compliance

The Core Group, constituted by the Ministry of Corporate Affairs for convergence of Indian Accounting Standards with International Financial Reporting Standards (IFRS) from April, 2011, that held its meeting on 11th January 2010 agreed that in view of the roadmap for achieving convergence, there will be two separate sets of Accounting Standards u/s Section 211(3C) of the Companies Act, 1956. Full Article

The circular states that audit envisaged under Regulation 22 of the SEBI (Credit Rating Agencies) Regulations, 1999 shall include an internal audit to be conducted on a half yearly basis by Chartered Accountants, Company Secretaries or Cost and Management Accountants who are in practice and who do not have any conflict of interest with the CRA. Full Article

In terms of the decision taken by the Council of the Institute at its 260th meeting held in June 2006, the following Standard onInternal Audit shall be re-commendatory in nature in the initial period. The Standard shall become mandatory from such date as may be notified by the Council in this regard. Full Article

It shows that these assessees had really intended to comply with the notices and therefore it should not be inferred that there was a default which could invite penalty u/s 271(l)(b). The ITAT Delhi Bench-G in the case of Akhil Bhartiya Prathmik Shikshak Sangh Bhawan Trust vs. Assistant Director of Income-tax (2008) 115 TTJ (Delhi) 419 has held that if assessment order is passed u/s 143(3), and not u/s 144 then non-compliance is deemed to have been waived. Full Article

Various kind of meetings are conducted in a Company as required under the provisions of Companies Act, 1956 and other corporate regulations, and it is also not a difficult issue to deal with the various kinds of meetings too. A new Company may have to conduct a statutory meeting and every company may have conduct Board Meetings, Annual General Body Meeting and Extraordinary General Body Meeting. Besides these meetings as specifically referred to in the Companies Act, 195.. Full Article

Please refer to our circular UBD (PCB) CO.BPD. Cir. No. 15 / 14.01.062 / 2009-10 dated October 22, 2009 on the above subject. We have since received from Government of India (Ministry of External Affairs) copies of notes dated September 3, 2009; September 23, 2009 and October 22, 2009 from the Chairman of UN Security Council's 1267 Committee regarding changes made in the Consolidated List of Individuals and entities linked to Al-Qaida and Taliban as specified below: Full Article

State and Central Co-operative Banks are required to update the consolidated list of individuals/entities as circulated by Reserve Bank and before opening any new account, it should be ensured that the name/s of the proposed customer does not appear in the list. Further, banks should scan all existing accounts to ensure that no account is held by or linked to any of the entities or individuals included in the list. Full Article

Capital market regulator SEBI has tightened key clauses in the client-broker agreement, as part of its attempts to curb the misuse of client money by brokers. In a circular on Thursday, SEBI said stock brokers should maintain a book containing all the mandatory and non-mandatory documents required for registering a client. Full Article