MCA notifies changes in Forms 2, 3 ,18, 32 & 23C
CLR Note : The Ministry of Corporate Affairs have issued a notification dated 29th April, 2011, with regard to the changes in the E- Forms 2,3,18,23C & 32 wherein it has been observed that; In Form-2 there has been an addition of a requirement specifying as to, whether the copy of the valuation report of properties/ rights and shares… Read More
ICSI 12th National Conference at Ooty in July, 2011
The 12th National Conference for the Practicing Company Secretaries will be organised on the 14th ,15th & 16th of July, 2011 at Ooty, an apt location for discussing on Capital market and opportunities for Practising Company Secretaries, FEMA, Foreign Direct Investment, External Commercial Borrowings, Emerging opportunities in other laws with emphasis on SMEs, Opportunities for appearance before various tribunals / quasi… Read More
Agency to be appointed for monitoring the electronic voting process : MCA
Circular No.21 I201 1; Government of India- Ministry of Corporate Affairs; Dated: 02.05.20 1 1 CLR Note: The Green Initiative in the Corporate Governance brings again an added advantage, by providing an electronic platform for the purpose of electronic voting and for that the Ministry will soon appoint an agency which will accurately monitor the voting process and most… Read More
Exemption Circular U/s 212 of Companies Act and its applicability for Unlisted Companies
General Circular No: 22/2011; Government of India- Ministry of Corporate Affairs; Dated: 2nd May, 2011 All Regional Directors; All Registrars of Companies Subject: Clarification in respect of General Circular No: 2 /2011 dated 8th February,2011 It has been observed that certain companies are seeking clarification in respect of circular No. 2/11 dated 8.2.2011 issued by the Ministry in respect… Read More
Liability of Directors on Check Bounce under Section 138 Negotiable Instruments Act
Liability of Directors on Check Bounce under Section 138 Negotiable Instruments Act : Are all the Directors liable under Section 138 ? What happens to the innocent Directors who were not aware of the cheque so issued ? What about the Directors who no more work with the Company as Directors. Hemanth deals with these… Read More
Opening of Escrow Accounts for FDI transactions
RBI/2010-11/ 498 A. P. (DIR Series) Circular No. 58 May 02, 2011 To All Category-I Authorised Dealer Banks Madam / Sir, Opening of Escrow Accounts for FDI transactions Attention of the Authorised Dealer Category I (AD Category - I) banks is invited to the Foreign Exchange Management (Transfer or Issue of Security by a Person… Read More
Payment of fee under the RTI Act by Indian Postal Order
CLR Note: The person who is filing the application under Right to Information Act, can make payment through various modes including Indian Postal Order. If any authority refuses to accept the Postal order, it may be penalized by the Central Information Commission on the concerned Central Pubic Information Officer No.F.10/9/2008-IR Government of India Ministry of Personnel, PG & Pension… Read More
Exemption under section 10B of Income tax denied to undertaking on lease
Synergies Casting Ltd. v. DCIT (ITA No. 864 & 1364/Hyd/2010) The Hyderabad Tribunal has held in the above ruling that Exemption under Section 1 0B of the Act is not available to undertaking taken over on lease but the manufacturing activity has to be carried on by the taxpayer itself by using its own plant… Read More
SC rules on Benefit of Sales Tax Deferral Scheme
CLR Note :Benefit of Sales tax deferral scheme is available from the date of (base sales volume) BSV or (base production volume) BPV whichever is earlier State of Tamil Nadu & another Appellant(s) versus India Cements Ltd. & another Respondent(s) Date of Decision: 4/21/2011 Authority: Supreme Court Tamil Nadu General Sales Tax Act, 1959 ” sales tax… Read More
Repo, Reverse Repo rates, CRR hiked by RBI
On Tuesday, April 20, the short term lending rates have been hiked by Reserve Bank of India along with borrowing rates by 25 basis points each. In order to check inflation, the RBI has also hiked the portion of money banks deposit with it by 25 basis points. RBI on Tuesday raised the repo, reverse repo rates to… Read More
Power of Revenue to reopen cases in case of change of opinion is expressed
AREVA T&D, SA Vs THE ASST. DIRECTOR OF INCOME TAX & ORS. Date of Decision: 25 April, 2011 CLR Note: Where no return has been filed by the assessee for the assessment year in dispute, Income Tax department can reopen the assessment proceedings, said The Delhi high court. Sections 195 together with section 197 of the Income Tax Act, says that if… Read More
Custom raised Tariff value for crude oil, RBD Palm Oil and RBD Palmolein
CLR Note: Tariff value went up for Crude oil From 337 to 447 RBD Palm Oil From 351 to 476 RBD Palmolein From 372 to 484 Notification No. 33/2011 - Customs (N. T.) New Delhi, 29th April, 2011 S. O¦ (E) In exercise of… Read More
Issue of Irrevocable Payment Commitment (IPCs) to Stock Exchanges
Issue of Irrevocable Payment Commitment (IPCs) to Stock Exchanges on behalf of Mutual Funds (MFs) and Foreign Institutional Investors (FIIs) CLR Note: The Foreign Institutional Investors can purchase shares or convertible debentures which are issued by the Indian Company under the Portfolio Scheme and it also allowed to Custodian Bank, on behalf of FII clients for purchase… Read More
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