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Archive: 09 June 2011

Posts in 09 June 2011

SEBI plans to induct four new executive directors

June 9, 2011 312 Views 0 comment Print

Market regulator Sebi today said it plans to induct four new executive directors, who would replace some key incumbent directors handling important departments like mutual funds and secondary markets. Starting the process for hiring new directors, Sebi today invited applications for four posts of executive directors, including one for legal affairs. The remaining three would be inducted for various regulatory roles at Securities and Exchange Board of India.

Reliance Securities settles Sebi probe for Rs 25 lakh

June 9, 2011 631 Views 0 comment Print

Market regulator Sebi on Thursday agreed to settle a probe against Reliance Securities for a suspected breach of regulations, after the Anil Ambani group firm offered to pay Rs 25 lakh among various settlement terms. Brokerage firm Reliance Securities will also not register any new clients for the next 45 days and would spend Rs 1 crore on investor education and awareness programs, as per the terms of the settlement with Sebi.

2G Scam – Raja threatened staff to favour Swan, Unitech over Tata group – CBI

June 9, 2011 1073 Views 0 comment Print

Former telecom minister A Raja and his staff threatened and coerced officials in giving preference to Swan Telecom and Unitech over Tata group in the award of telecom licences, CBI has informed the Joint Parliamentary Committee probing the 2G scam.

Need to amend Prevention of Corruption Act – SC

June 9, 2011 402 Views 0 comment Print

Amidst growing demand of the civil society for a strong anti-graft law and confiscation of black money, the Supreme Court sought amendment to the Prevention of Corruption Act (PCA) to root out corruption in the country. A bench of justices B S Chauhan and Swatanter Kumar also favoured amendment to the Drugs and Cosmetics Act, 1940, to tackle spurious drugs. In this country, if there are two laws that need to be changed or amended to act as a deterrent, they are laws relating to anti-corruption and sale of spurious drugs, the bench said on Wednesday while dismissing the appeal of an Assistant Excise Commissioner in a graft case.

Tata, Idea among 10 companies under 2G probe – ED tells JPC

June 9, 2011 462 Views 0 comment Print

ED Director Arun Mathur, in a presentation to the Joint Parliamentary Committee examining the spectrum allocation, on Wednesday said that the probe agency has been investigating 10 telecom companies for allegations of violation of the Foreign Exchange Management Act and the Prevention of Money Laundering Act. Unitech Wireless (Tamil Nadu), Swan Telecom, Loop Telecom, S-Tel Limited, Videocon Telecom, Idea Cellular, Tata Teleservices, Sistema-Shyam Telecom, Allianz Infratech which subsequently became EtisalatDB and Spice Communications which has since been merged with Idea Cellular are the companies being investigated by the ED, JPC Chairman P C Chacko told reporters in New Delhi on Wednesday.

Internet Society Celebrate World IPV6 Day

June 9, 2011 351 Views 0 comment Print

India IPV6 Task Force Newsletter and Compendium on IPV6 Activities Released. Sh. R Chandrashekhar, Secretary (Telecom) released the first India IPv6 (Internet Protocol IPv6 )Task Force Newsletter and technical compendium on IPv6 activities at a function held in Sanchar Bhawan on the occasion of World IPv6 day, 8th June, 2011. Sh. S. C. Misra, Member (S), Smt. Sadhana Dixit, Member (Finance), Sh.J.Gopal, Advisor (T) and other senior officers of DoT, TEC, DIT, BSNL and MTNL were also present.

RBI – Non-implementation of Senior Citizens Savings Scheme- 2004(SCSS) by certain banks on deposit by Army Personnel

June 9, 2011 1143 Views 0 comment Print

DGBA. CDD. No. H-8545/15.15.001/2010-11 It has been brought to our notice that some of the agency banks do not implement the instructions given in Government of India’s Office Memorandum F. No. 2-8/2004-NS-II dated October 29, 2004 and circulated to agency banks vide our circular RBI/2004-05/259 Ref. CO. DT. No. 15.05.001/H-3999-4021/2004-05 dated October 30, 2004 (copy enclosed), particularly in case of retired army personnel and have denied the facility of this Scheme to some of them in contravention of the instructions ibid.

Recommendation for increasing annual deposit limit in PPF to Rs. 100000 from existing Rs. 70000

June 9, 2011 5300 Views 0 comment Print

Committee for Comprehensive Review of NSSF Submits its Report to Union Finance Minister Recommends Discontinuation of Kisan Vikas Patra and Continuation of other Schemes with Suitable Modification(s); Recommends Reduction in the Maturity Period of Monthly Income Schemes and NSC. It also Recommends upward Revision of the Ceiling on Annual Subscription in PPF from Rs. 70,000 to Rs. 1 Lakh and Revision in Rate of Interest in Post Office Savings Account from 3.5% To 4% .

Reassessment proceedings u/s.147 read with 148 of the Act cannot be initiated merely based on the audit report

June 9, 2011 3235 Views 0 comment Print

CIT Versus The Simbhaoli Sugar Mills Limited (Delhi HC) Reassessment proceedings under Section 147 read with 148 of the Act cannot be initiated merely based on the audit report . An audit is principally intended for the purpose of satisfying the auditor with regard to sufficiency of rules and procedures prescribed for the purpose of securing an effective check on the assessment, collection and proper allocation of revenue. As per para (3) of the circular issued by the Board on July 28, 1960, also an audit department should not in any way substitute itself for the revenue authorities in the performance of their statutory duties.

Income Tax office held guilty of violating ‘human rights’ for continuing search and Seizure process without any break or interval at odd hours

June 9, 2011 1409 Views 0 comment Print

In Re Rajendra Singh (Bihar Human Rights Commission)– The Commission is of the view that the members of the raiding party may take their own time to conclude the search & seizure operations but such operations must be carried out keeping in view the basic human rights of the Individual. They have no right to cause physical and mental torture to him. If the officer-in-charge of the Interrogation/recording of statements wanted to continue with the process he should have stopped the same at the proper time and resumed it next morning. But continuing the process without any break or interval at odd hours up to 3:30 AM, forcing the applicant and/ or his family members to remain awake when it is time to sleep was torturous act which and can not be countenanced in a civilised society. It was violative of their rights relating to dignity of the individual and therefore violative of human rights.

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