THE new companies bill 2009 will take a special approach to second and third generation family members joining the family run companies after their studies, the union minister of state for corporate affairs, Salman Khurshid said here on Saturday.
The Ministry of Corporate Affairs will launch the regional version of its just-launched investor education protection fund (IEPF) website in the next six months to educate investors about the stock markets, ministry secretary R Bandyopadhay said.
Even as the Union Cabinet on Thursday made it mandatory for public sector undertakings (PSUs) to follow corporate governance norms, senior executives of blue chip PSUs point out that it is the government itself that has been posing hurdles in the implementation of these rules.
An eye on compensation for revenue losses and tough posturing have marked positions taken by some states as they buckle down for another round of negotiations on the transition to a goods and services tax (GST). The fear of losing autonomy over levy of taxes has led to some states striking a tough stance against the GST architecture suggested by the 13th Finance Commission (TFC).
SEBI is again taking up for hearing the case relating to the role of audit firm PriceWaterhouse in the multi-core Satyam fraud. This follows the rejection by SEBI of the audit firm’s application for a consent settlement earlier this month, a source said.
To reinforce control over auditors, the government is planning to give the regulator-Institute of Chartered Accountants of India-more teeth. Among the options being considered by the ministry of corporate affairs is to make it mandatory for a firm- Indian or foreign-doing audit to get a no-objection certificate from the regulator before it gets registered as a company or a limited liability partnership (LLP).
One Bench of the Tribunal decided an appeal in favour of the assessee. However, another Bench refused to follow that decision even though the facts were the same on the ground that the earlier decision did not address the grievance of the Revenue and did not consider all the facts and did not lay down a clear ratio
Chiranjjeevi Wind Energy Ltd. v. ACIT (ITAT Chennai)- Income Tax – Section 80IB(2)(iv) – Determination of whether a business activity of “assembling” amounts to manufacturing for relief u/s 80IB – whether employment of temporary workers is enough to claim the relief – YES
NOTIFICATION NO. 35 /2009-2014, NEW DELHI, THE 30TH MARCH, 2010- In exercise of the powers conferred by Section 5 read with Section 3(2) of the Foreign Trade (Development & Regulation) Act, 1992 (No.22 of 1992) and also read with Para 1.3 and Para 2.1 of the Foreign Trade Policy, 2009-2014 (as amended from time to time), the Central Government hereby substitutes, with immediate effect, Para 3 (i) of Notification No.15 (RE-2006)/2004-2009, dated 27.6.2006, read with Notification No. 99 (RE-2008)/2004-2009, dated 27.3.2009, as amended from time to time.
In view of the recent drought in some States and the severe floods in some other parts of the country, the Government of India, as announced in the Union Budget 2010-11, has now decided to extend the last date of payment of 75% of overdue portion by the ‘other farmer’ under Debt Relief Scheme (under ADWDR) for another six months beyond December 31, 2009, i.e up to June 30, 2010. The eligible “other farmers” may be allowed to repay this amount in one or more instalments up to June 30, 2010.
