Corporate Law - Page 422

Employees Provident Fund (EPF) interest rate likely to be fixed at 8.5 percent for 2010-11

The Employees Provident Fund (EPF) is expected to retain the interest rate for its six crore account holders at 8.5 per cent in 2010-11, with a formal announcement likely to be made in August."I hope that the recommendation of 8.5 per cent by the Finance and Investment Committee of the EPFO will be retained," Central Provident Fund Commis...

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Cabinet likely to consider changes in new Foreign Trade Bill

The Cabinet is likely to consider the changes in the new Foreign Trade Bill to give a leg-up to exports. The Foreign Trade (Development and Regulation) Amendment Bill, which was introduced in the Rajya Sabha in 2009, was later referred to the standing committee of commerce....

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Vice President launches RTI Portal Developed by IMG at Thiruvananthapuram

The Vice President of India Shri M. Hamid Ansari has said that the RTI Act imposes new obligations on all stakeholders. The government is called upon to be more transparent and accountable in decision and policy making, and manage its records better. Addressing at the launch of “RTI Portal developed by Institute of Management in Governm...

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Commerce Ministry likely to prescribe strict norms for SEZ units engaged in recycling of plastic next week

The Commerce Ministry is likely to come out with strict norms for SEZ units engaged in recycling of plastic next week in wake of the Environment Ministry's concern on illegal import of the hazardous waste. Businesses interested in setting up new plastic recycling units in Special Economic Zones (SEZs), would have to invest a minimum of Rs...

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Government to seek Parliament’s sanction for the ordinance it issued to end the dispute between Irda and Sebi over regulation of ULIP

NA (09/07/2010)

The government will bring a bill in the monsoon session to seek Parliament’s sanction for the ordinance it issued to end the dispute between Irda and Sebi over regulation of unit-linked plans, or Ulips, of insurance companies. “The ordinance was approved at the highest level by the Cabinet and we are preparing to introduce the bill,...

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IIFCL urges Government to frame bankruptcy code

India Infrastructure Finance Company Ltd (IIFCL) has urged the Government to frame a bankruptcy code. Such a code should be introduced if the country wants to develop an infrastructure bond market, Mr S.K. Goel, Chairman and Managing Director, IIFCL, said here on Monday....

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Common Disputes -FAQ in Partnership Firm

I have taken on rent particular premises. Later I entered into a partnership. The firm so formed is carrying on its business on the premises taken on rent by me. Does it amount to subletting? A. It does not amount to sub letting. When a person after taking premises on rent, enters into partnership firm to carry business, it did not amount...

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Government increases existing limit of the Employees Deposit Linked Insurance amount from Rs 60,000 to Rs 1,00,000

NA (08/07/2010)

The government has increased the existing limit of the Employees Deposit Linked Insurance amount from Rs 60,000 to Rs 1,00,000. The amount will be paid to the next of kin of an employee in case of his death. In a notification issued on June 18, the government in the newly modifed Employees’ Deposit Linked Insurance (Amendment) Scheme, 2...

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Financial rights of women in India

The Hindu Civil Code, based on earlier religious practice, selected for the purpose, gives women to whom it applies various financial rights. This has been done through legal recognition of the ancient Hindu concept of stridhana. There is also an equal right to inheritance, under a separate law. Stridhana (woman's wealth) consists of all ...

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SC rejects PIL seeking direction to scrutinise the accounts of the BCCI by CAG

Earlier, when Manjusha Wadhawa, counsel for the petitioner, said the accounts should be audited by the CAG for the transparent functioning of the BCCI as it represented the Indian team, Chief Justice S.H. Kapadia asked her whether at present the board's accounts were not being audited as per the Companies Act. Counsel said the BCCI did no...

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Corporate Law News

Corporate law deals with the operations and formation of corporations and is related to contract and other commercial law. Corporations are legal entities which are created through the incorporation laws of the state, the corporation is a legal and a distinct person which can sue and can be sued, separate from the stockholders. Until a corporation formally dissolves, it has a perpetual life; the demise of its stockholders or officials does not amend the structure of the corporation. Creation, operation, and their dissolution are governed by several laws such as the Company Law, Insolvency and the Bankruptcy law, Real Estate law, Gratuity Act, Minimum wages Act, Negotiable Instrument Act, Essential Commodities, SRFAESI Act, Competition Act, FDI Regulations etc.

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