"24 May 2010" Archive

Competition Commission of India (Return on Measures for the promotion of Competition Advocacy, Awareness and Training on Competition Issues) (Amendment) Rules, 2010 – Amendment in rule 3

Notification No. G.S.R. 445(E)-Income Tax (24/05/2010)

Notification No. G.S.R. 445(E)-Income Tax In the Competition Commission of India (Return on Measures for the promotion of competition Advocacy, Awareness and Training on Competition Issues) Rules, 2008, in rule 3, for sub-rule (5), the following sub-rule shall be substituted, namely :-...

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ICSI Plans to roll out two new courses

The Institute of Company Secretaries of India (ICSI) has plans to launch post membership qualification (PQM) courses in competition law as well as corporate restructuring and insolvency in the next six months....

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Posted Under: Income Tax |

You may face Jail if compensation not paid for bounced cheque

If a person convicted for issuing a cheque without balance in his bank account is ordered to pay compensation to the payee, he can be sentenced to imprisonment under Section 357(3) of the Criminal Procedure Code, the Supreme Court has held in the case, K A Abbas vs Sabu Joseph. In this case, the court asked the drawer to pay Rs 5 lakh as ...

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Posted Under: Income Tax |

No waiver of pre-deposit condition for sick units

The Delhi high court has dismissed the appeal of Swadeshi Cement Ltd against the order of the Debt Recovery Appellate Tribunal asking it to deposit 25 per cent of the dues before moving the court. The creditor, Asset Care Enterprises, had invoked the power under the Securitization and Reconstruction of Financial Assets and Enforcement of ...

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Posted Under: Income Tax |

Award of the sole arbitrator enforceable in India: Delhi HC

The Delhi high court last week declared that the award of the sole arbitrator appointed by the International Court of Arbitration in the dispute between Fittydent International GmBH and Brawn Laboratories was enforceable in India. The award was in favour of the foreign firm, which had a licence agreement with the Indian firm for manufactu...

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Posted Under: Income Tax |

High courts cannot invent methods to resolve disputes: SC

THE Supreme Court has severely criticised the Allahabad High Court for introducing ‘novel’ methods to resolve disputes between a power company and consumers. It upheld the claim of the Uttar Pradesh Power Corporation of dues from Amausi Textile Mills Ltd. The high court had appointed one of its retired judges to settle the dispute bet...

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Posted Under: Income Tax |

Ambani brothers agreed to dump their differences

Striking a cordial note, the warring Ambani brothers today agreed to dump their differences and non-compete agreements saying this would eliminate any room for further disputes. Announcing that they would also expeditiously negotiate gas supply agreement in accordance with the Supreme Court order earlier this month, the groups of both Mu...

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Posted Under: Income Tax |

5 months- 73 bank in US failed more failures expected

With the banking sector continuing to wobble under financial woes 14 US banks on an average are folding up every month, while the count of troubled entities -- those at increased risk of failure -- has jumped to 775. Indicating that the problems plaguing American banks are far from over, the Federal Deposit Insurance Corporation (FDIC) re...

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Posted Under: Income Tax |

SEBI penalized HSBC InvestDirect for misuse of client’s funds & securities

Stock market regulator Securities & Exchange Board of India has imposed a penalty of Rs 40 lakh on HSBC InvestDirect Securities for misusing client’s funds and securities.The regulator, during its inspection, had found HSBC InvestDirect (formerly known as IL&FS Investmart Securities) guilty on several accounts—failure to segregate its...

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Posted Under: Income Tax |

Amendments in Notification No. 44/2009-14 dated 21.5.2010

Notification No. 46/2009-14 (24/05/2010)

NOTIFICATION NO. 46 /2009-14 “2.1 Transitional arrangements allowed under Para 1.5 of the Foreign Trade Policy, 2009-2014, shall, in public interest, not be applicable to the restrictions imposed as above vide this notification.”...

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