Several branches of the country’s largest insurance company Life Insurance Corporation of India are allegedly causing huge loss to exchequer by issuing receipts without affixing revenue stamps. The matter came to light during a hearing before the Central Information Commission which directed the LIC to make public details of all the revenue stamps purchased by the Corporation between 2006-10.
An NGO today approached the Supreme Court seeking contempt proceeding against the makers of pan masala Rajnigandha and Tulsi for marketing their popular brands of tobacco products in plastic sachets despite a ban on its use. The petition filed by Centre for Public Interest Litigation (CPIL) has sought contempt action against Rajeev Kumar, Managing Director of Dharampal Satyapal group, for selling tobacco product in plastic cover in violation of the apex court order.
It is a prevalent belief that section 17 of the Arbitration and Conciliation Act, 1996 (‘the Act’) does not confer any power on the Arbitral tribunal to enforce its order for interim measure of protection, nor does it provide for judicial enforcement of any such interim order passed by the Arbitral tribunal. Consequently, it appears that section 17 of the Act is REDUNDANT; however, THIS COULD NOT HAVE BEEN THE LEGISLATIVE INTENT. Therefore, I have made some research and humbly submit my views as follows.
Notification No. 39/2011-Customs, G.S.R. 377(E). – In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 21/2002-Customs, dated the 1st March, 2002 which was published in the Gazette of India,
It has been noticed that several reports are received by the Judicial & Review Section and the Legal Section of the Board as well as the Directorate of Legal Affairs (DLA) in matters relating to litigation. Many of the reports contain similar or identical information and some of them have outlived their utility and are not required any more. The multiplicity of such reports, duplication of work in preparing similar reports for different wings of the Board leads to waste of priceless resources. This was also discussed in the Annual Conference of the Chief Commissioners and Directors General held in June 2010 in New Delhi. It has, therefore, been decided to call for a comprehensive monthly report as part of the Monthly Technical Report (MTR) being sent by the field formations in matters concerning Legal and Judicial Sections of the Board as well as the Directorate of Legal Affairs (DLA).
New Reporting format CAP II though finalized, development of software to facilitate this process is taking time. While every effort is being made to complete the process quickly, field officers are advised to use the existing reporting format for now.
CBDT Vide Order No. 81 of 2011 dated 9.5.2011, the CBDT has transferred & posted Additional/ Joint CITs in the Directorate of International Taxation & Transfer Pricing. Vide Order No. 82 of 2011 dated 9.5.2011, the CBDT has transferred & posted Deputy/ Assistant CITs.
Ministry of Corporate Affairs is in process of finalizing business rules and taxonomy for XBRL reporting. Final taxonomy and business rules will be circulated by 20th May, 2011. Stakeholders and companies are requested not to buy accounting software before final business rules so as to avoid any inconvenience
The Reserve Bank has imposed a monetary penalty of Rs 1 lakh each on two cooperative lenders — Randheja Commercial Cooperative Bank and Gandevi People”s Cooperative Bank — for violation of banking norms.
In the wake of a spurt in allegations of fraudulent behaviour by India Inc, capital market regulator Sebi, gave a stern warning to corporates to be on the right side and not indulge in market manipulation and insider trading. “Some corporates, who ideally should not have fallen into this category or this trap, we are discovering that due to lack of focus this (illegal activity) is happening…I’d like corporates in India to be on the right side of Sebi,” its new Chairman, U K Sinha, said during an address to the members of industry body, Assocham, here.
