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Archive: 29 November 2011

Posts in 29 November 2011

Life insurance companies with 10-year in business can go public: IRDA

November 29, 2011 1301 Views 0 comment Print

Insurance regulator IRDA on Thursday came out with guidelines (Given Below) allowing life insurance companies, which have been in business for over 10 years, to raise funds from the public through IPOs. The Insurance Regulatory and Development Authority (IRDA), however, will decide the size of the public issue, it said in a notification. As per the guidelines, promoters of the insurance companies will also be allowed to offload their stake in the company.

Seeks to amend Notification No.87/98-Customs (N.T.), dated the 9th November, 1998 thereby amending Courier Imports and Exports (Clearance) Regulations, 1998

November 29, 2011 801 Views 0 comment Print

Notification No.84 / 2011 – Customs (N.T.) In exercise of the powers conferred by section 157 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs hereby makes the following regulations further to amend the Courier Imports and Exports (Clearance) Regulations, 1998, namely :- 1. (1) These regulations may be called the Courier Imports and Exports (Clearance) Amendment Regulations, 2011. (2) They shall come into force on the date of their publication in the Official Gazette.

Appointment of Common Adjudicating Authority – Notification No. 83 / 2011 – Customs (N.T.)

November 29, 2011 603 Views 0 comment Print

S.O. (E). – In exercise of the powers conferred by sub-section (1) of section 4 and sub-section (1) of section 5 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs hereby appoints the Joint Commissioner or Additional Commissioner of Customs, Central Excise and Service Tax, Hyderabad II Commissionerate, Hyderabad, to act as a common adjudicating authority to exercise the powers and discharge the duties conferred or imposed on-

New companies bill retained the provision for rotation of auditors every five years

November 29, 2011 2597 Views 0 comment Print

The government is likely to retain various contentious provisions in the new Companies Bill, like fixed term for independent directors and rotation of auditors every five years, despite concerns raised by industry. In the final draft of Companies Bill 2011, the Corporate Affairs Ministry is learnt to have fixed the term for independent directors to […]

SC asks Ketan Ketan Parikh and Co to Deposit deposit 50 percent of penalty imposed for Fema violations

November 29, 2011 2302 Views 0 comment Print

Ketan V. Parekh Vs. Special Director, Directorate of Enforcement and another (Supreme Court)- Ketan Parikh, Kartik Parikh and M/s. Panther Fincap and Management Services Ltd, were imposed a penalty of Rs. 80 Crores, 12 Crores and 40 Crores respectively by the Special Director of Enforcement, Mumbai for FEMA violations. On appeal, the Appellate Tribunal directed the appellants to deposit 50 percent of penalty. The appellants pursued the matter in Delhi and Bombay High Courts. The matter reached the Supreme Court. The Supreme Court observed that there cannot be Forum Shopping and that the appellants deliberately concealed the facts relating to financial condition and directed the appellants to deposit the amounts as ordered by the Tribunal.

Indexed cost of gifted assets has to be determined with reference to previous owner – Bombay HC

November 29, 2011 37302 Views 0 comment Print

The indexed cost of acquisition has to be determined with reference to the cost inflation index for the first year in which the capital asset was ‘held by the assessee’. Since the expression ‘held by the assessee’ is not defined under Section 48 of the Act, that expression has to be understood as defined under Section 2 of the Act. Explanation 1(i)(b) to Section 2(42A) of the Act provides that in determining the period for which an asset is held by an assessee under a gift, the period for which the said asset was held by the previous owner shall be included.

Provisions of Stamp Duty & Bombay Stamp Act, 1958

November 29, 2011 32042 Views 0 comment Print

Under the Constitution of India, the power to levy stamp duty is divided between the Union and the State. The Parliament (Central Government) has the power to levy stamp duty on the instruments specified in Article 246 read with Schedule VII, List I, Entry 91 and the State Government has the power to levy stamp duty on instruments falling under Article 246 read with Schedule VII, List II, Entry 63.

Housing firm not responsible for encroachment after delivery of possession of the plot to buyer – Supreme Court

November 29, 2011 1423 Views 0 comment Print

Haryana Urban Development Authority Vs. Viresh Sangwan & ANR(SC)- The housing development authority cannot be held responsible for the encroachments made after possession of the plot had been delivered to the allottees.. Neither the original allottee nor those who bought the property later, could accuse the development authority of deficiency in service in the matter of allotment of plot on the ground that some villagers had made encroachment on it. The appeal of the authority was against the National Consumer Commission order which confirmed the rulings of the state and district forums that there was deficiency in service of the authority as the plot had been encroached upon. The Supreme Court asserted that encroachments after the allotment and due to the negligence of the allottees cannot be subjected to consumer complaints.

Daily wagers not entitled to regularisation but can claim monetary compensation for illegal retrenchment – SC

November 29, 2011 1588 Views 0 comment Print

Bharat Sanchar Nigam Ltd. Vs. Man Singh (Supreme Court) – The Supreme Court has stated that though the employer might have violated the retrenchment rules under the Industrial Disputes Act, daily wage employees who have worked for a long time in an establishment are not entitled to regularisation. They can only claim monetary compensation. In this case, the workers were on daily wages since 1984 and their services were terminated in 1991 due to non-availability of work.

Insurance company to pay compensation for death of youth if it fails to prove that youth was driving negligently – SC

November 29, 2011 1403 Views 0 comment Print

National Insurance Company Ltd. Vs. Sinitha & Ors. (Supreme Court) – The Supreme Court last week dismissed National Insurance Company’s appeal against the award of compensation for the death of a youth, stating that the insurer has not proved that he was negligent while driving his motorcycle. It also did not bring evidence on the role of the youth – whether he was owner, agent, employee or representative, which was crucial to the case. The motor accident claims tribunal had awarded Rs 4.26 lakh to the widow, children and parents as against their claim of Rs 8 lakh. The company moved the Kerala high court and the Supreme Court and failed in each instance.

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