|Appeal No. 116 of 2012||02-05-2014||i) M/s. Fast Way Transmission
ii)M/s. Hathway Sukhamrit Cable & Datacom
iii) M/s. Creative Cable Network Pvt. Ltd.
iv) Mr. Gurdeep Singh
i) Kansan News Pvt. Ltd.
ii) Competition Commission of India
|The Appellants challenged the order passed by CCI on 03.07.2012 in Case No. 26/2011. In the case before CCI, the Respondents alleged that the Appellants had formed a cartel and denied market access to the Respondent and others in cable networks market. Hence, had acted in contravention of Sections 3 and 4 of the Act. The COMPAT set aside the order of CCI stating that the matter must be governed by TRAI and TDSAT.|
|Appeal No. 20 of 2011||19-05-2014||M/s. DLF Limited vs. CCI, Belaire Owners Associtaion and HUDA||The appeal by DLF against the CCI order in the Belaire Owner's Association matter has been dismissed and the COMPAT has upheld and confirmed the penalty imposed on DLF by CCI in its order dated 31 January 2012|
Sunday, 22 June 2014
|General_Circular_10_2014||07-May-14||General_Circular_10_2014 - Certifiaction of e-forms by practicing professionals.||It is provided that for forms certified by any practicing professional, if there appears to be any misrepresentation, fraud etc. the RD/ROC will be entitled to investigate against such professional and submit a report to the concerned institute governing the professional for any disciplinary action to be initiated against such professional|
|SO 1352 (E)||21-May-14||Delegation_of powers under section 458 of CA 2013 to RDs.||Certain powers of the Central Givernment under the Companies Act, 2013 have been delegated to the RD, ROC and RD Noida, respectively.|
|SO 1353 (E)||21-May-14||Delegation of powers under section 458 of CA 2013 to ROCs|
|SO 1354 (E)||21-May-14||Delegation of powers u-s 153 and 154 of CA 2013 to RD Noida|
|General_Circular_12_2014||22-May-14||General_Circular_12_2014 - Applicability of PAN requirement for foreign nationals.||It is clarified that foreign national need not possess a PAN unless they are required to under the provisions of Income Tax Act, 1961. Copy of passport of a foreign national would be a sufficient proof.|
|CIR/MRD/DP/15/2014||15-May-14||Risk management framework for Foreign Portfolio Investors (FPI) under the SEBI (Foreign Portfolio Investors) Regulations, 2014||Since the SEBI (Foreign
Portfolio Investors) Regulations, 2014 shall commence with effect from June
01, 2014, SEBI has prescribed certain measures to be followed by stock
exchanges and clearing corporations to
effect a smooth transition to the FPI regime
with regard totrading and risk management of FPI trades.
|A.P. (DIR Series) Circular No.117||02-May-14||RBI/2013-14/577
A.P. (DIR Series) Circular No.127 - Foreign Direct Investment (FDI) in India – Reporting mechanism for transfer of equity shares/ fully and mandatorily convertible preference shares/ fully and mandatorily convertible debentures
|In cases where the NR investor including an NRI acquires shares on the stock exchanges, the investee company would now have to file form FC-TRS with the AD Category-I bank.|
A.P. (DIR Series) Circular No.129 - External Commercial Borrowings (ECB) Policy - Refinance / Repayment of Rupee loans raised from domestic banking system
|Eligible Indian companies will
now not be permitted to raise ECB from overseas branches / subsidiaries of
Indian banks for the purpose of refinance / repayment of the Rupee loans
raised from the domestic banking system in respect of the following:
a. Scheme of take-out financing.
b. Repayment of existing Rupee loans for companies in infrastructure sector.
c. Spectrum allocation
d. Repayment of Rupee loans.
|DNBS (PD) CC.No.373/03.10.001/2013-14||13-May-14||RBI/2013-14/590
DPSS.CO.PD.No. 2366/02.14.006/2013-14 - Issuance and Operation of Pre-paid Payment Instruments in India – Consolidated Revised Policy Guidelines
|Banks have been granted general permission to issue rupee denominated co-branded prepaid instruments|
A.P. (DIR Series) Circular No.130 - External Commercial Borrowings (ECB) from Foreign Equity Holder - Simplification of Procedure
| As a measure of simplification of the
existing procedure, it has been decided to delegate powers to AD banks to
approve the following cases under the automatic route:
(a) Proposals for raising ECB by companies belonging to manufacturing, infrastructure, hotels, hospitals and software sectors from indirect equity holders and group companies.
