The income-tax department is making a last-ditch effort to lay its hands on the $8 billion allegedly stashed away by Hasan Ali Khan, a Pune-based stud farm owner, who is being investigated by the income-tax department as well as the Enforcement Directorate (ED), which deals with violations of rules governing use of foreign currency.
The Institute of Company Secretaries of India (ICSI) is working towards creating more number of company secretaries from rural and semi-urban areas in the east, Mamta Binani, the first lady chairperson of the Eastern India Regional Council of ICSI, said on Monday.
The periodic disclosures have been notified by the Authority. In order to have uniformity among the insurers on disclosures and to clarify the doubts raised by certain insurers and other stakeholders, Authority provides the following guidelines on periodic disclosures.
In the context of the recent directions of the Securities and Exchange Board of India (SEBI) to 14 insurance companies directing them not to issue any offer document, advertisement, brochure soliciting money etc from investors, the IRDA deems it appropriate to issue the following statement.
Notification No. 24/2010-Income Tax The Central Government have approved notification of ten year Deep Discount Bond (Zero Coupon Bond) of Rural Electrification Corporation Limited (REC) to be issued by 31st March 2011 as specified bonds for the purpose of sub-section 48 of section 2 of the Income Tax Act, 1961. The number of bonds approved for issue are 25,00,000 with maturity value of Rs.30,000 each having life period of 10 years. Income from such bonds will be taxed as capital gain only on transfer or redemption or maturity.
Provided that benefit of exception provided in sub-clause (vii) shall not be available if the acquisition of securities in the process of market making or subscription to the unsubscribed portion of issue results in change in control over the target company, directly or indirectly.
Provided further that a merchant banker, who has been granted certificate of registration under these regulations, may ensure market making in accordance with Chapter XA of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009.
Provided further that nothing contained in this clause shall apply to any transaction in securities by the Foreign Institutional Investor pursuant to an agreement entered into with merchant banker in the process of market making or subscribing to unsubscribed portion of the issue in accordance with Chapter XA of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009
The venture capital fund may enter into an agreement with merchant banker to subscribe to the unsubscribed portion of the issue or to receive or deliver securities in the process of market making under Chapter XA of the Securities and Exchange Board of India.
The Legal Services Authority Act, 1987 (`LSA’) was enforced with effect from 9th November,1995 after certain amendments were introduced by the Amendment Act of 1994 to the main act. The Act provides for scope of legal aid support for the economically weak, backward section and disabled persons . Legal Aid scheme was introduced by Justice P.N.Bhagawati under the Legal Aid Committee formed in 1971.
