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Union Corporate affairs Minister Dr. M. Veerappa Moily today held a meeting here in New Delhi with the representatives of leading trade & business chambers, professional institutes under the Ministry of Corporate Affairs, SEBI and RBI to workout the modalities of implementation of conclusions emerging from the deliberations conducted by the Ministry last February in the metros to refurbish corporate governance and further the interests of the investors.
The purpose of these regulations is to provide for a standard proposal form for individual policies in Life Insurance that has an inbuilt flexibility for seeking additional /specialized information that is product specific or specific to a particular risk category. The regulations provide for a standard format that consists of four parts, namely (A) Details of the prospect (B). Specialised/Additional information. (C). Needs of the prospect. (D). Recommendation, apart from the required declarations. Sections A, C and D are standard and compulsory and Section B may be modified as required. A separate form is to be collected for each individual life proposed.
Prime Minister Inaugurates the New Campus of Indian Institute of Corporate Affairs Campus in Manesar Gurgaon. Dr. Manmohan Singh Stress upon need of Periodical Review of Corporate Laws. Says new thinking is required in important areas such as Investor Education and Protection, Corporate Governance, Corporate Social Responsibility and Competition Law
ROS has also gone into disputes with regard to registration of members and the list of voters of the petitioner society. This aspect was also clearly beyond his jurisdiction. A dispute with regard to the membership, and the right of a particular member to vote at the elections is a dispute which arises between a society and its members. Such a dispute cannot be resolved by the Registrar. This is clearly beyond his jurisdiction.
Policy for FDI in Commodity Exchanges- At present, foreign investment, within a composite (FDI & FII) cap of 49%, under the Government approval route-i.e. through the Foreign Investment Promotion Board (FIPB)-is permitted in commodity exchanges. Within this overall limit of 49%, investment by Registered FIIs, under the Portfolio Investment Scheme (PIS) is limited to 23% and investment under the FDI Scheme is limited to 26%. It has now been decided to liberalise the policy and to mandate the requirement of Government approval only for FDI component of the investment. Such investment by FIIs, in commodity exchanges, will, therefore, no longer require Government approval. This change aligns the policy for foreign investment in commodity exchanges, with that of other infrastructure companies in the securities markets, such as stock exchanges, depositories and clearing corporations.
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 Sub-section (2), the ISARC becomes a lender of the financial assets in place of SIDBI and thus, has all the rights of SIDBI in relation to the financial assets which were acquired by it. The contention of the learned counsel for the petitioner that no financial facility was extended by SIDBI to ISARC and so the cheques in question would not be financial assets within Sub-section (2), is highly misplaced. SIDBI had advanced certain loans to the petitioners,
It is also relevant to note that in the present proceedings, the petitioner has not assailed the terms and conditions of the Counselling Brochure. Having failed to do so, he cannot be permitted to question the same, by trying to give it an interpretation which runs contrary to the clear terminology used in the relevant clauses. The Court is also not oblivious to the fact that the IIT JEE 2012 is to be held on 8.4.2012 for which the Application Forms of the candidates were required to reach the Zonal IIT as long back as on 15.12.2011. It is therefore not acceptable for the petitioner to approach the Court just about a week before the dated fixed for the examination, when even as per his own case, he had submitted his application form on 12.11.2011 after reading the eligibility conditions laid down in the Brochure. Moreover, no explanation, much less a plausible explanation has been offered by the petitioner for failing to report to IIT (Madras) on 26.7.2011, in terms of the seat allotment letter issued to him on 10.07.2011.
The ECR facility is available from April, 2012. All Employers who are covered under the Employees’ Provident Funds & Miscellaneous Provisions Act, 1952 are required to register their establishments on EPFO website for filing the Electronic Challan cum Return (ECR) for wage month of March 2012 (payable in April 2012) onward. The registration process has already started from 20 March, 2012.
