The Ministry of Corporate Affairs, in exercise of the powers under Section 611(2) and 637B (b) of the Companies Act, 1956 has decided to introduce a Scheme namely, ‘Company Law Settlement Scheme, 2011,’condoning the delay in filing documents with the Registrar, granting immunity from prosecution and charging additional fee of 25 percent of actual additional fee payable for filing belated documents under the Companies Act, 1956 and the rules made there under. The orders issued to this effect vide the ministry’s General Circular No. 59 of August 05, 2011 are in order to give an opportunity to the defaulting companies to enable them to make their default good by filing such belated documents and to become a regular compliant in future. This scheme is effective from today and will remain in force up to 31st Oct, 2011.
Union Corporate Affairs Minister Dr. M. Veerappa Moily has thrust upon a Corporate culture that must be familiar to the universally accepted values of good governance – accountability, transparency, responsibility and responsiveness to stakeholders. Inaugurating a Corporate Governance Conclave organised by the Institute of Company Secretaries of India ( ICSI) in New Delhi today Dr. Moily said ICSI is playing a pivotal role in promoting good governance among the corporates.
The International Accounting Standards Board (IASB) published today for public comment an exposure draft of proposals to adjust the mandatory effective date of IFRS 9 Financial Instruments. The exposure draft proposes an effective date of 1 January 2015 (currently 1 January 2013) for IFRS 9.
The Reserve Bank today said the option of going for another round of rate hike at its next mid-quarterly policy review in September do exist as inflationary pressure continues in the economy.
ICAI requires technically par excellence professionally successful, academically brilliant resource persons for taking sessions on various subjects & emerging topics in the various Certification Courses offered by the ICAI. The ICAI conscious of the needs of its members, with regard to the upgradation of the latest developments in different sectors of current relevance, offers the following certification courses to them: Master in Business Finance Certificate Course Certificate Course on Derivatives Certificate Course on Forensic Accounting and Fraud Detection using IT and CAATs (Forensic Accounting) Certificate Course on Forex & Treasury Management (Forex-Treasury)
EIH Limited Vs CIT (Kolkata High Court)- The sale of food and beverages to the international airlines in sealed containers constitutes an export of goods out of India and the payment received from the said foreign airlines in India, in the form of rupees, could be treated as payment in convertible foreign exchange within the meaning of the provisions of s 80HHC.
The Finance Minister Shri Pranab Mukherjee, who is also Chairperson of the National Implementation Committee to commemorate 150th birth anniversary of Gurudev Rabindranath Tagore, today launched a new Audio-Visual presentation of Gurudev Rabindranath Tagore’s ‘Jana Gana Mana’ poem in full five stanzas by various artists as a salutation to the great poet who gave us India’s National Anthem.
Bee Pee Jay Finance Ltd. Vs CIT and Anr (Calcutta High Court)- By virtue of Section 11 5JA a legal fiction has been created by which if total income is found to be less than 30% of the book profit, the total income should be deemed to be 30% of the profit and in such a case, if charge ability of interest under Sections 234B and 234C are held applicable only in view of sub-Section (4) of Section 11 5JA, it would amount to adding another legal fiction to an existing legal fiction of Section 11 5JA( 1). According to Mr. Sen in case of a legal fiction, which has to be interpreted for giving its full logical coverage, another legal fiction cannot be added to the same and for the aforesaid proposition.
In exercise of the powers conferred by Para 2.4 of the Foreign Trade Policy, 2009-2014, the Director General of Foreign Trade hereby makes the following amendments in Public Notice No. 44 (RE-2010)/2009-2014 dated 31.03.2011 read with (i) Public Notice No. 36 (RE-2010)/2009-2014 dated 01.03.2011 and (ii) Public Notice No. 37 (RE-2010)/2009-2014 dated 08.03.2011 relating to procedure for export of 1,50,000 MTs of Non Basmati Rice( Sona Masuri, Ponni Samba & Matta rice varieties).
Over the period, in respect of certain import items pertaining to above two SIONs, improvement in consumption has been observed. Accordingly, quantity allowed for such items has been reduced.
