corporate law

Amid a rise in white collar crimes and corporate frauds such as Satyam and Nagarjuna Finance, the Chief Justice of India K G Balakrishnan has said that judiciary is fully equipped to tackle such cases. Dealing with cases of corporate fraud is not complicated, though common man may find them difficult to comprehend, he told a news agency, emphasising that "now the courts are also assisted by g..

Honda Slaps Legal Notice On Maruti Over SX4 Advertisement 19 Jan 2009, 1733 hrs IST, PTI NEW DELHI: As auto makers slug it out in a difficult environment for market share, Honda Siel Cars India has sent a legal notice to Maruti Suzuki India over an advertisement that compared "falsely" company's sedan new Honda City with the latter's SX4. Taking exception to an advertisement by Maru..

Raju May Have Siphoned Cash: NYT Report19 Jan 2009, 1223 hrs IST, REUTERS NEW YORK: B Ramalinga Raju, the founder and former head of Satyam Computer Services may have skimmed huge amounts of cash from the company, rather than padded its books as he claims, according to a report in the New York Times that cited a person involved in the Satyam investigation. Sat..

Statement Of Finance Ministry on Inflation 1/16/2009 The following is the statement of Department of Economic Affairs, Ministry of Finance on inflation issued here today: “Annual rate of inflation, year-on-year, declined to 5.2 per cent for the week ending January 3, 2009 compared to 5.9 per cent reported in the previous week, showing a decline of 67 basis points. There has been a fall of..

Following is the text of the statement made by Shri Prem Chand Gupta, Minister of Corporate Affairs, at the Press Conference held here this evening: “You are aware that the new Board of Satyam consisting of the three eminent persons nominated by the Govt. namely Mr. Kiran Karnik, Dr. Deepak Parekh and Mr. C. Achutan, held its first meeting at Hyderabad on 12.01.2009. They have started working ..

Raju's hasty arrest stalled probe: Sebi HYDERABAD: Pradyumana Kumar Reddy, lawyer of the Securities and Exchange Board of India (Sebi), on Wednesday stirred a hornet's nest by saying that the judicial custody of disgraced Satyam Computer promoter B Ramalinga Raju was delaying the market regulator's probe into the case. Reddy's statement fuelled rumours already doing the rounds, with man..

Delhi HC Asks DoT To File Affidavit On 3G Auction By Jan 24 1/15/2009 The Delhi High Court asked the Centre to inform it about the latest developments relating to auctioning of 3G spectrum (radio frequency) for next generation mobile services. A bench headed by the Chief Justice A P Shah asked Department of Telecommunications (DoT) to file an ‘affidavit’ on 3G spectrum by January 24 when ..

HC Flooded With Petitions Challenging Allotment Of DDA Flats 13 Jan 2009, 1717 hrs IST, PTI NEW DELHI: Unsuccessful DDA flat applicants seem to be rushing to the Delhi High Court in hordes with petitions seeking a stay on allotment of 5,000 houses and holding of a fresh draw of lots. The Delhi Development Authority had, on December 16, held a draw to allot over 5,000 flats. ..

A battalion of 25 lawyers will defend disgraced former chairman of Satyam Computer Services B. Ramalinga Raju and two other accused in the Rs.70 billion ($1.43 billion) fraud case. This was announced by their lawyer S. Bharat Kumar Monday soon after a court adjourned the hearing on the bail petition of the disgraced former top brass of the company to Friday. The court also adjourned the hearing ..

World Bank Names Blacklisted Indian IT Firms12 Jan 2009, 1048 hrs IST, REUTERS WASHINGTON: The World Bank said on Sunday it plans to publish the names of all companies it bars from receiving Bank contracts, and named three Indian firms. "There are currently three companies that (have) been debarred along with their affiliates under the Bank group's corporate ..

The amendment to LIC Act On December 23, 2008, the government introduced in Parliament a Bill for amending the Insurance Act, to raise the capital of the Life Insurance Corporation from Rs. 5 crore to Rs. 100 crore. On the face of it, the intention behind the proposed amendment may appear to be good. Unfortunately, it is not so. Needless exercise It is a r..

Company Cannot Be Held Responsible’ 11 Jan 2009, 0248 hrs IST, TNN PUNE: QuestNet Enterprises India Pvt Ltd, through a mail issued by its PR consultant, has said that the company cannot be held responsible for acts committed by errant Independent Representatives' (IRs) since they are independent contractors. Referring to the article published by The Times of India on January ..

Delhi HC: Petitioner Seeks Basic Facilities In Metro Rail1/10/2009Petition has been filed in the Delhi High Court seeking direction to Delhi Metro Rail Corporation (DMRC) and the Delhi Government(NCT) to provide drinking water and toilet facilities for commuters in Metro trains. The petitioner, an NGO, Voice of India, stated that in December 2007 the organisation had sent a..

The Government has constituted the new board for troubled IT major Satyam Computers with the appointment of Kiran Karnik and Deepak Parekh as its members. The move is part of the ongoing government effort to salvage the IT major that has been going through trouled times after the Rs 7,000 crore scam involving inflated balance sheets that led to resignation of Ramalinga Raju. Among the membe..

Following is the statement of Shri Prem Chand Gupta, Minister for Corporate Affairs, with respect to the recent developments in Satyam Computer Services Ltd.: “You have been witnessing the developments in Satyam case for last few days. To be brief and precise, let me share with you that the Govt is deeply concerned and determined to take all possible actions under the law to bring to book ..