Corporate Law Reporter - The Daily Journal

DPE wants respective Ministries to ensure continued fulfillment of Miniratna criteria

Status of Miniratna Central Public Sector Enterprises The Department of Public Enterprises under the Ministry of Heavy Industries and Public Enterprises has written to concerned 25 Ministries/ Departments on 20th December, 2011 requesting them to, inter-alia, ensure that the Miniratna Central Public Sector Enterprises (CPSEs) under their respective administrative control continue to fulfil the laid… Read More

IRDA reports over INR 3000 Cr unclaimed money, will not be appropriated or written back

Rs. 3096 Crore Unclamed Money in Insurance Sector The Insurance Regulatory and Development Authority (IRDA) has informed that the total unclaimed amount for the insurance industry, as reported by the insurers, in Rs. 3096.72 Crpre (as on 31.03.2012). Of this Rs. 2476.19 Crore is in Life Industry and Rs. 620.53 Crore in Non-Life industry. IRDA… Read More

PSBs advised to conduct E-Auction of immovable Properties under SARFAESI Act 2002

During the meeting of General managers (Recovery/Legal) of all Public Sector Banks (PSBs) held on November 1, 2012, PSBs were advised that all auctions of the immovable properties under ˜The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act, 2002™ be done through e-Auction with a view to conduct free, fair… Read More

30% Sebsidy on solar appliances under the Off-grid and Decentralized Applications Scheme

The Ministry of New & Renewable Energy under the Off-grid and Decentralized Applications Scheme of Jawaharlal Nehru National Solar Mission is providing a subsidy of 30% of the cost of solar lanterns, home lights, streets lights, solar water pumping systems and solar water heating systems. The subsidy is limited to Rs. 81 per Wp for… Read More

Proposal for introduction of E-Governance in Debts Recovery Tribunals

In order to enhance the efficiency of Debt Recovery Tribunals (DRTs) and Debt Recovery Appellate Tribunals (DRATs) and to provide a platform for seamless operations to Banks, Financial Institutions and general public to expedite recovery of public money, there is a proposal for introduction of e-governance in DRTs. The key objectives envisaged for the e-DRT… Read More

Central Excise Amendment notification – item insertion and substitution

[(TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i) of dated the 6th March, 2013] Government of India Ministry of Finance Department of Revenue Notification No. 05/2013-Central Excise (N.T.) New Delhi, the Dated, 6th March, 2013 G.S.R ( E ) . In exercise of the powers conferred by sub-rule (2)… Read More

Finance Minister meets the Directors of the RBI Central Board against the backdrop of Budget 2013

Shri P. Chidambaram, Hon™ble Union Minister of Finance addressed the Central Board of the Reserve Bank of India today. He indicated that the Union Budget 2013-14, presented against the backdrop of a slowdown in both global and domestic economic growth, is expected to lay the foundation for a sustainable rebalancing of government finances. It is… Read More

Joint Committee submits report on implementation of Forest Rights Act, 2006

The Ministry of Environment & Forests and the Ministry of Tribal Affairs had constituted a Joint Committee in April 2010 to study in detail the implementation of the Forest Rights Act, 2006 (FRA) including factors that were aiding/ impeding its implementation and recommend necessary policy changes in the future management of the forestry sector in… Read More

Revival of Sick/ Loss Making Central Public Sector Enterprises

As per information available in the Public Enterprises Survey 2011-12, that was laid in the Parliament on 26.2.2013, and based on the definition of sickness given in the Govt. of India Resolution dated 6th December, 2004, constituting Board for Reconstruction of Public Sector Enterprise™s (BRPSE), there were 64 sick Central Public Sector Enterprises (CPSEs) as… Read More

Divestment of RCF – Issue Subscribed over 1.3 Times

Rashtriya Chemicals & Fertilizers Ltd (RCF) issue has been subscribed over 1.3 times. The Government will receive approximately Rs. 310 crores from the sale proceeds. The Issue was subscribed by all categories of Investors including retail investors. The divestment was carried out to make the Company compliant to the mandatory public shareholding requirements under the… Read More

Committee Constituted to prepare blueprint for Women™s Public Sector Bank

The Union Finance Minister, Shri P. Chidambaram in his Budget Speech 2013-14 had proposed to set-up India™s First Women™s Bank as a Public Sector Bank. He had also provided Rs. 1000 crore as initial capital. In order to prepare a Blueprint for the aforesaid Bank, the Ministry of Finance has constituted a Committee as follows:… Read More

New Safety Measures for Credit and Debit Card Transactions

New Norms for Credit Cards Reserve Bank of India (RBI) vide Circular dated 28.02.2013on Security and Risk Mitigation Measures for Electronic Payment Transactions has directed banks to put in place the following safety measures for Credit and Debit Card Transactions : ¢ All new debit and credit cards to be issued only for domestic usage… Read More

Double Taxation Avoidance Agreement with 85 Countries in force

India has signed 88 Double Taxation Avoidance Agreements (DTAAs) out of which 85 have entered into force, with various countries including Sri Lanka and South Korea. The DTAAs provide for allocation of taxation rights to source State and residence State in respect of business profits including that of a permanent establishment, operation of ships or… Read More