corporate law

New Delhi, Mar 22 (UNI) The Supreme Court has held that State Electricity Board has the power to revise power tariff if the State Electricity Regulatory Commmission has not been constituted. A three-judge bench comprising Justices S B Sinha, Asok Kumar Ganguly and R M Lodha while answering reference by a two-judge bench in its order noted, '' We have, however, no hesitation in finding that the ..

In a landmark judgment that could be a boon for penury-ridden students, the Madurai Bench of Madras High Court (HC) had ruled that the educational loans being provided by the banks would only be meant for meritorious and poor students, who could not afford higher studies due to poverty. The purpose of the educational loan scheme will be defeated if the banks were permitted to issue loans to ric..

New Delhi, March 17 The CA Institute President said that the RBI circulars on bad loan recognition and provisioning could distort bank balance sheets as on March 31 this year. When asked as to what course of action would he expect the central bank to take, the Institute of Chartered Accountants of India (ICAI) President, Mr Uttam Prakash Agarwal, told a press conference that the RBI should wit..

SECTION 16 of the Arbitration and Conciliation Act, 1996 (`the Act') does not take away the jurisdiction of the Chief Justice of India or his designate, if need be, to decide the question of the `existence' of the arbitration agreement. Merely because the new Act permits the Arbitrator to decide this question, it does not necessarily follow that at the stage of Section 11 the Chief Justice of I..

Stock markets have fallen worldwide, rattled by fears that turmoil in the financial sector is far from over. On Wall Street, the US Dow Jones index fell below 7,000 points for the first time since October 1997. In the UK, the FTSE 100 index briefly hit a six-year low. Markets elsewhere in Europe also fell sharply. Confidence was hit by a fresh $30bn bail-out of US insurance giant AIG f..

SC Admits Pleas Against SEBI The Supreme Court on Monday admitted petitions filed by directors of Bonanza Biotech Ltd challenging SEBI's decision that banned the latter from securities market for seven years. With this, it also admitted another petition filed by Bonanza Biotech Ltd challenging the same tribunal's judgment that upheld SEBI's ban imposed on it and its directors -- Dhurma Va..

India Lifts Import Ban On Chinese Toys Dated : 2 Mar 2009, 1440 hrs IST, Sources : PTI NEW DELHI: Text: India on Monday lifted the ban on importing toys from China provided they conform to international safety norms. India had earlier on January 23 banned the import of Chinese toys for six months on grounds of public health and safety. According to a public notice b..

SAN FRANCISCO: Google Inc has added its voice to the case against Microsoft Corp as the European Commission probes antitrust charges related to the software giant's Internet Explorer browser. "Google believes that the browser market is still largely uncompetitive, which holds back innovation for users," Sundar Pichai, Google vice president product manager, wrote in a blog post on Tuesday. ..

Govt Reduces Excise Duty, Service Tax by 2% Dated: 24 Feb 2009, 1520 hrs IST, Source : PTI Text: NEW DELHI: Giving relief to the industry reeling under the impact of slowdown, the government on Tuesday reduced by two percent rates of excise duty and service tax. While the general excise duty has been reduced from 10 percent to 8 percent, the rate of service tax cut is from ..

CUSTOMS, SERVICE TAX CUTS ON WAY Dated : Feb 24, 2009 at 0828 hrs IST Source : Amitav Ranjan, Express News Service New Delhi : Text : With the Law Ministry discouraging any changes in the Finance Bill, acting Finance Minister Pranab Mukherjee is considering cutting Customs and excise duties and service tax to provide the third impetus for an economic recovery. According to se..

Enforcement Directorate Challenges CIC Directive On Volcker Report Dated : 22-02-2009 Source : (PTI) Delhi : Enforcement Directorate has moved the Delhi High Court challenging the Central Information Commission's order asking it to submit the report of Virendra Dayal, who went to the UN to collect documents for oil-for-food scam in Iraq. "The petitioner (ED) is aggrieved by the CI..

Firms controlled by Indian promoters have emerged as the biggest beneficiaries of the latest foreign direct investment (FDI) guidelines. At the same time, Indian companies with majority foreign shareholding could find it difficult to make “downstream” investments under the two Press Notes issued by the Department of Industrial Policy and Promotion (DIPP). That’s because the new guidelines do not d..

Firms controlled by Indian promoters have emerged as the biggest beneficiaries of the latest foreign direct investment (FDI) guidelines. At the same time, Indian companies with majority foreign shareholding could find it difficult to make “downstream” investments under the two Press Notes issued by the Department of Industrial Policy and Promotion (DIPP). That’s because the new guidelines do not d..

The insurance sector will not be guided by the methodology adopted under the new foreign direct investment norms. The Insurance Regulatory and Development Authority (Irda) today said the insurance sector would be governed by the provisions of the relevant insurance laws and regulations as 26 per cent equity held by the foreign company is according to the regulations laid down in the Registration o..

Directors nominated by the foreign partner in a subsidiary firm will be treated as appointees of the foreign firm, they feel. Directors nominated by the foreign partner in a subsidiary company would be treated as appointees of the foreign firm, even though the investing company is controlled and owned by Indian residents, is the consensus among officials and experts on the new guidelines. Accordin..