It has now been decided to revise the criteria for declaring dividend without prior permission of the Reserve Bank. Accordingly, UCBs may henceforth declare dividend subject to compliance with the following parameters: i) Compliance with CRAR norms as prescribed by RBI . ii) Net NPA of less than 5% after making all necessary provisions (including provisions required as per assessment made by RBI in the last inspection report).
Reserve Bank will consider proposals from Indian companies for buyback of FCCBs under the approval route subject to: a) The buyback value of the FCCBs shall be at a minimum discount of five per cent on the accreted value. b) In case the Indian company is planning to raise a foreign currency borrowing for buyback of the FCCBs, all FEMA rules/ regulations relating to foreign currency borrowing shall be complied with. c) All other terms and conditions as stipulated in paragraph 5 of A.P. (DIR Series) Circular No. 39 dated December 8, 2008 will continue to be applicable. d) This facility shall come into force with immediate effect and the entire process of buyback should be completed by March 31, 2013 after which the scheme lapses.
The listing agreement for equity shares prescribed under the Securities Contracts (Regulation) Act, 1956 inter alia specifies a period of one month for registering transfer of shares from the date of lodgment. With a view to expedite the transfer process in the interest of the investors, it has been decided, in consultation with Registrars Association of India (RAIN), Stock Exchanges and market participants to reduce the time-line for registering the transfer of shares to 15 days. The same time-line shall also be applicable for transfer of debt securities.
In order to strengthen the compliance mechanism and the role of the Boards of Registrars to an Issue and Share Transfer Agents, it has been decided to review the norms and format for periodic reporting. The revised format as given in the Annexure includes the status of regulatory compliance and investor grievances red ressal.
Overseas Investment by NBFCs- No Objection (NoC) from DNBS, RBI – NBFCs were advised to refer to Regulation No. 7 of the Foreign Exchange Management (Transfer or Issue of Any Foreign Security) (Amendment) Regulations, 2004, dated July 07, 2004, in terms of which an Indian party requires prior approval of the concerned regulatory authorities both in India and abroad, to make an investment in an entity outside India engaged in financial services activities. Further in terms of para B.5.3 of the Master Circular on Direct Investment in Joint Venture (JV)/Wholly owned subsidiary (WOS) abroad dated July 01, 2009 issued by Foreign Exchange Department, RBI, regulated entities in the financial sector making investments in any activity overseas are required to comply with the above regulation.
Circular No. 10T of 2011. The State Government has issued a Government Resolution referred above providing administrative relief for the period 1st April 2005 to 31st December 2010 to the dealers who have collected and paid tax in respect of duty paid scrips which were tax-free prior to 1st January 2011 under the Maharashtra Value Added Tax Act, 2002.
In order to have better understanding of the circular, it is clarified that the time limit of 60 days shall be read as 122 days for filing of Form 11 by LLPs in respect of the Financial Year ending on 31.03.2012. This circular shall be effective from.
Circular No. 160/11/2012-ST There has been some doubt regarding the applicability of provisions of the Finance Act, 2004 relating to education cess and the Finance Act, 2007 relating to secondary and higher education cess as the concerned Acts make reference to section 66 of the Finance Act, 1994, which shall cease to have effect from July 1, 2012. In this connection, as also in general, you may kindly refer to the sub-section (1) of section 8 of the General Clauses Act, 1897 which reads as under:
In continuation of MCA’s General Circular No. 8/2012 dated 10th May, 2012, it has been decided that filing of Cost Audit Reports and Compliance Reports with the Central Government in the XBRL mode shall be allowed after 31st July, 2012. The Institute is requested to circulate this for the information of all concerned.
In continuation of this office O.M. of even number dated L03.2011 the undersigned is directed to say that Chairman, SEBI or his nominee shall also be the member of the Committee with immediate effect to formulate a policy document on Corporate Governance.
