Corporate Law Reporter - The Daily Journal

ICAI Council Guidelines for Conversion Of CA Firms into LLPs

COUNCIL GUIDELINES FOR CONVERSION OF CA FIRMS INTO LLPS (Guidelines No.1-CA (7)/03/2011, dated 4th November, 2011) In terms of the Council decision dated 14 July, 2011, following guidelines for conversion of CA firms into LLPs and constitution of separate LLPs by the practicing Chartered Accountantshave been finalized which are applicable for conversion of CA firms into LLPs or formation of new… Read More

Draft Model Property Rights to Slum Dwellers Act, 2011

Kumari Selja, Minister of Housing & Urban Poverty Alleviation and Minister of Culture,has issued the Draft Model Property Rights to Slum Dwellers Act, 2011' and Central Legislation for Street Vendors for public discussion in New Delhi. The main features of the drafts are as follows: Draft Model Property Rights to Slum Dwellers Act, 2011 The Ministry of HUPA proposed the strengthening… Read More

Enormous Challenge Posed by the Increased Threat of Drugs not Limited by National Boundaries and must be Tackled by Concerted and Collective Efforts of all Countries

Union Minister of State for Revenue, Shri S.S.Palanimanickam has said that India has put in place an elaborate legislative and administrative mechanism to counter the drug menace in the country and we are conscious of the need to periodically review and strengthen the same. He was inaugurating the Second Paris Pact Working Group meeting on… Read More

Post-Global Financial Crisis, Major Global Economies are Facing an Uphill Task in Engineering their Recovery

The Union Finance Minister Shri Pranab Mukherjee said that India today is among the fastest growing economies and widely believed to be steadily on the course to occupy a place among the top three economies of the world by the year 2050. However, the Finance Minister Shri Mukherjee cautioned that the recent developments in Euro-zone have heightened… Read More

RBI RELAXES NORMS FOR TRANSFER OF SHARES

The transfer of shares of an Indian company, by a person resident in India (Resident) to a person resident outside India (Non-Resident) and vice versa is governed by the Foreign Exchange Management (Transfer or issue of security by a person resident outside India) Regulations, 2000 (Regulations). PRIOR POSITION IN LAW The Regulations stated that prior… Read More

Director not liable for all wrongs in a Company: SC

A director of a firm cannot be held liable for the wrongs committed by his company unless it is proved that he was involved in the irregularities, the Supreme Court has held. This court has repeatedly held that in case of a director, complaint should specifically spell out how and in what manner the director… Read More

Guidelines for pension products-IDRA

Pension products offered by life insurance companies have a special role to play in promoting and protecting the social security by provision of stable and adequate retirement income. The regulatory framework for pension business of life insurance industry should take into consideration the long-term risks inherent in the pension products. The need for greater security of the pensioner™s fund… Read More

MCA Initiatives to Simplify Procedures under Companies Act,1956 & LLP Act, 2008

The Ministry of Corporate Affairs has in order to improve service delivery to the Corporate Sector recently taken initiatives for further simplifying procedures under the Companies Act, 1965 and the Limited Liability Partnership Act, 2008. These include: (a) Company Law Settlement Scheme: The scheme was initially notified w.e.f. 12.08.2011 to enable the Companies failing to file… Read More

Participation of mutual funds in repo in corporate debt securities

CIR / IMD / DF / 19 / 2011 All Mutual Funds/Asset Management Companies Sir / Madam, Sub: Participation of mutual funds in repo in corporate debt securities 1. The Reserve Bank of India, vide notification no.IDMD.DOD.05./11.08.38/2009-10 dated January 8, 2010, has issued the ˜Repo in Corporate Debt Securities (Reserve Bank) Directions, 2010™. The same has been… Read More

Location of Foreign Exchange Counters at International airports-CBDT

Circular No. 51/2011-Customs F.No.520/25/2008-Cus.VI (pt.) Government of India Ministry of Finance Department of Revenue Central Board of Excise & Customs To, All Chief Commissioners of Customs / Customs (Prev.). All Chief Commissioners of Customs & Central Excise. All Commissioners of Customs / Customs (Prev.). All Commissioners of Customs (Appeals). All Commissioners of Customs &… Read More

Collection of Account Payee Cheques – Prohibition on Crediting Proceeds to Third Party Account

RBI/2011-12/256 RPCD.CO.RRB.BC.No. 30 /03.05.33/2011-12 The Chairmen All Regional Rural Banks (RRBs) Dear Sir, Collection of Account Payee Cheques - Prohibition on Crediting Proceeds to Third Party Account Please refer to our circular RPCD. CO. RF. BC. No. 78 / 07.38.03 / 2005-06 dated April 27, 2006 in terms of which RRBs are prohibited from crediting 'account payee'… Read More

MCA issues Master Circular w.r.t. Cost Accounting Records and Cost Audit

The Ministry of Corporate Affairs has issued from time to time number of Circulars with regard to various matters concerning cost accounting records and cost audit in the corporate sector. All these circulars have been reviewed by the Ministry and in supersession of the earlier circulars, a Master Circular has been issued.… Read More

Good News – Interest Rate on PPF, Post Office Savings hiked

In a move that will benefit millions of depositors, the government on Friday hiked interest rates on deposits under the Public Provident Fund (PPF) scheme to 8.6 percent from 8 percent and post office savings accounts to 4 percent from 3.5 percent. The PPF scheme is a favourite investment option for salaried as well as self-employed individuals.… Read More