Archive for July, 2010

As part of efforts to attract more retail investors to the stock market, Sebi is considering a proposal wherein the institutional investors would be first asked to submit their bids, possibly in the first two days, and then the remaining two days would be open only for retail investors, provided the IPO is open for four days. Full Article

Mutual fund houses are strongly resisting a proposal from market regulator SEBI for treating small investors at par with large institutional ones in terms of various charges, such as exit-loads, with the argument that retail investors are costlier to service. Full Article

In exercise of the powers conferred by sub-section (1) of Section 210A of the Companies Act, 1956 (1 of 1956), the Central Government hereby makes the following amendment in the notification of Government of India, Ministry of Corporate Affairs, published in the Gazette of India , Extraordinary, dated the 21st July, 2009 vide number S.O. 1800(E), dated the 21st July, 2009, namely :–In the said notification for the figures “20-7-2010” wherever they occur, the figur.. Full Article

The taxman does not have claim over the bank overdraft facility of a defaulter since the lender does not owe money, but has promised a loan for business, the Bombay High Court has ruled. By taking an overdraft facility, a taxpayer becomes a debtor to the bank and hence, no authority has the right to attach overdraft facility for recovering tax dues, the court said in an order dated July 8. Full Article

Finance Minister Shri Pranab Mukherjee has asked the Regional Rural Banks (RRBs) to bring their Non-Performing Assets (NPAs) below 5% by this year itself. Finance Minister also announced the wage revision of the pay-scale and allowances of the employees of the RRBs corresponding to those of Nationalised Banks as per 9th Bipartite Settlement. The additional cost burden of the arrears on this account would be about Rs. 791 crores. Full Article

PATNA: A woman, as everyone knows, usually gives birth to a baby after nine months of pregnancy, but in Bihar 298 women claim to have delivered two to five children in a span of 60 days - at least that's what records of incentives amount given to new mothers under a government scheme show. Full Article

One of the principal underpinnings of good corporate governance is that shareholders and other stakeholders are provided with detailed information on financial and operating results in order to understand the current state of affairs, like balance sheet, profit and loss account and notes thereto, directors report, auditors report and management discussion & analysis. Full Article

Corporate affairs minister Salman Khurshid has said the Competition Act amendment bill, seeking to invest the competition watchdog CCI with powers to vet big-ticket takeovers, is likely to be tabled in the Monsoon session. Full Article