(b) Proposals for raising ECB for companies in miscellaneous services from direct / indirect equity holders and group companies. Miscellaneous services mean companies engaged in training activities (but not educational institutes), research and development activities and companies supporting infrastructure sector. Companies doing trading business, companies providing logistics services, financial services and consultancy services are, however, not covered under the facility.
(c) Proposals for raising ECB by companies belonging to manufacturing, infrastructure, hotels, hospitals and software sectors for general corporate purpose.ECB for general corporate purpose (which includes working capital financing) is, however, permitted only from direct equity holder.
(d) Proposals involving change of lender when the ECB is from FEH – direct / indirect equity holders and group company.
|19-May-14||RBI/2013-14/595 A.P. (DIR Series) Circular No.131 - Overseas Direct Investments – Limited Liability Partnership (LLP) as Indian Party||An LLP can now undertake financial commitment to / on behalf of a JV / WOS abroad in terms of the extant ODI Regulations|
|21-May-14||Notification No. FEMA 303/2014-RB - Foreign Exchange Management (Foreign Exchange Derivative Contracts) (Amendment) Regulations, 2014||A person resident outside India who is eligible to invest in securities as laid down in Schedules 2, 5, 7 and 8 of Foreign Exchange Management (Transfer or Issue of Security by a person resident outside India) Regulations, 2000 may also enter into currency futures or exchange traded currency options contracts on a stock exchange recognised under section 4 of Securities Contracts (Regulations) Act, 1956 to hedge an exposure to risk, subject to such terms and conditions as may be prescribed.|
|22-May-14||Notification No.FEMA. 304/2014-RB -Foreign Exchange Management (Transfer or issue of Security by a Person Resident outside India) (fifth Amendment) Regulations, 2014||A Non-resident Indian may, without limit, purchase on non-repatriation basis, listed non-convertible/redeemable preference shares or debentures issued in terms of Regulation 7 (2) of these Regulations|
|22-May-14||Notification No. FEMA.305/2014-RB - Foreign Exchange Management (Transfer or Issue of Security by a Person Resident Outside India) (Sixth Amendment) Regulations, 2014||Any person being a non-resident investor of a company registered in India and listed on a recognised stock exchange/s in India (resident investee company), may pledge the shares of that company, in favour of a Non-Banking Financial Company in India, to secure the credit facilities being extended to that resident investee company for bonafide business purposes, subject to the AD bank satisfying itself of the compliance of the conditions stipulated by the Reserve Bank, from time to time, in this regard.|
|A.P. (DIR Series) Circular No.119||26-May-14||RBI/2013-14/606 DNBS (PD) CC.No.376/03.10.001/2013-14 - Requirement for obtaining prior approval of RBI in cases of acquisition/ transfer of control of NBFCs||Prior written permission of the
Reserve Bank of India shall be required for –
(i) any takeover or acquisition of control of an NBFC, whether by acquisition of shares or otherwise;
(ii) any merger/amalgamation of an NBFC with another entity or any merger/amalgamation of an entity with an NBFC that would give the acquirer / another entity control of the NBFC;
(iii) any merger/amalgamation of an NBFC with another entity or any merger/amalgamation of an entity with an NBFC which would result in acquisition/transfer of shareholding in excess of 10 percent of the paid up capital of the NBFC.
(iv) Prior written approval of the Reserve Bank would also be required before approaching the Court or Tribunal under Section 391-394 of the Companies Act, 1956 or Section 230-233 of Companies Act, 2013 seeking order for mergers or amalgamations with other companies or NBFCs.
Monday, 9 June 2014
|06 of 2014||15-04-2014||Shri Vishal Gupta
M/s Google Inc.
M/s Google Ireland Limited
M/s Google India private Limited
|Based on the information provided by the Informant, CCI has found a prima facies contravention of Section 4 of the Competition Act 2002 by Google in terms of its policies pertainig to Adwords Accounts. CCI has directed DG to investigate in the matter and present its report in 60 days from the date of reciept of order|
|74 of 2012||04-03-2014||Indian Exhibition Industry
Association v. Ministry of Commerce & Industry
Indian Trade Promotion Organization
|A penalty of 6,75,03,540.00 INR
was imposed on Indian Trade Promotion Organisation for indulging in
|05, 07, 37 & 44 of 2013||15/04/2014||M/s Madhya Pradesh Power
Generating Company Limited
M/s South Eastern Coalfields Ltd.
