It has been decided to phase out short term subordinated debt (Tier-III bonds) as an eligible source of capital for standalone PDs. Accordingly, PDs should not raise fresh funds through issuance of Tier-III bonds with effect from July 1, 2012.
e-Voting is voting through an electronic system where shareholders can vote on resolutions of companies requiring voting through Postal Ballot as per extant rules and regulations without having the necessity of sending their votes through post. Ministry of Corporate Affairs has authorised NSDL for setting up an electronic platform to facilitate shareholders to cast vote in electronic form. Accordingly, NSDL has set-up an electronic infrastructure to facilitate shareholders to cast votes in electronic form through internet.
SEBI Board Meeting – Platform for e-voting by shareholders of listed entities; manner of dealing with audit reports filed by listed entities and amendment to certain provisions in SEBI (ICDR) regulations relating to infrastructure sector, etc.
In view of the closure of banks on account of half yearly closing on 29th September, 2012 followed by Sunday i.e. 30th September, 2012, the last date for registration for Common Proficiency Course (CPC) shall be 5th October, 2012 for being eligible to appear in the Common Proficiency Test (CPT) to be held in December, 2012.
Government of India, in the Ministry of Finance (Department of Revenue), No. 12/2012-Central Excise, dated the 17th March, 2012, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R. 163(E), dated 17th March, 2012, namely:-
Under section 12AA, the Commissioner is empowered to grant or refuse the registration and after granting registration, would be empowered to cancel and that too, only on two conditions laid down under section 12AA(3) of the Act. Whether the income derived from such transaction would be assessed for tax and also whether the trust would be entitled to exemption under section 11 are entirely the matters left to the assessing officer to decide as to whether it should be assessed or exempted.
The Institute is pleased to announce opening of five new Examination Centres at Alwar (Rajasthan) Gorakhpur (U.P.), Jallandhar (Punjab), Hooghly (West Bengal) and Howrah (West Bengal), for conduct of ‘Company Secretaries’ examinations, on an experimental basis beginning from December, 2012 examination onwards.
The Council in its 208th meeting held on 8th and 9th June, 2012 had decided that henceforth the Post Membership Qualification (PMQ) Examination in ‘Corporate Governance” will be held only once in a year in the month of June.
Notification No. 43/2012-Customs Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue) No. 12/2012- Customs, dated the 17th March, 2012, which was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R. 185(E), dated the 17th March, 2012, namely:-
The Sick Industrial Companies (Special Provisions) Act, 1985 is a Central Act having legal sanctity. It has got overriding effect on any other provisions of any other Act except the provisions of FERA 1973 and Urban Land (Ceiling Act & Regulation) Act, 1976. Therefore, the directions of the BIFR have to be honoured and failure of such directions will bring legal disharmony.
