"July, 2011" Archive - Page 30

Circulation of Audited Accounts for the Year ended 2010-11 and Report of the Council

As a part of the Green Initiative in Corporate Governance taken by the Ministry of Corporate Affairs by allowing paperless compliances by the companies, the Council of the Institute has decided to send the Audited Accounts and Report of the Council for the Financial Year ending 31st March, 2011 to the members of the Institute pursuant to ...

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Posted Under: Company Law |

Guidelines for Declaring Financial Institution as Public Financial Institutions Under Section 4a of The Companies Act,1956

The Ministry of Corporate Affairs has framed following criteria for declaring any financial institution as a Public Financial Institution (PFI) under under section 4a of the Companies Act,1956: Decided that with effect from 12th June, 2011, all DIN-1 & DIN-4 applications has to be digitally signed by the practicing Chartered Accountants,...

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Posted Under: Company Law |

Accounting regulator ICAI to submit suggestions on black money by August end

Accounting regulator ICAI today said it will submit to the government, its suggestions on the ways to deal with the menace of black money and retrieving illegal money stashed in tax havens and overseas banks by the end of August. ...

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Posted Under: Company Law |

SC Decision on Limitation of Companies Act in case of oppression and mismanagement

Hanuman Prasad Bagri & Ors Vs Bagress Cereals Pvt. Ltd. & Ors (Supreme Court of India)

Hanuman Prasad Bagri & Ors vs Bagress Cereals Pvt. Ltd. & Ors (SC) Sections 397 & 398 of the Companies Act, 1956 [hereinafter referred to as the Act] was filed before the Calcutta High Court on grounds of oppression and mismanagement. The learned Company Judge held that the Petitioners grievance in regard to ouster from the management of...

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Govt allows exports of one million tonnes of basmati rice

The government today allowed exports of one million tonnes of non-basmati rice, lifting an over three-year old ban, in the wake of overflowing godowns. The decision to this effect was taken by an Empowered Group of Ministers (EGoM) headed by Finance Minister Pranab Mukherjee....

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Posted Under: Company Law |

MVAT – VAT Circular No. 11T of 2011 Dated: 12/07/2011

Circular No. 11 T of 2011 (12/07/2011)

An internal circular referred to above was issued regarding Taxation of motor vehicles under Central Sales Tax Act, 1956 for the VAT period from 1.4.2005. It was mentioned in the said circular that the relevant notification in respect of Motor Vehicle, dated 1st May 2002 as amended from time to time contained a reference to the entry 102 ...

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Provisions Governing Buy-back of Shares / Securities under the Companies Act, 1956

A company can buy-back securities u/s. 77A. The following regulations and rules are relevant : a. Securities and Exchange Board of India (Buy-back of Securities) Regulations, 1998 (18 SCL (St.) 233) (as amended from time to time). These regulations are applicable to buy-back of shares or other specified securities of a company listed on a...

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Posted Under: Company Law |

Chnages in Cabinet Ministers and Ministers of State

The Prime Minister has written to the President recommending that the following may be appointed as members of the Union Council of Ministers and has requested that the oath of office and secrecy be administered at 5.00pm today. CABINET MINISTERS :1. Shri V. Kishore Chandra Deo 2. Shri Beni Prasad Verma 3. Shri Dinesh Trivedi 4. Shri Jair...

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Posted Under: Company Law |

ICSI – Suggestions for Election Reforms and Amendment in CS Regulations

Suggestions for Amendments in the Company Secretaries Act, 1980, Regulations and Rules made thereunder and for Election Reforms in the conduct of Elections to the Council/ Regional Councils/ Chapters of the Institute The Council of the Institute at its 200th meeting constituted, inter-alia the following Committees:- ...

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Posted Under: Company Law |

ICSI – How to Become Life Member of CSBF

Application for life membership of CSBF has to be submitted in the prescribed Form-A (available on the website of the Institute i.e. www.icsi.edu) and should be accompanied by Demand Draft or Cheque (payable at par) for Rs. 5,000/- drawn in favour of “Company Secretaries Benevolent Fund” payable at New Delhi and the same can be depo...

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Posted Under: Company Law |

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