A.P. (DIR Series) Circular No. 05 Export-Import Bank of India (Exim Bank) has concluded an Agreement dated March 30, 2011 with the Government of the Kingdom of Swaziland making available to the latter, two Lines of Credit (LOCs), each for an amount of USD 10 million aggregating to USD 20 million (USD twenty million) for financing eligible goods and services including consultancy services, from India for the purpose of financing the setting up of an Information Technology Park in Swaziland. The goods and services including consultancy services from India for exports under this Agreement are those which are eligible for export under the Foreign Trade Policy of the Government of India and whose purchase may be agreed to be financed by the Exim Bank under this Agreement.
It has been noticed that winding up petitions are being filed by management after having committed major violations under the Companies Act, 1956 as well as misappropriation of funds of the company. Winding up of such companies are also being filed by creditors. In order to curb such malpractices following procedure may be followed in all such cases:-
It has been noticed that winding up petitions are filed by creditors, stake holders and management before Hon’ble High courts without providing full information. This leads to waste of valuable time of Hon’ble Court and also delays completion of winding up process as well. In order to speed up the winding up process and to introduce best international practices the winding up process, following actions will be taken by concerned Official Liquidator
Whether a listed company is merging with an unlisted company ? In such a case he should ensure that share of unlisted company also gets listed.
Circular No. 32 /2011-Customs Representations have been received from Trade and Industry stating that they are being required to pay Cess on Lac/Shellac at the time of export of such goods. The matter has been examined. Exports of Lac/shellac were subject to Cess under ‘The Produce Cess Act, 1966’. However, vide Produce Cess Laws (Abolition) Act, 2006, the said Produce Cess Act, 1966 has been repealed w.e.f 25thSeptember, 2006. Thus, a Cess under this Act is no longer required to be paid on exports of Lac/shellac.
According to new procedure, application will be made in a new e-form with the prescribed fee. The relevant information like terms of contract and details of Board resolutions and special resolutions shall be captured in the e-form. The e-form shall also be certified by the practicing professional who shall specifically certify the correctness of the information and declarations given by the company in the e-form.
In order to simplify the procedures and cut timelines, the Ministry has decided to notify section 20 of the Companies (Second Amendment) Act, 2002 (1) of 2003 thereby the work relating to rectification of register of charges under section 141 of the Companies Act, 1956 shall be shifted from the jurisdiction of Company Law Board to the Central Government.
In order to simplify the procedures and cut timelines, the Ministry has decided to notify section 8 of the Companies (Second Amendment) Act, 2002 (1) of 2003 thereby the work relating to confirmation of shifting of registered office from one state to another state and consequent alteration to Memorandum of Association of the company under section 17 of the Companies Act, 1956 shall be shifted from the jurisdiction of Company Law Board to the Central Government.
General Circular No. 49 /2011, In order to give ease to the corporate world to carry business in India, the Ministry of Corporate Affairs has been simplifying the procedures under the Companies Act, 1956. As another step in this direction, the Ministry is modifying the incorporation procedures to enable promoters to get their companies incorporated online within 24 hours.
The Name Availability Guidelines, 2011 and revised e-form 1A shall be implemented with effect from 24th July, 2011. A fee of Rs. 1,000/- shall be charged w.e.f. 24th July, 2011 for making an application for availability of name in revised e-form 1A as provided under Companies (Central Government’s) General Rules and Forms (Amendment) Rules, 2011 dated 14.07.2011.
