Corporate Law Reporter - The Daily Journal

FM meets Institutional Investors; Confident of Reducing Fiscal Deficit

Union Finance Minister Shri Pranab Mukherjee has expressed confidence in reducing the fiscal deficit and achieving the target of 4.6 % of GDP announced in the 2011-12 budget. He said that the provisional figures for 2010-11 have given us strong reason to be hopeful in this regard. The Union Finance Minister, Shri Pranab Mukherjee was… Read More

Annual Conference of Chief Commissioners and DG of Customs, Excise & Service Tax

FM to Inaugurate Annual Conference of Chief Commissioners and Directors General of Customs, Central Excise and Service Tax Tomorrow; Revenue Mobilisation, GST and Managing Innovations Efficiently to Dominate the Two Days Conference The All India Annual Conference of the Chief Commissioners and Directors General of Customs , Central Excise and Service Tax will be held… Read More

16 FDI Proposals Worth Rs. 923.55 Crore Approved

Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its meeting held on May 20, 2011, the Central Government has approved 16 Proposals of Foreign Direct Investment (FDI) amountingto Rs. 923.55 crore approximately. Following 16 (Sixteen) proposals have been approved. Sl. No. Name of the applicant Particulars of the proposal FDI/NRIinflows (` In crore) FOOD PROCESSING INDUSTRIES 1 M/s Global Gourmet Pvt. Ltd., Gujarat Ex-post facto approval for issue of shares on partly paid basis to… Read More

India-Netherlands sign agreement on Corporate Governance and Corporate Social Responsibility

The Union Ministry of Corporate Affairs has inked an agreement with the Ministry of Economic Affairs, Agriculture and Innovation of Netherlands on Corporate Governance and Corporate Social Responsibility. The letters of Intent to this effect were signed at a function here by Shri D.K.Mittal, Secretary, Ministry of Corporate Affairs, Government of India and HE Bob… Read More

Central Excise – Notification No.14/ 2011 reg. manufacture of recorded smart cards

[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.14/ 2011 - Central Excise (N.T.) New Delhi, the 3rd June, 2011 G.S.R.(E) In exercise of the powers conferred by sub-rule (2) of rule 9 of the Central Excise Rules,… Read More

Clarification regarding participation by shareholders or Directors in meetings under the Companies Act, 1956 through electronic mode

General Circular No. 35/2011 No 17/95/2011-CL.V Government of India Ministry of Corporate Affairs 5th floor, ˜A™ Wing, Shastri Bhawan, Dr. Rajendra Prasad Road, New Delhi Dated: 06.06.2011 All the Regional Directors,All the Registrar of Companies/ Official Liquidators Subject: -Green Initiatives in the Corporate Governance -Clarification regarding participation by shareholders or Directors in meetings under the… Read More

Fast Track Exit Scheme to strike off Defunct Companies U/s 560

General Circular No. 36/2011 F. No. 2/3/2011-CL V Government of India Ministry of Corporate Affairs 5th Floor, ˜A™ Wing, Shastri Bhavan, Dr. R.P. Road, New Delhi Dated the 7th June, 2011 To All Regional Director, All Registrars of Companies. Subject: Guidelines for Fast Track Exit mode for defunct companies under section 560 of the Companies… Read More

Revelation of Swiss bank accounts – IS INDIA A POOR COUNTRY?

If black money deposits were an Olympics event.... India would have won a gold medal hands down. The second best Russia has 4 times lesser deposit. U.S. is not even there in the counting in top five! India has more money in Swiss banks than all the other countries combined! Recently, due to international pressure,… Read More

If AO does not assess income for which reasons were recorded u/s 147, he cannot assess other income u/s 147

Ranbaxy Laboratories Ltd vs. CIT (Delhi High Court) The AO issued a notice u/s 148 for the reason that club fees, gifts and presents and provision for leave encashment had escaped assessment. Pursuant to the assessee™s explanation, the AO accepted that these items had not escaped assessment. However, he passed an order u/s 147 on the ground… Read More

MCA Circular regarding settlement of prosecutions cases against Companies

F.No.3/57/2011-CL.II Government of India Ministry of Corporate Affairs 5th Floor, ˜A™ Wing, Shastri Bhavan, New Delhi-110001 Dated 03.06.2011 To All Regional Directors, Subject: Settlement of prosecutions cases regarding Sir, While reviewing prosecution cases it was decided to review pending prosecution cases. Ministry of Corporate Affairs has decided following actions to be taken by RDs and… Read More

ICSI Seminar on Company Law Updates

ICSI is organising a seminar on Company Law Updates on the 18th June, 2011 at the Conference Hall of ICSI-CCGRT,CBD Belapur, Navi Mumbai from 9.30 am onwards till 5.30 pm. The session topics will focus on Amendments to schedule VI; Board Meetings through video conferencing; Revised procedure for appointment of Cost Auditor; Appointment of Directors; Appointment of… Read More

India’s high economic growth attracts FDIs

Despite regulatory hurdles, India continues to be among the preferred destinations for FDI due to the country's high economic growth, with both Mumbai and Delhi being touted as among the cities likely to produce the next Microsoft or Google, a survey said. According to the '9th Annual European Attractiveness Survey' by Ernst & Young, India… Read More

Maruti Suzuki sacks its 11 workers

Maruti Suzuki, today sacked 11 of its workers who were inciting workers to go on an illegal strike, creating an unsafe environment and compeling the company to take such a decision. Maruti Suzuki India (MSI) Chairman R C Bhargava told PTI. He added on saying that the workers had gone on strike without any notice… Read More