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Legal News

UK to invest in solar sector in AP (27 Aug 2014)
The United Kingdom has shown interest in making investments in clean and green energy and renewable energy sector besides developing ports and infrastructure along the 970 kms of coastline in Andhra Pradesh.
Company Secretaries need to redefine role in era of global changes (25 Aug 2014)
Leading lights of the profession of Company Secretaries have advised professionals to redefine their role in an era of tectonic global changes, where economic uncertainties are set to increase in the future.
Advertisement spend on a high this festive season (24 Aug 2014)
An Associated Chamber of Commerce and Industry (ASSOCHAM) study today said Ad spends would be on a high this festive season, with the spend increasing by 25 per cent to 30 per cent.
Tata Sons appoints James Shapiro as Resident Director in North America (22 Aug 2014)
Tata Sons, the investment holding company of the Tata Group, has appointed James Shapiro as its Resident Director in North America.
L&T bag orders worth Rs 1832 Crore (21 Aug 2014)
Larsen & Toubro (L&T), an engineering and construction conglomerate, today announced that L&T Construction has secured new orders worth Rs 1832 crore from across various businesses in July and August 2014.
HDFC Bank named as India's most valuable brand at BrandZ awards (20 Aug 2014)
The first ever BrandZ Top 50 Most Valuable Indian Brands ranking announced here declared HDFC Bank as India's most valuable brand, with a value of USD 9.4bn.
Eros Now acquires worldwide rights of Zee TV premier content (20 Aug 2014)
Leading global company in the Indian film entertainment industry -- Eros International Media Ltd (Eros), announced that that its on-demand entertainment portal ErosNow has acquired the worldwide rights of popular television channel Zee TV's shows.
Allahabad HC allows sugar mills to sell off 15 % of their stock (13 Aug 2014)
Allahabad High Court today permitted the private sugar mills in Uttar Pradesh to sell off 15 per cent of the sugar stock and directed the state government to stop all actions against the mills.
Reference rate fixed at 61.2458 (13 Aug 2014)
The Reserve Bank of India (RBI) today fixed the Rupee reference rate at 61.2458 against the Dollar, up by 06.11 paise over the previous rate of 61.1847.
RBI injects Rs 19,355 cr in banking system via repos (13 Aug 2014)
The Reserve Bank of India (RBI) has injected Rs 19,355 crore in the banking system via 1-day repo today.



Judgments

Baranagore Jute Factory Plc. vs. Shreekishan Omprakash and another  [CALCUTTA HIGH COURT, 14 Aug 2014]
Corporate - Refund of money - Entitlement - Instant appeal filed against order passed by the Company Court on an application filed by the appellant/petitioner praying for direction to make over the money deposited with the Registrar - Relief which was claimed by the appellant/petitioner was not granted by the Company Court instantly as the Company Court was informed that the competence of the appellant/petitioner to obtain an order for refund, was seriously under challenge in one of the 9 applications pending for consideration before the Company Court - Whether appellant/petitioner was entitled to relief claimed for -

Held, competence of the appellant/petitioner to obtain an order for refund was under challenge in one of the applications filed by one of interveners, which was pending before the Company Court - Entitlement of the appellant/petitioner to receive the money deposited with the Registrar depends upon the fate of a pending application filed by one of such interveners, wherein entitlement of the appellant/petitoner to receive the said deposited money, was disputed - Hence, considering the amount of deposit which the appellants want to withdraw, and the company's indebtness to its various creditors and the quantum of its liability, coupled with the facts that even the workers have not been paid their dues, it would not be safe to allow a particular group of shareholders, who were described as interloper by the creditors, to withdraw the money deposited with the Registrar, without deciding the said issue finally, particularly appellant/petitioner themselves have filed an application praying for permanent stay of the company petition which was yet to be decided finally - No illegality in the impugned order passed by Company Court proposing to dispose of all the pending applications simultaneously - Order impugned was affirmed - Appeal disposed of.


