Corporate Law - Page 450

ESIC Amendment Act, 2010- Key Highlights

The Government of India has notified ESIC Amendment) Act 2010 vide official gazette dated 25 May 2010. The Employees State Insurance Act, ESI Act for short, was enacted by the Government of India in 1948. The Government of India through notification in Official Gazette dated 25 May 2010 has enacted The Employees' State Insurance (Amendmen...

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Appointment of Surveyors and Loss Assessors – Circular No. 27/IRDA/SUR/CIR/AUG10, dated 27-8-2010

Circular No. 27/IRDA/SUR/CIR/AUG10 (27/08/2010)

The Authority had occasion to consider a representation filed by the Indian Insurance Institute for Surveyors and Loss Assessors which raised various issues. On a consideration of the matter, the Authority issued a letter dated August 5, 2010 which has been posted on the IRDA website....

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Govt Invites Comments on Report of Working Group on Foreign Investment in India

(01/09/2010)

With a view to rationalize the present arrangements relating to portfolio investments by Foreign Institutional Investors (FIIs)/Non-Resident Indians (NRIs), Foreign Venture Capital Investor (FVCI) and Private Equity entities etc., the Government had set up a working group to look at various types of foreign fund flows, which take advantag...

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Minimum Wages Act, 1948 applicable to Co-operative societies

Co-operative societies are covered by the Minimum Wages Act, 1948, and the fact that they are exempted by a notification of 1979 “is not absolute”, the Madras High Court has held....

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New ULIP norms applicable from 1st September 2010 are beneficial for policyholders

NA (31/08/2010)

The new rules of the Insurance Regulatory and Development Authority (Irda) take effect from September 1. Ulips, which contributed 80 per cent of the total premium collected by private companies, will see a dramatic change. Irda has capped the difference between net and gross yields during the policy term. Insurers will have to offer a min...

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Law Relating To Arbitration and Conciliation

Purpose of Arbitration Act is to provide quick redressal to commercial dispute by private Arbitration. Quick decision of any commercial dispute is necessary for smooth functioning of business and industry. Internationally, it is accepted that normally commercial disputes should be solved through arbitration and not through normal judicial...

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Demand for electricity bill arrears cannot be raised again

The demand for electricity bill arrears cannot be raised once again against the buyer of an industrial unit which had cleared the dues, the Supreme Court ruled in the appeal case, Haryana State Electricity Board vs Hanuman Rice Mills. Hanuman mills had bought the Durga Rice Mills and had cleared the electricity bills due to the board....

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Court cannot order payment of interest against the contract

If an arbitration agreement says that no interest would be payable for an award amount from the date when the cause of action arose and the date of the award, the court cannot order a party to pay interest, the Supreme Court clarified in the case, Sree Kamatchi Amman Constructions vs Divisional Railway Manager. In this case, the contract ...

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Section 29B of the Industries (Development and Regulation) Act, 1951 – Power to exempt in special cases – List of items reserved for exclusive manufacture in small scale sector notified vide Notification No. S.O. 477(E) – Amendment in Notification No. S.O. 477(E), dated 25-7-1991

Notification No. S.O. 1881(E) (30/07/2010)

In exercise of the powers conferred by sub-section (1) of section 29B of the Industries (Development and Regulation) Act, 1951 (65 of 1951), the Central Government, after considering the recommendations made to it by the Advisory Committee, hereby directs that the following further amendment shall be made in the notification of the Gover...

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Disclosure of agency details on policy document

Circular No. IRDA/CAD/CIR/AGN/137/08/2010, (25/08/2010)

The Authority is in receipt of complaints from policyholders relating to agency identification and servicing, especially when they have approached insurers directly and are serviced through an agency allotted by the insurer. In particular, there are complaints that there are instances of agency codes that are dummy, with the agent being ...

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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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