Union Cabinet gave its approval to the Terms of Reference of 7th Central Pay Commission (CPC)
Posted Date : 28-Feb-2014 , 06:39:06 pm | Posted By CASANSAAR
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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General |
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UP Police arrests Sahara's Subrata Roy, SC to hear case on March 4
Posted Date : 28-Feb-2014 , 11:13:01 am | Posted By CASANSAAR
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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General |
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Deloitte objects to PWC's special audit report on MCX
Posted Date : 28-Feb-2014 , 08:42:52 am | Posted By CASANSAAR
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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Auditing |
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Sebi
Posted Date : 28-Feb-2014 , 08:39:20 am | Posted By CASANSAAR
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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SEBI |
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RBI-appointed Nayak panel seeks information on banks
Posted Date : 28-Feb-2014 , 08:36:12 am | Posted By CASANSAAR
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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Banking |
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CBI unearths Rs 45,000 crore scam by Delhi realty company
Posted Date : 28-Feb-2014 , 08:21:49 am | Posted By CASANSAAR
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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General |
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CSR Rules Finalised After Extensive Consultations - Sachin Pilot
Posted Date : 27-Feb-2014 , 04:46:55 pm | Posted By CASANSAAR
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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Corporate Law |
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RBI makes it tough for firms to get away with loan default
Posted Date : 27-Feb-2014 , 08:35:35 am | Posted By CASANSAAR
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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RBI |
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Ministry of Corporate Affairs seeks law min advice to act against Financial Technologies
Posted Date : 27-Feb-2014 , 08:33:45 am | Posted By CASANSAAR
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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Corporate Law |
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Announcement for Revision in Fee of Expert Advisory Committee - ICAI
Posted Date : 26-Feb-2014 , 10:59:55 pm | Posted By CASANSAAR
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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ICAI |
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Supreme Court orders Sahara chief Subrata Roy's arrest
Posted Date : 26-Feb-2014 , 08:54:05 pm | Posted By CASANSAAR
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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General |
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CBDT Extends 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
Posted Date : 26-Feb-2014 , 08:51:07 pm | Posted By CASANSAAR
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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Income Tax |
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Centre may raise age of retirement by 2 years to 62
Posted Date : 26-Feb-2014 , 02:00:15 pm | Posted By CASANSAAR
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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General |
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FMC gives freedom to bourses to fix different transaction fee
Posted Date : 26-Feb-2014 , 08:46:31 am | Posted By CASANSAAR
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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Shares & Stock |
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One-fifth NSE-cos non compliant with new Sebi norms: Report
Posted Date : 26-Feb-2014 , 08:37:34 am | Posted By CASANSAAR
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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Corporate Law |
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Financial Technologies shareholders adopt FY13 financials, reappoint Deloitte as statutory auditors
Posted Date : 26-Feb-2014 , 08:33:55 am | Posted By CASANSAAR
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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Auditing |
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New banking licences: Jalan panel submits report to RBI
Posted Date : 25-Feb-2014 , 09:26:47 pm | Posted By CASANSAAR
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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Banking |
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0 | Hits : 936
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Government simplifies pension sanction and payment process
Posted Date : 25-Feb-2014 , 02:14:29 pm | Posted By CASANSAAR
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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General |
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ICSI December Exam results to be declared today - GOOD LUCK
Posted Date : 25-Feb-2014 , 08:51:00 am | Posted By CASANSAAR
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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Students Zone |
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MCA finds lapses by NSEL promoters; Sebi probes MCX, FTIL
Posted Date : 25-Feb-2014 , 08:39:13 am | Posted By CASANSAAR
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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Corporate Law |
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0 | Hits : 858
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RBI writes to FinMin, recommends superseding UBI Board
Posted Date : 25-Feb-2014 , 08:37:27 am | Posted By CASANSAAR
Reserve Bank of India has written to the Finance Ministry with recommendations to clean up United Bank of India . According to sources, RBI has gone so far as to recommend superseding the UBI Board.
