MCA Finalizes Rules for NCLT (Salary of Chairperson & Other Members) – to be notified in Official Gazette
The Ministry of Corporate Affairs has finalized some of the Rules leading to the formation of NCLT. The first set of rules will be called the National Company Law Tribunal (Salary, Allowances and other Terms and Conditions of Service of Chairperson and other Members) Rules, 2013, will be published in the Official Gazette of India. The… Read More
Qualified Central Counterparties in Securities Market
National Securities Clearing Corporation Limited (NSCCL), Indian Clearing Corporation Limited (ICCL) and MCX-SX Clearing Corporation Limited (MCX-SXCCL) are the Qualified Central Counterparties (QCCPs) in the Indian Securities Market jurisdiction. These clearing corporations have qualified as QCCPs in view of the fact that these are regulated by Securities and Exchange Board of India (SEBI) under SEBI… Read More
Overseas Direct Investments Rollover of Guarantees
RBI/2013-14/427 A.P. (DIR Series) Circular No.83 January 3, 2014 To All Category - I Authorised Dealer Banks Madam / Sir, Overseas Direct Investments Rollover of Guarantees Attention of the Authorised Dealer (AD - Category I) banks is invited the provisions of Notification No. FEMA.120/RB-2004 dated July 7, 2004 [Foreign Exchange Management (Transfer or Issue of any Foreign… Read More
Import of Gold by Nominated Banks/Agencies/Entities
RBI/2013-14/423 A.P. (DIR Series) Circular No.82 December 31, 2013 To All Scheduled Commercial Banks which are Authorized Dealers (ADs) in Foreign Exchange/ All Agencies nominated for import of gold Madam / Sir, Import of Gold by Nominated Banks/Agencies/Entities Attention of Authorized Persons is drawn to the Reserve Bank™s A.P. (DIR Series) Circular No. 25 dated August… Read More
Submission of online Quarterly Statements by Securitisation Companies/Reconstruction Companies registered with the Reserve Bank of India under Section 3(4) of the SARFAESI Act
RBI/2013-2014/422 DNBS (PD) CC. No. 34/SCRC/26.03.001/2013-2014 December 31, 2013 All registered Securitisation Companies/ Reconstruction Companies Submission of online Quarterly Statements by Securitisation Companies/ Reconstruction Companies registered with the Reserve Bank of India under Section 3(4) of the SARFAESI Act Please refer to our Circular DNBS (PD) CC. No. 5/SCRC/10.30.000/2006-2007 dated April 25, 2007 and subsequent Circular DNBS… Read More
MCA Finalizes Rules for NCLT (Salary of President & Other Members) – to be notified in Official Gazette
The Ministry of Corporate Affairs has finalized some of the Rules leading to the formation of NCLT. The first set of rules will be called the National Company Law Tribunal (Salary, Allowances and other Terms and Conditions of Service of President and other Members) Rules, 2013, will be published in the Official Gazette of India. The… Read More
RBI’s clarification on Scribbling on Banknotes
In the wake of rumours circulating in the market that from January 1, 2014, banks will not accept banknotes with anything written on them, the Reserve Bank has urged members of public not to fall prey to such rumours and to use their banknotes without any fear. The Reserve Bank of India has clarified it… Read More
Corporate Law Reporter wishes all its patrons a Very Happy New Year 2014
Press Statement of the Finance Secretary on VCES
There has been an overwhelming response to the VCES . In the last four days, we have received over 16,000 applications involving Rs. 1500 crores of service tax dues. Upto 29-12-2013 we have received over 40,000 declarations involving over Rs 5500 crores. This would broadly correspond to Rs 55,000 crores of services, which have escaped… Read More
The Anatomy of Section 29 : A Legal Autopsy
"The Anatomy of Section 29 : A Legal Autopsy " by R. Sridhar Head - India, Labour Relations, Caterpillar India Private Limited Section 19 (2) of the Industrial Disputes Act (hereinafter referred to as the Act) deals with the period of operation of settlement which reads as follows: Such settlement shall be binding for such… Read More
Clarification with regard to holding of shares or exercising power in a fiduciary capacity – Holding and Subsidiary relationship under Section 2(87) of the Companies Act, 2013
General Circular No. 20 /2013, Dated: 27th December. 2013 No.1/1212013-CL-V Government of lndia Ministry of Corporate Affairs Sth Floor, 'A'Wing, Shastri Bhawan, Dr. R.P. Road. New Delhi-110001 Dated: 27th December. 2013. To All Registrar of Companies, All Regional Directors . Subject: Clarification with regard to holding of shares or exercising power in a fiduciary capacity Holding and Subsidiary relationship under Section… Read More
Excerpts from SEBI Board Meeting
The SEBI Board met in Mumbai today and took the following decisions: 1. The Amendment to Securities and Exchange Board of India (Collective Investment Schemes) Regulations, 1999 The Securities Laws (Amendment) Ordinance, 2013 provides for regulation of pooling of funds under any scheme or arrangement, involving a corpus amount of one hundred crore rupees or… Read More
SEBI issues changes in Know Your Client (KYC) Requirements in Part 1 of Account Opening Form
CIRCULAR CIR/MIRSD/ 13 /2013 December 26, 2013 1. All Recognized Stock Exchanges 2. Stock Brokers through Recognized Stock Exchanges 3. Depository Participants through Depositories 4. Association of Mutual Funds in India 5. Mutual funds through AMFI 6. Portfolio Managers 7. KYC Registration Agencies (KRAs) 8. Alternative Investment Funds (AIFs) 9. Collective Investment Schemes (CIS) 10.… Read More
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