Market regulator SEBI today asked two Sahara group entities to return money collected from millions of investors through an instrument named Optionally Fully Convertible Debentures (OFCD), citing violation of regulatory norms. As per a Sebi order, Sahara Commodity Services Corp (earlier known as Sahara India Real Estate Corporation) and Sahara Housing Investment Corporation (SHICL) will be required to refund the money raised from hybrid instrument OFCD to investors along with 15 per cent interest.
In order to mitigate the hardship being faced by the students in registering for Integrated Professional Competence Course (IPCC), the Council at its 306th Meeting held from 7-9th June, 2011 decided that candidates who register for Integrated Professional Competence Course (IPCC) in the respective Decentralized Office on or before 16th August, 2011 would be eligible to appear in the Integrated Professional Competence Examination (IPCE) to be held in May, 2012.
On a review of the syllabus for the Final Course, the Council has decided to exclude the following topics from the Final Examination to be held in November, 2011 and thereafter:- Paper 1 Financial Reporting – Inflation Accounting
By all accounts the 2008/09 crisis has been the deepest financial crisis of our times. It has taken a devastating toll on global output and welfare. Arguably, the fundamental causes of all financial crises are the same – global imbalances, loose monetary policy and high levels of leverage driven by ‘irrational exuberance’. In that respect this crisis has been no different.
The Home Ministry has asked the Revenue Department to conduct a probe into the allegations of disproportionate assets against former Chief Justice of India KG Balakrishnan. In a letter to the Revenue Secretary, the Home Ministry asked him to institute an inquiry through the Central Board of Direct Taxes (CBDT), the investigative wing of the department.
It is noticed that a large number of e-forms filed by the companies with the ROCs prior to implementation of revised regulation 17 of the Companies Regulation, 1956 (i.e. 15.02.2009) are still pending in folders like RESUB, PUCL etc. for want of action on the part of stake holders. Unless the companies respond to this, ROC’s are unable to process the said forms.
India joined the Financial Action Task Force (FATF) as its 34th member in June 2010. At present FATF has 36 members comprising of 34 countries and two organizations namely, the European Union and the Gulf Cooperation Council. At the time of joining FATF, India gave an Action Plan to overcome certain deficiencies in a time bound manner.
Since sending of notice from Delhi to Raipur does not confer jurisdiction on Delhi Court in view of the decision of the Hon’ble Supreme Court in the case of Harman Electronics Private Limited (supra) and the deposit of cheque with the banker of respondent No. 2 in Delhi also does not confer jurisdiction of Delhi court when the cheque is presented to a bank outside Delhi, and there is no other ground which would confer jurisdiction on Delhi Court, it cannot be said that the Delhi Court has the jurisdiction to try this complaint.
India Inc raised over $ 2.06 billion from overseas markets in April through external commercial borrowings (ECBs) and foreign currency convertible bonds (FCCBs), the Reserve Bank said. Around 55 companies raised over $ 1.54 billion for various projects through the automatic route, which does not require RBI or the government approval. Another $ 520 million were raised through the approval route, according to the RBI data.
It has been decided with the approval of competent authority to constitute a Committee to examine ways to strengthen laws to curb the generation of black-money in India, its illegal transfer abroad and its recovery. The Committee shall consist of the following officers:- (i) Chairman, CBDT – Chairman of Committee
