corporate law

Haneef hires law firm specialised in compensation bids Indian doctor Mohammed Haneef is understood to have hired a law firm specialised in compensation bids to seek damages from Australian government for wrongly accusing him of involvement in the failed UK terror plot. It follows the Australian government's announcement to hold a judicial inquiry into the bungled handling of Haneef'..

n view of the apprehension raised on the retrospective amendment to section 271 of the Income-tax Act, proposed in the Finance Bill, 2008, empowering the assessing officer to, inter-alia, levy penalty in case of concealment of income, the Ministry of Finance has issued the following clarification. In the context of levy of penalty under section 271 of the Income-tax Act, there has been an ongoi..

The Competition Commission of India was established in October, 2003 but could not be duly constituted under the Competition Act, 2002 due to legal challenge before the Supreme Court. The Supreme Court delivered its judgement in the matter in January, 2005. Keeping in view the ruling of the Apex Court and the need to provide an appropriate institutional structure for regulation of competition in I..

New Delhi , Mar 13 (UNI) The KPMG’s and the McKinsey’s of the world will soon have competition from their Indian counterparts as the government is all set to notify the Limited Liability Partnership Bill, 2006 which will provide greater flexibility to entrepreneurs and professionals. ''The bill has been vetted by the Law Ministry, passed by the Parliament, gone through the scrutiny of the Stand..

Despite mounting pressure from the Left allies, Government has made it clear that it has no plans to amend the Special Economic Zone Act saying it is "working well". Replying to supplementaries to a host of questions on SEZs in Rajya Sabha, Commerce and Industry Minister Kamal Nath said special economic zones have become important engines of economic growth. "At the moment, there is no pro..

Several Indian companies engaged in publishing newspapers and periodicals dealing with news and current affairs have been allowed to bring in Foreign Direct Investment (FDI) subject to the maximum limit of 26% of their paid up equity capital. A large number of Indian companies publishing scientific/technical and speciality magazines/periodicals/journals have been permitted to bring in FDI up to..

Govt to set up centralised offices for I-T notices, refunds New Delhi, March 1 (PTI) In order to reduce the interface between taxpayers and revenue officials, the government will soon introduce a centralised system for issuing notices and giving tax refunds. The income-tax department will be setting up 8-9 centres throughout the country to process the tax returns and issue n..

Pushing for reforms, the Economic Survey said inflationary impact of foreign funds flow, a slowdown in the US, an appreciating rupee and sluggish infrastructure sector were major challenges before economy. "The new challenge is to maintain growth at these levels, not to speak of raising it further to double digit levels," stated the Survey, a report card on the economy, presented in Parliament ..

The Supreme Court on Tuesday pulled up the MCD for misleading it on infrastructure development for the commissioning of an ultra-modern abattoir in the Capital, the deadline for which has been extended repeatedly due to a dispute between the civic body and a private contractor. "The MCD filed wrong affidavit and its officers are not interested in completing the project," a Bench headed by Justi..

New Delhi, Feb 25 (UNI) The West Bengal government has denied before the Supreme Court all allegations regarding the reported excesses committed by the state administration including police in Nandigram where 14 people were killed in police firing in March last year. A bench comprising Chief Justice K G Balakrishnan and Justice R V Raveendran asked the counsel for the state government about the..

Market regulator SEBI has said on Wednesday that it would initiate action, including criminal case, against companies that operate Art Funds without its approval. The regulator, in a statement, warned that the launching of Art Funds or schemes without obtaining registration amounts to violation and it could take civil or criminal actions against the erring funds. Market sources said there a..

Dr. Ashwani Kumar, Minister of State for Industry, has stated that technology and innovation are identified as two major focus areas for knowledge management and added that while technology provides the hardware and software aspects for managing knowledge, the brainware or the mindware phenomenon are promoted by the innovative capabilities of human resources. He was speaking at the International C..

Noting that issues of corporate governance and responsibility have taken centrestage as the industry grows, President Pratibha Patil asked companies to develop a self-imposed code of conduct. "A set of principles voluntarily agreed to by the business world and corporate houses in India could be developed into a self-imposed code of conduct," Patil said addressing a function to present the fourt..

The government has directed public sector banks to implement a sugar package that involves provision of interest free loans to sugar mills, and submit a report in the next 10 days. "In the next 10 days the package will be implemented for all sugar mills, which apply under the scheme," Finance Minister P Chidambaram told reporters in New Delhi on Tuesday after meeting the heads of public sector ..

The Bombay Stock Exchange benchmark Sensex plunges to this year's lowest closing to 16,630.91 by over 830 points on Monday. The market was affected more with most of the heavyweights tumbling on frantic selling by funds on weak trends in the global stock markets. Brokers said besides a weak global trend, sluggish debut of Reliance Power on the bourses added to the weak sentiment. Investor..