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New definition on “control” to remove FDI loopholes
The Government proposes make it tough for foreign firms to exercise control over Indian businesses through indirect arrangements by updating the ambiguous definition of
“control” in Foreign Direct Investment Policy with the precise one used in the Companies Bill.
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Drawback on supplies made by DTA units to SEZ & issue of drawback cheque books by jurisdictional Commissioner of Customs to Central Excise Commissionerates
CBEC, vide its circular, has modified the procedure of drawback on supplies made by DTA units to SEZ by allowing the Commissioner of Central Excise and Customs/ Central Excise to sanction and disburse drawback claims without having to approach the jurisdictional Commissioner of Customs for issue of authorization and cheque books.
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Exemption from Central Excise
Government has exempted all goods falling under Schedule to the Central Excise Tariff Act, 1985 from whole of additional duty of the excise and special additional excise duty when supplied to the United Nations or an international organisation for their official use, subject to certain conditions.
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Service tax on ESIC
The revenue department has decided that ESIC, which promises health benefits through one’s working life, is liable to pay service tax, a move that could increase cost for India Inc to provide mandatory health cover for workers.
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Electronic payment products – Processing inward transactions based solely on account number information
RBI has instructed the banks to rely only on the account number while processing inward transactions through electronic payment products (RTGS / NEFT / NECS / ECS Credit products). Vide its circular dt.14th October, 2010, it has made certain modifications to give effect to the same. Customers are advised to fill in the Account Number correctly for fund transfers since that will be relied upon and beneficiary name used only as corroborative information.
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Microfinance to get a regulator in NABARD
In the wake of ongoing controversy surrounding SKS Micro Finance and stringent regulations introduced by the AP Govt. relating to MF sector, the finance ministry could move a bill in the winter session of Parliament that will make NABARD responsible for regulation of all non-profit microfinance institutions structured as trusts, cooperatives, or mutual benefit societies.
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Mumbai HC judgement on enforceability of restrictions on share transfers in case of public limited companies.
The division bench of Mumbai High Court in Messer holdings Limited v. Shyam M. Ruia
and Ors. (‘Ruia case’) Appeal No. 855, ruled that transfer restrictions of the shares of a public limited company, consensually agreed to between shareholders, are valid and enforceable, and are not in violation of section 111A of the Companies Act, 1956.
This is an overruling of an earlier decision given in February, 2010 by a single judge of the Court in the Western Maharashtra Development Corporation vs. Bajaj Auto Limited, which had ruled that
‘free transferability’ under section 111A of the Act meant that any form of transfer restrictions relating to shares of a public limited company is unenforceable. (Volume 2 Issue No.6/2010 of Lexspeak)
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