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Archive: 01 August 2011

Posts in 01 August 2011

Corrigendum to General Circular No. 54/2011

August 1, 2011 1075 Views 0 comment Print

In each case the OL will file an application praying to the Court to direct the management of the company to submit following information duly verified by a Chartered Accountant/a Company Secretary/a Cost Accountant in practice: Now in case of winding up, the CS, ICWA may also verify the information

Comments invited from trade and industry for ‘On-Site Post Clearance Audit at the Premises of Importers and Exporters Regulations, 2011’

August 1, 2011 369 Views 0 comment Print

CBEC solicits views, comments and suggestions on draft ‘On-site Post Clearance Audit at the Premises of Importers and Exporters Regulations, 2011’ from the trade and industry associations, departmental officers and others. The views, comments and suggestions to the draft Regulations may please be sent, latest by 16th August, 2011, to Director (Customs), Ministry of Finance, Department of Revenue, Central Board of Excise & Customs, Room No.227-B, North Block, New Delhi – 110001 or at Fax No. (011) 23092173 or at e-mail I.D.: dircus@nic.in

SEBI asks Promoters to disclose initial Shareholding and thereafter considerable changes in it

August 1, 2011 483 Views 0 comment Print

As per the Sebi board decision, it will be mandatory for the promoters and those part of the promoter group of a listed company to give the initial disclosures relating to their shareholding at the time of becoming promoter or part of promoter group. Besides, they will have to make continuous disclosures whenever there is a change in their holdings exceeding Rs five lakh in value or 25,000 shares or 1 per cent of total shareholding or voting rights, whichever is lower.

Sibal to convert 1.5 lakh Post Offices into banks

August 1, 2011 1761 Views 0 comment Print

The humble post office is all set to undergo a radical change with a proposal to convert over 1.5 lakh post offices across the nation into full fledged banks on the anvil. Telecom Minister Kapil Sibal wants to reach out to the masses in the rural areas with modern banking facilities through the post offices.

Former Additional Commissioner of Income Tax gets four years RI

August 1, 2011 862 Views 0 comment Print

A special court here has awarded four years of rigorous imprisonment(RI) and a fine of Rs 35 lakh to the former Income Tax officer B S Banthia for amassing wealth disproportionate to his known sources of income. The sentence was awarded by the Special Judge (CBI) Shailendra Shukla against Banthia yesterday. The court also awarded two years sentence to his companion, Sushma Shukla and slapped a fine of Rs 1 lakh against her as Banthia had purchased a huge property in her name.

Sebi askes stock exchanges to penalise brokers transferring trades from one trading account to another after terming them as 'punching' errors

August 1, 2011 384 Views 0 comment Print

With an aim to check flow ofblack money and evasion of taxes through stock market, market regulator Sebi has decided to imposehefty penalty on brokers facilitating such transactions from tomorrow. The regulator recently came across a loophole in its existing regulations, which was being abused by stock brokers for facilitatingtax evasion and flow of black money through fictitious trades in lieu of hefty commissions.

PMO Explains 'At Arms Length'

August 1, 2011 802 Views 0 comment Print

Reports have appeared in the media regarding a noting of the Private Secretary to the Prime Minister conveying the directions of the Prime Minister on a matter relating to the allocation of spectrum. The noting in question was recorded on 23 January, 2008 and stated that ‘PM wants this informally shared with the Department (of Telecom). (He) does not want a formal communication and wants PMO to be at arms length.’

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