Purpose: SARFAESI Act enables and empowers the secured creditors to take possession of their Securities, to deal with them without the intervention of the court and also alternatively to authorize any Securitization or Reconstruction Company to acquire financial assets of any Bank or Financial Institution (FI). The Act has been empowered with the overriding effect …
Purpose: An act to prevent money-laundering and to provide for confiscation of property derived from, or involved in, money laundering. Background: The statutes prevailing before the Prevention of Money Laundering Act, 2002 are: Criminal Law Amendment Ordinance (XXXVIII of 1944) The Smugglers and Foreign Exchange Manipulators (Forfeiture of Property) Act, 1976 Narcotic Drugs and Psychotropic …
Introduction The Societies Registration Act, 1860 (‘Act’) provided for the registration of literary, scientific and charitable societies. The object of this Act, as enunciated in its preamble, was to make provisions for improving the legal conditions of societies established for the promotion of literature, science or the fine art, or for the diffusion of useful …
Introduction: The Right to Information Act, 2005 (“the Act”) came into force on 12th October 2005. The main objectives of this Act is to ensure greater and more effective access to information, maintain transparency and to improve accountability in the working of the public departments both Central and State. The Act extends to the whole …
[vc_row][vc_column][vc_column_text]Meaning of Depository: The word ‘depositary’ is defined as “the party of the institution (eg bank or trust company) receiving a deposit. One with whom anything is lodged in trust, as ‘depository’ is the place where it is put. The obligation upon the depositary is that he keeps the thing with reasonable care and upon …
LLP, a new legal entity for Business & Profession: LLP is an incorporated partnership formed and registered under the Limited Liability Partnership Act, 2008 with limited liability and perpetual succession. The Act came into force, for most part, on 31st March 2009 followed by its Rules on 1st April 2009 and the registration of the …
Introduction Creativity being the keystone of progress, no civilized society can afford to ignore the basic requirement of encouraging the same. Economic and social development of a society is dependent on creativity. In the light of this, the Indian Copyright Act, 1957 has been enacted which came into effect from January, 1958 and was modified …
An insight into the Copyright Act, 1957 and the rules made therein Read More »
Connectivity via the Internet has greatly abridged geographical distances and made communication even more rapid. While activities in this limitless new universe are increasing by leaps and bounds, laws must be formulated to monitor them. In order to keep pace with the changing generation and their mind-set, the Indian Parliament passed the Information Technology (IT) …
The Information Technology Act, 2000: A Legal Framework for E-Governance Read More »
The Research and Development Cess Act, 1986 (as amended by The Research and Development Cess (Amendment) Act, 1995) The Research and Development Cess Act, 1986 is the main legislation which provides for the levy and collection of a cess on all payments made for the import of technology for the purpose of encouraging the commercial …
Purpose: To prohibit holding property Benami and restrict the right to recover or transfer such property. Background: Under growing attack over corruption and black money, the Union Cabinet on 21st July, 2011, approved the proposal for the enactment of a new legislation in the form of the Benami Transactions (Prohibition) Bill, 2011 to replace the …
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