Circular No. 457/23/99-CX I am directed to say that in Para 68 of the Budget Speech (1999-2000), the Finance Minister had announced that the factories paying more than 5 crores excise duty in a year will not be required to maintain their records in a specific format prescribed by the Excise Department. The records maintained in the normal course of their functioning would be accepted as adequate.
This issue of disclosure regarding the outstanding position was further discussed in the meeting of B D Shah Committee on Short Sales held on April 26, 1999.
It has come to our notice that some of the share transfer agents are taking an unduly long time for dematerialisation of shares and are also rejecting the dematerialisation requests on flimsy grounds without providing necessary reasons and legal documentation.
It has come to our notice that some of the share transfer agents are taking an unduly long time for dematerialisation of shares and are also rejecting the dematerialisation requests on flimsy grounds without providing necessary reasons and legal documentation.
It is hereby clarified that, the consignments of Mulberry Raw Silk, pending clearance from the Customs, which were accompanied by certificate for grade of raw silk given by any of the notified agencies specified in the Notification No. 9(RE 99) 1997-2002 dated the 19th May, 1999, may be permitted to be cleared on the strength of the said certificates from such notified agencies without further reference to the Central Silk Board(CSB).
required to establish connectivity of your clearing house / clearing corporation with all the depositories registered with SEBI in the form of continuous electronic means of communication to enable speedy and smooth settlement of transactions in dematerialized securities.
However, the company may supply single copy of complete and full Balance Sheet and Profit & Loss Account and Director’s Report to shareholders residing in one household (i.e. having same address in the Books of the Company/Registrars /Share transfer agents.
Circular No. 456/22/99-CX Representation have been received from the trade regarding difficulties faced in availing of benefit of exemption applicable of goods manufactured at the site of construction for use in construction work at such site vide Notification No. 5/98-CE dated 2.6.98 (S.No.182). It has been stated that the beams / girders or other fabrication work are not presently manufactured at the site due to traffic problems it could cause (especially in case of flyovers at busy road junctions).
The Accounting Standards Committee constituted by SEBI under the Chairmanship of Shri Y. H. Malegam has recommended that the Compliance Officer to be appointed in compliance with the aforesaid circular shall be the Company Secretary of the company.
The issues raised in these representations have become all the more significant in view of the requirement for greenfield software closely held companies to raise money from the public.
