Corporate Law Reporter - The Daily Journal

MCA-Examination of Balance Sheets by Registrars of Companies

General Circular No. 37/2012, Dated : November 06, 2012 To All Regional Directors, All Registrars of Companies Subject : Examination of Balance Sheets by RoCs It is considered expedient to issue the following circular for general information. 2. Every company registered under the provisions of the Companies Act, 1956 is required to file its balance… Read More

MCA-Appointment of Cost Auditor by Companies

General Circular No. 36/2012, Dated the November 6, 2012 To, The President, Institute of Cost Accountants of India, 12, Sudder Street, Kolkata-700016 Subject: Appointment of Cost Auditor by Companies In continuation of the General Circular No. 15/2011 dated 11th April 2011, Ministry hereby makes the following changes: (a) The company shall, within thirty days from… Read More

MCA- Default by the Cost Auditors in filing Form 23D against the corresponding Form 23C

General Circular No. 35/2012, Dated the November 6, 2012 To, The President, Institute of Cost Accountants of India, 12, Sudder Street, Kolkata-700016 Subject: Default by the Cost Auditors in filing Form 23D against the corresponding Form 23C Sir, Ministry of Corporate Affairs vide General Circular No. 15/2011 dated April 11, 2011 had prescribed a revised… Read More

Supply of Goods and Services by Special Economic Zones (SEZs) to Units in Domestic Tariff Areas (DTAs) against payment in foreign exchange

RBI/2012-13/259 A. P. (DIR Series) Circular No. 46 October 23, 2012 To All Category - I Authorised Dealer Banks Dear Madam/ Sir, Supply of Goods and Services by Special Economic Zones (SEZs) to Units in Domestic Tariff Areas (DTAs) against payment in foreign exchange Attention of the Authorised Dealer (AD) Category - I banks is… Read More

Export of Goods and Services Simplification and Revision of Softex Procedure

RBI/2012-13/260 A. P. (DIR Series) Circular No. 47 October 23, 2012 To All Authorised Dealers in Foreign Exchange Madam / Sir, Export of Goods and Services Simplification and Revision of Softex Procedure Attention of the Authorised Dealers is invited to Regulation 6 of the Notification No. FEMA 23/2000-RB dated May 3, 2000 viz. Foreign Exchange Management (Export… Read More

Time limit to file the Financial Statements in the XBRL mode has been extended up to 15th December, 2012

Ministry of Corporate Affairs has vide General Circular No. 34/2012 extended the time limit to file the Financial Statements for the financial year commencing on or after 1st April, 2012 in the XBRL mode without any additional fee/penalty up to 15th December, 2012 or within 30 days of the Annual General Meeting of the Company,… Read More

Voluntary Guidelines for Companies for providing general information on their websites to promote good corporate governance

Voluntary Guidelines for Companies for providing general information on their websites about the company to promote good corporate governance and to enhance investors™ awareness The Ministry of Corporate Affairs (MCA) has been continuously taking various steps towards promoting good corporate governance, investor education and protection & advocacy for adoption of Corporate Social Responsibility (CSR) by… Read More

MCA starts framing rules for new Companies Act

With the Cabinet clearing the modified Companies Bill, activity has gathered pace in the Ministry of Corporate Affairs (MCA). The ministry has appointed an advisory group to verify and oversee the rule-making process of the new Companies Act. It is learnt that an expert group comprising seven to eight people has been formed. This group… Read More

Service Tax Return for Apr-Jun, 2012 quarter now open for filing – Download ST-3 Return Excel Utility

File your Service Tax Returns in Time Last date for April - June 2012 return is 25.11.2012 Modified version of the Service Tax Return (ST3) for the quarter Apr-Jun,2012 is now available for uploading to ACES. You can download the Excel Utility from the below link. Download ST3 Return Excel Utility In view of the… Read More

RBI-Facilities for Persons Resident outside India FIIs

RBI/2012-13/258 A.P. (DIR Series) Circular No.45 October 22, 2012 To, All Authorised Dealer Category I Banks Madam / Sir, Facilities for Persons Resident outside India FIIs Attention of Authorised Dealers Category I (AD Category I) banks is invited to the Foreign Exchange Management (Foreign Exchange Derivative Contracts) Regulations, 2000 dated May 3, 2000 [Notification No. FEMA/25/RB-2000] and A.P.… Read More

Independent Directors raise red flag on royalty payments to Foreign Parent Company

Holcim™s plan to charge two per cent of revenues as royalty from subsidiaries ACC and Ambuja Cement has hit a roadblock, as independent directors of Ambuja Cement have sought details of the technology transfer involved. The proposal was taken up by the board at its quarterly-results meeting last week but a decision was postponed till… Read More

New format of Tax Residency certificate proposed by the Govt. of Mauritius

The government of Mauritius is likely to issue a new format for the tax residency certificate (TRC) for foreign institutional investors (FIIs), incorporating additional particulars required by the Indian government. The Mauritian revenue authority is expected to include three crucial details asked by the government for investors availing themselves of treaty benefits. A draft format… Read More

Balco Judgment: A balancing act – Domestic vs Foreign Arbitrations

The Indian Judiciary has always been frowned upon by the foreign investors and foreign lawyers alike, for interfering and delaying the arbitral proceedings having its seat outside India (Foreign Arbitrations). Hitherto, the Indian courts, based on the ratios laid down by the Hon™ble Supreme Court in Bhatia International[1] and Venture Global[2] have been passing orders… Read More