"30 May 2011" Archive

The Companies (Passing of the resolution by Postal Ballot) Rules, 2011

Notification No. G.S.R. 419(E) 30/05/2011

MCA has replaced the Postal Ballot rules by incorporating the green initiatives in the Postal Ballot mechanism. Sending of Notice and voting by shareholder through electronic mode has been recognized. However, there is no option to the Company to adopt both, manual as well as electronic mechanism. (Notification [GSR 419(E)] dated 30 May 2...

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India initiates lesser anti-dumping probes against imports between October, 2010 and April 2011

In sync with several other major economies, India initiated less number of anti-dumping probes against imports between October, 2010 and April 2011, according to a joint report of the multilateral agencies. India launched 15 anti-dumping investigations during this period as against 20 in the same months (October 2009 to April 2010) of ear...

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Posted Under: Company Law |

Political parties to go corporate as Election Commission plan new rules to curb use of black money

In an effort to curb the use of black money in the electoral process, the Election Commission now plans to ask political parties to conduct their finances in a corporate fashion by getting their accounts audited and publishing their audited finance sheets annually. The EC has received a host of such recommendations from the country's audi...

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Posted Under: Company Law |

ICAI to soon conclude disciplinary proceedings against auditors in Satyam case

Accounting regulator ICAI today said it will soon conclude the disciplinary proceedings against S Gopalakrishnan and Srinivas Talluri , the two auditors embroiled in the multi-crore Satyam fraud . The Disciplinary Committee of the Institute of Chartered Accountants of India (ICAI) would be holding the hearing(s) in the said matter(s) at ...

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Posted Under: Company Law |

Delhi court fines plantation company for violating SEBI norms

A plantation company and its two directors have been slapped with a fine of Rs2.25 lakh by a Delhi court for collecting a huge sum of money from the public, promising them high returns, without prior Securities and Exchange Board of India (SEBI) permission. Additional sessions judge Pawan Kumar Jain fined Yojna Agro Forestry Ltd, a firm a...

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Posted Under: Company Law |

Thrust on ensuring faster and inclusive growth – Montek Singh Ahluwalia

Planning Commission’s Deputy Chairman Montek Singh Ahluwalia today said the issues like cash subsidy and PPP, especially raised by Bihar, would be addressed prominently in the approach paper to 12th five year plan. 'We will give thrust on ensuring faster and inclusive growth and sustainability,' Mr. Ahluwalia said....

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Posted Under: Company Law |

RBI Guidelines for Accounting of Repo / Reverse Repo Transactions-Clarification

RBI/2010-11/551 IDMD No./29 /11.08.043/2010-11 30/05/2011

We have received queries from market participants whether the Master Repo Agreement finalised by FIMMDA is mandatory for repo transactions in Government Securities settled through CCIL. In this regard, it is clarified that the Master Repo Agreement finalised by FIMMDA is not mandatory for repo transactions in Government Securities settlin...

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Resolution of issues regarding allocation of villages under Electronic Benefit Transfer (EBT) scheme and roadmap for providing banking services in villages with population above 2000 under Financial Inclusion Plan (FIP)

RBI/2010-11/550 RPCD.CO.LBS.BC.No. 74/02.19.010/2010-11 30/05/2011

It has been brought to our notice that in some States the State Governments are implementing the ICT based Electronic Benefit Transfer (EBT) for routing social security benefits (MNREGA, NOAPS, etc.) to beneficiaries through the banking channel using the 'one district one bank model'....

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CWA- Suggested Minimum Professional Fees as Approved by the Council

THE INSTITUTE OF COST AND WORKS ACCOUNTANTS OF INDIA 12 SUDDER STREET, KOLKATA – 700 016 -SUGGESTED MINIMUM PROFESSIONAL FEES AS APPROVED BY THE COUNCIL AT ITS -268TH MEETING HELD ON MAY 28, 2011 1. Fees for Cost Audit related assignments:...

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Posted Under: Company Law |

Creation of a new Directorate of Income-tax (Criminal Investigation)

Notification No. 29/2011 - Income Tax 30/05/2011

Notification No. 29/2011 - Income Tax The President of India is pleased to approve the creation of the Directorate of Income-tax (Criminal Investigation), to be known in short as DCI, in the Central Board of Direct Taxes, Department of Revenue, Ministry of Finance, with immediate effect....

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