Several branches of the country’s largest insurance company Life Insurance Corporation of India are allegedly causing huge loss to exchequer by issuing receipts without affixing revenue stamps. The matter came to light during a hearing before the Central Information Commission which directed the LIC to make public details of all the revenue stamps purchased by the Corporation between 2006-10.
An NGO today approached the Supreme Court seeking contempt proceeding against the makers of pan masala Rajnigandha and Tulsi for marketing their popular brands of tobacco products in plastic sachets despite a ban on its use. The petition filed by Centre for Public Interest Litigation (CPIL) has sought contempt action against Rajeev Kumar, Managing Director of Dharampal Satyapal group, for selling tobacco product in plastic cover in violation of the apex court order.
Ministry of Corporate Affairs is in process of finalizing business rules and taxonomy for XBRL reporting. Final taxonomy and business rules will be circulated by 20th May, 2011. Stakeholders and companies are requested not to buy accounting software before final business rules so as to avoid any inconvenience
The Reserve Bank has imposed a monetary penalty of Rs 1 lakh each on two cooperative lenders — Randheja Commercial Cooperative Bank and Gandevi People”s Cooperative Bank — for violation of banking norms.
In the wake of a spurt in allegations of fraudulent behaviour by India Inc, capital market regulator Sebi, gave a stern warning to corporates to be on the right side and not indulge in market manipulation and insider trading. “Some corporates, who ideally should not have fallen into this category or this trap, we are discovering that due to lack of focus this (illegal activity) is happening…I’d like corporates in India to be on the right side of Sebi,” its new Chairman, U K Sinha, said during an address to the members of industry body, Assocham, here.
Two and a half years after taking over as RBI governor ,D Subbaraoon Monday sought “legally-back formal autonomy”for the central bank besides suggesting a gradual shift to a committee-driven approach to setting of interest rates. But, when it came to losing RBI’s grip over what is now its turf-managing the government’s debt-the governor , who is a former Union finance secretary , stopped short of suggesting that the government abandon its plans to setup an independent debt management office.
Fearing possible black money flow and terror financing risks from Iran and North Korea into the Indian stock market, Sebi has asked bourses to be cautious in dealings with funds and entities from those countries. The country’s top bourse NSE’s investigation department today said in a circular to the bourse’s members that Sebi in a letter dated May 5 has informed it about Iran and North Korea not having appropriate ”anti-money laundering and combating the financing of terrorism (AML/CFT)’ norms.
The Delhi High Court today reserved its verdict on the bail pleas of five corporate executives, including three top Reliance ADAG honchos, arrested for their alleged roles in the 2G spectrum allocation scam involving former Telecom Minister A Raja. Justice Ajit Bharihoke reserved his order on bail pleas on Swan Telecom Director Vinod Goenka and Unitech’s Managing Director Sanjay Chandra and the three Reliance ADAG officials after CBI’s Special Public Prosecutor UU Lalit concluded his argument vehemently opposing their bail pleas.
Case continued to be argued at length by Mr. A S Chandiok, ASG, UOI for the third session also. He has argued the matter now for nearly 7 hours, by painstakingly taking the Court through allied laws, judgements of the constitutional benches, orders passed by the Courts in other Service tax matters. Case continued to be argued at length by Mr. A S Chandiok, ASG, UOI for the third session also. He has argued the matter now for nearly 7 hours, by painstakingly taking the Court through allied laws, judgements of the constitutional benches, orders passed by the Courts in other Service tax matters. Petitoners were awaiting their chance to present their final arguments as rejoinder, but that could not happen, as the ASG concluded when hardly any time was left for Mr. Abhishek Manu Singhvi and Mr. Ganesh, Sr. Advocates.
G Mohan Gopal, a former member on the board of the Securities and Exchange Board of India (Sebi), has alleged that the Sebi board “abused” its powers to protect CB Bhave from being subjected to any independent inquiry with “respect to his actions as NSDL chairman” during the 2003-06 IPO scam.
