Legal Updates - Corporate Law Reporter

Effective Date for Companies (Particulars of Employees) Amendment Rules, 2011

CLR Note: MCA has notified the effective date for Effective Date for Companies (Particulars of Employees) Amendment Rules, 2011 as 1st April, 2011 i.e. all Directors' Reports approved after 1st April, 2011, irrespective of the accounting year, shall be in accordance with the Amendment Rules. The Amendment Rules had increased the limit of disclosure of Particulars… Read More

Professional Consulting Service Firms liable under ESI

CONSULTING ENGINEERING SERVICES (INDIA) PVT. LTD.Vs.THE CHAIRMAN, ESI CORPORATION & ORS. Brief Background of the case: The Appellant company is a private company which does not carry out any manufacturing activity nor it produces any goods for the purpose of marketing and supply to any of its clients and customers and even public in general. It is claimed that the… Read More

MCA- 21 now allows ROC to mark companies having Management Dispute

CLR Note: MCA -21 allows the Registrar of Companies to mark a company as having management dispute in case of receiving any complaints by them thus triggering an alarm for non-approval of any documents with regard to the company. Status will be marked as work in process until it is demarked by the Registrar. General… Read More

Pledge of shares for Business Purposes

BI/2010-11/497 A. P. (DIR Series) Circular No. 57 dated 02/05/2011 To All Authorised Dealer Category - I banks Madam / Sir, Pledge of shares for business purposes Under the extant FEMA regulations, powers have been delegated to the Authorised Dealer Category I (AD Category I) banks to convey ˜no objection™ to the resident eligible borrowers… Read More

Compliance with Corporate Governance Guidelines for Insurance Companies

Ref: IRDA/F&A/CIR/CG/081/05/2011 To, CEO of All Life Insurers, Non Life Insurers and Reinsurer Dear Sir, Re: Compliance with Corporate Governance Guidelines (CG Guidelines) Attention is drawn to the Corporate Governance Guidelines issued by the Authority vide Circular no. IRDA/F&A/CIR/025/2009-10 dated 05th August, 2009, and Circular No. IRDA/F&I/CIR/F&A/014/01/2010 dated 29THJanuary, 2010. The following additional stipulations shall form… Read More

IRDA selects Implementation Agency for Business Analytics Project

Ref:IRDA/IT/NTC/TNDR/082/05/2011 Sub: Selection of Implementation Agency (IA) for Business Analytics Project Based on the detailed scrutiny of the Technical & Commercial Proposals submitted by the Shortlisted IT firms and further evaluation based on Combined Quality Cum Cost Based System (CQCCBS), M/s L & T Infotech has been formally selected as an Implementation Agency for the… Read More

Form 32 filed with ROC can be challenged in Court of Law

CLR Note: Form 32 taken on record by ROC through the Straight Through Process i.e. certified by Professionals, will be without prejudice to the contesting parties to the rights of the parties to settle the dispute, if any, in a court of competent jurisdiction. General Circular No. 201201 1; Government of India- Ministry of Corporate Affairs, Dated: 02.05.201 1 All Regional… Read More

Indian Society of International Law gets approval u/s 35(1)(3) of Income Tax Act

NOTIFICATION NO. 22 [F.NO.203/43/2010/ITA-II], INDIAN SOCIETY OF INTERNATIONAL LAW, NEW DELHI NOTIFIED AS AN APPROVED ORGANISATION U/S 35(1)(III) Section 35(1)(iii) of the Income-tax Act, 1961 Scientific research expenditure Approved social science or statistical research associations/insitutions It is hereby notified for general information that the organization Indian Society of International Law, New Delhi has been approved… Read More

KYC, AML and CFT norms for NBFCs

CLR Note: The NBFCs/ RBFCs are in recent being recognised as complimentary to the banking sector, the reason being , is their functioning like accepting deposits, making loans and advances, leasing, hire purchase, etc. They raise funds from the public, directly or indirectly, and lend them to ultimate spenders. They advance loans to the various… Read More

CENVAT Credit Rules 2004 : Clarification issued by Finmin

New Delhi, 29th April 2011,Government of India- Ministry of Finance (Department of Revenue) Sub: Clarification on issues relating to CENVAT Credit Rules 2004 Regarding. The CENVAT Credit Rules 2004 were amended along with the Budget 2011 announcements vide Notification 3/2011-CE (NT) dt 1.3.2011. A few changes were further effected vide Notification 13/2011-CE (NT) dt 31.3.2011. On few issues the trade has requested… Read More

MCA notifies changes in Forms 2, 3 ,18, 32 & 23C

CLR Note : The Ministry of Corporate Affairs have issued a notification dated 29th April, 2011, with regard to the changes in the E- Forms 2,3,18,23C & 32 wherein it has been observed that; In Form-2 there has been an addition of a requirement specifying as to, whether the copy of the valuation report of properties/ rights and shares… Read More

ICSI 12th National Conference at Ooty in July, 2011

The 12th National Conference for the Practicing Company Secretaries will be organised on the 14th ,15th & 16th of July, 2011 at Ooty, an apt location for discussing on Capital market and opportunities for Practising Company Secretaries, FEMA, Foreign Direct Investment, External Commercial Borrowings, Emerging opportunities in other laws with emphasis on SMEs, Opportunities for appearance before various tribunals / quasi… Read More

Agency to be appointed for monitoring the electronic voting process : MCA

Circular No.21 I201 1; Government of India- Ministry of Corporate Affairs; Dated: 02.05.20 1 1 CLR Note: The Green Initiative in the Corporate Governance brings again an added advantage, by providing an electronic platform for the purpose of electronic voting and for that the Ministry will soon appoint an agency which will accurately monitor the voting process and most… Read More