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Winding up petition not maintainable if petitioner accepts receiving lesser amount towards full & final settlement

February 15, 2013 750 Views 0 comment Print

The acknowledgement and/or acceptance of the admitted amount, received by the petitioner towards the full and final settlement concludes the issue for the purpose of winding up petition. Therefore, having once settled the matter, the averment and/or allegations given of coercion and or undue influence just cannot be gone into the Company Petition.

Search cannot be initiated on the basis of surmises, assumptions, presumption or conjectures

February 15, 2013 2053 Views 0 comment Print

In the present case, we find that the so-called information is undisclosed and what exactly that information was, is also not known. At one place in the affidavit of Deputy Director of Income-tax, it has been mentioned that he got information that there was a likelihood of the documents belonging to the DS Group being found at the residence of the petitioner. That by itself would amount only to a surmise and conjecture and not to solid information and since the search on the premises of the petitioner was founded on this so-called information, the search would have to be held to be arbitrary. It may also be pointed out that when the search was conducted on 21.01.2011, no documents belonging to the DS Group were, in fact, found at the premises of the petitioner.

Gold Exchange Traded Fund Scheme (Gold ETFs) Investment in Gold Deposit Scheme (GDS) of Banks

February 15, 2013 589 Views 0 comment Print

Gold related instruments – Regulation 2(mc) of MF Regulations stipulates that gold related instruments are such instruments having gold as underlying, as are specified by SEBI from time to time.

Notification No. 21/2013-Customs (N.T.), Dated- 15th February, 2013

February 15, 2013 1237 Views 0 comment Print

Silver, in any form, in respect of which the benefit of entries at serial number 322 and 324 of the Notification No. 12/2012-Customs dated 17.03.2012 is availed

One Person Company – Salient Features of Proposed Law

February 14, 2013 2788 Views 0 comment Print

Companies Bill, 2012 defines ‘One Person Company’ (OPS)as a Company which has only one person as member. Further, clause 3of the Bill provides that a Company may be formed for any lawful purpose by one person. One Person Company is a Private Company formed by subscribing the name of such one person to the Memorandum […]

SEBI orders attachment of properties owned by Sahara India Red Estate & its directors

February 14, 2013 2727 Views 0 comment Print

I further direct the attachment of all movable and immovable properties standing in the names of Shri Subrata Roy Sahara, Ms Vandana Bhargava, Shri Ravi Shanker Dubey and Shri Ashok Roy Choudhary with immediate effect. These individuals are directed to furnish details of all movable and immovable properties standing in their names within 21 days from the date of this order. Pending furnishing of this information, these individuals are restrained from alienating, disposing or in any manner encumbering the movable and immovable properties standing in their individual names.

Introduction of Periodic Call Auction for Illiquid Scrips and Extension of Pre-open Session to all Scrips

February 14, 2013 486 Views 0 comment Print

The issue of extending call auction mechanism in pre-open session to all scrips was deliberated in Secondary Market Advisory Committee (SMAC). SMAC also made recommendation on introduction of trading through periodic call auction mechanism for illiquid scrips in the equity market. Accordingly, it has been decided to implement following:

Notification No. 4/2013-Customs, Dated : Feburary 14, 2013

February 14, 2013 432 Views 0 comment Print

The principal notification No. 103/2009-Customs, dated the 11th September, 2009 was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 669 (E), dated the 11th September, 2009 and was last amended by notification

IT department enables Pre-Fill option for ITR

February 14, 2013 14213 Views 0 comment Print

The pre-fill option of personal and tax information for ITR 1, ITR 2, ITR 3, ITR 4 and ITR 4S for assessment year 2012-13 is available. Please download the applicable ITR Form from the portal. To know more on how to download, pre-fill and upload.

Necessary Measures been taken to Resolve Difficulties in MCA 21 e-Governance Portal

February 14, 2013 1463 Views 0 comment Print

Ministry of Corporate Affairs Taking Necessary Measures to Resolve the Temporary Difficulties in the Ministry’s MCA 21 e-Governance Portal The Ministry of Corporate Affairs is taking necessary measures to resolve the temporary difficulties that have arisen in the MCA 21 e-Governance portal of the Ministry. At the same time, in order to alleviate the problems […]

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