Corporate Law Reporter - The Daily Journal

RBI lays down ‘Fit and Proper’ Criteria for Directors on the Boards of Banks

RBI/2010-11/541; DBOD. No.BC.No. 95 /29.39.001/2010-11; May 23, 2011 The Chairman & Managing Director of all Nationalised Banks / Managing Directors & CEOs of all Private Sector Banks / The Managing Directors of all the Associate Banks of State Bank of India 'Fit and Proper' Criteria for Directors on the Boards of Banks Please refer to DBOD circulars No.BC.104 &… Read More

RBI places the report on FHC structure in India

CLR Note: The Financial Holding company (FHC) is a financial entity engaged in a broad range of banking-related activities, created by the Gramm-Leach-Bliley Act of 1999. These activities include: insurance underwriting, securities dealing and underwriting, financial and investment advisory services, merchant banking, issuing or selling securitized interests in bank-eligible assets, and generally engaging in any non-banking activity… Read More

Govt. to raise Rs. 40,000 cr through disinvestment

The government will soon finalise the roadmap to raise a whopping Rs 40,000 crore through disinvestment during the current fiscal. It will include sale of equity in blue chip companies like SAIL and ONGC. "Cabinet has so far given approval for the disinvestment of four state-run firms - PFC, SAIL, ONGC and HCL. We are… Read More

MCA hopes better future with its Green Initiatives in Corporate Governance

In order to save trees and environment by cutting down the consumption of costly paper habits, the Ministry of Corporate Affairs has taken a Green Initiative in the Corporate Governance by allowing paperless compliances by the companies under the provisions of the Companies Act, 1956. Gving details of the initiatives to the media persons here… Read More

Rajiv Kumar appointed the Secretary General- FICCI

Ficci today appointed Rajiv Kumar as the Secretary General of the chamber. Kumar, a well-known economist and the author of several books, would succeed Amit Mitra, who has become the Finance Minister of West Bengal. He joined Ficci as Director General in October, 2010. Earlier, he was Director and Chief Executive of an economic think-tank,… Read More

Prime Minister™s address at release of Report to The People 2010-11

Following is the address of the Prime Minister, Dr. Manmohan Singh at release of Report to the People 2010-11: We are meeting here again to present our Report to the People. I have viewed this initiative as a symbol of our commitment to transparency and accountability in governance. The United Progressive Alliance has offered seven… Read More

FICCI to announce its General Secretary

Ficci will announce its new Secretary General tomorrow, the industry body's top post vacated by Amit Mitra who has become the Finance Minister of West Bengal. The selection of the Secretary General will be made by the Seniors Committee, comprising of former presidents of Ficci - Y K Modi, Rajan Bharati Mittal and Harshpati Singhania,… Read More

EPFO to appoint Fund Manager to manage its 3 Lacs crore corpus

Employees Provident Fund Organisation (EPFO) is in the process of appointing multiple fund managers for manging its funds for a three year period beginning July 1. The meeting of the committee to recommend the appointment of the fund managers for EPFO to its trustees is likely to be held next week where the panel would… Read More

Flexibility in Labour laws proposed in the New Manufacturing Policy

India will formulate its new policy for increasing share of manufacturing in its gross domestic product with a view to create additional jobs in the country. Prime Minister Manmohan Singh has convened a meeting on June 2 of senior ministers to give a direction for firming up the policy. Its draft prepared by the industry… Read More

Foreigners receiving more patents in India than Indians

There are more foreigners than Indians receiving patents in India, prompting the government to say "much needs to be done to encourage more domestic innovations". The number of patents granted to Indian applicants has steadily decreased from a high of 41 per cent in 2002-03 to a low of 17 per cent in 2009-10, according… Read More

Finmin to set-up Directorate of Criminal Investigation by end of May, 2011

The Finance Ministry is likely to set up Directorate of Criminal Investigation, a specialised wing to probe cases of black money, money laundering and terror funding, by the end of this month. "A dedicated unit called Directorate of Criminal Investigation will look into the nexus between black money (which is illegally acquired), money laundering, and… Read More

Debate is on on the proposed Open Offer Limit in the new Takeover code

In order to bring down the cost of acquisition, the Finance Ministry is likely to peg the open offer limit to 50-75 per cent as against 100 per cent recommended by the Sebi panel on the new Takeover Code. "In regard to 100 per cent open offer (as recommended by Achuthan panel), more or less… Read More

IT Dept. starts scrutinizing 6.5 Lacs Frozen Demat Accounts

The Income Tax Department has started scrutinizing over 6.5 lakh demat accounts, which were frozen following 2006 IPO scam, to see if blackmoney was used to purchase equities by persons through multiple accounts. "Investigation and intelligence wings have started looking into the frozen accounts with substantial amounts lying in them to see if they are linked," a… Read More