"02 May 2011" Archive

Green Initiatives in the Corporate Governance- Clarification

The Ministry of Corporate Affairs has clarified that only a duly approved agency approved by it will have to be appointed for providing and supervising electronic platform for electronic voting to have a secured electronic platform for capturing accurate voting processes. Accordingly, the National Securities Depository Limited (NSDL) and ...

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Posted Under: Company Law |

FCRA Comes into Force W.E.F May 2011

Foreign Contribution Regulation Act (FCRA) 2010 has been notified and it has come into force with effect from 1/5/2011. FCR Rules 2011 have also come into force from 1/5/2011. Key features of FCRA 2010 include the following- Concept of ‘permanent’ registration done away with; A five-year registration is provided so that dorman organis...

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Posted Under: Company Law |

Transfer/Posting of Commissioner/ Director of Income Tax Vide Order No. 76 of 2011

ORDER NO. 76 OF 2011 (02/05/2011)

ORDER NO. 76 OF 2011 - The following local transfers/postings in the grade of Commissioner/Director of Income Tax are hereby ordered with immediate effect and until further orders:...

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SC adjourns Sahara case, allows more time to file documents

The Supreme Court today adjourned the hearing of the petition filed by the Sahara Group against the orders of the Allahabad High Court which necessitated the company to share full details of investors participating in its fund raising exercise with the market regulator Sebi. A three judges bench headed by the Chief Justice S H Kapadia adj...

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Posted Under: Company Law |

Clarification in respect of General Circular No. 2 /2011 dated 8th February, 2011

General Circular No. 22/2011 (02/05/2011)

It has been observed that certain companies are seeking clarification in respect of circular No. 2/11 dated 8.2.2011 issued by the Ministry in respect of exemption u/s 212 (8) of the Companies Act, 1956. The point raised is in respect of applicability of condition No. (ii) of the circular, requesting the Ministry to delete the condition ...

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Approval of Ministry of Corporate Affairs for appointment of agency for providing electronic platform for electronic voting under the Companies Act, 1956

Circular No. 21 /2011 (02/05/2011)

The Companies Act, 1956 and the Companies (Passing of Resolution by Postal Ballot) Rules, 2001, recognize the voting by electronic mode. In order to have a sound electronic platform for capturing electronic voting process, MCA has recognized National Securities Depository Limited (NSDL) and Central Depository Services (India) Limited (CDS...

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E-Form No. 32 – Companies Act, 1956 – filing of conflicting return by contesting parties

General Circular No. 20/2011, (02/05/2011)

E-Form No. 32 - Intimation to Registrar of Companies regarding particulars of appointment of Directors etc and changes therein in the company pursuant to section 303 (2) of the Companies Act, 1956 - filing of conflicting return by contesting parties....

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Marking a company as having management dispute by Registrar of Companies under MCA-21 system

General Circular No. 19/2011 (02/05/2011)

The Registrar of Companies shall mark a company as having management dispute in only those cases where the court or Company Law Board has directed to maintain the status-quo with reference to any e-forms including status of Directors in the company or The Court or Company Law Board has granted any injunction or stay in taking the document...

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Opening of Escrow Accounts for FDI transactions – A. P. (DIR Series) Circular No. 58 Dated – May 02, 2011

RBI/2010-11/ 498 A. P. (DIR Series) Circular No. 58 (02/05/2011)

RBI has permitted AD Category – I banks and SEBI authorized Depository Participants to open and maintain, without prior approval of the Reserve Bank, non-interest bearing Escrow accounts in Indian Rupees in India on behalf of residents and/or non-residents, towards payment of share purchase consideration and / or provide Escrow faciliti...

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Pledge of shares for business purposes -A. P. (DIR Series) Circular No. 57 Date – May 02, 2011

RBI/2010-11/497 A. P. (DIR Series) Circular No. 57 (02/05/2011)

A. P. (DIR Series) Circular No. 57 Shares of an Indian company held by the non-resident investor can be pledged in favour of an Indian bank in India to secure the credit facilities being extended to the resident investee company for bonafide business purposes subject to the following conditions : in case of invocation of pledge, transfe...

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