"02 June 2011" Archive

Guidelines for declaring financial institution as Public Financial Institutions under Section 4A of the Companies Act, 1956

General Circular No. 34/2011 02/06/2011

MCA has issued criteria for qualification as Public Financial Institution. It should be a company or corporation established under Special Act or formed under the Companies Act 1956; It should be engaged in industrial / infrastructural financing; It should be in existence for at least 3 years and at least 50% of its income should be from...

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Updated Financial Statements and Annual Return filing made mandatory before recording any Event Based Information

In order to ensure corporate governance and proper compliances of provisions of Companies Act, 1956, the Ministry of Corporate Affairs has decided vide General Circular No33/2011, Dated 01.06.2011 that from 3rd July, 2011 all the Companies will have to file their updated Balance Sheet and Profit & Loss Accounts and Annual Return with the...

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Posted Under: Company Law |

Sun TV, SpiceJet shares crash after Dayanidhi Maran's telecom lawsuit news

Media conglomerate Sun TV Network and low-cost air carrier SpiceJet nosedived on the bourses, amid reports that Dayanidhi Maran -- the brother of the owner of both the companies -- was named in a public lawsuit over the 2G spectrum scam. ...

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Posted Under: Company Law |

2G scam – Court rejects plea to probe Anil Ambani, Ratan Tata, Niira Radia, Dayalu Ammal

A Delhi court on Thursday dismissed pleas for a direction to the CBI to make Reliance ADAG chairman Anil Ambani , Tata group Chief Ratan Tata , corporate lobbyist Niira Radia and DMK chief M Karunanidhi's wife Dayalu Ammal , as accused in the 2G spectrum scam. ...

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Posted Under: Company Law |

RBI to issue draft norms on new bank licences- FM

The RBI has given it (recommendations) to the Finance Ministry and is also consulting other stakeholders. Based on this, they will come out with draft guidelines (on new bank licences) soon and put it in the public domain for consultation," Department of Economic Affairs (DEA) Secretary R Gopalan said on the sidelines of the 26th Skoch Su...

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Posted Under: Company Law |

Govt committed to achieve 2011-12 fiscal targets – FM

Buoyed by better-than-expected performance on government finances' front in 2010-11, the Centre on Thursday said it will keep a tab on public expenditure to ensure that Budget targets for this fiscal too are achieved. Efforts to get the economy on the path of fiscal prudence are on track... The government is committed to achieve the fisca...

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Posted Under: Company Law |

UK's Birmingham City Council offshores jobs to India; sparks protests from employee unions

The Birmingham City Council led by the Conservative party has become the first council or local authority in Britain to cut jobs and outsource them to India, sparking protests from employee unions. Reacting to the council's move, Unite union national officer Peter Allenson said: 'This is an outrageous decision and Unite will fight tooth a...

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Posted Under: Company Law |

Satyam fraud – ICAI to soon conclude proceedings against auditors

Accounting regulator the Institute of Chartered Accountants of India (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....

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Posted Under: Company Law |

Assessment Test of the Certificate Course on International Taxation organised by the Committee on International Taxation of ICAI on 3rd July, 2011

It is notified for the information of all the registered members pursuing Certificate Course on International Taxation of the ICAI that the Assessment Test of the Course is proposed to be conducted on Sunday 3rd July, 2011 from 2.00 PM to 5.00 PM in the following centres: New Delhi, Mumbai, Kolkata, Bangalore, Ahemdabad ...

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Posted Under: Company Law |

SEBI – Liquidity Enhancement Schemes for Illiquid Securities in Equity Derivatives Segment

Circular No. CIR/DNPD/5/2011 02/06/2011

Stock exchange regulator said late on Thursday it has decided to permit stock exchanges to introduce one or more liquidity enhancement schemes (LES) in the equity derivatives segments. The scheme can be introduced for securities where the average trading volume for the last 60 trading days on the stock exchange is less than 0.1 percent of...

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