Legal Updates - Corporate Law Reporter

RBI penalises cooperative banks for violations of KYC and AML norms

The Reserve Bank has imposed a monetary penalty of Rs 1 lakh each on two cooperative lenders -- Randheja Commercial Cooperative Bank and Gandevi People's Cooperative Bank -- for violation of banking norms. The Gandhinagar-based Randheja Commercial Co-operative Bank has been penalised for violation of the RBI instructions on implementation of Know Your Customer (KYC)… Read More

BSE seeks to revive its wholesale debt trading platform

The country's oldest stock exchange, the BSE, is looking to revive its wholesale debt trading platform with the waiver of annual charges and lower net worth requirements for those willing to trade on the bourse. The exchange has decided to waive off the annual subscription fee of Rs 25,000 for its wholesale debt market (WDM)… Read More

Time sought for new import duty norms for completely knocked down (CKD) units

Heavy Industries and Public Enterprises Minister Praful Patel today said his ministry has asked the Finance Ministry to give two years' time to the auto industry to comply with the new import duty norms for completely knocked down units. "We have sent a formal request to the Ministry of Finance with the request from SIAM.… Read More

Continuation of anti-dumping duty on imports of Viscose Filament Yarn

[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.38 / 2011 - Customs New Delhi, the 9th May, 2011 G.S.R. (E). -Whereas, the designated authority vide notification No. 15/23/2010-DGAD, dated the 25th February, 2011, published in… Read More

Clarification Regarding Short Term Accommodation Service and Restaurant Service

Circular No. 139/8/2011-TRU F.No.334/81/2011-TRU Government of India Ministry of Finance Department of Revenue Central Board of Excise & Customs Tax Research Unit New Delhi, the 10th May 2011 To Chief Commissioners of Central Excise and Customs (All), Director General (Service Tax), Director General (Central Excise Intelligence), Director General (Audit), Commissioners of Service Tax (All)… Read More

Food served in room not liable to Service Tax

Food served in hotel rooms from their air conditioned restaurants with liquor licences will not attract service tax, the revenue department today said. "When the food is served in the room, service tax cannot be charged under the restaurant service as the service is not provided in the premises of the air-conditioned restaurant with a… Read More

SEBI cautions bourses on money laundering from Iran and North Korea

Sebi has asked stock exchanges in the country to be cautious in dealings with funds and entities from Iran and North Korea fearing possible black money flow and terror financing risks from those countries into the Indian stock market, The country's top bourse NSE's investigation department today said in a circular to the bourse's members… Read More

Cabinet likely to approve FDI in LLP firms

The Cabinet is likely to approve a proposal to allow foreign direct investment (FDI) in Limited Liability Partnership (LLP) firms tomorrow. Giving go ahead to FDI in LLPs would enable them to choose among domestic and foreign investors and make these more competitive. This move will also encourage more partnership firms to convert into LLPs.… Read More

SC stays Babri Masjid-Ramjanmbhoomi verdict

Calling it a strange and surprising order, the Supreme Court on Monday stayed the Allahabad High Court's verdict on the Babri Masjid-Ramjanmbhoomi disputed site by which it had directed the site be divided equally between the three contending parties. The apex court bench of Justice Aftab Alam and Justice R.M. Lodha Monday said that by… Read More

HC reserves orders on Bail Pleas in 2G scam case

Justice Ajit Bharihoke reserved his order on bail pleas on Swan Telecom Director Vinod Goenka and Unitech Ltd's Managing Director Sanjay Chandra and the three Reliance ADAG officials after CBI's Special Public Prosecutor U U Lalit concluded his argument vehemently opposing their bail pleas. The three top Reliance ADAG executives, who have been held for… Read More

International conference on Tagore™s Universalism in New Delhi, Kolkata & Dhaka

Raja Rammohun Roy Library Foundation under the aegis of the Ministry has organised an international conference on Tagore™s Universalism in New Delhi, Kolkata and Dhaka to commemorate the 150th Birth Anniversary of Rabindranath Tagore. The two-day conference began in New Delhi today taking up subset of themes such as Individual & the Universe, The Samaja… Read More

Dr. A. P. J. Abdul Kalam to give away National Awards on Technology

The Former President of India, Dr. A. P. J. Abdul Kalam will give away National Awards on Technology on the occasion of Celebration of Technology Day here tomorrow. The Union Minister of Science & Technology and Earth Sciences, Shri Pawan Kumar Bansal will preside over the function. Technology Day is celebrated as a symbol of quest for scientific inquiry and… Read More

Access to Sensitive Personal Information under New IT Rules Only with Checks and Balances: Clarifies DIT

The attention of Government has been drawn to news items appearing in a section of media which have commented on some aspects of the Rules framed under section 43A of the Information Technology Act, 2000. The Department of Information Technology, Ministry of Communications & IT has clarified the position in this regard that these Rules… Read More