The Institute of Chartered Accountants of India (ICAI) organized a special address for its members on March 12, 2010 at Vigyan Bhawan, New Delhi. It was for the first time that the Hon’ble Minister of State (Independent Charge) of Corporate Affairs, Shri Salman Khurshid addressed the members of the profession since the time the Minister had taken charge of the Ministry of Corporate Affairs.
On 5th March,2010, SEBI announced that it would be mandatory for `Qualified Institutional Buyers’ (QIBs) to put in 100 per cent of the application money towards subscription of shares in capital issues through offers. This would come into force from 1st May, 2010. Presently, QIBs are required to pay just 10 per cent of the share value on application and Anchor investors are required to pay 25 per cent on application and balance payment is required to be paid on allotment.
Press Note [F. NO. 9/3/2009-ECB] In continuation to the Press Note dated 15th February, 2010 regarding the amendment to the “Issue of Foreign Currency Convertible Bonds and Ordinary Shares (through Depository Receipt Mechanism) Scheme, 1993,” (the Scheme) permitting revision of conversion price of FCCBs, it is clarified that for the purpose of revision of conversion price in accordance with the conditions mentioned in Press Note dated 15th February, 2010, the ‘relevant date’
CIT Vs Himgiri Foods Limited (Gujarat High Court)- On a plain reading of section 143(1B) it is apparent that the provision mandates that if after the issuance of intimation, a revised return is furnished by an assessee under sub-section (5) section 139 it is incumbent upon the Assessing Officer to process the revised return and amend the intimation issued under section 143(1)(a)
Bharti Airtel on Sunday welcomed the findings of the government-appointed special auditor and said the audit showed that the licence fees and spectrum charges paid by the company conform to the licence conditions and rulings of the regulator.
The CA institute is keen on having a role in the probes undertaken by the Central Bureau of Investigation (CBI) or Serious Frauds Investigation Office (SFIO) on any financial irregularities or corporate scams. The audit profession regulator will soon write to the Government offering its assistance in this regard, Mr Amarjit Chopra, ICAI President, told here.
In order to have uniformity in the practices adopted by different companies, the Institute of Company Secretaries of India (ICSI) has released 10 secretarial standards, recommending the Government to make them mandatory for all companies, a to p official said on Saturday.
The Institute of Company Secretaries of India (ICSI) has said that two of its secretarial standards recommendations have been incorporated in the new Companies Bill and it expects more to be considered before finalisation.
Inflation of china and the asset bubbles in every corner of china is now a matter of concern for the world economy. They are afraid that if the bubble goes for burst out then the nights of recession will be longer. Economist and every financial equity market analyst have raised many reasons to justify and bring forth the danger of Chinese economic recover. China very recently posted its inflation number which rose to 2.7% year on year in February according to the National Bureau of Statistics (NBS). Food prices rose 6.2% last month year on year, with non-food prices rising 1% from a year earlier.
Central Board of Excise and Customs (CBEC), Department of Revenue has issued Notification No.20/2010-Customs (N.T.) dated March 15, 2010 notifying tariff values of edible oils, brass scrap (all grades) and Poppy seeds as shown in the table below.
