Corporate Law Reporter - The Daily Journal

Commerce Ministry proposes Hire and Fire Policy

The ministry of commerce and industry has proposed to set up National Manufacturing and Investment Zones (NMIZ) to increase the share of manufacturing sector in the country™s gross domestic product (GDP). The ministry also suggested for an exemption from labour laws for easier hiring and firing of workers. In the proposal, the Contract Labour Abolition Act would also… Read More

RBI mulls rules to improve bank’s services

Are you tired of Bank's services and don't know what to do ! Good news. RBI understands you and is working hard to provide you more "value for your money". Almost a year after RBI put in motion a process to improve banks' customer service practices, a high-profile panel set up by the central bank… Read More

Registrar of Companies and Regional Directors to get more powers

Ministry of corporate affairs (MCA) is set to give more powers to the Executive for conducting investigations by eliminating the need to seek multiple approvals before launching prosecution against defaulting companies. MCA is delegating a large part of investigation-related work to Regional Directors, encouraging the use of emails and stepping up hiring at its field… Read More

Comments invited on Revised ICSI Syllabus

India is a vibrant and emerging economy on the global map which has recorded approximately 8.7 percent growth rate in GDP during 2010-11. Indian Economy is being taken to a higher orbit so as to attain the developed nation status by 2020 which is hardly a decade away. Indian businesses- particularly corporate professionals such as Company… Read More

Duty Drawback not to be recovered even if sale proceeds not realised by exporter

Where sale proceeds are not realised by an exporter within the period allowed under the Foreign Exchange Management Act, 1999 (42 of 1999), the amount of drawback paid to the exporter or the claimant shall not be recovered subject to fulfillment of certain conditions. Notification is reproduced below for ready reference. [To be published in the… Read More

Central Government Revises the National floor level Minimum Wage

Central Government Revises the National floor level Minimum Wage (NFLMW) from Rs. 100 Per Day to Rs. 115 Per Day Effective from 01.04.2011 The Central Government has revised the National Floor Level Minimum Wage (NFLMW) from Rs. 100/- per day to Rs. 115/- per day effective from 01.04.2011, on the basis of the rise in… Read More

Managerial Remuneration in unlisted companies having no profits/inadequate profits

MCA has amended Part C of the Schedule XIII of Companies Act vide Notification GSR 70(E) . Earlier Central Government approval was required for Managerial remuneration if the proposed remuneration was exceeding Rs. 4 lacs per month and the Company had inadequate or no profits. The said approval has been dispensed with for unlisted companies. The… Read More

Ombudsman releases 660 crores in Income Tax Refunds

The income-tax ombudsman in Mumbai has released refunds and other dues to taxpayers amounting to over Rs 660 crore, which had been locked up for various years due to red-tapism at the income-tax office. This is the largest amount distributed to taxpayers in a single year from the office of the ombudsman in Mumbai, a… Read More

India eager to attract FDI

Prime Minister Manmohan Singh said in the Chinese town of Sanya in a statement at the BRICS summit that"India is eager to absorb foreign direct investment and is taking adequate measures to attract FDI . Singh also said the Indian economy was well positioned to achieve annual long-term growth of 9 percent or more. The Prime… Read More

Law to get stricter under amended Benami Transactions (Prohibition) Act

Benami transaction means any transaction in which property is transferred to one person for a consideration paid or provided by another person for property of any kind, whether movable or immovable, tangible or intangible, and includes any right or interest in such property. Benami buys means buying properties in the name of a person who doesn't pay for… Read More

CJI cautions Judges to exercise self restraint

Chief Justice S H Kapadia cautioned the judges today against taking over the functions of the legislature. Kapadia maintained that the judiciary should exercise self-restraint and respect segregation of responsibilities between the Executive and the Judiciary. "We must refuse to sit as a super-legislature to weigh the wisdom of legislation. We must remember that our Constitution… Read More

Rajasva Bhawan – The proposed National Tax Headquarters

The proposed national tax headquarters being set up on 5.65 acre-plot at Kasturba Gandhi Marg in New Delhi, is likely to be ready in the next 24-30 months, Finance Minister Pranab Mukherjee said today. The same will be known as Rajaswa Bhawan. The proposed building, which will house the tax department of the country, will set… Read More

Download Draft XBRL Taxonomy

Exposure Draft on XBRL taxonomy for Commercial and Industrial (C&I) entities on which comments, if any, are invited by MCA by 30th April, 2011. Ministry of Corporate Affairs (MCA) has come out with an Exposure Draft on XBRL taxonomy for Commercial and Industrial (C&I) entities for filing their Balance Sheet and Profit and Loss Account.… Read More