to… Read More

RBI sets up Committee for streamlining Foreign Exchange

The Reserve Bank today set up a committee for streamlining foreign exchange transactions and also invited comments from public and other stakeholders for improving facilities pertaining to investments and repatriation of funds. The Reserve Bank, while referring to the Monetary Policy Statement for 2011-12, said in a statement that the Committee chaired by former RBI… Read More

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

Govt. of India, Ministry of Finance,Department of Revenue, Office of Chief Commissioner of Income Tax, Room No.365, 3rd Floor, Central Revenue Building, I.P.Estate, New DelhI-110002 No. CC/Delhi /Coord/ 2011.12 Date 09.05.2011 All Chief Commissioners / Director Generals Dear Sir / Madam Sub: 27th Annual Conference of ChiefCommissioners & Directors General of income Tax, 2011 1. The 27t… Read More

Workshop on Draft Draft National Voluntary Guidelines on Social Responsibilities

Multi-Stakeholder Consultations Draft National Voluntary Guidelines on Social, Environmental and Economic Responsibilities of Business (NVGs) & Global Reporting Initiative (GRI) Sustainability Reporting Guidelines A Half-Day multi Stakeholder consultation is being organized by the Indian Institute of Corporate Affairs (IICA) and Deutsche Gesellschaft fÃ¼r Internationale Zusammenarbeit GmbH (GIZ)under a bilateral cooperation, the IICA-GIZ CSR Initiative,Global Reporting Initiative… Read More

Rules reg. Exemption from Liability for Hosting Third Party Information

Exemption from Liability for Hosting Third Party Information: Diligence to be Observed under Intermediary Guidelines Rules The attention of Government has been drawn to news items in a section of media on certain aspects of the Rules notified under Section 79 pertaining to liability of intermediaries under the Information Technology Act, 2000. These items have… Read More

CCI Releases Regulation of Combinations for Corporate Sector

The Competition Commission of India (CCI) today released the regulation of Combinations related with the implementation of provisions of Section 5 & 6 of Competition Act (the Combination Provisions, which have been envisaged to prevent creation of anti competitive environment in Indian economy),are coming into effect from 1st June, 2011. Elaborating the modalities of new rules to the media… Read More

Approval for FDI in Limited Liability Partnership firms

The Cabinet Committee on Economic Affairs today approved the proposal to amend the policy on allowing Foreign Direct Investment (FDI) in Limited Liability Partnership (LLP) firms. The FDI in LLPs will be implemented in a calibrated manner, beginning with the ˜open™ sectors where monitoring is not required, subject to the following conditions: (a) LLPs… Read More

CCI notifies Combination Regulations to regulate M&As

Competition Commission of India (CCI) (Procedure in regard to the transaction of business relating to combination) Regulation 2011 The Competition Commission of India (CCI) today notified regulations requiring corporates to seek its approval before going in for high value mergers and acquisitions. Only those proposals would need the CCI™s nod where the companies have combined assets… Read More

ICSI President’s Communique – May, 2011

Dear Professional Colleagues, With vision there is no room to be frightened. No reason for intimidation. It™s time to march forward! Let™s be confident and positive! - Charles R Swindoll (American Writer and Clergyman) ICSI Vision Plan 2020 Globalisation is here to stay and the opportunities can be best capitalized only through engagement, not exclusion… Read More

Notification No. 39/2011-Customs

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)] GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 39/2011-Customs New Delhi, the 10th May, 2011 G.S.R. 377(E). - In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the… Read More

Regulatory and Audit Compliance responsibility for Foreign banks in India

CLR Note: RBI notifies Regulatory and Audit compliance responsibility for foreign banks operating in India by making the CEO responsible for the same. RBI/2010-11/520 ; May 11, 2011 The Chief Executives Officers All foreign banks operating in India Regulatory and Audit Compliance It is observed that Indian operations of foreign banks functioning in India as branches… Read More

LIC issuing receipts without adequate stamps

Several branches of Life Insurance Corporation of India, the country's largest insurance company, are allegedly causing huge loss to exchequer by issuing receipts without affixing revenue stamps. The matter came to light during a hearing before the Central Information Commission which directed the LIC to make public details of all the revenue stamps purchased by the… Read More