To simplify the procedure for converting debentures or loans into shares, MCA is considering to revise the Public Companies (Terms of Issue of debenture and of raising of loans with option to convert such debentures or loans into shares) Rules, 1977 and has issued draft of the revised rules. The draft rules are open for comment till 29 July 2011. We are reproducing the notification regarding the same.
Notification No. 38/2011 – Income Tax [F.NO. 189/2/2011-ITA.I], DATED 12-7-2011 In exercise of the powers conferred by sub-sections (1) and (2) of section 120 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following further amendments in the notification of the Government of India, Ministry of Finance (Department of Revenue) Central Board of Direct Taxes, number S.O. 732(E), dated the 31st July, 2001, namely :–
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.
Minimum Export Price (MEP) of onions other than Bangalore Rose Onions and Krishnapuram onions will be US$ 230 per Metric Ton F.O.B. It was US$ 200 per Metric Ton as notified on 08.06.2011. There shall be no change in the MEP of Bangalore Rose Onion and Krishnapuram onion, which continues to be USD 350 per Metric Ton F.O.B.
No. LAD-NRO/GN/2011-12/12/2122 – In exercise of the powers conferred by section 30 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the Board hereby makes the following Regulations to amend the Securities and Exchange Board of India (Bankers to an Issue) Regulations, 1994, namely:— 1. These Regulations may be called the Securities and Exchange Board of India (Bankers to an Issue) (Amendment) Regulations, 2011.
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.
Notification No.58 /2011-Customs Whereas in the matter of imports of Sodium Tripoly Phosphate (STPP) (hereinafter referred to as the subject goods), falling under sub- heading 2835 31 00 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975), originating in, or exported from, People’s Republic of China (hereinafter referred as the subject country) and imported into India, the designated authority vide its preliminary findings notification No. 14/25/2009–DGAD, dated the 21st May, 2010, published in the Gazette of India, Extraordinary, Part I, Section 1, dated the 21st May, 2010 , had come to the conclusion that-
Method of recruitment, age-Iimit, educational qualifications, etc.—The method of recruitment to the said post, age-limit, educational qualifications and other matters relating thereto shall be as specified in columns (5) to (14) of the said.
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:
