The Ministry of Corporate Affairs has constituted a Committee under the Chairmanship of Shri. Adi Godrej for framing a ‘National Corporate Governance Policy’ to suggest a comprehensive policy frame work to enable corporate governance of highest quality in all classes of companies without impinging on their internal autonomy to order their affairs in their best judgment.
Competition Commission of India (CCI) has imposed a penalty of Rs.5.66 crores on Schott Glass India Private Limited (Schott India) for violating the provisions of the Competition Act. The Commission in its order has held that Schott India has abused its dominant position in the industry by imposing unfair and dissimilar discounts which has resulted in an adverse impact on the converters in the downstream market.
As per the judgment of the Division Bench of this Court in Kathuria Public School vs. Director of Education 123 (2005) DLT 89 and which had not been interfered with in judgment dated 27th August, 2010 in Ref. 1/2010 titled Delhi School Tribunal v. GNCTD, also, unnecessary interference with the management and functioning of unaided schools is not permissible. The notification aforesaid does not extend the age of retirement but merely allows the schools to re-employ the retiring teachers.
Under the present scenario of deregulated interest rate on the savings bank account, in order to avoid ambiguity and variation in compensation rates across different agency banks, these instructions have been reviewed. It has now been decided that with effect from the date of this circular, an agency bank shall compensate an investor in Relief/Savings bonds, for the financial loss due to late receipt/delayed credit of interest warrants/maturity value, at a fixed rate of 8% per annum.
As announced by the Union Finance Minister, Shri Pranab Mukherjee in his Budget speech, a Study Team has been set-up by the Government, under the leadership of Shri. M. K. Gupta to examine the possibility of a common tax code for service tax and central excise, which could be adopted to harmonize the two legislations. […]
Circular No.155/6/ 2012 – ST It has been brought to the attention of the Board that some airlines are collecting differential service tax on tickets issued before 1st April 2012 for journey after 1st April 2012, causing inconvenience to passengers. Representations have also been received in this regard. The position of law in the above respect is clear and is detailed below.
If the Indian company has extended a guarantee to a loan taken by non-resident entity (may be its subsidiary abroad), such guarantees are part of contingent foreign liabilities. In this case, under column1 of block 7, “Loan Guarantee” needs to be mentioned.
Finance act 2012 has brought two landmark changes pushing us towards a comprehensive TP legislation. TP has been made applicable to domestic transactions and the much awaited Advance Pricing Agreement (APA) has been introduced. In the part I of this series we have tried to analyze proposed enactment relating domestic transfer pricing bringing out the purpose, impact and issues related with it.
AD Category-I banks are advised that a further revision has taken place on March 7, 2012 and accordingly, the Rupee value of the Special Currency Basket has been fixed at Rs.70.965327 with effect from March 13, 2012.
To round a number to thousands with the hundreds shown as a decimal: 1. Press Ctrl+1 to open the Format Cells dialog box. 2. Select the Number tab, and from Category, select Custom. 3. In the Type box, enter the following Custom Formatting syntax: #,##0.0, ;[Red](#,##0.0,);- ;
