Corporate Law Reporter - The Daily Journal

Safeguard duty imposed on specified goods-CBEC

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)] Government of India Ministry of Finance Department of Revenue Notification No.83/ 2011-Customs New Delhi, dated the 30th August, 2011 G.S.R. (E). Whereas, in the matter of import of N1, 3-dimethyl butyl-N™phenylenediamine (PX-13 also known as 6 PPD) (hereinafter referred as the subject goods),… Read More

RBI releases Draft Guidelines for Licensing of New Banks in the Private Sector

The Reserve Bank of India released on its website today, the Draft Guidelines for Licensing of New Banks in the Private Sector. The Reserve Bank has sought views/comments on the draft guidelines from banks, non-banking financial institutions, industrial houses, other institutions and the public at large. Suggestions and comments on the draft guidelines may be sent… Read More

RBI releases Report of the Working Group on the Issues and Concerns in the NBFC Sector

The Reserve Bank of India today placed on its website the Report of the Working Group on the Issues and Concerns in the NBFC Sector, chaired by Smt. Usha Thorat, Director, Centre for Advanced Financial Research and Learning (CAFRAL). Other members of the Group were Sanjay Labroo, Rajiv Lall, Bharat Doshi, Pratip Kar and Uma Subramaniam (Member… Read More

Opening and Maintenance of Rupee / Foreign Currency Vostro Accounts of Non-resident Exchange Houses

RBI/2011-12/160 A.P. (DIR Series) Circular No.09 A.P.(FL/RL Series) Circular No.01 To All Authorised Dealer Category-I Banks Madam / Sir, Opening and Maintenance of Rupee / Foreign Currency Vostro Accounts of Non-resident Exchange Houses Attention of Authorised Dealer Category-I (AD Category-I) banks is invited to the A.P.(DIR Series) No.28 [A.P(FL/RL Series) Circular No.02] dated February 06, 2008 on… Read More

Auction of Government of India Dated Securities

Ref.No.IDMD / 1054/08.02.033/2010-11 All Scheduled Commercial Banks / All State Co-operative Banks/All Scheduled Primary (Urban) Co-operative Banks /All Financial Institutions/ All Primary Dealers Dear Sirs, Auction of Government of India Dated Securities Government of India have offered to sell (re-issue) of (a) 7.99 percent Government Stock 2017 for a notified amount of Rs.3,000 crore… Read More

Customs Rate of exchange for conversion of foreign currency for Sept, 2011

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, PART-II, SECTION 3, SUB-SECTION (ii), EXTRAORDINARY] GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE CENTRAL BOARD OF EXCISE AND CUSTOMS NOTIFICATION NO.62/2011-CUSTOMS (N.T.) DATED THE 26th August, 2011 4 Bhadrapada, 1933(SAKA) S.O. (E). In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52… Read More

Serious Fraud Investigation Office will soon be recognised

Keeping in view the recommendations made by Vepa Kamesam committee, it is proposed to give statutory recognition to SFIO. Besides, powers such as treating its investigation report as a report filed by a Police Officer, giving SFIO power to issue letter of requests (letter Rogatory) in cases involving companies having business/interest outside the country and… Read More

Action taken by the MCA against vanishing Companies

The Minister of State in the Ministry of Corporate Affairs Shri R.P.N. Singh today informed the Lok Sabha that 238 Companies have been identified as vanishing companies. Companies which had raised funds through Initial Public Offer were identified as Vanishing Company for (i) non maintaining of their registered office; (ii) non- traceability of directors (iii) non- filing of statutory returns/ listing requirements with the concerned… Read More

Change of designation of officers representing CBEC in the CESTAT

Circular No: 951/12/2011 F. No. 390/Misc./80/2011-JC Government of India Ministry of Finance Department of Revenue (Central Board of Excise & Customs) ..... New Delhi, dated the 26th August, 2011 To, 1. All Chief Commissioners and Director Generals under the Central Board of Excise and Customs. 2. CDR, Customs, Excise & Service Tax Appellate Tribunal. 3. All Commissioners of… Read More

Processing of Investor Complaints in SEBI Complaints Redress System (SCORES)

To All Credit Rating Agencies Registered with SEBI Sir/ Madam, Sub: Processing of Investor Complaints in SEBI Complaints Redress System (SCORES) 1. SEBI has commenced processing of investor complaints in a centralized web based complaints redress system ˜SCORES™. The salient features of this system are: ¢ Centralized database of all complaints. ¢ Online movement of… Read More

Infrastructure Finance Companies (IFCs) — as eligible issuers for FIIs investment limit in debt instrument for infrastructure

To All Foreign Institutional Investors through their designated Custodians of Securities Dear Sir/Madam Sub: Infrastructure Finance Companies (IFCs) -- as eligible issuers for FIIs investment limit in debt instrument for infrastructure. 1. Please refer to SEBI circular dated November 26, 2010 & March 31, 2011, regarding FII investment in the corporate bonds issued by Indian… Read More

Role of Independent Directors to be redefined

The concept of Independent Director has been proposed in the Companies Bill, 2009. Clause 147 of the Bill, provides for duties of directors which include the duty to act in good faith in best interest of company, to act with due and reasonable care, skill and diligence, to avoid any conflict of interest, to desist… Read More

North Eastern States will now have separate High Courts

The Government has decided to set up separate High Courts for each of the North Eastern States. Setting up of separate High Courts is subject to creation of necessary infrastructural facilities by the respective State Governments. Giving this information in written reply to a question in the Lok Sabha, Shri Salman Khurshid, Minister of Law… Read More