Amid controversies over its use of US business visas, Infosys today said an American court has sought documents and records related to the company’s sponsorships and utilisation of B1 business visas. The development comes at a time when Infosys is facing a lawsuit by a former employee Jack Palmer, alleging that he was asked by the firm to sign on documents which said workers were heading to the US to have meetings rather than to work there.
9TH All India Moot Court Competition 2011 Organized by Western India Regional Council of ICSI And Hosted by Pune Chapter of WIRC of ICSI. Rules for the Competition -Eligibility – Only registered students of ICSI. Only team entries are allowed. Practicing Advocates, Chartered Accountants & Cost Accountants are not eligible to participate.
In order to reduce cost of posting and speedy delivery of documents, service of documents through electronic mode has been permitted under section 53 of the Companies Act, 1956 in place of service of document under certificate of posting. Similarly, to reduce the consumption of papers and speedy secure delivery, service of copies of Balance Sheets and Auditors Report etc., to the members of the company as required under section 219 of the Companies Act, 1956 has been allowed to be served through electronic mode by capturing their e-mail addresses available with the depositories or by obtaining directly from the shareholders.
The government today eased rules for incorporating not-for-profit companies, by giving the Registrar of companies the power to directly issue licences. Besides, it has reduced the time taken for setting up Section 25 companies by doing away with some mandatory provisions, Ministry of Corporate Affairs Joint Secretary Avinash Srivastav told reporters here.
Income tax department has finally released much awaited return preparation software for ITR-1, ITR-2, ITR-3, ITR-4, ITR-4S, ITR-5 and ITR-6. The software’s released by Income Tax department are free and much better than any other private software available. Due Date- The last date for Filing of ITR in respect of Assessees who are liable to Audit is 30th September and for Non-Audit cases it is 31st July. Due date for filing of Return in respect of Individual and HUF who are Partner in a Partnership which is liable to audit is 30th September. In case of Corporate Assessees who are although not liable to tax Audit but has to get their accounts audited under the Companies Act, 1956 also the due date is 30th September.
Following 40 per cent decline in cotton prices during the past one-and-a-half month, industry body ASSOCHAM today called for lifting the ban on raw cotton exports to protect interests of farmers across the country. Cotton prices have tumbled from Rs 59,000 to Rs 65,000 per candy on March 31 to Rs 38,000 earlier this month.
The government will begin tomorrow its consultations with various stakeholders regarding a new set of rules on how stock exchanges should be owned and run, proposed by a Sebi-appointed committee last year. Besides the exchanges, new ownership and governance rules have also been proposed by the committee, chaired by former RBI Governor Bimal Jalan, for other market infrastructure institutions like depositories and clearing corporations.
Industry body CII today said competition watchdog CCI’s approval should not be made mandatory for mergers and amalgamations between group companies. While acquisitions of control or shares or voting rights or assets within the same group have been exempted from the notification requirement, mergers or amalgamations have not been specified, which appears to be an oversight, CII said in a statement.
The International Accounting Standards Board (IASB) has requested the government to adopt the global accounting standards IFRS in toto or at least allow companies to voluntarily do so and not go ahead with the convergence approach.Stating it is in India”s own interest to adopt the International Financial Reporting Standards (IFRS, as India”s problems will soon be the problems of the global community too, IASB Board member Prabhakar Kalavacherla said we (IASB) strongly encourage adoption as against convergence.
Making out a case for extension of the popular incentive scheme – DEPB – for Indian exporters, Commerce Minister Anand Sharma today said he will take up the issue with Finance Minister Pranab Mukherjee on his return to New Delhi. I am one who is not subscribing to this view that our exports have reached a stage where we can do away with some of the incentives…I am going to discuss DEPB and interest rates with the Finance Minister.
