Day: August 19, 2015

RBI Updates

RBI grants in-principle approval to 11 applicants for payment banks. Aditya Birla Nuvo Limited Airtel M Commerce Services Limited Cholamandalam Distribution Services Limited Department of Posts Fino PayTech Limited National Securities Depository Limited Reliance Industries Limited Shri Dilip Shantilal Shanghvi Shri Vijay Shekhar Sharma Tech Mahindra Limited Vodafone m-pesa...

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Modi government to constitute 12 Tribunals for resolving corporate disputes

The Narendra Modi government has begun the process to constitute National Company Law Tribunals (NCLT), an overarching body for resolving corporate insolvencies. The Tribunal will replace the Company Law Board and the Board for Industrial and Financial Reconstruction. The government has initiated the process-of constitution of the Tribunals in a “phased” manner. As per available information, nearly a dozen Tribunals will set up in various states including Ahmedabad, Allahabad, Madras, Mumbai, Delhi and Chandigarh.  The Ministry of Corporate Affairs has already advertised for posts of judicial and technical members to preside over the Tribunals. While eighteen posts have been advertised for judicial members, ten have been advertised for technical members. Applications for filling up two posts for technical members of the appellate authority-National Company Law Appellate Tribunal (NCLAT) have also been invited by the Ministry. Efforts are on to make the Tribunals functioning before the end of this year. Of the 18 posts for judicial members (ten are unreserved, three reserved for SCs, one reserved for Scheduled Tribes and four reserved for OBCs). Of the total ten posts for technical members seven are unreserved, one reserved for SC and two reserved for OBCs. A serving or retired High Court Judge; a Judge who has remained a District Judge for at least five years or a lawyer who has ten years of practice is eligible for the post of judicial member whose tenure will be five years. To...

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28 Post for Judicial & Technical Members of NCLT

The government is looking to appoint 28 judicial and technical members to the National Company Law Tribunal (NCLT), the setting up of which has been hanging fire on account of legal hurdles. NCLT, to be set up under the new companies law, would replace the Company Law Board (CLB). The Corporate Affairs Ministry has sought applications for 18 posts of judicial members and 10 positions of technical members at NCLT. These members would have a monthly pay scale of Rs 67,000-79,000 with an annual increment of 3 per cent, according to a public notice. The Companies Act, 2013, provides for setting up the tribunal that would replace the CLB. NCLT would have a President besides judicial and technical members. Besides, the ministry has sought applications for two positions of technical members at the National Company Law Appellate Tribunal, which will hear appeals against the NCLT orders. “These posts are in the pay scale of Rs 80,000 (fixed),” another public notice said. In May, the ministry had said constitution of NCLT was being taken up in an expeditious manner. “The Constitution Bench delivered its final order on the long standing litigation. The constitution of the NCLT is being taken up in an expeditious manner,” the ministry had...

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Corporate Updates

Competition Act, 2002: Where the advertisement expenditure of Department of Information and Public Relations, of State Governments of Punjab, U.P, Tamil Nadu and West Bengal (‘Opposite Parties’) central was insignificant and was only about one-eight of total print advertisement expenditure, they could not be considered having dominant position in their respective relevant market in procuring the advertising space in print media. COMPETITION COMMISSION OF INDIA. Ranbir Singh Vs Department of Information and Public Relations (CASE NO. 19 OF 2015) IT/ILT : The amount of interest received on the refund of Income Tax is not includible in the amount on which the assessee is liable taxed under Section 44BB of the Act. B.J. Services Company Middle State Ltd. Vs Assistant Commissioner of Income-tax, (O.S.D.) Range-1, Dehradun. (IT APPEAL NOS. 1 TO 4 OF 2010 IT: If Assessee had challenged order of Tribunal under section 260A before High Court, it does not mean that power under section (2) of section 254 cannot be invoked either by assessee or by revenue/Assessing Officer. R. W. Promotions (P.) Ltd. Vs Income tax Appellate Tribunal. WRIT PETITION NO. 2238 OF...

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