In Re: (1) Italia Glass Private Limited; (2) Karishma Mosaics Private Limited; (3) Palladio Glass Limited; (4) Poesia Glass Limited and Piccolo Mosaic Limited vs.   [GUJARAT HIGH COURT, 13 Aug 2014]

BRD Finance Limited, Represented by its Authorized Signatory C. Shibu Job vs. (1) District Collector, Thrissur; (2) Tahsildar, Thalappilly, Thrissur District; (3) Village Officer, Thrissur  [KERALA HIGH COURT, 01 Aug 2014]
Corporate - Sales Tax - Companies Act, 1956, ss. 529A and 530 - Kerala General Sales Tax Act, 1963, s. 26A - Issuance of certificates - Petitioner purchased an item of property owned by a company in liquidation - Sale of the property was pursuant tender notice issued by the Official Liquidator and the sale was confirmed by HC - Petitioner proposed to establish an industrial unit in the property, for which clearances were required to be obtained from various authorities - However, respondent No. 3 was not issuing the required certificates and instead, the respondent No. 3 issued communication, stating that revenue recovery proceedings were pending against the company in liquidation when the property was purchased by the petitioner and therefore, the validity of the transaction in favour of the petitioner need to be examined before the certificates sought for by the petitioner were issued - Hence, instant petition - Whether respondents be directed to issue the certificates sought for by them -

Held, sales tax dues were to be recovered by the State from the sale proceeds in accordance with the provisions in s. 529A of the 1956, Act - S. 26A of the 1963, Act could not prevail when it comes into collision with the mandates of s. 529A of the 1963, Act - Petitioner, in the circumstances, was entitled to succeed - Communication of the respondent No. 3 was quashed - Respondent Nos. 1 to 3 directed to issue the certificates sought for by the petitioner - Order accordingly.


S. H. Vanahalli S/o Late Honnappa vs. Official Liquidator, Mysore Kirlosakar Limited, Bangalore  [KARNATAKA HIGH COURT, 31 Jul 2014]

Benjaram Sreenivasa Reddy and others vs. Registrar of Companies, Andhra Pradesh, Represented by its Regional Director (South), Hyderabad and others  [ANDHRA PRADESH HIGH COURT, 30 Jul 2014]

Fort Kochi Hotels Private Limited, Represented by Its Director Praveen Rengaraj, Mumbai vs. (1)State of Kerala, Represented by Its Deputy Revenue Secretary Secretariat, Thiruvananthapuram; (2) Special Tahsildar (R.R.), Fort Kochi; (3) Carrit Moran And Company Private Limited (In Liquidation) Represented by The Official Liquidator, Kolkatha; (4) Assistant Commissioner, Special Circle (P), Commercial Taxes, Mattancherry  [KERALA HIGH COURT, 23 Jul 2014]
Sales Tax - Corporate - Kerala Revenue Recovery Act, 1968 - Kerala General Sales Tax Act, 1963 - Revenue recovery proceedings - Petitioner purchased the subject property vide sale deed dtd. 30-11-2007 from respondent No. 3 - Petitioner, after purchase, constructed a building thereon and established a hotel, which was said to have commenced operation from 2009 and was still functioning - Petitioner was issued with revenue recovery notices, attaching the property and threatening sale, for recovery of the sales tax dues, of the respondent No. 3-Company on the basis of assessment orders passed against the respondent No. 3 - Petitioner had challenged the revenue recovery proceedings as provided under the Act - Petitioner's challenge were declined - Hence, instant petition - Whether petitioner was liable to pay -

Held, after 2006 there was no evidence placed on record to evidence any hearing having been conducted or a subsequent notice having been issued; for reason only of passage of time from the proceedings initiated in the year 2006 - Hence, series of assessment orders were passed without affording a reasonable opportunity to the assessee (respondent No. 3) to produce the books of accounts as also the declaration forms - Assessments having been completed without proper notice and without opportunity, series of assessment orders were liable to be set aside - Assessment orders have not been challenged by the assessee and was now assailed by the petitioner, whose concern was with the distress caused on the property, pursuant to the recovery initiated on the basis of the assessment orders - Orders passed by the authorities under the Act, since by the deposit of the amount as directed, the basis of the recovery under the Act, being the assessment orders against the respondent No. 3, stands effaced - Hence, the recovery based on series assessment orders necessary could not be proceeded with - On the assessment being completed after looking into the declaration forms, the liability, if any, would necessarily be a charge on the subject property covered by sale deed - Petition allowed.


