The Council, at its 306th meeting held from 7th to 9th June, 2011, while considering Item No.30 relating to Notification of Benefits of Registered OCI u/s 7B(1) of Citizenship Act, 1955, decided to constitute a Group to consider appropriate steps for identifying a qualification bridging mechanism in line with the arrangements in place for MOUs/MRAs with accounting bodies and feasibility of considering provision to be prescribed for licensing of Overseas Citizens of India on terms and conditions which will be worked out by the Special Group in ICAI.
In continuation to the Institute’s Notification No. 13-CA (EXAM)/M/2011 dated 12th January, 2011, it is notified for the general information that Group – 1, Paper – 1 – Accounting of Integrated Professional Competence Examination held on 3rd May – 2011 in respect of Ms. Grishma Nadiq, Roll No. – 129394 whose Answer book was reported to be missing stands cancelled. The said examination will now be held again on 25th, July, 2011 from 10.00 AM to 1.00 PM.
The Reserve Bank of India has imposed a monetary penalty of ` 25.00 lakh (Rupees twenty five lakh only) on Citibank N.A., in exercise of powers vested in it under the provisions of Section 47(A)(1)(b) of the Banking Regulation Act, 1949 for contravention of various guidelines and instructions relating to Know Your Bank (KYC)/Anti Money Laundering (AML) issued by the Reserve Bank of India. The failure in following the KYC/AML guidelines while opening accounts led to the perpetration of a fraud at its Gurgaon branch.
NISCHINTAPUR TEA CO. LTD Versus SUBRATA SEN & ORS ( Calcutta High Court) – An application under Section 397 and 398 of the Companies Act, 1956 (hereinafter ‘the Act’) was filed in this court way back in 1985. It was numbered as C.P. No. 252 of 1985. It is still pending. The petitioner in that application was one Amita Sen, who has since died. In her place, her three sons Subrata, Ranjan and Sanjay are now substituted as petitioners being petitioner nos. 1.(a), (b) and (c).Two applications were heard by me for several days. They were most seriously contested. One of them (C.A. No. 686 of 2010) was an application by the company for dismissal of the Section 397, 398 application. One Ajit Kumar Agarwal, opposed this application as an intervenor. It was strenuously argued on his behalf that the company should not be granted the prayers. Neither, the petitioners in the Section 397, 398 application should be allowed to withdraw from the application. He made an application (C.A. No. 721 of 2010)for dismissal of C.A. 686 of 2010.
De Nora India Limited Versus Union Of India And Ors (Delhi HC) The challenge in this writ petition by De Nora India Limited („DNIL‟) [formerly known as Titanor Components Limited („TCL‟)] is to an order dated 12th August 2010 passed by the Department of Commerce („DOC‟) (Supply Division) in the Ministry of Commerce and Industry („MOCI‟), Government of India partly allowing the appeal of DNIL and upholding the order dated 22nd February 2010 by the Director General of Supplies and Disposals („DGS&D‟) banning DNIL from dealing with all the departments/ministries/offices of the Government of India but reducing the period of ban from five years to a period of one year operative from 22nd February 2010 and in relation only to tender notices of the DGS&D.
The Corporate Affairs Ministry has asked the Registar of Companies to inspect the books of accounts of the controversial multi-level marketing company Speak Asia and submit its report to the government by July 10. The Singapore-based company Speak Asia, which is yet to be incorporated as a company in India, would be inspected under section 591 of the Companies Act, which is applicable on companies incorporated outside India and has established a place of business within the country, sources said.
As you are aware, there was an all-party meeting yesterday. It started at half-past four, went on till nearly quarter to eight. Apart from the Prime Minister and the Finance Minister – the Finance Minister is also chairman of the joint drafting committee – there were 31 speakers representing the political parties. Both Leaders of Opposition, Ms. Sushma Swaraj and Mr. Arun Jaitley, intervened. We are very happy with the outcome of the meeting. The meeting adopted unanimously a one-sentence resolution which read that the government would bring a bill in Parliament in accordance with established procedure.
The Central Government had appointed a Committee in March 2011 to review the role, functioning and structure of the Central Economic Intelligence Bureau (CEIB) and to recommend steps to streamline and strengthen financial intelligence gathering and its dissemination for effective coordination amongst the Intelligence Organisations of the Government. The Committee was headed by Shri S. S. Khan, Retired Member, Central Board of Direct Taxes (CBDT). Its other members include Ms Vijay Lakshmi Sharma, Retired Member, Central Board of Excise and Customs (CBEC) and Dr. Kewal Ram, Retired Senior Economic Advisor. Shri Arun Sahu, Deputy Director General (CEIB) is the Member Secretary to the Committee. The Committee submitted its report within period of about three months.
Consolidation of FDI Policy: With the aim of simplifying FDI policy, promoting clarity of understanding of foreign investment rules among foreign investors/sectoral regulators and having a single policy platform, so as to ease the regulatory burden for Government, a major exercise of integrating all existing regulations on FDI, into one consolidated document, was undertaken. The process of consolidation involved integration of 178 Press Notes, covering various aspects of FDI policy, which had been issued since 1991, as also a large number of other regulations governing FDI. The document was released as ‘Circular 1 of 2010’, on 31 March, 2010, as per the commitment made. The document has also been updated at six monthly intervals, to ensure that it remains current and updated.
Finance Minister Pranab Mukherjee today said the government has not taken any decision yet on revising the economic growth projections for 2011-12. We have not taken any decision yet…, Mukherjee told reporters when asked if the government is planning to revise the GDP growth projections downwards.
