"24 June 2011" Archive

Mere possession of drugs by doctor not an offence

Quashing a case filed against a cardiologist for stocking various medicines in his hospital allegedly for sale without licence, Madras High Court Bench here on Wednesday ruled that mere possession of drugs would not constitute an offence under the Drugs and Cosmetics Act....

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Posted Under: Corporate Law |

Govt to come out with market-friendly stamp duty norms shortly

The centre is likely to come out with a uniform and market-friendly stamp duty structure for transactions in the capital and commodities markets within two weeks, a senior finance ministry official said. Department of Economic Affairs and Department of Revenue are in consultation to evolve a market friendly stamp duty structure, a senior ...

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Posted Under: Corporate Law |

CCI penalises NSE for abusing dominant market position

In the long-running tussle between the National Stock Exchange (NSE) and its younger rival MCX-SX, the Competition Commission is believed to have penalised NSE for abusing its dominant market position. As a penalty, NSE has been asked to pay 5% of its average annual turnover and also "cease and desist" of unfair trade practices in the cur...

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Posted Under: Corporate Law |

Make public RBI advisory note issued to ICICI – CIC

The Central Information Commission (CIC) has directed the Reserve Bank of India to disclose an advisory note it issued to ICICI Bank for alleged violation of any RBI guidelines or for contravention of the provisions of money laundering and foreign exchange acts. The case relates to an RTI application filed by SS Vohra, who had sought to k...

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Posted Under: Corporate Law |

India Signs Protocol Amending DTAA with Singapore; to help in Effective Exchange of Information in Tax Matters

The Government of India signed a Protocol, amending Double Taxation Avoidance Agreement (DTAA) with Government of Singapore for effective exchange of information in tax matters today. The Protocol was signed by Shri Prakash Chandra, Chairman, Central Board of Direct Taxes (CBDT) on behalf of the Government of India and Ms. Karen Anne Tan ...

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Posted Under: Corporate Law |

DBRS Upgrades India's Ratings for the First Time to Stable Outlook

For the first time, DBRS has upgraded the trend of India’s Long Term foreign and local currency debt ratings from BBB (low) Negative to stable outlook. DBRS, an international sovereign credit rating agency, has been rating India’s debt since June 2007. Elaborating on the upgrade in the credit rating trend for India, DBRS has appreciat...

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Posted Under: Corporate Law |

RBI to Issue Regulations for Setting-up of Infrastructure DEBT funds (IDFs) on Company Route

Broad Structure of Proposed Infrastructure DEBT funds (IDFs) Finalized; IDFs -- A Novel Attempt to address the Issue of Sourcing Long term DEBT for Infrastructure Projects; RBI to Issue Regulations for Setting-up of IDFs on Company Route...

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Posted Under: Corporate Law |

SEBI pardons Pyramid director in accounts manipulation case

Market regulator Sebi today exonerated N Venkataraman, former director of Pyramid Saimira Theatre , saying that he was not a board member when financial irregularities took place at the firm. It said investigations into the company's affairs have revealed that accounts were manipulated during 2007-08, before Venkataraman was appointed as...

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Posted Under: Corporate Law |

2G scam – CBI may get documents from Mauritius by next week

The CBI is likely to receive by next week the documents it sought from Mauritius through Letter Rogatory in connection with the companies allegedly involved in the 2G spectrum allocation scam. Sources in the probe agency said some parts of the documents have been handed over to Indian High Commissioner in Mauritius by the local authoritie...

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Posted Under: Corporate Law |

Visa fee hike – India asks US to exempt professionals from social security tax

India today asked the US to move ahead with an agreement which would exempt professionals from payment of security taxes to mitigate the impact of a visa fee hike last year. Both the sides are negotiating Bilateral Totalisation Agreement (BTA), which once signed, would benefit lakhs of Indians who are working in America and paying social...

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Posted Under: Corporate Law |

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