Legal Updates - Corporate Law Reporter

Revised Schedule VI applicable from FY 2011-12 (Download Revised Form)

NOTIFICATION [F. NO. 2/6/2008-C.L-V], DATED 30-3-2011 G.S.R (E)- In exercise of the powers conferred by clause(a) of sub-section(1) of section 642 read with sub-section(1) of section 210A and sub-section (3C) of section 211 of the Companies Act,1956, (1 of 1956), the Central Government hereby makes the following amendment to paragraph 2 of the notification… Read More

DIN (Director Identification Number) Amendment Rules, 2011

Now there is no need to file physical documents with DIN forms. DIN 1 eforms signed by practicing professionals shall be immediately approved and DIN shall be allotted. In all other cases, provisional DIN will be allotted first. In case of false information submitted by professional or the application himself, prosecution shall be initiated. Changes shall be notified in… Read More

Exemption u/s 211 for reduced disclosures to certain class of Companies

NOTIFICATION NO. SO 301(E), DATED 8-2-2011 The below notification seeks to exempt Companies engaged in Defence equipments, EOU's, Shipping companies, Airlines, Hotels ( including Restaurants), manufacturing companies and trading companies from the disclosure requirements specified in para II of Schedule VI. This notification has been issued to reduce the number of applications filed by such companies to… Read More

Exemption u/s 211 to Public Financial Institutions for reduced disclosures

NOTIFICATION NO. SO 300(E), DATED 8-2-2011 In exercise of the powers conferred by sub-section (3) of section 211 of the Companies Act, 1956 (1 of 1956), the Central Government, being of the opinion that it is necessary to grant exemption in the public interest, hereby exempts Public Financial Institutions as specified under section 4A of… Read More

National Advisory Committee on Accounting Standards constituted

Notification No. S.O. 107(E). dated 19th Jan, 2011 In exercise of the powers conferred under sub-section (1) oof section 210 A of the Companies Act, 1956, the Central Government has constituted an Advisory Committee to be called National Advisory Committee on Accounting Standards consisting of eminent persons from the government bodies and professional institutes and… Read More

Notification and FAQs for XBRL reporting format for annual filing

Ministry of Corporate Affairs has mandated the XBRL based filing of Balance Sheet and Profit & Loss Account for FY 2010-11 for :- (i) All companies listed in India & their subsidiaries in India and abroad; & (ii)All companies having a Paid up Capital of Rs. 5 Crores & more or a Turnover of Rs.… Read More

Amendments in Point of Taxation Rules, 2011 and other related provisions

The Ministry of Finance has issued Notification No. 25/2011 dated March 31, 2011 amending the Point of Taxation Rules, 2011. As per this notification, the Point of Taxation in respect of services provided by proprietorship or partnership firms of Company Secretaries shall be on receipt basis, i.e., the date on which payment is received. This… Read More

Form 61 expanded in scope

The Central Government vide Notification dated March 26, 2011 has amended Annexure A to the Companies (Central Government™s) General Rules and Forms, 1956 in Form 61, for serial number 6and the entries relating thereto. The following serial number and entries shall be substituted namely :- 6. Application filed for: ¢ Compounding of offences; ¢ Extension… Read More

Liquidated Damages to be payable irrespective of actual damages

The High Court of Delhi in its recent judgment in the case of Sudhir Gensets Ltd. v. Indian Oil Corporation Ltd., while interpreting Section 74 of the Indian Contract Act,1872, held that if a contract specifies the limit of liquidated damages that would be payable in the event of a breach, then the claimant is entitled… Read More

Manual of Geographical Indications – Practice & Procedure

Geographical Indications as being used currently includes both the above concepts and it refers to "... indications which identify a good as originating in the territory of a country, or a region or locality in that territory, where a given quality, reputation or other characteristic of the good is essentially attributable to its geographical origin."(Article 22.1 of the TRIPS… Read More

Law schools to focus on cyber laws

Union law minister M Veerappa Moily has requested law schools to lay more emphasis on cyber laws and cyber crimes while training students, judicial officers and law enforcers. With the advent of internet and broadband revolution in India, Cyberlaws and cybercrimes are becoming common these days. Cyber crimes in India are dealt with under the… Read More

Consolidated Foreign Direct Investment (FDI) Policy, April 2011

Department of Industrial Policy & Promotion has issued the Consolidated FDI Policy , which will be effective from 1st April 2011. The Policy will subsumes and supersedes all Press Notes/Press Releases/Clarifications/ Circulars issued by DIPP, which were in force as on March 31, 2011. This circular shall be further superseded by a Circular 2 of… Read More

No interest on PF on inoperative accounts

PF Accounts which are non operative for 36 months shall not earn any interest, as per the Employees Provident Funds Amendment Scheme which comes into effect from 1st April, 2011. This means all the old PF accounts of employees with old employers, which have become in-operative and have not been transferred or withdrawn will stop… Read More