Volume 2 Issue
No.6/2010
Lexspeak February 2010
Thought for the day
For every minute spent in organizing, one hour is earned.
News from the
Govt

MCA

FDI

RBI

SEBI

DGFT
Court Judgements
Articles

Non Tariff Barriers
Legal Term


Legal Term



Sua Sponte


Meaning
On its own will or motion


Origin



Latin word


Usage
This term is most commonly used to describe a decision or act that a judge decides upon without having been asked by either party

Statutory Compliance Chart


March 2010

S


M

T


W

T


F

S

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

26

27

28

29

30

31

Reminders
05

Mar– Service Tax
Payment for Feb
 05 Mar– Excise Duty
Payment for Feb
 07 Mar– TDS/TCS Payment
 10 Mar– ExciseReturn-Monthly
 15 Mar– PF Payment
 15 Mar– Excise Duty Payment
 15 Mar– Advance Corporate
Tax Payment
 20 Mar– P.T. Payment
 20 Mar– VAT Payment
 21 Mar– E.S.I.C. Payment
 31 Mar– Service Tax
Payment for March
 31 Mar– Excise Duty
Payment for March


The only difference between a tax man and a taxidermist is that the taxidermist leaves the skin.


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.

Do give us a feedback.

Click here to express yourself.

Sincerely,
Lex Valorem Team


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.



Download Notification


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.



Read More


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).



Download Circular


Infrastructure Finance Companies

RBI has decided to introduce a fourth category of NBFCs as “Infrastructure Finance Companies”(IFCs)



Download Circular


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.

Download Circular


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).


Read More


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.



Download Circular – June 2009



Download Circular – Feb 2010


Advance Licence

Positive value addition to change to a minimum of 15% value addition in case of Advance Authorisation scheme.



Download Circular


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.



Download Circular


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.


Download to Read More


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.


Download Article

Note: The contents
of this News Letter are only a summary and has not dealt with
any issue in detail. Any action taken or proposed to be taken
must be in consultation with professionals and not merely based
on the articles / news updates. Lex Valorem disclaims all
liability on action taken without professional advice
Lex Valorem India Pvt. Ltd.
#405, 7th Cross, IV Block, Koramangala, Bangalore –
560 034

sharadasc.commm
Phone : +91 80 25534374 , +91
80 25536618 Email:

[email protected]