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Archive: November, 2010

Posts in November, 2010

ROC enhanced additional fees for late filing w.e.f 5th December 2010

November 13, 2010 4473 Views 0 comment Print

Additional Fees revised w.e.f 5th December 2010 Dear Corporates, It has been decided to revise the additional fees payable as per Section 611(2) of the Companies Act, 1956 (except for Form 5) as per below details with effect from 5th December 2010

Pay ‘equal pay for equal work’, Rules court

November 13, 2010 468 Views 0 comment Print

In the present case before the Madurai Bench of the Madras High Court, the writ petitioner, Mr A. Victor, prayed for the issuance of writ of mandamus directing the respondents (Executive Director, Bharat Heavy Electricals Ltd, Tiruchi; General Manage

IFRS Implementation of IFRS on track- Minister of State for Corporate Affairs

November 13, 2010 466 Views 0 comment Print

The International Financial Reporting Standards (IFRS) are well on their way to be implemented and will proceed according to schedule, said Mr Salman Khurshid, Minister of State for Corporate Affairs. Barring banks, insurance companies and small comp

I-T department asks Sanofi-Aventis to pay 700 crore tax

November 13, 2010 504 Views 0 comment Print

After telecom giant Vodafone, it is now the turn of another cross-border merger involving Indian assets to have landed in a tax tangle. Sanofi-Aventis, which picked up a majority stake in the unlisted Hyderabad-headquartered pharma major Shantha Biot

India, Australia hold talks over IFRS, corporate governance and CSR

November 13, 2010 339 Views 0 comment Print

THE Secretary of the Indian Ministry of Corporate Affairs, Mr R Bandhopadyay, had recently visited Canberra and Sydney and held fruitful talks with the Australian regulatory authorities on a variety of issues. The Indian delegation had extensive disc

ICAI expresses concern over delay in preparation, finalisation and audit of government companies

November 13, 2010 402 Views 0 comment Print

The Institute of Chartered Accountants of India has expressed concern over the inordinate delay in preparation, finalisation and audit of the accounts of many government companies and other State-owned enterprises, which results in financial mismanag

Company Law Board suspends Sanghi Polyester's board

November 13, 2010 1834 Views 0 comment Print

On a petition by shareholders of the company and a section of employees, the CLB Bench based in Chennai and chaired by Ms Lizamma Augustine, in its November 8 order, directed that the affairs of the company would be looked after by the management com

Section 5 of the Central Sales Tax Act, 1956 – When is a sale or purchase of goods said to take place in course of import or export – Designated Indian carrier specified for purpose of section 5(5)

November 13, 2010 2439 Views 0 comment Print

Section 5 of the Central Sales Tax Act, 1956 – When is a sale or purchase of goods said to take place in course of import or export – Designated Indian carrier specified for purpose of section 5(5) NOTIFICATION NO. S.O. 2710(E), DATED 4-11-2010 In exercise of the powers conferred by sub-section (5) of section […]

Insurance – Draft Guidelines on Outsourcing of activities by Insurance Companies

November 13, 2010 1159 Views 0 comment Print

All Insurers are increasingly using outsourcing, as a means of both reducing cost and accessing specialist expertise, not available internally and achieving strategic aims. ‘Outsourcing’ may be defined as Insurer’s use of a third party (either an af

Insurance- Group Products under Linked platform – Compliance with recent Circulars and Regulation on Unit Linked Products (ULIPs)

November 13, 2010 1035 Views 0 comment Print

CIRCULAR NO. IRDA/ACTL/ULIP/124(2)/10/2010, DATED 27-10-2010 This has reference to the following circulars & regulation issued by the Authority: 1. IRDA/ACT/CIR/ULIP/102/06/2010, dated June 28, 2010 2. IRDA/Actl/Cir/ULIP/124/08/2010, dated 4th August, 2010 3. IRDA (Treatment of discontinued Linked Insurance Policies) Regulations, 2010. In the life insurance industry, group linked products could be broadly categorised into two, viz., fund-based […]

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