M/s Coal India Ltd. WITH M/s Madhya Pradesh Power Generating Company Limited.
M/s South Eastern Coalfields Ltd.
M/s Coal India Ltd. WITH M/s West Bengal Power Development Corporation Ltd.
M/s Coal India Ltd.
M/s Eastern Coalfields Limited
M/s Bharat Coking Coal Limited
M/s Mahanadi Coalfields Limited WITH Sponge Iron Manufactures Association
M/s Coal India limited
M/s Central Coalfields Limited
M/s Eastern Coalfields Limited
M/s Western Coalfields Limited
M/s South Eastern Coalfields Limited
M/s Northern Coalfields Limited
M/s Mahanadi Coalfields Limited
|The Commission also held the
opposite parties was in contravention of the provisions of section 4(2)(a)(i)
of the Act for imposing unfair/ discriminatory conditions and indulging in
unfair/ discriminatory conduct in the matter of |
supply of non-coking coal, as detailed in the order. The Opposite party, CIL was ordered to amend the Agreement with the consultation of the stakeholders and informants No penalty was imposed on the Opposite parties as a penalty of Rs. 1773.05 Cr had been imposed on it earlier.
Sunday, 8 June 2014
|28-Apr-14||Companies (Registration Offices and Fees Amendment) Rules, 2014||These rules provide that certain form would require pre-certifiaction by a professional.|
|25-Apr-14||Availability of E-forms under Companies Act, 2013||It was informed to the general public about forms to be filled by stakeholders. These forms include forms for extension of date of AGM/ Accounting period, etc.|
|04-Apr-14||Commencement of provisions of
the Companies Act 2013 with regard to maintenance of books of accounts
preparations/adoption/filing of financial statements, auditor's report, Board report and attachments to such
statements and reports- Applicability with regard to relevant financial Year.
|Pursuant to provisions that came
into force on April 01,2014, regarding maintenance of books of accounts and
financial statements, Auditor's report, Board's report etc. MCA clarified
that the financial statements, auditors report and Board
report in respect of financial years that commenced earlier than 1st April, 2014 shall be governed by the relevant provisions/ Schedules/ rules of the Companies Act, 1956 and that in respect of financial years commencing on or after 1 April, 2014, the provisions of the new Act shall apply.
|01-Apr-14||Table of Fees||This notification prescribes fee for various form filings with ROC|
|CIR/IMD/DF/07/2014||02-Apr-14||Disclosures pertaining to Assets
||Changes in terms defined by,
Circular no. CIR/IMD/DF/05/2014 dated March 24, 2014 captioned 'Enhancing
disclosures, investor education & awareness campaign, developing
alternative distribution channels for Mutual Fund products, etc', the term
'Asset under Management (AUM)' shall be read as 'Monthly Average Asset under
Management (Monthly AAUM)'. Accordingly, data to be disclosed as per the
format at annexure A1 and A2 of the aforesaid circular shall be Monthly AAUM
instead of AUM.
|CIR/MRD/DP/11 /2014||07-Apr-14||Master Circular for Depositories||Master Circular has been issued to consolidate all circulars passed upto 31.03.2014.|
|CIR/IMD/FIIC/8/2014||07-Apr-14||Change in investment conditions / restrictions for FII/QFI investments in government debt securities||Pursuant to the announcements
made in the First Bi-monthly Monetary Policy Statement, 2014-15 dated April
1, 2014 by the Reserve Bank of India (RBI), it has been decided as
1. FIIs/QFIs shall henceforth be permitted to invest only in dated government securities having residual maturity of one year or above.
2. Existing FII/QFI investments in T-Bills shall be allowed to taper off on maturity/sale. No further purchases in T-Bills shall be permitted. The investment limits vacated at the shorter end shall be available at longer maturities. 3. The overall Government Debt investment limit for FIIs/QFIs shall remain unchanged at US$ 30billion.
|CIR/CFD/POLICY CELL/2/2014||17-Apr-14||Corporate Governance in listed
entities - Amendments to Clauses 35B and 49 of the Equity Listing Agreement
||SEBI has now amended provisions of Listing Agreement, in order to harmonise it with the new rules of Corporate Governance. These shall come into effect 01.10.2014.|
Exchange Management Act, 1999 (FEMA)
Foreign Exchange (Compounding Proceedings) Rules, 2000 (the Rules) - Compounding of Contraventions under FEMA, 1999
to compound the following offences has now been delegated to the regional
offices of RBI: A) Delay in reporting inward remittance received for issue of
B) Delay in filing form FC(GPR) after issue of shares.
