Legal Updates - Corporate Law Reporter

Enjoy Smooth Clearances by ‘Self Assessment’ of Custom Duty for Import and Export

Circular No.17/2011- Customs F.No.450/26/2011-Cus.IV Government of India Ministry of Finance Department of Revenue Central Board of Excise & Customs 227-B, North Block, New Delhi-110001. 8th April, 2011. To All Chief Commissioners of Customs / Customs (Prev.). All Chief Commissioners of Customs & Central Excise. All Commissioners of Customs / Customs (Prev.). All Commissioners… Read More

Committee for Lokpal Bill

Days before the Joint Drafting Committee meets for the first time to prepare a stronger Lokpal Bill, government today said members should come with an open mind and refrain from drawing lines beyond which they would not retreat. "What is happening with this Committee is before the Committee meets, everybody is giving their point of… Read More

SEBI working on alternate models for Corporate Governance

In a bid to bring in greater transparency and enhance accountability of India Inc, market regulator Securities and Exchange Board of India (SEBI) today said it is working on an alternative model of corporate governance. "A committee is working on it. We have also asked the MCA (Ministry of Corporate Affairs) to broaden the scope… Read More

SEBI Takeover code up for change

Market regulator Sebi is likely to give its final view on the Takeover Code for merger and acquisition deals at its board meeting scheduled later this month. SEBI is in consultation process and may place the Takeover Code in the next Board meeting. As per the Takeover guidelines proposed by a Sebi Panel headed by C… Read More

Pay appropriate excise duty to avoid interest

Effective 1st April 2011, the Central Government has notified the rate of interest at 18% for non payment or short payment of excise duty under Section 11AB of the Central Excise Act 1944. File no. 334/3/2011 - TRU Notification No. 6/2011-Central Excise (N.T.) New Delhi, the 1stMarch, 2011 G.S.R. (E).” In exercise of… Read More

Relaxation in time limit for realisation of export proceeds from Goods and Software

RBI/2010-11/457; A.P. (DIR Series) Circular No. 47 Time limit for remittance of proceeds increased to 12 months from 6 months upto 30th Sept, 2011. March 31, 2011 To All Category - I Authorised Dealer Banks Madam / Sir, Export of Goods and Software Realisation and Repatriation of export proceeds Liberalisation Attention of Authorised Dealer Category-I (AD… Read More

Prohibition on NBFCs to be partners in Partnership Firms

The Reserve Bank of India (RBI) vide Notification RBI/2010-11/453 dated March 30, 2011 has prohibited Non-Banking Financial Companies (NBFCs) from contributing capital to any partnership firm or being partners in partnership firms. In cases of existing partnerships, NBFCs may seek early retirement from the partnership firms. Pursuant to the amendment, RBI has inserted Paragraph 19A… Read More

Twitter denied IPR for “Tweets”

Twitter is an exemplary model for a lot of social media. Since the publication of the first tweet in 2006, the company has grown to over 175 million registered, users averaging 95 million tweets a day. Its enormous growth and popularity has often been compared to Facebook™s rise, although such comparisons have been debated. The… Read More

Excise Duty Exemption on garments when returned for repair or reconditioning etc.

[F. No. B-1/3/2011 TRU] Notification New Delhi, the 24th March, 2011No.31/2011-Central Excise G.S.R. (E).- In exercise of the powers conferred by sub-section (1) of section 5A of the Central Excise Act,1944 (1 of 1944), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby exempts all goods bearing a… Read More

File your responses for trade marks proceedings electronically for speedy processing

The processing of trade mark applications is done electronically and the ExaminationReport made available to the public on the IPO website. Accepted cases are automaticallypublished in the weekly Trade Marks Journal. Applicant's responses to the examination reportare also considered electronically by an authorized officer. While the office is taking steps todigitize all such received responses… Read More

IPR Trainings at National Institute of Intellectual Property Management (NIIPM)

Training Schedule of the NIIPM National Institute of Intellectual Property Management (NIIPM) is a Central Government Organization under the Ministry of Commerce & Industry engaged in conducting Training, Awareness programs on Intellectual Property Rights (IPR) i.e. Patents, Designs, Trademarks & Geographical Indications. Such IPRs are considered as a barometer of R&D activities, encourages technology transfer,… Read More

Oh Sorry ! Trademark registered by mistake

It has come to knowledge that in the trademark database, the status of pending / registered trademarks have appeared wrongly in quite a number of cases possibly due to wrong entries in the system that has occurred over a period of time. A status change module has now been developed by NIC to allow certain authorized officials… Read More

Limitation period for setting aside Arbitral Award

Setting aside arbitral award Limitation for making an application for - Is period of limitation to be reckoned from the date a copy of award is received by the objector or from the date a signed copy is delivered by arbitrator Section 34 The period of limitation for filing an application under section 34 for setting… Read More