The Minister of Corporate Affairs has informed the Lok Sabha that during the period from 01/04/2007 to 31/7/2010, investigations into the affairs of 44 companies have been referred by the Ministry to Serious Fraud Investigation Office. Giving this information in written reply to a question Shri Salman Khurshid, Minister of Corporate Affairs,
The Government has set up a Committee under the Chairmanship of Shri Shilabhadra Banerjee to review the whole gamut of processes, practices and procedures being followed for procurement and finalisation of security sensitive items relating to currency, e.g., ink, paper, equipment and security features.
Securities and Exchange Board of India (SEBI) has finalized and specified the Model Equity Listing Agreement for execution between the Small and Medium Enterprise (SME) issuer and the Stock Exchange.
SEBI has stipulated that no entry load shall be there for any mutual fund scheme and the upfront commission to distributors will be paid by the investor directly based on the assessment of various factors including the service rendered by the distributor.
The Base Rate system has replaced the Benchmark Prime Lending Rate (BPLR) system with effect from July 1, 2010. Since the Base Rate is the minimum rate for all loans, banks are not permitted to resort to any lending below the Base Rate. Accordingly, the current stipulation of BPLR as the ceiling rate for loans up to Rs. 2 lakh stands withdrawn.
The Government has said that it proposes to set up a ‘National Company Law Tribunal’ to consolidate the powers and jurisdiction presently being exercised by various bodies namely, Company Law Board, Board for Industrial and Financial Reconstruction, High Courts and entrust it to the Tribunal. Stating this in written reply to a question in the Lok Sabha today Shri Salman Khurshid, Minister of Corporate Affairs,
Shri Salman Khurshid, Minister of Corporate Affairs, said that under the ‘Easy Exit Scheme- 2010’ (EES) defunct companies can get their names struck off the Register of Companies under section 560 of the Companies Act, 1956, by filing an application in the form EES, 2010, with indemnity bond, affidavit verifying correctness of the application and defunctness of the company and up to date statement of accounts. The Minister further informed the House that under ‘Company Law Settlement Scheme- 2010’ on payment of 25% of the actual additional fees payable for filing belated documents delay gets condoned and immunity from prosecution is granted.
The Ministry of Corporate Affairs has said that it is concerned with taking action against the developers in the realty sector which are registered as companies under Companies Act, 1956 for offences/violations of the provisions of the Companies Act, 1956 as and when noticed.
Haven’t got your income tax (I-T) refunds? Here is the reason – the department has not processed close to 20 lakh returns filed by taxpayers in Mumbai. The issue was taken up by Chief Commissioner of Income Tax, Mumbai, P. P. Srivastava, who recently took charge, during a meeting with senior officials on Thursday.
Income Tax (I-T) investigation has started probing vendors and contractors involved in supply of goods and execution of works for Commonwealth Games stadiums. Surveys are being conducted to verify books of accounts and record transaction details.
