The Reserve Bank of India (RBI) has decided that all foreign entities including NGOs/ NPOs/Government bodies and news agencies, operating in India through BOs/ LOs, who are continuing to function in India without obtaining any approval from RBI i.e. established under erstwhile FERA provisions, should approach RBI within 90 days from the date of issue of this circular (i.e. 15 July 2011) for regularization of establishment of such offices in India, in terms of extant FEMA provisions. A.P. (DIR Series) Circular No. 02
General Circular No.47/2011 I am directed to refer to this Ministry’s General Circular No. 08/2011 dated 25.03.2011 on the subject cited above and to state that the nominee director on behalf of Public Financial Institutions, Financial Institutions and banks on the board of companies should also be treated in the same manner as provided in the para 2 of the said Circular.
Pursuant to this amendment, no approval of Central Government will be required by the listed companies and their subsidiary companies, which are not having profits or having inadequate profits for payment of remunerations exceeding Rs. 4 lakh p.m., if the managerial person:- (a) is not having any direct or indirect interest in the capital of the company or its holding company or through any other statutory structures at any time during last two years before or on the date of appointment and
The Authority intends to modify the Circular No.031/IRDA/TPA/05, dated 16th December, 2005. Accordingly, the Authority has prepared the Exposure Draft. In this regard, comments/suggestions of all stakeholders on the Exposure Draft are invited. The comments/suggestions on the said draft may be forwarded at meena@irda.gov.in within 10 days.
Please refer to Circular 40/NL/IRDA/08-09, dated 3rd March, 2009 wherein, the Authority has mandated all non-life Insurance Companies to submit quarterly and yearly business information. In view of the changing industry scenario and to make the information analysis more meaningful, the Authority has decided to replace the existing formats with the new ones as provided below:
An internal circular referred to above was issued regarding Taxation of motor vehicles under Central Sales Tax Act, 1956 for the VAT period from 1.4.2005. It was mentioned in the said circular that the relevant notification in respect of Motor Vehicle, dated 1st May 2002 as amended from time to time contained a reference to the entry 102 of Schedule ‘C’ to Bombay Sales Tax Act, 1959. That after coming into force of Maharashtra Value Added Tax Act, 2002 from 1st April 2005, there was no such entry in existence in MVAT Act and hence the said notification was no more in force from 1st April 2005. Officers were directed to take action and disallow the claims of concessional rate under Central Sales Tax Act, 1956 for periods after 1st April 2005.
We have received requests from various stock exchanges to permit Limited Liability Partnerships (LLPs) to be admitted as members of stock exchanges so as to enable them to get registration as stock broker under SEBI (Stock brokers and Sub-brokers) Regulations, 1992.
Circular No. 28/2011-Customs, Representations have been received from the trade that, in some cases, field formations are collecting anti-dumping duty even after the expiry of the statutorily prescribed period of levy. It has been reported that the basis for such a practice could be that the notification providing for levy of anti-dumping duty does not specify the end date.
In supercession of all the previous circulars and instructions issued by Ministry of Corporate Affairs from time to time regarding name availability, the applicants and Registrar of Companies are advised to adhere following guidelines while applying or approving a name: As per provisions contained in Section 20 of the Companies Act, 1956, no company is to be registered with undesirable name. A proposed name is considered to be undesirable if it is identical with or too nearly resembling with:
The Ministry of Corporate Affairs has been issuing two separate identification numbers as DIN to an individual for becoming a director of a company under Companies Act, 1956 and DPIN for a designated partner in a Limited Liability Partnership under Limited Liability Partnership (LLP) Act, 2008. 2. To avoid this duplicity and to give ease to the stakeholders, the Ministry has decided to issue only one identification number to an individual for both the purpose.
