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, transfer of shares should be in accordance with the FDI policy in vogue at the time of creation of pledge; submission of a declaration/ annual certificate from the statutory auditor of the investee company that the loan proceeds will be / have been utilized for the declared purpose; the Indian company has to follow the relevant SEBI disclosure norms;
I. Annual Filing of Compliance Status- a) All insurers are required to file a Report on status of compliance with the C G Guidelines on an annual basis w.e.f. the Financial Year 2010-11. This report shall be filed within 90 days from the end of the Financial year (i.e., before 30th June). The report should be filed in the format as placed in Annexure-1. b) Clause 9 of the CG Guidelines requires confirmation of disclosures made in the Annual Accounts. In such instances, where the finalization of Annual Accounts extends beyond 90 days of the close of the financial year, the status on disclosure in the Financial Statements as required under the aforementioned clause may be made within 15 days of adoption of the Annual Accounts by the Board of Directors of the insurers. This is in line with the stipulations issued by IRDA vide Circular No. IRDA/F&A/013/2005-06 dated 9th June, 2005.
The Income Tax department will file its first status report on investigation into tax evasion in the 2G spectrum allocation scam on Tuesday in the Supreme Court. The department, according to sources, has reportedly traced instances of tax evasion in allocation of the new Unified Access Services (UAS) licenses and subsequent allocation of the 2G spectrum.
The Reserve Bank of India today released the Macroeconomic and Monetary Developments in 2010-11. The document serves as a background to the Monetary Policy Statement 2011-12 to be announced on May 3, 2011.
Based on the detailed scrutiny of the Technical & Commercial Proposals submitted by the Shortlisted IT firms and further evaluation based on Combined Quality Cum Cost Based System (CQCCBS), M/s L & T Infotech has been formally selected as an Implementation Agency for the implementation of Business Analytics Project.
For persons including companies required to furnish return under section 139(4A) or section 139(4B) or section 139(4C) or section 139(4D) have to furnish Income Tax Return in ITR 7 and Format of the same for A.Y. 2011-12 is as give below:- ITR 7 in excel format for A.Y. 2011-12- Financial Year 2010-11
F. NO. 52/26/CAB-2010; Cost Audit made Applicable for the companies in Bulk Drugs, Fertilizers, Sugar, Petroleum, Electricity, Telecom, Alcohol and Petroleum Industry if aggregate value of net worth as on the last date of the immediately preceding financial year exceeds five crores of rupees; or wherein the aggregate value of the turnover made by the company from sale or supply of all products or activities during the immediately preceding financial year exceeds twenty crores of rupees ; or wherein the company’s equity or debt securities are listed or are in the process of listing on any stock exchange,whether in India or outside India
1. (1) Short Title and Commencement: (1) These rules may be called Director’s Relative (Office or Place of Profit) Rules, 2011. (2) They shall come into force on the date of their publication in the Official Gazette.
Purpose of Arbitration Act-The purpose of Arbitration and Conciliation Act, 1996 (‘the Act’) is to provide quick redressal to commercial dispute by private Arbitration. Quick decision of any commercial dispute is necessary for smooth functioning of business and industry. Internationally, it is accepted that normally commercial disputes should be solved through arbitration and not through normal judicial system. An arbitrator is basically a private judge appointed with consent of both the parties. He is expected to give his decisions quickly as he is not bound by the technical formalities of a court. In India, the need of arbitration is more because of very heavy burden on the judicial system and huge backlog of pending cases.
Hon’ble Supreme Court in Mohd.Akram Ansari Vs. Chief Election Officer & Ors , observed that it is not ordinarily open to the party to file an appeal and seek to argue a point which even if taken in the petition or memorandum filed before the Court below, has not been dealt with in the judgment of the Court below. The party who has this grievance must approach the same Court which passed the judgment, and urge that the other points were pressed but not dealt with. Para 14 of the judgment is reproduced below for ready reference.
