In this connection, please refer to paragraph 2 (iii) (b) of our Circular UBD.(PCB) BPD.Cir.No. 46/16.20.000/2008-09 dated January 30, 2009 on investments in Non-SLR securities by Primary (Urban) Co-operative Banks (UCBs), in terms of which investments in unlisted securities (subject to the minimum rating prescribed) should not exceed 10 percent of the total Non-SLR investments at any time. Where UCBs have already exceeded the said limit, no further investment in such securities will be permitted.
Accordingly, the instructions/guidelines contained in Master circular UBD.BL(PCB)MC.No.14/07.01.000/2009-10 dated July 1, 2009 and circular UBD.CO.LS.Cir.No.52/07.01.000/2009-10 dated June 16, 2008 have been reviewed and it has been decided that approvals for opening off site ATMs in respect of such UCBs will henceforth be considered outside Annual Business Plans, subject to:
I was of the opinion that the technological advancements and the schemes like MCA providing for on-line corporate filing, will be of help to the corporates. I was also of the opinion that the MCA scheme will also boost the pace in which the companies are being incorporated in India. There is a positive side of MCA scheme providing for speedy and risk-less corporate filing, however, I want to now focus on the negative issues of MCA scheme and as to how the scheme is being misused.
Notification No. 58/2010 – Customs Central Government hereby rescinds the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 2/2010-Customs, dated the 11th January, 2010, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R.26 (E), dated the 11th January, 2010, except as respect things done or omitted to be done before such rescission.
Recent events in global financial system have underlined the pivotal role that credit ratings play. Effective use of credit ratings by the users is crucially dependent upon quality and quantity of disclosures made by the Credit Rating Agencies (CRAs). There have been widespread consultations on the issue both globally and within India and several documents have been prepared.
Whereas, the designated authority vide notification No.15/30/2008-DGAD, dated the 27th February, 2009, published in Part I, Section 1 of the Gazette of India, Extraordinary, dated the 27th February, 2009, had initiated review in the matter of continuation of final anti-dumping duty on Polytetrafluoroethylene (PTFE) (hereinafter referred to as the subject goods), falling under sub-heading 3904 61 00 of the First Schedule to the Customs Tariff Act, 1975
The workers of a contractor engaged by an establishment do not get the benefits of the Employees State Insurance Corporation Act, the Supreme Court stated last week in the judgment, Managing Director, Hassan Co-operative Milk Producer’s Society Union Ltd vs ESI Assistant Regional Director.
A company cannot enter into an arbitration agreement even before it is formally registered under the Companies Act, the Supreme Court (SC) ruled in the case, Andhra Pradesh Tourism Development Corporation vs Pampa Hotels Ltd. However, the promoters of the company can enter into such an agreement if it was warranted by the terms of incorporation of the company. But the company which is yet to be born cannot sign an arbitration agreement.
It is observed from the information provided by the depositories that the companies listed in Annexure ‘A’ have established connectivity with both the depositories during January 2010. The stock exchanges may consider shifting the trading in these securities to normal Rolling Settlement subject to the following:
The Employees Provident Fund Organisation is switching to an electronic payment system, which will allow it to credit the PF amount to the members’ bank accounts within two days of claim authorisation. EPFO is becoming more customer-friendly these days as it is trying to stave off competition from the new pension scheme, or NPS.
