Indian Accounting Standards converged with IFRS
The Ministry of Corporate Affairs has notified convergence of 35 Indian Accounting Standards with International Financial Reporting Standards (henceforth called IND AS) on February 25, 2011.
Month: March 2011
General Exemption Under Sections
General Exemption Under Section 212 of the Companies Act, 1956: Ministry of Corporate Affairs vide General Circular No.2/2011 dated 8th February, 2011 has granted a General Exemption under Section 212 (8) of the Companies Act, 1956 from attaching the Balance Sheet, Profit & Loss Accounts etc., of each of its subsidiary Companies to the Balance Sheet of Holding Companies on certain …
Amendment in Schedule XIII
The Ministry of Corporate Affairs issued a notification dated 8th February, 2011 giving exemption to Unlisted Companies (which are not subsidiaries of listed companies) from Central Government approval for payment of Managerial Remuneration in case of no profits/inadequate profits subject to the conditions stipulated in the schedule.
Easy Exit Scheme (EES), 2011
In continuation to this Ministry’s earlier circular no. 6/2010 dated 03.12.2010 on the Easy Exit Scheme, it has been decided to extend the Scheme for another three months i.e. upto 30th April, 2011. All the terms of circular no. 6/2010 dated 03.12.2010 will remain the same.
LLP Updations
(i) The new feature of downloadable e-forms has been made available on the LLP Portal. This facility will enable the users to download the e-forms required to be filed and upload the same once filled at their end. (ii) Every LLP shall file Form 3 and Form 4 within 30 days of incorporation failing which Rs.100/- per day will be charged …
Introduction of Annual Return
The Reserve Bank of India vide Circular No. 45/RBI/2010-11/427 dated 15th March, 2011, has discontinued the Part B of Form FC-GPR and introduced “Annual Return on Foreign Liabilities and Assets” to be reported by Indian Companies in respect of foreign liabilities and assets. The return should be submitted by July 15 of every year.
Listing Agreement for Securitized Debt Instruments
SEBI has notified the Securities and Exchange Board of India (Public offer and Listing of Securitised Debt Instruments) Regulations, 2008. The regulations provide for a framework for issuance and listing of securitized debt instruments by a special purpose distinct entity(SPDE) and has issued the Listing Agreement for Securitized Debt Instruments shall come into force with immediate effect. Listing of securitized …
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Banned Independent Directors
SEBI passed an Order dated March 11, 2011 in the matter of Pyramid Saimira Theatre Ltd. (PSTL) restraining Mr. K. S. Kasiraman, Mr. K. Natarahjan and Mr. G. Ramakrishnan from being an independent director or a member of audit committee of any listed company for a period of two years from March 11, 2011 for inflating its profits and revenues by …
LABOUR LAW
The Government of India (Ministry of Labour and Employment) vide their Circular dated 17th March, 2011 under Employees Provident Fund Scheme, 1952, has declared the new Rate of Interest on Employees Provident Fund Members Account @9.5% per annum. The rate will be applicable only for the F.Y. 2010–2011.
SITARAM SINGH CONSTRUCTION P.LTD. V. UNION OF INDIA [2010]
1. Restoration of the name of Company in case of omission under Section 560(3) by the Registrar of Companies. SITARAM SINGH CONSTRUCTION P.LTD. V. UNION OF INDIA [2010] Decided on – 11-12-2009 Under Section 560 of the Companies Act, 1956, the Register of Companies cannot strike out the name of the Company unless the publication of notice …
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