Corporate Law Reporter - The Daily Journal

RBI releases DRG Study on Productivity, Efficiency and Competitiveness of the Indian Manufacturing Sector

Press Release : 2010-2011/1833 The Reserve Bank of India today released a DRG Study entitled, Productivity, Efficiency and Competitiveness of the Indian Manufacturing Sector. The study is co-authored by Prof. Pushpa Trivedi (Indian Institute of Technology Bombay), Shri L. Lakshmanan (Assistant Adviser, Internal Debt Management Department), Dr. Rajeev Jain (Assistant Adviser, Department of Economic and… Read More

RBI opens Urban Banks Department at its Panaji Office

With a view to bestowing focussed attention to urban co-operative banking sector in the state of Goa, the Reserve Bank of India has decided to open an Urban Banks Department in Goa. The Department has started functioning at the Reserve Bank of India, Panaji, Goa from June 17, 2011. Its functional jurisdiction will cover the… Read More

Bank penalised for not reporting transactions over 10 lacs to FIU

Press Release : 2010-2011/1842 The Reserve Bank of India has imposed a monetary penalty of ` 1.00 lakh (Rupees one lakh only) on The Padra Nagar Nagarik Sahakari Bank Limited, Vadodara, Gujarat, in exercise of powers vested in it under the provisions of Section 47(A)(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (AACS) for… Read More

DEPB scheme extended till 30th September 2011 by Goverment

Duty Entitlement Pass Book (DEPB) a tax intensive scheme get extended from 30th June 2011 till 30 september 2011,which will benefit the exports sector. As the scheme was set to close on June 30, exporters were agitated and lobbying hard with both Finance and Commerce ministries for its extension. The government spends about Rs 8,500 crore annually… Read More

MCA plans to substitute Unlisted Public Companies ( Preferential Allotment) Rules, 2003 with Rules, 2011

The Ministry of Corporate Affairs has clarified that Sahara Prime City limited, a Sahara Group company intending to go for an IPO, had filed information about its group companies to SEBI in its Draft Red Herring Prospectus. SEBI as market regulator vested with the mandate of investor protection, upon noticing inadequacy in material disclosures has… Read More

COSIA calls for ceiling on interest rate for SMEs

Chamber of Small Industry Associations (COSIA) has asked the Reserve Bank to put a ceiling on interest rates charged by banks on the small and medium enterprises. In a statement the COSIA said that RBI's repeated rate hikes have failed to curb inflation even as the domestic investors are feeling the pinch. M R Khambete… Read More

Periodical Report Grant of prior approval to Credit Rating Agencies

CIR/MIRSD/8/2011 June 17, 2011 To All Credit Rating Agencies Registered with SEBI Dear Sir/Madam, Subject: Periodical Report Grant of prior approval to Credit Rating Agencies 1) SEBI (Credit Rating Agencies) Regulations, 1999 {hereinafter referred to as "the saidRegulations"}, have been amended vide notification no. LAD-NRO/GN/2011-12/03/12650 dated April 19, 2011 {hereinafter referred to as "the said… Read More

Periodical Report Grant of prior approval to Depository Participants

CIR/MIRSD/9/2011 To The Managing DirectorsNSDL and CDSL Dear Sir/Madam, Subject: Periodical Report Grant of prior approval to Depository Participants 1) SEBI (Depositories and Participants) Regulations, 1996 {hereinafter referred to as "the said Regulations"}, have been amended vide notification no. LAD-NRO/GN/2011-12/03/12650 dated April 19, 2011 {hereinafter referred to as "the said amendment"}, acopy of which is… Read More

Acute labour problem may encumber India’s goal to become global hub for small cars

Labour issues prevailing in India will surely hamper India's dream of becoming the global hub for small cars because of the rising shortage of skilled workers and slow pace of expansion by auto component makers, according to market research firm JD Power. In its report 'India Automotive 2020: The Next Giant from Asia', JD Power said the country's ambition… Read More

New York Mayor wants removal of cap on H1B visa and Green Card

Calling for a comprehensive immigration reform that gives more opportunities to high-skilled workers from countries like India, New York Mayor Michele Bloomberg has demanded removal of Congressional mandated cap on H-1B visas and Green Cards. "We must stop telling US companies that they cannot hire the high-skilled workers they need. By making it difficult for… Read More

MPLAD Guidelines made broad based, simple and easily implementable

Government Changes MPLAD Guidelines to Make them More Broad Based, Simple and Easily Implementable Government of India, after 13 years, is increasing the annual allocation of MPLAD funds from Rs.2 crore to Rs.5 crore per Member of Parliament. The Minister of Statistics & Programme Implementation Dr. M.S.Gill firmly believes that the benefit of the scheme… Read More

CAG to carry out special audit in respect of fields operated under Pre-NELP and NELP regime

At the request of Ministry of Petroleum & Natural Gas in November 2007, the Comptroller & Auditor General of India agreed to carry out special audit in respect of certain blocks/fields operated under Pre-NELP and NELP regimes. 2. The draft Performance Audit Report has been received in this Ministry on 08.06.2011. This Ministry is examining… Read More

Amendment in Notification No. 09/2010-Service Tax, dated the 27th February, 2010

Notification No.40/2011-Service Tax G.S.R. (E).- In exercise of the powers conferred by sub-section (1) of section 93 of the Finance Act, 1994 (32 of 1994) (hereinafter referred to as the Finance Act), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following amendment in the notification… Read More