Corporate Law - Page 765

IRDA to frame new guidelines on unit linked insurance plans (ULIPs)

NA 22/06/2010

After winning the turf war with market watchdog SEBI on ULIPs, insurance regulator IRDA on Monday said it would frame new guidelines for these products to make them more attractive for policy holders. "Certainly, yes," Insurance Regulatory and Development Authority (IRDA ) chairman J Hari Narayan said when asked whether the insurance regu...

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President of India Promulgates an Ordinance; issues Regarding Ulips between IRDA and SEBI Settled

NA 20/06/2010

The President of India has promulgated an Ordinance late last evening amending the RBI Act 1934, Insurance Act 1938, SEBI Act 1992 and Securities Contract Regulations Act 1956, thereby clarifying by way of an explanation that Life Insurance business shall include any Unit Linked Insurance Policy or scripts or any such instruments. This wo...

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Copy, Paste and Plagiarism

Copying lines from Rabindranath Tagore’s Noble Prize winning book of poems, `Gitanjali’ without acknowledging the source and claiming it as one’s own is called plagiarism. A person caught for plagiarism is called a Plagiarist. The Copyright Act, 1957 which protects originality neither defines plagiarism nor a plagiarist....

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Posted Under: Corporate Law |

Exposure Draft on modification to regulations for protection of Policyholders Interests, 2002 to incorporate standards and procedures for needs analysis for sale of life insurance policies

NA 18/06/2010

In the insurance sector, like in any other financial service sector, keeping the vulnerable public protected from unfair practices is of utmost importance. Unfair practices could arise in a scenario of increasing number of insurers, intermediaries and insurance products and severe competition for business....

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Clarification regarding Non-applicability of RBI’s A.P. (DIR Series) Circular No. 49, dated 4-5-2010 to Insurance Sector

NA 16/06/2010

Reserve Bank of India Foreign Exchange Department, vide circular No. RBI/2009-10/445 A.P. (DIR Series) Circular No. 49 dated May 04, 2010 has notified change in pricing guidelines of equity shares, compulsorily convertible preference shares and compulsorily convertible debentures (Equity instruments) to be issued / transferred to a reside...

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Anti Money Laundering (AML) Guidelines – Circular No. IRDA/F&I/CIR/AML/99/06/2010, dated 16-6-2010

Circular No. IRDA/F&I/CIR/AML/99/06/2010 16/06/2010

Various queries have been raised by insurers on who can be termed as customer(s) for the purposes of AML guidelines. Keeping the objective of the PMLA and AML guidelines in view, it is hereby clarified that details of the person who funds/pays for an insurance contract, either as beneficial owner or otherwise become relevant and important...

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Requests for transfer of units from one SEZ to another SEZ

SEZ: Instruction No. 59 18/06/2010

Government has been receiving requests for shifting of units from one SEZ to another SEZ due to various reasons. These requests were considered but could not be acted upon as there are no specific provisions under the SEZ Rules for these shifts and also there are no rule prohibiting the shifts, with the consolidation of SEZs,...

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Government plans to relax contiguity norms for special economic zones

The government plans to relax the contiguity norms for special economic zones, a move that will benefit developers of zones such as Navi Mumbai SEZ in Maharashtra and Iffco Kisan SEZ in Andhra Pradesh. The existing guidelines, which stipulate continuity within SEZs, would have forced developers to invest in building bridges and flyovers o...

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Posted Under: Corporate Law |

Alternative Resolution of Disputes Vs Law Ministry’s Proposals for Amendment in The Arbitration and Conciliation Act, 1996

Arbitration process is a mechanism to avoid delay in securing justice and preserving right between the disputants / litigants. The objects of arbitration as held by the Supreme Court are to settle all disputes between the parties in order to avoid litigation and further litigation. Arbitration is the reference of a dispute or difference b...

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Posted Under: Corporate Law |

Section 31B(2) of the Insurance Act, 1938 – Power to restrict payment of excessive remuneration – Submission of details of remuneration paid whether by way of commission or otherwise to any person, in cases where such remuneration exceeds Rupees One Lakh per annum

Circular No. IRDA/F&I/CIR/DATA/091/06/2010 10/06/2010

Attention is drawn to section 31B(2) of the Insurance Act, 1938 by virtue of which “Every insurer shall before the close of the month following every year, submit to the Authority [a statement, in the form specified by the Regulations made by the Authority,] showing the remuneration paid, whether by way of commission or otherwise, to an...

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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.

At Taxguru, we provide you the latest corporate law news and corporate law articles. Learn about all the important developments in the corporate laws with our extensive coverage of the latest news on corporate law. Our group of expert law professionals provides a cohesive and comprehensive understanding of all the Indian corporate and other allied laws. At Taxguru, we cover all the aspects of corporate law and all the major laws and regulations as mentioned above. We regularly post blogs and articles on corporate law for the benefit of our viewers. Keep a track of all the significant notifications and updates on corporate law with us. Get to know more on the corporate law here at Taxguru.

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