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The ministry of corporate affairs has asked the Registrar of Companies (RoC) to submit a detailed report under Section 234 of the Companies Act seeking an explanation from Adani Exports (now known as Adani Enterprises) for its financial statements for the year 2004-05.
An insurance company is not liable for any deficiency of service if a policy holder fails to submit the information about the accident, damage and claim in writing, a consumer court has held. “The oral approach to the insurance company for appointment of the surveyor and to determine the damages to reimburse has no meaning unless the required information of the accident, damage and claim are submitted in writing,” the District Consumer Disputes Redressal Forum (Central) has said.
The cement industry has urged the Centre to abolish import duty on raw materials such as coal, pet coke and gypsum since cement as a finished product does not attract duty. In its pre-Budget memorandum submitted to the Finance Minister, Mr Pranab Mukherjee, the Cement Manufacturers Association (CMA) has said the duty on coal, pet coke and gypsum should be abolished
To promote transparency in the financial transactions done by the Gram Panchayats in the state, the Orissa government has decided to rope in the services of the Chartered Accountants (CAs) for compilation of data at the grassroot level. The state government with technical assistance of the National Informatics Centre (NIC) has developed a software for the purpose.
The regulator had recently formed a committee comprising senior officials from SEBI, investor associations, Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) to resolve complaints pending against companies suspended by the exchanges. Non-payment of listing fees is the most common reason for suspension of companies from the bourses.
Prime Minister Manmohan Singh: Hailed as the father of India’s economic reforms, Prime Minister Manmohan Singh takes part in the Budget-making process. The prime minister holds talks with the finance minister, economists and senior officials to make sure that the Budget unveils policies to stimulate economic growth.
Life insurance companies want the current system of tax exemption for insurance maturity proceeds to be continued. The proposed Direct Taxes Code has suggested deduction of tax on the final payout, while exempting the policy premium at the time of contribution and the interest on it.
Responding to the widespread feeling that banks do not set their lending rates in a scientific and transparent manner, the Reserve Bank of India is in the last stages of the consultative process to introduce a new system. The proposed system will replace the existing system of benchmark prime lending rates (BPLR) with base rates. The formula for calculating the base rate will take into account the cost of deposits, cost of complying with CRR and SLR requirements, and the need to retain a profit margin.
Before 2008-09, deduction towards leave encashment and gratuity was a controversial issue following a Calcutta High Court judgment in the case of Exide Industries. The court ruled in favour of Exide and against the revenue department, saying that such provisions whether paid or not were eligible for deductions on the basis of actuarial valuation. A stay was announced in 2008 for 2008-09 returns assessed in the current financial year.
