Corporate Law Reporter - The Daily Journal

I&B Ministry plans to launch SMS Campaign to sensitize cable TV consumers about their Rights

The Ministry of Information and Broadcasting plans to launch an SMS campaign in order to sensitize Cable TV subscribers in Phase-I and Phase-II cities about the need to fill the Consumer Application Form (CAF).The consumers are required to fill the CAF in order to exercise their choice of channels and make the payment for the channels… Read More

Issue of Filling of OBC Vacancies in Central Public Sector Enterprises

Shri Praful Patel, Minister of Heavy Industries & Public Enterprises, has asked his Ministry™s Department of Public Enterprises (DPE) to look into the issue of including a parameter in the MoU mechanism wherein each Central Public Sector Enterprise (CPSE) will be required to state as to how much reservation it has provided to the OBCs. Acceding… Read More

Interim Order in the matter of Non-Compliance of the requirement of Minimum Public Shareholding by the Listed Companies in Private Sector

The Securities Contracts (Regulation) Rules, 1957 were amended in 2010 to provide for minimum and continuous public shareholding requirement in listed companies in private sector at 25%. In terms of these Rules, all listed companies have to comply with the said requirement by June 03, 2013. This was done with a view that a dispersed… Read More

SEBI Clarification: “Manner of Dealing with Audit Reports filed by Listed Companies”

CIRCULAR CIR/CFD/DIL/9/2013 June 5, 2013 To, All the Stock Exchanges Dear Madam / Sir, Sub.: Clarification on SEBI's Circular dated August 13, 2012 providing for the "Manner of Dealing with Audit Reports filed by Listed Companies" 1. SEBI has, vide circular dated August 13, 2012 providing for the "Manner of Dealing with Audit Reports filed… Read More

LPG subsidy through DBT

As decided by the National Committee on DBT and approved by the Cabinet, the Direct Transfer of LPG subsidy to the bank accounts of LPG consumers began on 1st June, 2013 in 18 districts. 2. While the programme was formally launched in Tumkur district of Karnataka, the direct transfer began in 18 districts simultaneously on… Read More

Achievement under Prime Minister™s Employment Generation Programme

Achievement under Prime Minister™s Employment Generation Programme (PMEGP) in term of margin money subsidy utilization has always exceeded the release by the Ministry of MSME. The details of State/UT-wise release of margin money subsidy under PMEGP along with margin money subsidy utilized, number of projects assisted and estimated employment opportunities created during each of the last three years… Read More

Indo-Myanmar discuss Energy Cooperation

The Union Minister of Commerce, Industry & Textiles Shri Anand Sharma today met Daw Aung San Suu Kyi, Chairperson of the National League for Democracy (NLD), Myanmar at Nay Pyi Taw. Shri Sharma conveyed to Ms. Suu Kyi that India stands ready to extend all necessary assistance to the people of Myanmar in their developmental… Read More

Delay in filing appeal due to CA™s fault is bona fide & must be condoned

CLR Editorial Notes: The assessee in this case had filed an appeal before the Tribunal which was delayed by 496 days. In the application for condonation of delay, the assessee claimed that he had handed over the papers to his Chartered Accountant and that the latter had mixed up the papers with other papers in his… Read More

Govt initiative for development of coal-based Ultra Mega Power Projects

The Government of India had launched an initiative for the development of coal-based Ultra Mega Power Projects (UMPPs) each with a capacity of 4,000 MW. Sixteen UMPPs have been identified in various parts of the Country. Out of these, two UMPPs are identified for being located in Tamil Nadu. So far, four UMPPs have been awarded… Read More

India and Australia to Hold Defence Talks

On the second leg of his three-nation official visit, The Defence Minister AK Antony arrived in Perth from Singapore yesterday (Tuesday). Mr Antony was received at the airport by the Australian Defence Minister Mr Stephen Smith. This is the first ever official visit to Australia by an Indian Defence Minister. Speaking at a reception hosted… Read More

Transfer pricing provisions do not apply to investments in overseas share capital

CLR Editorial Notes: The assessee company M/s Vijay Electricals Ltd. is engaged in the business of manufacture and sale of distribution and power transformers and rural electrification projects on turn key basis. The assessee filed its return of income for the assessment year 2007-08 declaring a total income of Rs. 20 Crore. The scrutiny assessment was completed u/s… Read More

DGFT- Export policy of sugar

(To be Published in the Gazette of India Extraordinary Part-II, Section - 3, Sub-Section (ii)) Government of India Ministry of Commerce & Industry Department of Commerce Udyog Bhawan Notification No. 15 (RE 2013)/2009-2014 New Delhi, Dated : 5 June, 2013 Subject: Export policy of sugar. S.O.(E) - In exercise of the powers conferred by Section 5 of the Foreign Trade… Read More

Exchange Rates Relating to Imported and Export Goods Notified

In excise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise & Customs (CBEC) hereby makes the following further amendments in the Notification of the Government of India, Ministry of Finance (Department of Revenue ) No. 54/2013-CUSTOMS (N.T.) dated the 16th May, 2013 published in the… Read More