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In the four-year period between April 1993 and March 1997, as many as 4,005 companies entered the capital markets with their initial public offerings (IPOs) to raise an aggregate of Rs 41,319 crore. The IPOs accounted for more than 9 per cent of the average market capitalisation of Bombay Stock Exch...

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Category : SEBI | Comments : 0 | Hits : 278

The crisis-hit United Bank of India, which has run into losses amid suspiciously high bad loans, now faces fresh probes for possible lapses related to auditing and corporate governance norms.   Capital market regulator Sebi has received complaints about possible violations to its corporate go...

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Category : Banking | Comments : 0 | Hits : 398

The next time you shop online or make payment from your debit or credit card at a retail outlet or buy or sell a property, make sure you have filed your income tax return and cleared all dues. After Central Processing Centres (CPC) for income tax returns and Tax Deducted at Sour...

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Category : Income Tax | Comments : 0 | Hits : 518

The Auditing and Assurance Standards Board of the Institute of Chartered Accountants of India has issued Guidance Note on Audit of Banks 2014 edition. For the benefit of members, complete text of the Guidance Note along with the accompanying appendices etc. ca...

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Category : ICAI | Comments : 0 | Hits : 2433

Corporate India wants the income tax law to be clarified upfront so that their CSR spend will be eligible for deduction for income tax purposes with effect from April 1 next year.   The new corporate social responsibility (CSR) framework comes into effect from April 1.   There is no ex...

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Category : Income Tax | Comments : 0 | Hits : 472

The government will take a decision on withdrawal of conciliation offer to Vodafone for resolving the Rs. 20,000 crores tax dispute after a transfer pricing case concerning the UK telecom giant is settled.   "The Cabinet has decided to instruct the Income Tax Appellate Tribunal (ITA...

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Category : Income Tax | Comments : 0 | Hits : 392

With eyes on Assembly elections this year, Congress-led Haryana government on Friday presented a tax-free Budget for 2014-15, with major allocations being made for education, power and social justice and empowerment.   Presenting Bhupinder Singh Hooda led state government's last budget ah...

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Category : Income Tax | Comments : 0 | Hits : 286

The Finance Minister has allowed retirement fund body EPFO to become a member of a stock exchange although its trustees oppose parking even a part of its over Rs. 5 lakh crore corpus in equities. The Department of Economic Affairs has issued a notification under the Securities Contracts (...

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Category : Shares & Stock | Comments : 0 | Hits : 199

28th February 2014 Currently, certified photo copies of evaluated answer books are being provided to the examinees who apply for the same, in accordance with a scheme formulated for the purpose.With a view to ensure faster delivery of certified copies to the applicants, it has now been decided to m...

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Category : Students Zone | Comments : 0 | Hits : 695

The government also approved the terms of reference of the 7th Pay Commission, a move which would pave the way formerger of 50 per cent DA with the basic pay.  According to an official, now the Commission can suggest the merger in its interim report. The 50 per cent DA merger with basic p...

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Category : General | Comments : 0 | Hits : 303

The Union Cabinet today gave its approval to the Terms of Reference of 7th Central Pay Commission (CPC) as follows:-   a)      To examine, review, evolve and recommend changes that are desirable and feasible regarding the principles that should govern the em...

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Category : General | Comments : 0 | Hits : 259

Sahara chief Subrata Roy surrendered before the Lucknow police on Friday. Roy's legal counsel Ram Jethmalani has confirmed that his client has surrendered before the police. Roy will remain in police custody till March 04. Jethmalani's had earlier made submission that Roy be granted exemption from...

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Category : General | Comments : 0 | Hits : 275

Deloitte Haskins & Sells, the auditor of Multi Commodity Exchange (MCX), is understood to have objected to a special audit report on the exchange by PricewaterhouseCoopers (PwC). Earlier, the Forward Markets Commission (FMC) had asked PwC to carry out a special audit of MCX, since the exchange&r...

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Category : Auditing | Comments : 0 | Hits : 735

The Securities and Exchange Board of India’s new rules to curb swindle by promoters in share buybacks could face a blockade as the law ministry has backed the ministry of corporate affairs’ claim that the market regulator was not empowered to change the regulations. The department of le...

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Category : SEBI | Comments : 0 | Hits : 285

An expert committee appointed by the Reserve Bank of India has sought minutes of board meetings from banks, a move that bankers said could be aimed at ascertaining the role of shareholder promoters in influencing the day-to-day functioning of the lenders.The Nayak committee set up to review the gove...

