corporate law

Chartered accountants body ICAI on Saturday served a showcause notice on auditor PriceWaterhouse and asked it to submit balance sheets of Satyam Computer audited by it in the last five years. "We today served showcause notice on PriceWaterhouse and asked it to reply within 21 days," Institute of Chartered Accountants of India (ICAI) President Ved Jain told a news agency. If the reply to t..

NEW YORK (Dow Jones) -- Top executives at Satyam Computer Services Ltd. vowed Thursday to restore confidence among investors and customers, as two class- action lawsuits were filed against the Indian software giant after its founder admitted to inflating its balance sheet by more than $1 billion. Ten of the most senior executives at Satyam (SAY), including interim Chief Executive Officer Ram My..

34 FDI proposals approved 1/8/2009 Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its meeting held on 12th December, 2008, Government has approved 34 Proposals of Foreign Direct Investment amounting to Rs. 1614.90 Crore approximately. The proposals relate to Ministries/Departments, namely, Commerce, Corporate Affairs, Economic Affairs, Heavy Industry, Informatio..

MUMBAI: Foreign law firms have received a shot in the arm following a judgement from the Bombay High Court which clearly states that their income will be taxable in India only to the extent of their operations in India. An early beneficiary of the judgement has been Clifford Chance, a UK-based legal firm which during 1996-97 was appointed as legal advisors for three projects in India — Bha..

PUNE TYCON MAY FACE Rs 1 lAKH CR FINE FOR ACQUIRING Rs 36,000 CR 31 Dec 2008, 0615 hrs IST, TNN MUMBAI: The Enforcement Directorate issued a show-cause notice to Pune businessman and racehorse owner Hassan Ali Khan on Tuesday under the Foreign Exchange Management Act for allegedly acquiring Rs 36,000 crore illegally. The ED’s probe has apparently indicated that the portfolio manager..

MUMBAI, INDIA: When you lose something on one hand you are destined to get something else on the other. This simple law of nature seems to be relevant in the case of the impact of the US recession on Indian industries. Though the disaster in the US economy has badly hit the Indian IT sector, it is also giving ample business scope for the Legal Processing Outsourcing (LPOs) segment in the count..

MAKE COMPETITION ACT IN INDIA MORE STRINGENT : EXPERS SAYS Stressing on making the Competition Act in India more stringent, an international expert on Competition Acts said these measures were necessary to attract more foreign investments in the country and to make the environment more liberal and competitive. Speaking at a meeting organised by the Gujarat Chamber of Commerce and Industry on..

Chennai: Bracing itself to hear former president AC Muthiah’s allegations that the Board of Control for Cricket in India (BCCI) secretary N Srinivasan derived direct commercial benefits from the BCCI, the Madras High Court has ordered notices to the Board as well as Srinivasan. Justice P R Shivakumar ordered the notices on Tuesday and posted the matter to Dec 20 for further proceedings. In ..

States asked to lower tax on ATF: Praful Patel 16 Dec 2008, 1424 hrs IST, PTI NEW DELHI: The Centre has asked state governments to lower local tax on aviation turbine fuel (ATF) to reduce operating costs of airlines, civil aviation minister Praful Patel said on Tuesday. Replying to supplementaries during Question Hour in Rajya Sabha, he said sales tax varies from 4% to 32% that ha..

Parliament passes Limited Liability Partnership (LLP) Bill 2008 Parliament has passed the Limited Liability Partnership (LLP) Bill 2008. Lok Sabha gave its assent to the Bill which was earlier passed by the Rajya Sabha. Replying to the debate on the Bill in the Lok Sabha, Shri Prem Chand Gupta, Minister for Corporate Affairs, expressed the hope that the first ever LLP in the country would be re..

Parliament has passed the Limited Liability Partnership (LLP) Bill 2008. Lok Sabha today gave its assent to the Bill which was earlier passed by the Rajya Sabha. Replying to the debate on the Bill in the Lok Sabha, Shri Prem Chand Gupta, Minister for Corporate Affairs, expressed the hope that the first ever LLP in the country would be registered by the first day of the new Financial Year i.e. 1.4...

The Government has signed an agreement with Permanent Court of Arbitration (PCA), the Hague to open its regional facility in India. The main terms and conditions of the agreement are: (i) India shall be a host country for the PCA in order to facilitate the work of the PCA in the peaceful resolution of international disputes through arbitration, mediation, conciliation and fact finding comm..

The Delhi High Court issued notices to Ministry of Communication, Information and Technology, Finance Ministry, Telecom Regulatory Authority and 17 others, including Telecom companies, to reply by January 14 about the allegations of having foreign companies in India which breech the norms of their existence here.Hearing a petition filed by an organisation Telecom watchdog, a bench comprising Chief..

The Supreme Court on Monday sought the response of the Director General of Civil Aviation (DGCA) on a special leave petition filed by pilots challenging the rule of nine-hour flight schedule fixed for them by the ministry. A bench of Chief Justice K G Balakrishnan and P Sathasivam sought the response of the DGCA on the SLP filed by the Joint Action Committee of Airlines Pilots Association aft..

The Supreme Court on Tuesday gave four weeks time to the Centre to submit guidelines for regulating contents of programmes telecast by TV channels on the lines of those evolved by the Indian Broadcasting Foundation (IBF), a conglomerate of over 200 channels including the Prasar Bharti. Additional Solicitor General Gopal Subramaniam tabled before a bench of Justices B N Aggrawal and G S Singhv..