Corporate Law Reporter - The Daily Journal

Indian economy likely to grow at faster pace draws huge investments

The country's economy will likely grow at its fastest pace in two years in the current fiscal year as Prime Minister Narendra Modi initiates reforms to attract investments in the country. The decision from Modi's election victory earlier in the year helped India's economy growth rate increase for the quarter ending in June. Hope of… Read More

Know Your Customer (KYC) Norms: Clarification on proof of address

RBI/2014-15/273 UBD. BPD (PCB). Cir.No. 22/14.01.062/2014-15 October 22, 2014 The Chief Executive Officer All Primary (Urban) Co-operative Banks Madam/Dear Sir, Know Your Customer (KYC) Norms Clarification on proof of address Please refer to our circular UBD.BPD.(PCB).Cir.No.69/14.01.062/2013-14 dated June 10, 2014 on the captioned subject. In this connection we also draw your attention to our circular UBD. BPD (PCB).… Read More

PM Modi brightens the economic prospects with reforms

The Prime Minister Shri Narendra Modi has made certain reforms in the last week by cutting down the fuel prices, pledging to open up the coal mining for the private players. The reforms are seen as some of the most significant since the BJP had come up in the ruling phase by the country's biggest… Read More

RRBs – Fourth Bi-monthly Monetary Policy Statement, 2014-15 SLR Holdings under Held to Maturity Category

RBI/2014-15/268 RPCD.CO.RRB.BC.No. 34 /03.05.33/2014-15 October 20, 2014 All Regional Rural Banks Dear Sir, Fourth Bi-monthly Monetary Policy Statement, 2014-15 SLR Holdings under Held to Maturity Category Please refer to paragraph 25 of the Fourth Bi-monthly Monetary Policy Statement, 2014-15 extract enclosed announced on September 30, 2014. 2. In terms of our circular RPCD.CO.RRB.BC.No.25/03.05.33/2014-15 dated August 7, 2014 on ˜Monetary… Read More

Form ADT-1 w.r.t. Auditor’s appointment available at MCA 21 w.e.f 20th October, 2014

The Ministry of Corporate Affairs has issued a General Notice informing all the stakeholders that Form ADT 1 w.r.t to the intimation by the company for the appointment of auditors as prescribed under Section 139 of the Companies Act, 2013 read with Companies (Audit & Auditors) Rules, 2014, the form shall now be available as… Read More

Swiss Authorities ready to share data with India

The Modi led NDA government had finally executed the mission to unearth the money blocked in the bank accounts of the Swiss bank and had been able to provide a breakthrough to the tax authorites who were not allowed access because of the banking secrecy laws. This agreement would not only provide access to the… Read More

DLF moves Tribunal against SEBI order

The real estate giant DLF had moved to the Securities Appellate Tribunal against the order of the Securities and Exchange Board of India (SEBI) which had barred the top executives of the company including the chairman from dealing into securities in the market and raising money from the public for three complete years. The order… Read More

Compounding of Contraventions under FEMA, 1999

RBI/2014-15/266 A.P. (DIR Series) Circular No.36 October 16, 2014 To All Category - I Authorised Dealer Banks Madam / Sir, Foreign Exchange Management Act, 1999 (FEMA) Foreign Exchange (Compounding Proceedings) Rules, 2000 (the Rules) - Compounding of Contraventions under FEMA, 1999 Attention of all the Authorised Dealer Category - I (AD Category - I) banks… Read More

Right of persons other than retiring directors to stand for directorship – Refund of deposit under section 160 of the Companies Act, 2013 in certain cases

The Ministry of Corporate Affairs has issued a Circular No. 38/ 2014 providing clarification in regard of the Section 8 Companies w.r.t. to the Section 160 of the Companies Act, 2013 which contains the provisions of the Rights of the Persons other than retiring directors to stand for the Directorships. Clarity has been sought by… Read More

Clarification on the matters related to Consolidated Financial Statements (CFS)

The Ministry of Corporate Affairs has issued a Circular No. 39/2014 dated 14th October, 2014 w.r.t to provide clarification on the matters relating to Consolidated Financial Statements. The same has been raised out through representations by the stakeholders seeking clarification on the manner of presentation of notes in Consolidated Financial Statements to be prepared under… Read More

Companies (Accounts) Amendment Rules, 2014

The Ministry of Corporate Affairs has issued a notification w.r.t Companies (Accounts) Rules, 2014 dated 14th October, 2014 and has clarified the same in regard with Rule 6 of Companies (Accounts) Rules, 2014 which contains the provisions for manner of consolidation of accounts, the following provisos shall be inserted: Rule 6: The consolidation of financial… Read More

Companies (Audit and Auditors) Amendment Rules, 2014

The Ministry of Corporate Affairs has issued a notification w.r.t amendment in Companies (Audit and Auditors) Rules, 2014 and the amendment can be explained as follows: In Companies (Audit and Auditors) Rules, 2014 after Rule 10 which contains the provisions w.r.t the Disqualification of Auditors, Rule 10A shall be inserted which says that for the… Read More

Company Law Settlement Scheme, 2014- Clarification w.r.t Section 164(2) of the Companies Act, 2013

The Ministry of Corporate Affairs has issued a General Circular No. 41/2014 with respect to provide clarification on Section 164(2) in reference to the provisions of disqualification of Director with regard to the non-filing of the Annual Financial Statements and Returns under the CLSS, 2014 which now has been extended form 15th October, 2014 to… Read More