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Category : Banking | Comments : 0 | Hits : 246

In one of the biggest scams of recent times, the Central Bureau of Investigation has recovered documents from the premises of Delhi—based real estate company, PACL — also known as 'Pearls'— and its sister company PGF, showing that they allegedly used ponzi scheme to cheat...

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Category : General | Comments : 0 | Hits : 857

Notifications were issued here today to give effect to Section 135 and Schedule VII of the Companies Act, 2013, which relate to CSR (Corporate Social Responsibility) related spending by companies. Shri Sachin Pilot, Minister for Corporate Affairs, has said that the concerned rules have been finalise...

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Category : Corporate Law | Comments : 0 | Hits : 368

The Reserve Bank of India has moved in to make it difficult for corporate borrowers to escape repaying banks for their loans.   In less than a month after putting up a plan for better fire-fighting against bad loans, RBI Governor Raghuram Rajan has finalised the rules for Indian banks. The no...

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Category : RBI | Comments : 0 | Hits : 568

The Ministry of Corporate Affairs (MCA) has sought the law ministry's opinion on the course of action to be taken against Financial Technologies IndiaBSE 1.40 % after an inspection found the company of violating regulations, a senior MCA official said. An inspection of the Jignesh Shah-promoted comp...

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Category : Corporate Law | Comments : 0 | Hits : 248

The Council, at its 331st meeting held on 10th to 12th February, 2014, has approved an upward revision in fee charged by the Expert Advisory Committee for giving its opinion. The approved fee is given below: Rs. 75,000/- per query where the query relates to: an enterprise whose equity or debt...

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Category : ICAI | Comments : 0 | Hits : 461

The Supreme Court on Wednesday issued non bailable arrest warrant against Sahara Chief Subrata Roy for his failure to appear before it in connection with the case in which his two companies have been directed to refund Rs 20,000 crore to investors.   “We had already declined on Tuesday ...

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Category : General | Comments : 0 | Hits : 233

The Central Board of Direct Taxes (CBDT) has extended the time-limit for filing ITR-V Forms for Assessment Years 2009-10, 2010-11 and 2011-12 till 31.03.2014 for returns e-filed with refund claims within the time allowed under section 139 of the Income Tax Act. Though time f...

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Category : Income Tax | Comments : 0 | Hits : 417

The Congress-led United Progressive Alliance (UPA) is likely to take a major decision of increasing the retirement age of Central government employees by two years, from 60 to 62 this week. This would be applicable from March 1. It would be one of the major decisions to be ...

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Category : General | Comments : 1 | Hits : 449

To boost trading volumes and investor participation in the commodity futures market, regulator FMC has given freedom to national level bourses like MCX and NCDEX to charge different transaction fee.   Currently, the commodity exchanges are collecting transaction charges from investors as per ...

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Category : Shares & Stock | Comments : 0 | Hits : 265

The Securities and Exchange Board of India's new corporate governance norms,  that limits number of independent directors, is a welcome move, but would mean 97 people resigning from 283 independent directorships, says Pranav Haldea, Managing Director, PRIME Database.   According to the ...

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Category : Corporate Law | Comments : 0 | Hits : 244

Five months after it adjourned its Annual General Meeting (AGM) as its auditors said that inspected financial statements for fiscal 2012-13 should not be relied upon, the shareholders of Financial Technologies (FTIL), approved its auditor's report and financials for the fiscal in a meeting held last...

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Category : Auditing | Comments : 0 | Hits : 333

The Bimal Jalan panel, which scrutinised applications for new bank licences, Tuesday submitted its report along with shortlisted entities to the Reserve Bank of India. "We have submitted report (on new bank licences) to RBI," Jalan, a former Reserve Bank Governor, said after a four-hour meeting her...

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Category : Banking | Comments : 0 | Hits : 429

The government on Monday said it has simplified the process of sanction and payment of pension for its employees by revising the application and disbursement forms among others. "The objective is to simplify the forms as well as to do away with the requirement of submission of affidavit and to acce...

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Category : General | Comments : 0 | Hits : 275

The Institute of Companies Secretary of India (ICSI ), the certifying body for Company Secretary (CS) aspirants will come out with the results of Professional Programme, Executive Programme (Old Syllabus), Executive Programme (New Syllabus) and OMR based Foundation Programme Examinati...

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Category : Students Zone | Comments : 0 | Hits : 604

The Ministry of Corporate Affairs is believed to have found serious violations of companies law by the owners of crisis-ridden NSEL, while market regulator Sebi is also investigating corporate governance-related lapses by the group's two listed entities -- FTIL and MCX. ...

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Category : Corporate Law | Comments : 0 | Hits : 354