Other Briefings
Fast Track Exit Mode Guidelines for Defunct Companies in India
Following are the Fast Track Exit (FTE) mode guiding principles for defunct companies in India under section 560 of the Companies Act, 1956.
MCA Proposes Mandatory Demat Deposit Receipts of Public Companies
The Ministry of Corporate Affairs (MCA) has suggested vide notification dated June 6, 2011 that all public companies and their subsidiaries convert share certificates and bonds into an electronic (Demat) form.
Balance Sheets, Profit and Loss Accounts Now in XBRL Format
India’s Ministry of Corporate Affairs has decided to get the filing of Balance Sheet and Profit and Loss accounts in extensible business reporting language format. The financial statements to be filed will be based on taxonomies of XBRL as per the Accounting Standards notified under the Companies (Accounting Standards) Rules, 2006.
Inter-Ministerial Group Discusses Opening Up FDI in Multi-Brand Retail
Jun. 10 – An inter-ministerial group (IMG) on inflation has suggested permitting foreign direct investment in multi-brand retail as one of two steps to reduce rising prices and cut down the margin between farms and retail prices. It was the first formal proposal by a government panel to permit FDI in the closely policed and […]
Competition Commission of India on Mergers and Acquisitions
Jun. 9 – The Competition Commission of India needs to be notified for all transactions involving mergers and acquisitions in the country – including pre-merger clearances. Since June 1, 2011 prior clearance from the CCI authorities is required if mergers or acquisitions result in a “combination” within the meaning of Sections 5(a), (b) and (c) […]
India Increases External Commercial Borrowing Limit
Jun. 1 – The Indian government has decided to raise the limit of external commercial borrowings to US$30 billion from the current US$20billion while, in another decision, the government has decided not to raise the foreign investor’s limits in government bonds. Presently, foreign institutional investors can invest up to US$10 billion in government bonds. The […]
India Signs Double Taxation Avoidance Agreement with Ethiopia
May 31 – India signed a double taxation avoidance agreement (DTAA) with the Federal Democratic Republic of Ethiopia on May 25, 2011 for the prevention of double taxation and fiscal evasion with respect to taxes on income. The contract was signed by External Affairs Minister of India on behalf of the Government of India and […]
India’s Registrar of Companies to Issue Certificates by Digital Signature
May 23 – The Ministry of Corporate Affairs in India has issued a new circular kick starting the “Green Initiative in Corporate Governance” by allowing companies to complete electronic, paperless compliance after considering relevant sections of the Information Technology Act (2000) and the Companies Act (1956).
