Corporate Law Reporter - The Daily Journal

Amendments in form FC-GPR – Foreign Direct Investment Reporting under FDI Scheme

RBI/2013-14/490 A.P. (DIR Series) Circular No.102 February 11, 2014 To All Category - I Authorised Dealer banks Madam / Sir, Foreign Direct Investment Reporting under FDI Scheme: Amendments in form FC-GPR Attention of Authorised Dealers Category-I (AD Category - I) banks is invited to provisions of the Foreign Exchange Management (Transfer or Issue of Security… Read More

Prosecution Architecture Under The Companies Act 2013

Foreword Mechanism For Criminal Proceedings Under The Present Companies Act 1956 Generally at the time of scrutinizing the Balance Sheet and Other Financial Statements of the Company, if Registrar of Companies come across any lapses on part of the Company in recording the transactions and financial irregularities etc. and observed provisions of Companies Act 1956… Read More

Note on New Procedure in Maharashtra for CST Forms

Sales Tax Department has changed the procedure for application of Declaration Forms w.e.f 01.02.2014 vide Circular No.4T of 2014 From M B Abhyankar mbabhyankar@gmail.com Existing Procedure for online applications upto 31.01.2014 Upto 31.01.14, the e-application form was simple and the dealer had to provide basic information such as TIN no. and Name of the dealer… Read More

Increase in FDI in Pharmaceutical Sector

The Foreign Direct Investment (FDI) in pharmaceutical sector jumped by 86.42% from US $ 580.32 million during April-October 2012 to US $ 1081.81 million during the corresponding period April-October, 2013. Out of this, FDI inflow under FIPB approval/ acquisition route during the period April-October, 2012 and April-October, 2013 is US$ 134.62 Million and US$ 1073.67… Read More

Liberalizing FDI Policy

Government has put in place an investor-friendly policy on FDI, under which FDI, up to 100%, is permitted, under the automatic route, in most sectors/activities. Significant changes have been made in the FDI policy regime in the recent times, to ensure that India remains an attractive investment destination. In a recent review of the policy,… Read More

Procedure for Authorization of Related Party Transactions under the Companies Act, 2013 – The Conundrum that it is

Introduction Members of the professional fraternity are aware that the Companies Act 2013(hereinafter referred to as The Act) is being notified for implementation in a phased manner-not surprisingly though, considering its overwhelming slant and dependence on sub-ordinate Legislation in the form of Rules. As we write these lines, only 98 out of the 470 Sections … Read More

Front-running – Applicable to non-intermediaries?

Front-running is an illegal practice where, a stock broker or any other intermediary derives benefit from the advance knowledge of its customer™s trade. Definitions The Eight edition of Black™s law dictionary defines front-running as A broker™s or analyst™s use of non public information to acquire securities or enter into options or future contracts for his or her own benefit, knowing that… Read More

How to identify pre-2005 currency notes

This note has the year of printing clearly printed in the middle of the bottom row on the backside. The Reserve Bank of India (RBI) has announced its plans to withdraw all currency noted issued before 2005. Financial experts believe that the move is largely aimed at removing fake or counterfeit currency embedded into the… Read More

Online Transfer of Provident Fund

A revised transfer claim settlement process has been started through an Online Transfer Claim Portal to smoothen the process of transfer of PF accounts. The revised process has following features:- (i) The claim can be submitted by the member in the online mode in addition to physical mode. (ii) The claim can be submitted through… Read More

Survey of India™s Foreign Liabilities and Assets for the Mutual Fund Companies 2012-13

The Reserve Bank of India today released, on its website, the datarelated to the results of Survey of India's Foreign Liabilities and Assets for the Mutual Fund Companies 2012-13. The data compiled are based on annual survey on India's foreign liabilities and assets (FLA) of the mutual fund companies (MFs) and Asset Management Companies (AMCs)… Read More

Cabinet Approves Amendment to Rights of Persons with Disabilities Bill 2014

The Cabinet on 6 February, 2014 approved the proposal of the Department of Disability Affairs to incorporate amendments in the proposed Rights of the Persons with Disabilities Bill, 2014, which are:- Definition of person with disability in terms of interaction with barriers also; High support needs person enabled to take independent and inform decision also;… Read More

Bhartiya Mahila Bank

Bharatiya Mahila Bank (BMB) as part of its initial expansion plan has requested the Finance Secretaries of 17 State Governments, inter-alia, to consider allotting space for setting up of branches of the bank in State Government buildings or State Corporation buildings at a token lease of Rs.1. BMB has received response only from two States… Read More

Introduction of Rs 10 Plastic Notes in select cities

It has been decided to introduce plastic notes in the denomination of Rs. 10. One billion plastic notes of the denomination of Rs. 10 will be introduced in a field trial in five cities selected for their geographical and climatic diversity. These cities are Kochi, Mysore, Jaipur, Shimla and Bhubaneswar. The field trial is expected… Read More