Admitting that the Reserve Bank’s anti-inflation monetary measures may impact growth, Finance Minister Pranab Mukherjee on Friday said the major challenge right now is to contain price rise. ‘The monetary policy has been gradually tightened… Monetary measures may end up moderating the growth if they have to be persisted for an extended period of time,’ Mr. Mukherjee said at an Assocham meet here.
The Reserve Bank of India today released a DRG Study entitled, “Productivity, Efficiency and Competitiveness of the Indian Manufacturing Sector”. The study is co-authored by Prof. Pushpa Trivedi (Indian Institute of Technology Bombay), Shri L. Lakshmanan (Assistant Adviser, Internal Debt Management Department), Dr. Rajeev Jain (Assistant Adviser, Department of Economic and Policy Research) and Dr. Yogesh Kumar Gupta (Assistant Adviser, Department of Statistics and Information Management) of the Reserve Bank.
,In order to further promote dematerialization of securities, encourage orderly development of the securities market and to improve transparency in the dealings of shares by promoters including pledge / usage as collateral, SEBI in consultation with Stock Exchanges, has decided that the securities of companies shall be traded in the normal segment of the exchange if and only if, the company has achieved 100% of promoter’s and promoter group’s shareholding in dematerialized form latest by the quarter ended September 2011 as reported to the stock exchanges.
Pursuant to the aforesaid notification, all RTI/STAs shall report the following change(s) to SEBI in the quarterly reports submitted in accordance with the SEBI Circular No. MIRSD/DPS-2/RTA/Cir-1712008 dated May 06, 2008, commencing from the quarter ended June 30, 2011. a. Amalgamation, demerger, consolidation or any other kind of corporate restructuring falling within the scope of section 391 of the Companies Act, 1956 (1 of 1956) or the corresponding provision of any other law for the time being in force b. Change in Director, including managing director/ whole-time director c. In case of a partnership firm any change in partners not amounting to dissolution of the firm d. Change in shareholding not resulting in change in control If there is no change during the relevant quarter, it shall be indicated in the report.
Circular No. CIR/MIRSD/7/2011, With the said amendment, the requirement of taking prior approval by the merchant bankers. from SEBI for change in status or constitution has been dispensed with. However, the merchant bankers are required to take prior approval from SEBI for change in control. Further, the merchant bankers shall continue to report the following change(s) to SEBI through the half-yearly reports submitted in accordance with SEBI Circular No. MIRSD/DPS-2/MB/Cir-16/2008 dated May 06, 2008;
The Central Bureau of Investigation has arrested a private person in Jaipur(Rajasthan) for demanding and accepting illegal gratification of Rs.Seven Lakhs from the complainant who was facing a CBI trial case. It was alleged that the accused private person had demanded illegal gratification from the complainant on behalf of an officer who was involved in investigation of the CBI trap case, the complainant was facing.
Circular No. CIR/MIRSD/6/2011, 1. SEBI (Underwriters) Regulations, 1993 {hereinafter referred to as “the said Regulations”}, have been amended vide Notification No. LAD-NRO/GN/2011-12/03/12650 dated April 19, 2011 {hereinafter referred to as “the said amendment”), a copy of which is available on SEBI website www.sebi.qov.in 2. With the said amendment, the requirement of taking prior approval by the underwriters from SEBI for change in status or constitution has been dispensed with. However, the underwriters are required to take prior approval from SEBI for change in control.3. Pursuant to the aforesaid notification, all underwriters shall report the following change(s) to SEBI on a half-yearly basis within 15 days of expiry of the half-year, commencing from the half-year ended September 30, 2011.
The Central Bureau of Investigation has arrested a Divisional Engineer of Indian Railway Service-1995 batch posted at Bhusawal Division (Maharashtra) for demanding and accepting bribe of Rs. 50,000/- (Rs. Fifty thousand only) from the complainant.
Indian Additives Limited Vs The ACIT (ITAT Chennai)- Fact that a particular MAM used by the taxpayer cannot be rejected without providing any cogent reasons. Further, the Tribunal has mentioned that if there exist significant amount of purchases from Associates enterprises , the same cannot be included while computing the gross margins under the Resale Price Method [RPM].
The government has decided to levy tax on the interest obtained on Post Office savings schemes from the current financial year. The Central Board of Direct Taxes ( CBDT )) has brought out a notification in this regard recently, which stipulates that any interest earned beyond Rs 3,500 (in case of individual accounts) and Rs 7,000 (in case of joint accounts) will be taxable from the running fiscal.
