Civil Procedure Code (CPC)

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You have any query about May ‘10 exams, call Help Desk 

  Help Line Desk – Admit Card – May 2010 The Help Line Desk will be functional from 16th April to 12th MAY, 2010 for 24 hours on all days (inclusive of holidays and Sundays) to attend to any query relating to the ensuing Chartered Accountant Examinations to be held from 3rd to 17th MAY, 2010. The telephone Numbers of Help Line Desk are:

ICAI to tighten noose around local audit firms 

  Tightening the noose around the audit companies having arrangements with global firms, the accounting regulator ICAI has sought details of their tie-ups with MNCs to check surrogate practices. The decision to seek tie-up details from CA firms, especially those associated with the Big 4 – PWC, Ernst & Young, KPMG and Deloitte – follows a report by an Institute of Chartered Accountants of India committee on the multi-crore Satyam scam.

SC declines bail to PWC auditor 

  The Supreme Court on Monday declined to grant bail to PricewaterhouseCoopers auditor Subramani Gopalkrishnan, arrested in Rs 7,136 cr Satyam fraud for allegedly conniving with its founder chairman B Ramalinga Raju and other aides. During the proceedings of the court, senior counsel Siddharth Luthra, representing Gopalkrishnan, said his client was wrongly prosecuted as he was only a partner of PwC and not an employee of Satyam.

Mandatory Compliance by Indian CA firms having Affiliation with International EntitiesNetwork 

  All the CA firms registered with the ICAI having affiliation with international entitiesnetwork are requested to furnish the documentsdetails to the Institute. The above documentsdetails are required pursuant to a meeting held with the Ministry of Corporate Affairs in regard to public image about auditor’s role, manner in which surrogate firms hold out to the public, use of international brand name and host of other related issues. The Institute has already sent letters to 146 CA firms,… 

ICAI verdict against Ramakrishna squashed by Delhi HC 

  The Delhi High Court has quashed the Institute of Chartered Accountants of India (ICAI) decision against auditor P Ramakrishna in the Global Trust Bank (GTB) case. The decision comes as a relief for P Ramakrishna, who is a Partner in Lovelock & Lewes, a network affiliate of Price Waterhouse. ICAI held Ramakrishna guilty of professional misconduct in the Global Trust Bank probe.

Income Tax


Stipend is Income & Taxable as per applicable Tax Slab 

  An increasing number of management and engineering students from premier Indian institutes are bagging internship offers from institutions abroad. For instance, Indian Institute of Technology, Bombay, has placed around 80 B Tech students for internship with foreign universities such as Western Michigan, Carnegie Mellon and University of Alberta. According to reports, it may place 340 engineering graduates with many such companies and universities by April-end.

IT Official arrested in graft case 

  Anjali Bambole, Income Tax assistant commissioner, was arrested last night, two days after the arrest of I-T additional commissioner Sumitra Banerjee and her husband Subratho. Anjali is remanded in CBI custody till April 27 by a special court. The trio has been accused of accepting a bribe of Rs 1.50 crore from a builder to reduce his tax liability.



New rules for Assets Securitisation 

  The Reserve Bank of India (RBI) has proposed new rules for securitisation for assets which require lenders to hold on to loans for a minimum period and retain a portion of the loan till maturity. Banks seek to benefit from their loans by pooling and selling them to investors, called securitisation, which passes on credit risk from the bank to the investors. 

RBI’s new norms on banking licences by July end 

  The Reserve Bank today said it will come out with a discussion paper on new norms for granting banking licences to private sector companies and Non-Banking Financial Companies by July end. “Thereafter, detailed discussions will be held with all stakeholders on the discussion paper and guidelines will be finalised based on the feedback,” he said.

RBI Credit Policy Highlights 

  Following are highlights from the policy. Lifts repo rate by 25 bps to 5.25 per cent. Lifts reverse repo rate by 25 bps to 3.75 per cent Rate hikes effective immediately Raises cash reserve ratio for banks by 25 bps CRR increased to 6.0 per cent effective April 24 RBI sees baseline whole price index (WPI) at 5.5 per cent at end March 2011 RBI sees 201011 GDP growth at 8 per cent with upside bias Says developments on inflation “worrisome” Says global commodity prices could add…

RBI plans to tighten investment norms for NRI 

  The government plans to tighten investment norms for non-resident Indians (NRI) in companies to ensure that they do not violate foreign direct investment (FDI) sectoral caps or enter areas where such investment is banned. RBI has also mooted a proposal to withdraw the special status given to NRIs for investing in sectors such as aviation, housing and real estate.

RBI norms on private & foreign bank CEO’s salaries by June 

  The Reserve Bank of India would come out with norms on salaries of CEOs of private and foreign banks by June end, in a move reminiscent of the US seeking to control pay of Wall Street executives. “It is proposed to issue comprehensive guidelines… on sound compensation practices by end-June 2010,” the RBI said in its annual policy for 2010-11. 



SEBI’s recent directive to reduce IPO closure & listing time 

  Market regulator Securities and Exchange Board of India’s move to reduce the time lag between the closure of an issue and its listing will save retail buyers about Rs 800 crore (Rs 8 billion) annually on interest paid on the money borrowed for investments, says a study by research and rating agency Crisil. The move by capital market regulator will help investors save interest cost on the fund borrowed for investing in IPOs and get back their money faster.

SEBI to soon come with an online test for MF distributors 

  Market-regulator Securities and Exchange Board of India on Tuesday said that it is looking at the need to put a check on mis-selling of mutual fund products by the distributors through a compliance certification examination. “There is a need to put a check on distributors, who mis-sell mutual fund products in the market. By May or June, we will come out with an online test for distributors,” SEBI’s Executive Director, K N Vaidyanathan, told reporters on the sidelines of a FICCI event. 

Company Law


FDI in LLPs to be decided soon 

  Inter-ministerial consensus seems to be emerging on allowing FDI in limited liability partnership (LLPs) – a new form of business structure- in sectors where 100 per cent overseas investment is permitted through automatic route. LLP is a hybrid between a company and a partnership firm. As it allows unlimited number of partners with limited liability, it is expected to become popular for consulting and accountancy outfits. 



HC: Nominee entitled to all shares rights after shareholder death 


Dismissing the application of a widow who sought permission to sell the shares belonging to her late husband, Justice Roshan Dalvi held that she had no right to do so since she was not the nominee. The nominee was her late husband’s nephew. A nominee has the right to the shares after the original shareholder’s death and not the deceased’s heirs, Bombay High Court has ruled.

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