A plantation company and its two directors have been slapped with a fine of Rs2.25 lakh by a Delhi court for collecting a huge sum of money from the public, promising them high returns, without prior Securities and Exchange Board of India (SEBI) permission. Additional sessions judge Pawan Kumar Jain fined Yojna Agro Forestry Ltd, a firm among hundreds of collective investment companies (CIS) on a complaint by market watchdog SEBI to prosecute the plantation company for not getting prior certificate from it as prescribed by the SEBI Act.
Planning Commission’s Deputy Chairman Montek Singh Ahluwalia today said the issues like cash subsidy and PPP, especially raised by Bihar, would be addressed prominently in the approach paper to 12th five year plan. ‘We will give thrust on ensuring faster and inclusive growth and sustainability,’ Mr. Ahluwalia said.
We have received queries from market participants whether the Master Repo Agreement finalised by FIMMDA is mandatory for repo transactions in Government Securities settled through CCIL. In this regard, it is clarified that the Master Repo Agreement finalised by FIMMDA is not mandatory for repo transactions in Government Securities settling through a Central Counter Party (CCP) [eg. Clearing Corporation of India Limited (CCIL)], having various safeguards like haircut, MTM price, margin, Multilateral netting, closing out, right to set off, settlement guarantee fund/ collaterals, defaults, risk management and dispute resolution/ arbitration etc. However, Master Repo Agreement is mandatory for repo transactions in Corporate Debt Securities, which is settled bilaterally without involving a CCP.
It has been brought to our notice that in some States the State Governments are implementing the ICT based Electronic Benefit Transfer (EBT) for routing social security benefits (MNREGA, NOAPS, etc.) to beneficiaries through the banking channel using the ‘one district one bank model’.
THE INSTITUTE OF COST AND WORKS ACCOUNTANTS OF INDIA 12 SUDDER STREET, KOLKATA – 700 016 -SUGGESTED MINIMUM PROFESSIONAL FEES AS APPROVED BY THE COUNCIL AT ITS -268TH MEETING HELD ON MAY 28, 2011 1. Fees for Cost Audit related assignments:
Notification No. 29/2011 – Income Tax The President of India is pleased to approve the creation of the Directorate of Income-tax (Criminal Investigation), to be known in short as DCI, in the Central Board of Direct Taxes, Department of Revenue, Ministry of Finance, with immediate effect.
The next time an Income Tax team raids your business premise they will not seize anything but instead leave the name and contact number of their boss with you. The I-T team will do so even before they begin the raid and the step has been taken to do away with any grievance related to harassment or corruption by I-T officials under the garb of such operations.
Jawahar Singh Vs. Bala Jain & Ors. (Supreme Court – 09.05.2011) The Supreme Court has stated that it is the duty of the owner of a motor vehicle to ensure that it was not misused. Therefore, he would be liable to pay compensation for the accident if the vehicle is driven by a minor. The owner was asked to pay Rs 8 lakh to the family of a man who died in a road mishap in this case, Jawahar Singh vs Bala Jain. The court rejected the plea of the owner that the minor, who is his nephew, had taken away the key of the motorcycle without his knowledge and as such he cannot be held responsible. “We cannot shut our eyes to the fact that it was the minor, who came on the motorcycle and hit the scooter of the deceased from behind. The responsibility of causing the accident was, therefore, found to be solely that of the minor.
The Supreme Court last week set aside the judgment of the Gujarat high court and directed the sale of a wound-up company in Veraval at a higher price so that creditors will get their dues. The company judge had first ordered the sale at a one price, but recalled its order when a higher offer was made by another party. However, when one of the losing bidders moved the division bench of the high court, it confirmed the sale at the earlier price on the ground that a confirmed auction sale cannot be set aside merely because subsequently a higher price was offered by one of the bidders. Shradhha Aromatics Private Limited Vs. O.L. of Global Arya Industries Limited and others
State of Rajasthan Vs. Islam (Supreme Court 24.05.2011) An accused can escape conviction for murder if he proves that there was no premeditation for the act, occurred in a heat of passion, no cruelty involved and undue advantage taken, the Supreme Court has ruled. A bench of justices Asok Kumar Ganguly and Deepak Verma in a judgement said that the accused can seek immunity from murder only if all these four above circumstances are established in defence of the crime.
