Corporate Law Reporter - The Daily Journal

National Advisory Committee on Accounting Standards constituted

Notification No. S.O. 107(E). dated 19th Jan, 2011 In exercise of the powers conferred under sub-section (1) oof section 210 A of the Companies Act, 1956, the Central Government has constituted an Advisory Committee to be called National Advisory Committee on Accounting Standards consisting of eminent persons from the government bodies and professional institutes and… Read More

Notification and FAQs for XBRL reporting format for annual filing

Ministry of Corporate Affairs has mandated the XBRL based filing of Balance Sheet and Profit & Loss Account for FY 2010-11 for :- (i) All companies listed in India & their subsidiaries in India and abroad; & (ii)All companies having a Paid up Capital of Rs. 5 Crores & more or a Turnover of Rs.… Read More

Amendments in Point of Taxation Rules, 2011 and other related provisions

The Ministry of Finance has issued Notification No. 25/2011 dated March 31, 2011 amending the Point of Taxation Rules, 2011. As per this notification, the Point of Taxation in respect of services provided by proprietorship or partnership firms of Company Secretaries shall be on receipt basis, i.e., the date on which payment is received. This… Read More

Form 61 expanded in scope

The Central Government vide Notification dated March 26, 2011 has amended Annexure A to the Companies (Central Government™s) General Rules and Forms, 1956 in Form 61, for serial number 6and the entries relating thereto. The following serial number and entries shall be substituted namely :- 6. Application filed for: ¢ Compounding of offences; ¢ Extension… Read More

Liquidated Damages to be payable irrespective of actual damages

The High Court of Delhi in its recent judgment in the case of Sudhir Gensets Ltd. v. Indian Oil Corporation Ltd., while interpreting Section 74 of the Indian Contract Act,1872, held that if a contract specifies the limit of liquidated damages that would be payable in the event of a breach, then the claimant is entitled… Read More

Manual of Geographical Indications – Practice & Procedure

Geographical Indications as being used currently includes both the above concepts and it refers to "... indications which identify a good as originating in the territory of a country, or a region or locality in that territory, where a given quality, reputation or other characteristic of the good is essentially attributable to its geographical origin."(Article 22.1 of the TRIPS… Read More

Law schools to focus on cyber laws

Union law minister M Veerappa Moily has requested law schools to lay more emphasis on cyber laws and cyber crimes while training students, judicial officers and law enforcers. With the advent of internet and broadband revolution in India, Cyberlaws and cybercrimes are becoming common these days. Cyber crimes in India are dealt with under the… Read More

Consolidated Foreign Direct Investment (FDI) Policy, April 2011

Department of Industrial Policy & Promotion has issued the Consolidated FDI Policy , which will be effective from 1st April 2011. The Policy will subsumes and supersedes all Press Notes/Press Releases/Clarifications/ Circulars issued by DIPP, which were in force as on March 31, 2011. This circular shall be further superseded by a Circular 2 of… Read More

No interest on PF on inoperative accounts

PF Accounts which are non operative for 36 months shall not earn any interest, as per the Employees Provident Funds Amendment Scheme which comes into effect from 1st April, 2011. This means all the old PF accounts of employees with old employers, which have become in-operative and have not been transferred or withdrawn will stop… Read More

Programme credit hours for CS in Employment too !!!

The Institute of Company Secretaries of India, in its 200th Council meeting held on March 18, 2011 at New Delhi amended the Guidelines for Compulsory Attendance of Professional Development Programmes by the Members as follows: Next block of three years: April 01, 2011 to March 31, 2014 Min. number of Programme Credit Hours (PCH) to be acquired… Read More

Revision of Powers delegated to Registrar of Companies (ROC)

MCA has issued a notification in supersession of the 1985 notification regarding delegation of powers to the ROC Section 21 - Change of name of the Company Section 25 - Incorporation of Non Profit Companies Proviso to Sub-section (1) of section 31 - Approval of alteration of articles of association Sub-section (1D) of section 108… Read More

Powers of Central Government delegated to Regional Director revised

Notification G.S.R.259(E) The Ministry of Corporate Affairs has revised the powers delegated to Regional director by superseding the 20 year old notification of 1991. As per the notification issued on 17th March, 2011, the Regional Director has power to attend to matters as outlined in 12 sections as mentioned below: Section 22 - Rectification of name of the company Sub-sections… Read More

Payments in MCA for Over Rs. 50,000 also to be in electronic mode

The Ministry of Corporate Affairs has vide its Circular No. HQ/9/2002-Computerization dated 9th March, 2011 decided to accept payments of value upto Rs.50,000, for MCA 21 services, only in electronic mode w.e.f 27th March, 2011. For the payments of value above Rs. 50,000, stakeholders would have the option to either make the payment in electronic… Read More