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Limited Liability Partnership Act, 2008 (LLP Act) was passed by the Parliament in December, 2008. Some of the sections of the LLP Act were made effective on 1-4-2009. Sections relating to conversion of existing partnership firms and private as well as public unlisted companies into LLP have been brought into force on 31-5-2009. Sections relating to liquidation and winding up of LLP have not yet come into force. LLP Rules, 2009, have also been made and they have now come into force.
Government proposes to extent benefits of Special Economic Zones (SEZ) to food parks so that the country could quickly emerge as a regional hub for food processing and SEZ benefits are available only to SEZ Developers and units. Mega Food Park Scheme presently operates under different set of guidelines framed by the Government.
A summons issued by the Enforcement Directorate, Government of India, under Section 37 of the Foreign Exchange Management Act, 1999 could not be interdicted by the High Court on the ground that there was no application of mind and the documents sought for would amount to a roving enquiry by the Directorate, the Madras High Court has held.
Chief Justice of India K G Balakrishnan’s recent request to Prime Minister Manmohan Singh to protect the judiciary from increasingly ‘‘intrusive’’ queries appears to have triggered an exercise to look for options to effect changes in the RTI Act. Following the CJI’s impassioned letter, which said questions asked by chronic litigants about the judiciary could erode its independence, the government has started looking into possible changesin the RTI Act, highly placed sources said.
The Enforcement Directorate(ED) on Friday claimed to have found evidence of “large-scale” violations of Foreign Direct Investment(FDI) guidelines by real-estate major Emaar MGF in purchase of land. During its searches carried out at 13 premises of the group on Thursday, ED also claimed to have recovered about Rs nine crore in cash, two kg of gold and foreign currency worth Rs 5 lakh.
The Limited Liability Partnership Act, 2008 (‘the LLP Act’) was brought into force with effect from 31st March 2009 to permit formation of Limited Liability Partnerships (‘LLPs’) in India. The main focus of the LLP Act is to permit a partnership structure and at the same time, limit the liability of partners which was heretofore unlimited under the provisions of the Indian Partnership Act, 1932 (‘the Partnership Act’). This article discusses briefly the limitation of liability of partners under the LLP Act as compared to the limitation of liability of a shareholder of a limited company formed and registered under the Companies Act, 1956 (‘the Companies Act’) and the manner in which such liabilities are limited under the LLP Act.
The Revenue Department, which scrutinises all foreign investments from the tax angle, has asked the Foreign Investment Promotion Board (FIPB) to ensure that FDI applicants furnish three years audited financial statements of the investor.Such disclosures will be useful to determine the source of funds as also to assess the ability of the actual and the immediate investor to make such investments.
RADIO broadcasters have expressed concerns over the proposed move to introduce Section 33A in the Copyright Act which would give unfair powers to the music societies to fix tariff and could potentially derail the radio industry already reeling under massive losses.
Absence of tax-free climate has affected inflows of foreign investment in the shipping sector, reducing its competitiveness, the government informed Rajya Sabha. “The Indian flag suffers from certain barriers in terms of tax and duty structures which may have impeded the growth of foreign direct investment (FDI),” shipping minister GK Vasan told Rajya Sabha. As per him new taxes in the form of service tax, FBT etc reduced its competitiveness.
Asking for transparency in functioning, leading broadcasters like Zee TV, STAR, Sony and others have taken a strong objection to a proposed move by the Ministry of Human Resource Development (HRD) to amend the existing Copyright Act without consulting them. Under the proposed changes, even news broadcasters may also have to cough up a similar amount for every telecast of matches and old clippings.