Author name: Akash Tiwari

Commissioner, Commercial Tax, Govt of Madhya Pradesh v/s. Official Liquidator

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CO.A(SB) 22/2008 Sections 529A, 530, 530(1)(a) of the Companies Act, 1956 read with Section 53 of Madhya Pradesh Commercial Tax Act, 1994 – outstanding tax dues – ranked as preferential creditor instead of secured creditor -Whether correct -held, yes. [Decided on: 22/11/2012] Brief Facts: The Company under liquidation owed to the Govt of Madhya Pradesh […]

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Insight On Compounding of Contraventions under FEMA, 1999

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[Compounding of contraventions of FEMA involving (i) delay in reporting of inward remittance, (ii) delay in filing of form FC-GPR after allotment of shares and (iii) delay in issue of shares beyond 180 days (viz. paragraphs 9(1)(A), 9(1)(B) and 8, respectively, of the Schedule I to the Foreign Exchange Management (Transfer or Issue of Security

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Sahara India Real Estate Corporation Limited & Others Vs. SEBI.

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A landmark judgment was passed on 31st August 2012 by the Supreme Court of India, in Sahara India Real Estate Corporation Ltd. and others v. Securities and Exchange Board of India and another [2012] 174 Comp Cas 154 (SC) wherein the two companies of the Sahara Group, Sahara India Real Estate Corporation Limited (SIRECL) and

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Citimake Builders PVT LTD V.Samata Sahakari Bank LTD[NCDRC]

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[Decided on 16/10/2012] Consumer Protection Act – Section 13 – banking service -overdraft account – withdrawal of amounts through forged cheques – whether complaint maintainable – Held, No. Brief facts Complainants opened Current Account with the opposite party and the said account was operated by Naresh Jain and Abdul Wahid Abdul Gafoor Khatri. On scrutiny

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SECURITIES AND EXCHANGE BOARD OF INDIA (SEBI)

Leave a Comment / Securities and exchange board of india, Updates & Amendments /

Clarification on Clause 36 of the Equity Listing Agreement: Securities and Exchange Board of India (hereinafter referred to as “SEBI”) has vide Circular No. CIR/CFD/DIL/2/2013 dated January 3, 2013 has informed that certain listed companies have been giving monthly disclosure of their sales/turnover/production figures to their respective trade bodies/industry associations and the same is not

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RESERVE BANK OF INDIA (RBI)

Leave a Comment / Reserve Bank of India, Updates & Amendments /

Definition of ‘Infrastructure Loan’ of NBFCs – Harmonisation The Reserve Bank of India (hereinafter referred to as “RBI”) has vide Circular No. DNBS.PD.CC.No. 317/03.10.001/2012-13 dated 28th December, 2012 amended the definition of Infrastructure Loan for the for the purpose of NBFC Prudential Norms Directions, 2007, to read as follows: Infrastructure loan means a credit facility

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Legal Jargon

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Word: “Arraignment” Meaning: To call a defendant before a court to answer to an indictment. Example:Arraigned on that indictment within two months of the court of appeal’s order. Pronounciation:ar+raign+ment Word: “Indictment” Meaning: a formal written statement framed by a prosecuting authority and found by a jury (as a grand jury) charging a person with an

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Compliance Calendar as per the Listing Agreement for the quarter ended on 31st December, 2012

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     S. No Activities Sections /Rules /Clauses,etc. Acts / Regulations, etc. Compliance Due Date 1 Compliance Certificate on Corporate Governance Clause 49 Listing Agreement 15thJanuary,2013 2 Shareholding Pattern Clause 35 Listing Agreement 21stJanuary,2013 3 Submission of Reconciliation of Share Capital Audit (Formerly Known as Secretarial Audit Report) Regulation 55A SEBI (Depositories & Participants) Regulations, 1996

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