Corporate Updates – 05-08-2014


SEBI has advised stock exchanges to, put in place a system to monitor and review the compliance of listing conditions by listed companies. The Principles of Corporate Governance, inter-alia, provide that shareholders should have opportunity to participate effectively and vote in general shareholder meetings. In this regard, it is observed that some listed companies belonging to a common group have held their AGMs, with a time gap of 15 minutes between two AGMs. It is observed that allocation of 15 minutes for conducting AGM of a public listed company having more than one lakh shareholders does not appear to be adequate enough to facilitate a constructive discussion on various matters transacted at the AGM. In this regard all recognised stock exchanges are advised to step up and equip their monitoring framework to identify and monitor such practices and to ensure that requirements laid down by Principles of Corporate Governance in the revised Clause 49 of the Listing Agreement are followed in letter and spirit.


Central Government has issued clarification regarding Acquisition and Transfer of Immovable Property in India by Foreign Nationals. It has come to notice that foreign nationals are buying immovable property illegally in some parts of the country. It has also been observed that foreign nationals coming to India and staying beyond 182 day on a tourist or other visa meant for a certain period are illegally acquiring immovable property in India in violation of the extant rules and regulations under FEMA. To be treated as a person resident in India under FEMA a person has not only to satisfy the condition of the period of stay (being more than 182 days during the course of preceding financial year) but also his purpose of stay as well as the type of Indian visa granted to him to clearly indicate the intention to stay in India for an uncertain period. Further, person acquiring immovable property have to fulfill the requirements, if any, prescribed by the State authorities.

Annual Membership Fees of ICSI

The Annual Membership and Certificate of Practice fee for the year 2014-15 becomes due for payment w.e.f. 1st April, 2014 and last date for payment of the same is 31st August, 2014. Members are requested to pay the fee before the last date. The Certificate of Practice fee must be accompanied by an application for renewal of Certificate of Practice in the revised Form-D duly completed in all respects and signed for renewal of Certificate of practice for the year 2014-15. The annual membership fee for ACS : Rs. 1,125/-, for FCS : Rs. 1,500/- and certificate of practice fee is Rs. 1,000/-. Fees can be paid by cash / cheque / DD in favour of “The Institute of Company Secretaries of India” or Fees can be paid online after login.

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