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New E Form – 32
Ministry of Corporate Affairs has made changes in the e-form 32, enabling filing of the same for Managing Directors / Directors who ceased to be associated with the Company on or before 31.10.2006 and do not have Director Identification Number (DIN). This will come into effect from 14th March, 2010.
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FDI regime eased – FIPB can clear deals up to Rs 1,200 Cr.
The Government has permitted the Foreign Investment Promotion Board (FIPB) to clear proposals with a total foreign equity investment of up to Rs 1,200 Crore which was hither to limited to Rs. 600 Crores to encourage faster processing of foreign investment proposals.
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External Commercial Borrowings (ECB) Policy – Liberalisation
RBI has liberalized the External Commercial Borrowings (ECB) Policy by delegating certain powers to AD Category-I Banks to approve some requests from the ECB borrowers after issue of Loan Registration Number (LRN).
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Infrastructure Finance Companies
RBI has decided to introduce a fourth category of NBFCs as “Infrastructure Finance Companies”(IFCs)
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Online Reporting of ODI in form ODI through AD Category Bank I
RBI has revised the reporting of Overseas Direct Investment (ODI) by the Indian Parties through Authorised Dealer Category Bank I (AD Category – I) with effect from 2nd March, 2010.
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SEBI cracks the whip on willful Stock Exchange
The Securities and Exchange Board of India (SEBI) has told stock exchanges to seek financial details of companies suspended for non-compliance with the listing agreement from the Registrar of Companies (ROC).
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Verification of New IEC
Circular issued in June 2009 for physical verification of atleast 10% of new IEC numbers issued is amended to include officials below the rank of FTDO also in the inspection team. The move to physically verify the selected units is to check the genuineness of proprietorship and partnership firms that have recently opened bank accounts.
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Download Circular – June 2009
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Download Circular – Feb 2010
Advance Licence
Positive value addition to change to a minimum of 15% value addition in case of Advance Authorisation scheme.
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Confirming membership of Chartered Accountants with the Institute of Chartered Accountants of India
Link hosted on ICAI website to help public know that CA certificate received by them for various purposes is indeed issued by a CA holding valid membership of ICAI.
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Mumbai HC decision on Right of First Refusal
A judgement passed on 15th February, 2010 by the Hon’ble High Court of Mumbia in Western Development Corporation Limited (WDC) vs Bajaj Auto Limited (BAL) (Arbitration Petition No. 174 of 2006) has far reaching impact on Shareholders Agreements, Joint Venture Agreements and the like since it holds the Right of First Refusal exercised by shareholders of public limited companies as violative of section 111A and 9 of the Companies Act, 1956.
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Non Tariff Barriers (NTBs) to trade
Non Tariff Barriers (NTBs) to trade are trade barriers that restrict imports but are not in the usual form of a tariff. These are the measures other than high import duties (tariff) employed to restrict imports.
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We place before you a few important changes announced by the Government of India that require your attention before the onslaught of innumerable budget related notifications that are expected after the presentation of the Union Budget 2010-11 by the Finance Minister.The knowledge sharing efforts continue through the article on NTB.