Corporate Law Reporter - The Daily Journal

Competition Commission : The journey so far : From the Horse’s mouth

CCI Mandated to Make Markets Function for the Consumer and to Ensure Fair and Healthy Competition in the Indian Economy- Dhanendra Kumar Successful implementation of any Competition regime has two distinct limbs enforcement of competition laws; and advocacy of benefits of competition among various stakeholders. In the process of transition from planned economy to a… Read More

Committe constituted to check Food Wastage

Ministry of Consumer Affairs, Food & Public Distribution has constituted a fifteen member committee to deliberate upon and suggest possible ways and means to check food wastage. Concern has been voiced time to time on the wastage of food items and ostentatious behavior witnessed especially during occasions like marriages/parties/meetings. It has been estimated that about… Read More

Challenges to Central Banking in the Context of Financial Crisis – RBI Publication

The Reserve Bank of India today released the Volume for the First International Research Conference (FIRC) on ˜Challenges to Central Banking in the Context of Financial Crisis™. The Volume, edited by Dr. Subir Gokarn, Deputy Governor, brings together the papers and proceedings of the FIRC and gives a flavour of the issues and discussions on… Read More

Findings of Forensic Scrutiny- Guidelines for prevention of frauds

RBI/2010-11/555; Dated May 31, 2011 The Chairmen & Chief Executive Officers of All Scheduled Commercial Banks (excluding RRBs) and All India Select Financial Institutions In the recent past, we had conducted forensic scrutinies at certain identified banks due to occurrence of large value frauds or sharp increase in number of frauds at such banks. The… Read More

Internal Vigilance in Private Sector/foreign Banks

RBI/2010-11/554; dated May 26, 2011 CLR Note: The Reseve Bank of India has issued detailed guidelines for the internal vigilance in the private sector and foreign banks so that all issues arising out of lapses in the functioning of the private sector and foreign banks especially relating to corruption, malpractices, frauds etc can be addressed… Read More

DIN- 1 & DIN- 4 – Application to be digitally signed by CA, CS & ICWAs

The Ministry of Corporate Affairs has decided that with effect from 12th June, 2011, all DIN-1 & DIN-4 applications has to be digitally signed by the practicing Chartered Accountants, Company Secretaries or Cost Accountants who shall also verify the particulars of the applicant given in the applications. All these applications will be approved online. At… Read More

Guidelines for declaring Financial Institution as Public Financial Institutions

GOI; MCA; Gen. Circular No. dated 34/2011 dated 2nd June, 2011 Guidelines for declaring financial institution as Public Financial Institutions under section 4A of the Companies Act, 1956 Section 4A of the Companies Act, 1956 was inserted by the Companies ( Amendment) Act, 1974 (41 of 1974) with effect from 1st February, 1975. Sub- section… Read More

MCA not to take any form on record unless BS, P&L & Annual Returns are filed

Gen. Circular No. 33/2011 dated 1.06.2011; GOI; MCA All the Regional Directors; All the Registrar of Companies/ Official Liquidators; The Stakeholders Sub:- Compliance of provisions of the Companies Act 1956 and Rules made there under. Section 610 of the Companies Act, 1956 confers a right to any person to inspect any document kept with the… Read More

Revised Schedule VI not applicable for November, 2011 CA Exams

This is to bring to the attention of students that a decision has been taken to defer the applicability of the Revised Schedule VI for CA examination, consequent to which the same will not be applicable for the PCC, IPCC and Final examinations to be held in November, 2011. Accordingly, in the list of publications/amendments… Read More

Indirect Tax Ombudsman Guidelines, 2011

The Guidelines are introduced with the objective of enabling the resolution of complaints relating to public grievances against the Customs, Central Excise and Service Tax Department and to facilitate the satisfaction or settlement of such complaints. CHAPTER I PRELIMINARY 1. Short title, commencement, extent and application I. These Guidelines shall be known as the Indirect… Read More

The Companies (Passing of the resolution by Postal Ballot) Rules, 2011

Ministry of Corporate AffairsNotification New Delhi the Dated- 30th May, 2011 G.S.R. ¦¦¦¦.. (E). In exercise of the powers conferred by section 192A read with clauses (a) and (b) of sub-section (1) of section 642 of the Companies Act, 1956 (1 of 1956), the Central Government hereby makes the following rules, in supercession of Companies (passing of… Read More

Transfer Pricing Principles Elucidated – Landmark Judgement by ITAT Mumbai

Symantec software Solutions Pvt Ltd vs. ACIT (ITAT Mumbai) The assessee™s appeal raised the issues whether (i) the TPO could consider financial information of comparables not available at the time of TP study, (ii) multi-year data of comparables could be considered, (iii) a turnover filter had to be applied for identification of comparable companies, (iv)… Read More

Singapore Exchange to clear Asian FX forwards by Sep

The Singapore Exchange (SGX) today said it will start clearing Asian foreign exchange forwards (non-deliverable) by September. The clearing of Asian foreign exchange (FX) forwards would include the non-deliverable currencies traded in the region, namely the Chinese yuan, Indonesian rupiah, Indian rupee, Korean won, Malaysian ringgit, Philippine peso and Taiwanese dollar. "A world's first, this… Read More