Corporate Updates 24 April 2014


RBI through its Notification bans repayment of domestic loans through ECBs as it observed that banks are extending non-fund based credit facilities like guarantees/stand-by letter of credits/letter of comforts etc. on behalf of JV/WOS/WoSDS for purposes which are not connected with their business, rather, in certain cases, used to avail foreign currency loans for repayment of Rupee loans. Banks are also advised to ensure effective monitoring of the end use of such facilities and its conformity with the business needs of such entities. It is further clarified in case of Indian Companies that, if the ECB is availed from overseas branches/subsidiaries of Indian banks, the risk remains within the Indian banking system and repayment of Rupee loans availed of from domestic banking system through ECBs extended by overseas branches/subsidiaries of Indian banks will, henceforth, not be permitted.


Ministry of Finance has invited Suggestions from the Industry and Trade Associations for General Budget 2014-15 regarding changes in direct and indirect taxes, changes in the duty structure, rates and broadening of tax base on both direct and indirect taxes giving economic justification for the same. Suggestions may also be given for simplification and rationalization of duties and taxes.

Corporate Updates 08 March 2014


The Ministry is in the process of finalising the rules for various provisions of Companies Act, 2013 that replaces the way corporates are governed in the country. Rules for certain provisions, including that for Corporate Social Responsibility (CSR) spending, have already been notified by the Ministry. As the Election Commission of India announced the schedule for the Lok Sabha elections, the Model Code of Conduct has come into force, the Corporate Affairs Ministry will intimate the Election Commission before notifying any rules for the remaining provisions of the new companies law.


The Finance Act, 2014 has received the assecnt of the President on 4th March, 2014 and the same has also been notified & published in the Official Gazette of India on 5th March, 2014. The Finance Act, 2014 shall come into force w.e.f 01-04-2014.

Corporate Updates 06 March 2014


The Ministry of Corporate Affairs has invited Applications to fill up, on deputation basis, for filling up of 1 (one) post each in the National Company Law Tribunal (NCLT) and National Company Law Appellate Tribunal (NCLAT) to be constituted under Section 408 and 410 respectively of the Companies Act, 2013. The selected candidates will be required to serve in the NCLT/NCLAT Bench to be established at Delhi. To view & download the Office Memorandum, please Click Here


Based on the recommendations of the Shyamala Gopinath Committee for Comprehensive Review of National Small Savings Fund (NSSF), the Government has decided to notify the revised Interest rates on various small savings schemes for the Financial Year 2014-15 effective from 01.04.2014, on the basis of the interest compounding/payment built-in in the schemes. To view & download the release, please Click Here.