Companies Act may specify stringent rules for filing class action suits
Jan 26, 2010 Company Law
To prevent misuse of class action suits, the new Companies Act may specify a minimum number of shareholders or creditors of companies for exercising the right to file such cases, the Corporate Affairs Minister, Mr Salman Khurshid, has said. This is a major change from the current position on class action suits as mentioned in the Companies Bill, 2009, which is now before the Parliamentary Standing Committee on Finance.
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Tags: business line, class action suits, collective action, Companies Act, corporate affairs, creditor, creditors, current position, disgorgement, frivolous suits, genuine complaints, khurshid, minority shareholders, mismanagement, parliamentary standing committee, salman, share capital
Justice Dilip Raosaheb Deshmukh took charge as new Chairman of CLB
Nov 28, 2009 Company Law
Former Chhattisgarh High Court Judge Mr Justice Dilip Raosaheb Deshmukh took charge as the new Chairman of the Company Law Board (CLB) on Friday, four days ahead of the originally scheduled joining date. This follows a request by the Government as the presiding Chairman, Mr R. Vasudevan, was arrested on Tuesday by the CBI in a bribery case. The CLB Chairman’s post was held by bureaucrats for many years.
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Tags: academic record, balasubramanian, bhopal gas tragedy, bribery case, business line, CLB, deputation, deshmukh, government of india, international colloquium, jiwaji university gwalior, legislative affairs department, madhya pradesh government, mr justice, nclt, ravishankar shukla university, vasudevan, welfare commissioner
Tax profit on sell of license by new mobile operators at high rate
Nov 23, 2009 Income Tax
The Member of Parliament and former owner of BPL Mobile, Mr Rajeev Chandrasekhar, has written to the Prime Minister suggesting the Government should impose a windfall (Extra) tax on new mobile players if they sold their licences.
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Tags: acquisition policy, bpl mobile, business line, chandrasekhar, consumer interest, infrastructure, member of parliament, merger, mobile operators, parliament, substantial business, tax profit, tax rate, windfall
NCAS will soon play the Supervisory role of both accounting and auditing standards
Oct 6, 2009 Audit
The Government is planning to strengthen the National Advisory Committee on Accounting Standards (NACAS), a move that will make the Institute of Chartered Accountants of India (ICAI) report to NACAS. For this, it will hand over the supervisory role of both accounting and auditing standards to NACAS.
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Tags: ACCOUNTING STANDARDS, affairs ministry, Auditing Standards, business line, chartered accountants of india, company auditing, comptroller, corporate affairs, financial statement, general accounting, ICAI, ICWAI, institute of chartered accountants, institute of chartered accountants of india, national advisory committee, regulatory bodies, supervisory role