"25 August 2011" Archive

Replacement of the Companies Act is likely to help in checking frauds committed by companies against investors

The Companies Bill, 2009 seeks to provide stricter provisions for more effective enforcement action against companies involved in fraud. Provisions like initiating investigation by Central Government suo moto, allowing search and seizure during investigation without obtaining an order from Special Court, provision for freezing of assets o...

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Posted Under: Company Law |

State-wise number of foreign companies operating in India

The Minister of State in the Ministry of Corporate Affairs Shri R.P.N. Singh today informed the Lok Sabha that 820 foreign companies have been registered during the last three years. The Government has received Rs. 6.91 crore, Rs. 9.56 crore and Rs. 8.24 crore respectively, in the last three years(2008, 2009 and 2010) by way of ...

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Posted Under: Company Law |

Whether the Companies Act, 1956 has prescribed any ceiling on the remuneration of chief executive officers (CEOs) of companies?

The total managerial remuneration to be paid to a Board level CEO of a company having only one Whole Time Director or a Manager is 5% of the net profit of the company and the total remuneration to be paid to all the Board level Directors together of a company, having more than one Whole Time Director or Manager, is 10% of the net profit o...

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Posted Under: Company Law |

Prosecution initiated by Govt on errant companies which violated the Companies Act, 1956 during last three years

Violation of Companies Act - The Minister of State in the Ministry of Corporate Affairs Shri R.P.N. Singh today informed the Lok Sabha that the number of prosecutions filed for the violations of the provisions of the Companies Act, 1956 and disposed of during last three years are as under:-...

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Posted Under: Company Law |

Government proposes to give more powers to SFIO

SFIO - The Minister of State in the Ministry of Corporate Affairs Shri R.P.N. Singh today informed the Lok Sabha that keeping in view the recommendations made by Vepa Kamesam committee, it is proposed to give statutory recognition to SFIO. Besides, powers such as treating its investigation report as a report filed by a Police Officer, giv...

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Posted Under: Company Law |

87 companies still vanishing

Companies which had raised funds through Initial Public Offer were identified as Vanishing Company for (i) non maintaining of their registered office; (ii) non- traceability of directors(iii) non- filing of statutory returns/ listing requirements with the concerned Registrar of Companies / Stock Exchange for a period of 2 years....

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Posted Under: Company Law |

Centralised payment of court fee, w.e.f. 1.9.2011, by the CBEC – Directorate of Legal Affairs in appeals filed before the Supreme Court

Notification F. No. 275/05/2011- Income Tax CX.8A (25/08/2011)

Notification F. No. 275/05/2011- Income Tax CX.8A The existing practice of payment of court fee by the department, as appellant or as respondent, in the appeals filed before the Supreme Court, is that the respective field formation/directorate deposits it in a decentralized manner thorough the Central Agency Section (Supreme Court). Howev...

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ICSI Declares Results for the Company Secretaries Examinations Held in June, 2011- Check Result and List of Toppers

The Institute of Company Secretaries of India (ICSI) has today declared the results of Company Secretaries Examinations held in June, 2011 here in New Delhi today and released to all the Regional and Chapter Offices of the institute throughout the country for information of students and general public. This result is available on the inte...

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Posted Under: Company Law |

RBI – Contingency plan during strikes in banks / natural calamity- Arrangements for feeding of ATMs

Circular No. 30 DGBA. Accts. (AP). No./ 1337/ 57.02.001 /2011-12 (25/08/2011)

The need for replenishing cash in the ATMs of banks, especially in times of strikes in banks/natural calamity so as to mitigate hardships caused to bank customers, was examined by RBI. As a first step in this direction, the use of other bank’s ATMs for cash withdrawals was made free of charge with effect from April 1, 2008 vide our circ...

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Amends Notification No. 63/1994-Customs (N.T.) dated 21st November, 1994 thereby declaring Silghat as an LCS

Notification No. 61/2011-Customs (N.T.) (25/08/2011)

Notification No. 61/2011 – Customs (N. T.) In exercise of the powers conferred by clauses (b) and (c) of sub-section (1) of section 7 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Depa...

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