Overview on the Macroeconomics & Monetary Developments, 2010-11
CLR Note: RBI released Macroeconomic and Monetary Developments in 2010-11, which serves as a background to the Monetary Policy Statement 2011- 12 to be announced today. Overall Outlook Persistence of inflation warrants continuation of anti-inflationary monetary policy stance for sustaining growth over the medium term Growth in 2011-12 is expected to stay close to the trend.… Read More
Workshop on Knowledge of Disciplinary & Enquiry Procedures by Assocham
ASSOCHAM/HRD/2011; May 03, 2011 A Two-day Non-Residential Workshop on Knowledge of Disciplinary and Enquiry Procedures will be organised on the 13-14 May,2011 at ASSOCHAM House, 47 Prithviraj Road, (Opp: Safdarjung Tomb), New Delhi. In a day-to-day administration management is called upon to take disciplinary action against erring workmen found guilty of misconduct. However, experience shows that many a time on intervention of court that… Read More
Highlights of the Industrial Disputes (Amendment) Act, 2010
The Article analyses impact of Industrial Disputes (Amendment) Act, 2010 on staffing, business and organisations: In India, the Industrial Disputes Act, 1947 is the main legislation for investigation and settlement of all industrial disputes. The Industrial Disputes (Amendment Act), 2010 have brought few significant changes to the Industrial Disputes Act, which are produced under the… Read More
Effective Date for Companies (Particulars of Employees) Amendment Rules, 2011
CLR Note: MCA has notified the effective date for Effective Date for Companies (Particulars of Employees) Amendment Rules, 2011 as 1st April, 2011 i.e. all Directors' Reports approved after 1st April, 2011, irrespective of the accounting year, shall be in accordance with the Amendment Rules. The Amendment Rules had increased the limit of disclosure of Particulars… Read More
Professional Consulting Service Firms liable under ESI
CONSULTING ENGINEERING SERVICES (INDIA) PVT. LTD.Vs.THE CHAIRMAN, ESI CORPORATION & ORS. Brief Background of the case: The Appellant company is a private company which does not carry out any manufacturing activity nor it produces any goods for the purpose of marketing and supply to any of its clients and customers and even public in general. It is claimed that the… Read More
MCA- 21 now allows ROC to mark companies having Management Dispute
CLR Note: MCA -21 allows the Registrar of Companies to mark a company as having management dispute in case of receiving any complaints by them thus triggering an alarm for non-approval of any documents with regard to the company. Status will be marked as work in process until it is demarked by the Registrar. General… Read More
Pledge of shares for Business Purposes
BI/2010-11/497 A. P. (DIR Series) Circular No. 57 dated 02/05/2011 To All Authorised Dealer Category - I banks Madam / Sir, Pledge of shares for business purposes Under the extant FEMA regulations, powers have been delegated to the Authorised Dealer Category I (AD Category I) banks to convey ˜no objection™ to the resident eligible borrowers… Read More
Compliance with Corporate Governance Guidelines for Insurance Companies
Ref: IRDA/F&A/CIR/CG/081/05/2011 To, CEO of All Life Insurers, Non Life Insurers and Reinsurer Dear Sir, Re: Compliance with Corporate Governance Guidelines (CG Guidelines) Attention is drawn to the Corporate Governance Guidelines issued by the Authority vide Circular no. IRDA/F&A/CIR/025/2009-10 dated 05th August, 2009, and Circular No. IRDA/F&I/CIR/F&A/014/01/2010 dated 29THJanuary, 2010. The following additional stipulations shall form… Read More
IRDA selects Implementation Agency for Business Analytics Project
Ref:IRDA/IT/NTC/TNDR/082/05/2011 Sub: Selection of Implementation Agency (IA) for Business Analytics Project Based on the detailed scrutiny of the Technical & Commercial Proposals submitted by the Shortlisted IT firms and further evaluation based on Combined Quality Cum Cost Based System (CQCCBS), M/s L & T Infotech has been formally selected as an Implementation Agency for the… Read More
Form 32 filed with ROC can be challenged in Court of Law
CLR Note: Form 32 taken on record by ROC through the Straight Through Process i.e. certified by Professionals, will be without prejudice to the contesting parties to the rights of the parties to settle the dispute, if any, in a court of competent jurisdiction. General Circular No. 201201 1; Government of India- Ministry of Corporate Affairs, Dated: 02.05.201 1 All Regional… Read More
Indian Society of International Law gets approval u/s 35(1)(3) of Income Tax Act
NOTIFICATION NO. 22 [F.NO.203/43/2010/ITA-II], INDIAN SOCIETY OF INTERNATIONAL LAW, NEW DELHI NOTIFIED AS AN APPROVED ORGANISATION U/S 35(1)(III) Section 35(1)(iii) of the Income-tax Act, 1961 Scientific research expenditure Approved social science or statistical research associations/insitutions It is hereby notified for general information that the organization Indian Society of International Law, New Delhi has been approved… Read More
KYC, AML and CFT norms for NBFCs
CLR Note: The NBFCs/ RBFCs are in recent being recognised as complimentary to the banking sector, the reason being , is their functioning like accepting deposits, making loans and advances, leasing, hire purchase, etc. They raise funds from the public, directly or indirectly, and lend them to ultimate spenders. They advance loans to the various… Read More
CENVAT Credit Rules 2004 : Clarification issued by Finmin
New Delhi, 29th April 2011,Government of India- Ministry of Finance (Department of Revenue) Sub: Clarification on issues relating to CENVAT Credit Rules 2004 Regarding. The CENVAT Credit Rules 2004 were amended along with the Budget 2011 announcements vide Notification 3/2011-CE (NT) dt 1.3.2011. A few changes were further effected vide Notification 13/2011-CE (NT) dt 31.3.2011. On few issues the trade has requested… Read More
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