C) Delay in issue of shares/refund of share
application money beyond 180 days,
mode of receipt of funds, etc.
D) Violation of pricing guidelines for issue
E) Issue of ineligible instruments such as
non-convertible debentures, partly paid
shares, shares with optionality clause,
F) Issue of shares without approval of RBI
or FIPB respectively, wherever
required Kochi and Panaji Offices can compound the contraventions for amount of contravention below Rupees one hundred lakh
|03-Apr-14||Know Your Customer (KYC) Norms /Anti-Money Laundering (AML) Standards/ Combating of Financing of Terrorism (CFT)/ Obligation of banks under Prevention of Money Laundering Act (PMLA), 2002 – Harmonization of KYC norms for Foreign Portfolio Investors (FPIs)||RBI has prescribed simplified norms, for the FPI's who are already registered under SEBI guidelines and undergone the required KYC due diligence/verification prescribed by SEBI through a Custodian/Intermediary regulated by SEBI.Such FPI can approach a bank for opening a bank account for the purpose of investment under Portfolio Investment Scheme (PIS) for which KYC documents mentioned in this circular shall be required.|
through Alternative Investment Funds – Clarification on Calculation of NOF of
||While, explaining the meaning and ambit of NBFC ( Non-Banking Financial Companies), explicitly declared that NBFCs must deduct investments made in group entities before arriving at NOF (net owned funds).|
Management & Inter-Bank Dealings:
Booking of Forward Contracts - Liberalisation
|RBI has permitted all resident individuals, firms and companies, who have foreign exchange exposures, both actual and anticipated, to book foreign exchange forward contracts up to $250,000 on the basis of a simple declaration without any requirement of further documentation. However, Small and Medium Enterprises (SMEs) shall remain uneffected by this reformation.|
|07-Apr-14||Registration of Non-Operative Financial Holding Companies (NOFHCs)||RBI has created a separate category of NBFCs, i.e, Non-Operative Financial Holding Company (NOFHC) which will hold bank as well as all other financial services companies regulated by RBI or other financial sector regulators, to the extent permissible under the applicable regulatory prescriptions. Through this category promoters/ promoter groups shall be enabled to set up new banks. NOFHC will be registered with the Department of Non-Banking Supervision (DNBS) of the Reserve Bank, while its regulatory and supervisory framework including prudential norms and submission of returns will be governed by the instructions issued by DBOD from time to time.|
|16-Apr-14||Foreign Direct Investment (FDI) in Limited Liability Partnership (LLP)||Limited Liability Partnership (LLP) registered under the Limited Liability Partnership Act, 2008 shall now be eligible to accept Foreign Direct Investment (FDI), subject to the specified conditions.|
|21-Apr-14||Foreign Direct Investment in Pharmaceuticals sector – clarification||It has been decided by the RBI, that that the existing policy related to FDI in Pharmaceutical sector shall prevail with the condition that ‘non-compete’ clause would not be permitted except in special circumstances with the approval of the FIPB.|
|22- Apr-14||Fund/Non-Fund based Credit Facilities to Overseas Joint Ventures / Wholly Owned Subsidiaries /Wholly owned Step-down Subsidiaries of Indian Companies|| RBI has ordered overseas branches of
domestic banks not to extend ECBs to
and infrastructure companies for repaying rupee loans. Similarly, it has been recommended that, banks, including overseas branches/subsidiaries of Indian banks, must not issue standby letters of credit/guarantees/letter of comforts etc. on behalf of overseas JV/WOS/WoSDS of Indian companies for the purpose of raising loans/advances of any kind from other entities except in connection with the ordinary course of overseas business.
|22- Apr-14||Scaling up of the Business Correspondent (BC) Model –Issues in Cash Management||Bank boards have been ordered to review the operations of business correspondents (BCs) at least once every six months. This has been done to ensure that requirement of prefunding of corporate BCs and BC agents is taperred down with the passage of time. It was further ordered that banks must review the position of payment of remuneration of BCs and to lay down a system of monitoring by the top management of the bank.|