In Re : Magic Eye Developers Private Limited vs.   [DELHI HIGH COURT, 21 Jul 2014]

(1) In Re: Nasa Finlease Private Limited; (2) In Re: Singh and Ghosh Trading Private Limited vs.   [GUJARAT HIGH COURT, 21 Jul 2014]

In Re: Pino Bisazza Glass Private Limited vs.   [GUJARAT HIGH COURT, 21 Jul 2014]

In Re : (1) Vijay Autoparts Private Limited Represented by its Whole Time Director, Nayakankuppam Venkataramani, Chennai; (2) Ushas Autogears Private Limited, Represented by its Whole Time Director, Nayakankuppam Venkataramani, Chennai; (3) Mercury Precision Products Private Limited, Represented by its Whole Time Director, Nayakankuppam Venkataramani, Chennai vs.   [MADRAS HIGH COURT, 17 Jul 2014]




Notifications

NA (14 Aug 2014) (Notification)
Companies (Meetings of Board and its Powers) Rules, 2014 - Notification dated 14-08-2014
568(E) (06 Aug 2014) (Notification)
Amendments in Schedule VII of Companies Act, 2013 - Notification dated 06-08-2014
NA (25 Jul 2014) (Notification)
Class of companies for purposes of second proviso to s. 203(1) of the Companies Act, 2013 notified - Notification dated 25-07-2014
NA (24 Jul 2014) (Notification)
Companies (Management and Administration) Second Amendment Rules, 2014 - Notification dated 24-07-2014
01/13/2013 (Part-I) CL-V (17 Jul 2014) (Notification)
Companies (Specification of definitions details) Amendment Rules, 2014 – Notification dated 17-07-2014
1/25/2013-CL-V (17 Jul 2014) (Notification)
Companies (Miscellaneous) Amendment Rules, 2014 – Notification dated 17-07-2014
S.O.1820(E) (09 Jul 2014) (Notification)
Companies (Removal of Difficulties) Fifth Order, 2014 – Order dated 09-07-2014
NA (30 Jun 2014) (Notification)
Companies (Prospectus and Allotment of Securities) Amendment Rules, 2014 : Notification dated. 30-6-2014
G.S.R. 415(E) (23 Jun 2014) (Notification)
Companies (Management and Administration) Amendment Rules, 2014 - Notification dated 23-06-2014
NA (18 Jun 2014) (Notification)
Companies (Share Capital and Debentures) Amendment Rules, 2014 - Notification dated 18-06-2014

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Circulars

DNBS.CC.PD.No.406/03.10.01/2014-15 (12 Aug 2014) (Circular)
Interest Rate Futures-NBFCs - Circular dated 12-08-2014
34 /2014 (12 Aug 2014) (Circular)
Company Law Settlement Scheme, 2014 - Circular dated 12-08-2014
33 /2014 (31 Jul 2014) (Circular)
Clarification with regard to applicability of provisions of section 139(5) and 139(7) of the Companies Act, 2013 – Circular dated 31-07-2014
31 /2014 (19 Jul 2014) (Circular)
Extension of validity of reserved names – Circular dated 19-07-2014
UBD. CO. BPD. PCB. Cir. No. 4/16.74.000/2014-15 (15 Jul 2014) (Circular)
Data Format for Furnishing of Credit Information to Credit Information Companies and other Regulatory Measures Circular No. UBD. CO. BPD. PCB. Cir. No. 4/16.74.000/2014-15 – Circular dated 15-07-2014
DNBS(PD).CC.No 400/03.10.42/2014-15 (14 Jul 2014) (Circular)
Know Your Customer (KYC) Norms/Anti-Money Laundering (AML) Standards /Combating of Financing of Terrorism (CFT)/Obligation of NBFCs under Prevention of Money Laundering Act (PMLA), 2002 Recognising E-Aadhaar as an 'Officially Valid Document' under PML Rules - Circular dated 14-07-2014
DNBS(PD).CC.No.399/03.10.42/2014-15 (14 Jul 2014) (Circular)
Levy of foreclosure charges/pre-payment penalty on Floating Rate Loans - Circular dated 14-07-2014
DNBS (PD).CC. No 398/03.10.42/2014-15 (10 Jul 2014) (Circular)
Know Your Customer (KYC) Norms/Anti-Money Laundering (AML) Standards/Combating of Financing of Terrorism (CFT)/Obligation of NBFCs under Prevention of Money Laundering Act (PMLA), 2002- Clarification on proof of Address - Circular dated 10-07-2014
28 /2014 (09 Jul 2014) (Circular)
Clarification on form MGT-14 through STP mode - Circular dated 09-07-2014
DNBS(PD).CC.No. 392/03.02.001/2014-15 (01 Jul 2014) (Circular)
Master Circulars - Miscellaneous Instructions to all Non-Banking Financial Companies – Circular dated 01-07-2014

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