Corporate Law Reporter - The Daily Journal

Electronic Filing of Stamp duty on MCA – Now in J&K also

The provisions regarding stamp duty payment on Form No. 1, Memorandum of Association, Articles of Association, Form No. 5 and Form No. 44 electronically, at the time of their e-filing through MCA portal (www.mca.gov.in) , in addition to the already existing list of States and Union Territories published on the MCA portal,will also be mandatory… Read More

Exemption from Special Additional Duty to Mobile Handset Manufacturers

Notification New Delhi, the 1stMarch,2011No. 22/2011-CustomsG.S.R. (E).… Read More

Central Registry Operationalized to prevent fraud and multiple lending in the same property

The Central Registry has become operational with effect from 31st March,2011. The objective of setting-up the Central Registry is to prevent frauds in loan cases involving multiple lending from different banks on the same immovable property. The Central Registry Of Securitisation Asset Reconstruction And Security Interest Of India, a Government Company, licensed under Section 25… Read More

Ministry proposes changes in Cyber Laws under Sec. 43A and 79 of IT Act 2000

Ministry of Communications and Information Technology, Government of India had put up draft rules under section 43A and 79 of Information Technology Act, 2000 on its website mit.gov.in for public comments. Section 43A provides for compensation for failure to protect sensitive personal data by body corporates, who are expected to implement and maintain reasonable security practices and procedures as… Read More

Govt. declined to disclose the name of persons having black money in foreign banks

The Centre on Friday declined before the Supreme Court to make public names of the people who have stashed black money in foreign banks. It informed that it is not possible to disclose information received from foreign governments under the Double Taxation Avoidance Agreement (DTAT). The Centre, however, agreed to reveal the names of six… Read More

Clarification on Procedure for Labeling of goods in Bonded Warehouse before clearance

Circular No. 19 /2011-Customs F.No.450/29/2011-Cus-IV Government of India Ministry of Finance Department of Revenue Central Board of Excise & Customs 227-B, North Block, New Delhi-110001. 15th April, 2011. To All Chief Commissioners of Customs / Customs (Prev). All Chief Commissioners of Customs & Central Excise. All Commissioners of Customs / Customs (Prev). All Commissioners… Read More

Import of Trim Cutting Waste under Chapter 63 used for manufacture of Chindi rugs allowed without Import License

Circular No. 20 /2011-Customs F. No. 528/76/2007-Cus (TU) Government of India Ministry of Finance Department of Revenue Central Board of Excise & Customs New Delhi, the 15th April, 2011. To All Chief Commissioners of Customs/ Customs (Prev.)/ C&CE, All Directors General of CBEC, All Commissioners of Customs / Customs (Prev.) / C&CE All Commissioners of… Read More

Service tax to be charged in Restuarants

In this year™s budget, there was a proposal to charge service tax on services provided by restaurants. But restaurants do charge VAT on the bill, then on what amount should the service tax be charged? ” Santosh Shetty The Finance Bill 2011, which is passed by both the houses, proposed to levy service tax from… Read More

Company Secretary’s statement recorded as Evidence in Satyam’s case

A local court trying Satyam Computers multi-crore accounting scam today recorded the version of Company Secretary of Mahindra Satyam - G Jayaraman who informed the court about the previous board resolutions, loans taken from various banks with or without board resolutions etc. Serious Fraud Investigation Office (SFIO) has named Jayaraman as an accused in the Satyam… Read More

MCA working towards Lifting the Corporate Veil on Complex Structuring

The ministry of corporate affairs is working on a set of measures to lift the veil on the complex ways in which certain companies structure themselves, taking advantage of loopholes in the law, for protecting the interests of the shareholders. Sources said that one of the first reform measure on which the MCA is working… Read More

Getting Ready for XBRL reporting

While MCA has already proved its metal by digitizing the entire filings to be done with the Registar of Companies, it is now getting ready for XBRL reporting of annual accounts, whcih may prove to be yet another milestone in Corporate Compliance Filings, following International Standards. As per General Circular No. 09/2011 issued by MCA on 31st March, 2011, Companies… Read More

eForms uploaded by CA, CS and CWAs to be Auto Approved by MCA

Chartered accountants, cost accountants and company secretaries will now be able to directly upload most of the certified e-forms on MCA's portal, without prior approval of the ministry, while holding them responsible for such submissions. The move is seen as a major initiative towards expeditious e-filing. Now, practicing professionals registered as members of ICAI, ICSI… Read More

How to ascertain whether PAN of Director was filed with DIN 1

As all of you are aware about notification by MCA to inform PAN of every Director/Person holding Director Identification Number (DIN) up to 31st May, 2011 if not informed/furnished earlier at the time of applying DIN by such Director . Problem is being faced as to how to check whether such Director had furnished PAN… Read More