It is important to clarify that it is a bunch of recommendations that have been m...
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Income Tax |
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Going after the non-filers: Personal I-T mop-up surges
Posted Date : 25-Feb-2014 , 08:34:42 am | Posted By CASANSAAR
While the economic slowdown hit corporation tax collection this year, personal income tax helped the government get the much-needed revenue. The growth in the latter category was aided by the massive exercise in sending notices to persons who’d high-value transactions but did not file their I-...
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Income Tax |
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Independent Directors will have to give reasons to quit
Posted Date : 24-Feb-2014 , 01:39:55 pm | Posted By CASANSAAR
Independent directors will soon have to provide "detailed reasons" for their resignations from boards of listed companies and the same would need to be made public under new norms being finalised by regulator Sebi.
In case of an independent director only citing "personal reasons" for his ...
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Corporate Law |
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0 | Hits : 994
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Why Companies are paying Auditors Less
Posted Date : 24-Feb-2014 , 09:41:23 am | Posted By CASANSAAR
Coorporate India pays it’s auditors less than Rs 14 for every lakh of turnover it achieves. That is about half a rupee less than it did in 2012, and almost four rupees lesser than it did in 2010, according to a research by Chennai based Prime Academy titled ‘Who are India&rs...
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Auditing |
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30 yrs on, CA firm owner convicted in foreign currency smuggling case
Posted Date : 24-Feb-2014 , 08:45:15 am | Posted By CASANSAAR
A senior chartered accountant from Ahmedabad was sentenced to 6 months in prison and fined Rs 2.5 lakh for trying to smuggle US dollars worth Rs 46 lakh - almost 30 years after the trial had begun.
Ashutosh Nanavaty and co-accused Chandrakant Amin had been arrested by the Customs in March 198...
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FEMA |
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India to adopt global financial standards from April 2015
Posted Date : 24-Feb-2014 , 08:42:53 am | Posted By CASANSAAR
The corporate affairs ministry is likely to notify within a month all sections and rules of the new Companies Act and start immediately thereafter the process of converging Indian accounting standards with the International Financial Reporting Standards (IFRS), which have to be implemented from Apri...
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GST |
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HC sends RBI notice on plea against recall of banknotes
Posted Date : 24-Feb-2014 , 08:38:27 am | Posted By CASANSAAR
The Madras High Court ordered issue of notice to RBI on a PIL seeking to declare as null and void its recent notification withdrawing all old series of currency notes issued prior to 2005.
A Division Bench Comprising Justice N Paul Vasanthakumar and Justice P Devadoss issued notice the apex...
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RBI |
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Rs 3.5 crore service tax evasion charge against 'Nirmal Baba'
Posted Date : 24-Feb-2014 , 08:34:00 am | Posted By CASANSAAR
'Daswand' — or the receiving of donations of one-tenth of a devotee's earning — has landed self-styled spiritual guru Nirmal Babain trouble with a notice having been slapped on him for alleged service tax evasion of Rs 3.5 crore.
The central excise department issued the notice on t...
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Service Tax |
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Financially independent wife cannot claim maintenance: HC
Posted Date : 23-Feb-2014 , 10:53:32 pm | Posted By CASANSAAR
Observing that a wife who is financially independent cannot claim maintenance from her estranged husband, the Bombay High Court has refused to grant relief to a 61-year-old woman seeking monthly maintenance.
A division bench of Justices V K Tahilramani and P N Deshmukh was hearing a petit...
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General |
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United Bank of India may merge with Union Bank
Posted Date : 23-Feb-2014 , 10:48:55 am | Posted By CASANSAAR
United Bank of India, stuck with bad debts of Rs 8,546 crore, is likely to be bailed out through a merger with Union Bank of India than through a government infusion of capital.
According to sources, the government will not want to re-capitalise United Bank, whose non-performing assets (NPA...
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Banking |
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