On the basis of the deliberations taken place in the meeting on 29th March, 2010, a Press Release (No.3/2010) related to the roadmap for the application of the converged Indian Accounting Standards by the Banking companies, Insurance companies and Non-Banking finance companies was issued on 31st March, 2010.
The Government has said that according to a recent study, it takes an average of about 10 years to complete a company liquidation process in India. Giving this information in reply to a question in the Rajya Sabha, the Minsiter for Corporate Affairs, Shri Salman Khurshid told the House that the Companies Bill, 2009, which seeks to replace the existing Companies Act, 1956 provides for summary winding up proceedings in case of companies having assets of book value not exceeding one crore rupees.
An agreement has been signed with Asian Development Bank (ADB) for a loan of US$ 50 million to SIDBI on 19th March, 2010. ADB has also approved a Partial Credit Guarantee (PCG) facility of US$ 250 million for the Micro, Small and Medium Enterprises (MSME).
At the outset, I extend my warm greetings and thanks to our hosts for organizing the Annual meeting in this beautiful city of Tashkent. Uzbekistan is special to India because of its close historic and cultural ties. A memorial to our former Prime Minister Lal Bahadur Shastri, who breathed his last here, stands in this city. So does the Mausoleum of Yunus Khan, the grandfather of Babur, founder of the Mughal dynasty. It gives me great pleasure to be here today.
A bill to raise the ceiling of gratuity for employees to Rs 10 lakh from Rs 3.5 lakh was passed by the Lok Sabha without discussion today. The House, which witnessed an opposition furore over the 2G spectrum “scam” and reports about alleged involvement of a central minister in an illegal arms deal, also adopted the Employees’ State Insurance (Amendment) Bill 2009 without any debate.
The government today informed the Rajya Sabha that it has asked Sebi and Irda to expeditiously get a binding legal order over the jurisdiction of unit-linked insurance products (Ulips). “The Sebi has moved the Supreme Court seeking transfer of various proceedings pending before the high courts …So that the highest court of the land can determine and settle these disputes,” minister of state for finance Namo Narain Meena told the Upper House in a written reply.
The Securities and Exchange Board of India, having considered the application for renewal of recognition made under Section 3 of the Securities Contracts (Regulation) Act, 1956 by Bhubaneswar Stock Exchange Limited having its registered office at Stock Exchange Bhavan, P-2, Jayadev Vihar, P.O. Chandrasekharpur, Bhubaneswar – 751 023
Retail and institutional investors will be treated alike in terms of bidding for shares in public offers, a move also likely to bring down the exorbitant levels of over subscriptions in the primary market. A new directive from the market regulator SEBI is coming to effect, as per which institutional investors will have to pay upfront 100 per cent money in primary issues, just like the retail investors.
Petitioners who have filed public interest litigations (PILs) on unit linked insurance plans (Ulips) with various High Courts, plan to oppose capital market regulator Sebi’s plea that all those cases be transferred to the Supreme Court. Sumedha Rao, lawyer for Rajendra Thacker, one of the litigants, said that they wouldbe deprived of one level of appeal if the matter is heard in the Supreme Court. A verdict by the Supreme Court is final.
Employees Provident Fund Organisation Regional Office, Bandra has introduced e-payment to credit the benefits payable to members accounts immediately after authorization of claims leading to higher customer satisfaction and substantial reduction in grievances. In order to avail this facility the Provident Fund beneficiaries are required to submit attested copy of the first page of their pass book along with their claim form. In case the first page of passbook does not indicate the IFS code, a cancelled blank cheque should also be enclosed.
