The Reserve Bank of India will release its next Mid-Quarter Review of Monetary Policy 2010-11 at 12 noon on March 17, 2011. The Review will be by way of a press release and will be placed on RBI website.
The Minister of State of Corporate Affairs, Shri R.P.N. Singh has stated that serious Fraud Investigation Office (SFIO) is currently investigating 14 cases. In the past two years investigation in respect of 25 companies were completed and 117 petitions were filed by SFIO in the Competent Courts. The Hon’ble Courts ordered convictions in 39 prosecution cases filed by SFIO in the preceding years. The SFIO has completed investigation in respect of M/s. Satyam Computer Services Ltd.
For Public Limited Companies and their subsidiaries ceiling as percentage of profits is already prescribed. The Government also regulates the remuneration of managing directors / whole-time directors / managers (board level positions) of Public Limited Companies in accordance with the provisions of Schedule XIII of the Companies Act, 1956. Listed Companies and subsidiaries of Listed Companies in India which are loss making / have inadequate profits require Government approval for paying remuneration in excess of the existing ceiling limits stipulated therein. This was stated in Rajya Sabha yesterday by Minister of State for Corporate Affairs, Shri R.P.N. Singh, while replying to a question.
The jurisdiction of Companies Act, 1956 under which the SFIO is functioning is restricted to the territory of India. Investigation regarding diversion of funds outside the country, is being carried on by the Central Bureau of Investigation (CBI) and Enforcement Directorate (ED) for which they have the requisite powers. This was stated by Minister of State for Corporate Affairs, Shri R.P.N. Singh while replying to a question in Rajya Sabha yesterday.
Deutsche Bank investment banking chief Anshu Jain earned 12.00 million euros ($16.73 million) in 2010, eclipsing Chief Executive Josef Ackermann’s pay, the lender said on Tuesday. Jain’s total remuneration topped the 8.99 million euros awarded to his boss, reflecting a rebound in business at his division, and also surpasses the 2010 pay of heads of peer German blue chip companies disclosed so far.
Company Law : Companies (Name Availability) Rules, 2011- As per provisions contained in section 20 of the Companies Act, 1956, no company is to be registered with undesirable name. A proposed name is considered to be undesirable if it is identical with or too nearly resembling with: (i) Name of a company in existence; or (ii) A registered trade-mark or a trade mark which is subject of an application for registration, of any other person under the Trade Marks Act, 1999.
M/s Varun Developers Vs CIT, Bangalore (Karnataka High Court)- In view of the submission made to consider whether the calculations have to be made on completion of the project after registering the plots in favour of the intended purchasers or customers, who had invested the amount from time to time, or as and when the amount is paid and accrued to the benefit of the petitioner for each assessment years and, also to consider the deductions available as per Section. 801B(10) of the Act and to pass appropriate orders in accordance with law, the matter is remanded to the Assessing Officer by quashing the impugned orders passed by the Assessing Officer as well as by the Revisional Authority. All the contentions are left open to be urged, Petitions are accordingly allowed.
Convention services means any service provided or to be provided [to any person], by any person in relation to holding of convention, in any manner; Convention” means a formal meeting or assembly which is not open to the general public, and dose not include a meeting or assembly the principal purpose of which is to provide any type of amusement, entertainment or recreation;
consulting engineer’s service means any service provided or to be provided to any person, by a consulting engineer in relation to advice, consultancy or technical assistance in any manner in one or more disciplines of engineering including the discipline of computer hardware engineering but excluding the discipline of computer software engineering”
Copyright Services means any service provided or to be provided to any person, by any other person, for – (a) Transferring temporarily; or (ii) Permitting the use or enjoyment of, Any copyright defined in the Copyright Act, 1957 (14 of 197), except the rights covered under sub-clause (a) of clause (1) of section 13 of the said Act.
