Reserve Bank of India has liberalised opening of Escrow Accounts for Foreign Direct Investment transactions vide A. P. (DIR Series) Circular No. 58 dated 2 May 2011. Hitherto, opening of Escrow / Special Bank Account by Non-resident Corporate(s) for the purpose of acquisition/transfer of shares / convertible debentures of an Indian Company was permitted only in cases of Open Offers / Delisting / Exit Offers subject to compliance with Securities and Exchange Board of India (SEBI) Regulations.
G Mohan Gopal, a former member on the board of the Securities and Exchange Board of India (Sebi), has alleged that the Sebi board “abused” its powers to protect CB Bhave from being subjected to any independent inquiry with “respect to his actions as NSDL chairman” during the 2003-06 IPO scam.
As we know C forms are required to be submitted by a seller with the sales tax authorities after obtaining the same from the purchaser of goods if the sale is an interstate sales and CST has been charged at concessional rate of 2% as per the requirement of section 8(4) of CST Act 1956. Sometimes a dealer if has made an interstate sales at concessional rate of CST against C form then afterwards, the purchaser doesnot provide the requisite C form to the seller then in such case difficulties are faced by the seller at the time of finalizing of his assessment proceedings.
In accordance with the decision taken by institute recently, it is brought to the notice of the students that effective from June, 2011 Session, the system of dispatch of Admit Cards in physical form will be discontinued. The Institute will arrange to upload the E-Admit Cards on the website of the Institute which can be downloaded by the students.
Acting on a specific intelligence, the officers of DRI, Kolkata & Berhampore had effected a seizure of Fake Indian Currency Notes (FICN) having total face value of Rs.3.00.000/- on 08.05.2011 at 06.00 hrs. from one person namely Jahangir Alam at Farakka railway station, Farakka, Dist-Murshidabad when he was about to board Malda town Farakka – New Delhi express train. The said FICN were recovered from one bag carrying by him. Altogether 500 pcs. of FICN comprising 400 pcs. of 500 denomination notes and 100 pcs. of 1000 denomination notes were recovered. The said FICN were seized under section 110 of the Customs Act, 1962 on reason to believe that the same had been smuggled into India from Bangladesh. The person (Indian national) involved in smuggling of the said FICN was arrested and produced before the Chief Judicial Magistrate, Berhampore on 08.05.2011. Further investigation is in progress.
The Delhi High Court today reserved its order on bail pleas of five corporate executives who were arrested for their roles in 2G spectrum allocation scam allegedly involving former Telecom Minister A Raja and Tamil Nadu Chief Minister M Karunanidhi’s MP daughter Kanimozhi. Justice Ajit Bharihoke reserved his order on the pleas after CBI’s Special Public Prosecutor U U Lalit, along with counsel for various corporate honchos, concluded their arguments.
In the wake of a spurt in allegations of questionable activities by India Inc, capital market regulator Sebi, today gave a stern warning to corporates to be on the right side and not indulge in market manipulation and insider trading.
Notification No.38 / 2011 – Customs – In the matter of continuation of anti-dumping duty on imports of Viscose Filament Yarn, falling under tariff item 5403 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975), originating in, or exported from, the People Republic of China, imposed vide notification of the Government of India, in the Ministry of Finance (Department of Revenue), No. 45/2006-Customs, dated the 24th May, 2006, published in the Gazette of India, Extraordinary, Part II, section 3, sub-section (i), vide number G.S.R.308(E), dated the 24th May, 2006, and has requested for extension of anti-dumping duty, in terms of sub-section (5) of section 9A of the said Customs Tariff Act;
Joseph Vilangadan. v. Phenomenal Health Care Services Ltd. & Anr. – As per the said contract, Contractors deposited the sum of Rs. 10 lacs by undated cheque no.027840 drawn against South Indian Bank Ltd., Palarivattom Branch, Cochin branch with the respondent no.1 as refundable security deposit for the due performance of the agreement. The said undated cheque was in custody of the respondent 2 no.1 and it appears that the respondent no.1 filled in the date on undated cheque as 4.6.2008. The cheque was presented to the drawee bank through the banker of the respondent no.1. Cheque was returned unpaid on the ground that the drawer had stopped the payment. Therefore, notice was issued by the respondent to the contractor as well as its managing partner for the payment of the cheque amount. In spite of notice, payment was not made.
With a mammoth exercise on to issue an Aadhar number to each of India’s 1.2 billion citizens and interested residents, IANS tracks the process involved for getting what will become a unique identity for people in India to access all public or private services.
