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An Indian court has ruled that the country’s biggest refiner, Indian Oil Corp, must pay entry tax on the crude it supplies to a plant in a northern state, the company told the country’s stock exchange on Wednesday.
It is a settled proposition in law that this Court, in exercise of power of judicial review as we are exercising now, is entitled to mould the relief according to the facts and circumstances and to deny relief even though finding any error in the action of which judicial review is sought. The powers of this Court while exercising jurisdiction under Article 226 are wide. This Court, to do substantial justice between the parties,
FACTORING REGULATION ACT, 2011 -(No. 12 of 2012)* An Act to provide for and regulate assignment of receivables by making provision for registration therefor and rights and obligations of parties to contract for assignment of receivables and for matters connected therewith or incidental thereto.
On 18th June, 2010, the Authority had put up a draft in the nature of a Discussion Paper on the need to prescribe standards and procedures for Needs Analysis for sale of life insurance policies. Needs Analysis by the intermediaries and the insurance companies is necessary before effecting the sale of a life insurance policy in order to ensure that the product that is proposed to be sold is suitable for the prospect and meets his or her needs.
Yograj Infrastructure Ltd Vs. Ssang Yong Engineering & Construction Company Ltd. & ANR. (SC) – The Supreme Court last week dismissed the appeal of Yograj Infras Ltd against the ruling of the Madhya Pradesh high court in its dispute with Ssang Yong Engineering & Construction Co. The National Highway Authority of India (NHAI) awarded a Rs 750 crore contract for a road project to Ssang. It also entered into an agreement with Yograj for supply of adequate manpower, material, machinery and all other resources, including finance. In case of disputes, arbitration was to be conducted in English in Singapore in accordance with the Singapore International Arbitration Centre (SIAC) Rules. Disputes did arise, the contract was terminated and Yograj alleged fraud by Ssong. However, the high court quashed the criminal complaint. Yograj moved the Supreme Court seeking injunction against invoking bank guarantee, but its appeal was dismissed in view of the facts of the case.
Insurance companies are required to conduct detailed due diligence while taking insurance risk exposure to individuals/entities connected with countries identified by FATF as having deficiencies in their AML/CFT regime …
The Competition Commission of India (CCI) Chairman Shri Ashok Chawla has pointed out that competition advocacy is a critical function of competition agencies as it has a very important role to play in creating ‘competition culture’ in the economies. Addressing a one day long an international workshop organised yesterday in collaboration with Organisation for Economic Co-operation and Development (OECD) on the theme “Advocating for Competition in Policies and in Practice” here Shri Chawla said continuous engagement with the various stakeholders including the government, at various levels, using tools such as policy advice, education, market studies, and competition impact assessment are imperative towards achieving the objective of competition law and policy.
Denel (Proprietary Limited) Vs. GOI, Ministry of Defence (SC) – Exercising its powers under Section 11 (6) of the Arbitration and Conciliation Act, 1996 reiterated that right to appointment of an Arbitrator does not get automatically forfeited after expiry of 30 days as prescribed under Section 11(4) & 11(5) of the Act unless petition is filed for appointment of Arbitrator under Section 11(6) of the Act prior to appointment by opposite party. The SC appointed an independent Sole Arbitrator due to apprehensions of bias and impartiality, contrary to the clauses of the contract necessitating appointment of DGOF or government servant, as the Sole Arbitrator.
RPFC Vs. The Hooghly Mills Co. Ltd. & Ors.(SC) – .The question which falls for consideration before this Court in this case is whether the employer of an establishment which is an ‘exempted establishment’ under the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952 (hereinafter, ‘the Act’ ) is subject to the provisions of Section 14B of the said Act whereby in cases of default in the payment of contribution to the provident fund, proceedings for recovery of damages can be initiated against the employer of such an ‘exempted establishment’. The question was raised by the respondent before the High Court and both the Single Bench and the Division Bench of the High Court have recorded a finding in favour of the respondent and held that the respondent being an ‘exempted establishment’ cannot be subjected to the provisions of Section 14(B) of the Act.
Union Corporate Affairs Minister Dr. M.Veerappa Moily has called for making country’s growth more inclusive – a growth that benefits all regions and all sections of our society, particularly the poor and the under-privileged. Dr. Moily was addressing the 1st National Conclave on Corporate Social Responsibility here in New Delhi today. He said Corporates’ social responsibility is a matter intrinsically ingrained in the Constitution of India which envisages an economic development that does not result in the concentration of wealth and means of production to the common detriment and that material resources of the community are so distributed as best to subserve the common good.
