Archive for May, 2010

The ministry of corporate affairs has begun discussions with the law ministry to incorporate the suggestions made by the Supreme Court when it cleared the National Companies Law Tribunal (NCLT) in the Companies Bill that is with a Parliamentary Standing Committee. Full Article

Life Insurance Corporation of India is likely to submit new unit-linked insurance plans Ulips with the regulator in light of its two plans coming to a close. The corporation’s endowment plan Wealth Plus closed on May 8 while another pension plan Market Plus will close at the end of next month. It is likely to float new schemes to ensure that there are enough products in its stable. Full Article

The CA Institute’s second and final report on the Satyam scam and the role of the company’s statutory auditor in that accounting fraud was submitted to the Corporate Affairs Ministry on Monday.While ICAI officials were tight-lipped about the contents of this report, indications are that the audit profession regulator has recommended strict punishment including imprisonment to auditors who are found to be associated with any accounting frauds. Full Article

However, the Corporate Affairs Ministry sources said the Government may not be able to get the Bill passed in Parliament in the monsoon session (scheduled to begin in July) itself because preparing a ‘revised proposal’, on the basis of the Committee’s recommendations, and then getting the Cabinet approval for the same, may take time. Full Article

The government will consider changes in rules to allow 100% foreign owned and well capitalised non-banking finance companies (NBFCs) to set up subsidiaries, removing the curbs introduced by the foreign direct investment guidelines issued last year. The Reserve Bank of India will work out the details of the changes, a government official told. Full Article

The Comptroller and Auditor General (CAG) has raised several concerns over some provisions of the proposed direct tax code (DTC), the draft of which was unveiled by the finance?ministry in 2009. The country’s statutory auditor pointed out in a communication in March that some key provisions of the code, such as the ones on international taxation, could prove problematic. Other concerns relate to changes in taxation for the voluntary sector. Full Article

Redrafting the Direct Taxes Code (DTC) is proving to be an uphill task for the finance ministry, bombarded with comments from various stakeholders. The Central Board of Direct Taxes (CBDT) has received about 10,000 suggestions on the code, which seeks to replace the Income Tax Act of 1961. Full Article

In exercise of powers conferred under paragraph 2.4 of the Foreign Trade Policy, 2009-14, the Director General of Foreign Trade hereby makes the following amendments in the Handbook of Procedures (Volume 1). Full Article