• NATIONAL

Filing of Balance Sheet and Profit & Loss Account for the year 2010-11 mandated to be in XBRL mode

MCA has mandated all companies listed in India & their subsidiaries, including overseas subsidiaries and companies having a paid up capital of Rs. 5 Cr or a Turnover of Rs 100 Cr to file balance sheets and profit & loss account for the year 2010-11 onwards by using XBRL taxonomy. (Attached)

Finance Bill, 2011 has received the Presidential assent

The president of India has assented to the Finance bill, 2011 as Finance Act, 2011 (Act No.8 of 2011) dated 8th April 2011

MCA likely to modify M&A Rules by mid April

MCA has indicated certain modifications in the rules in view of the suggestions and comments received from the stakeholders to the draft regulations released by CCI earlier. The modified rules is likely to be released during this month.

M&A Rules to be applicable from June 1, 2011

The Central Government is all set to make provisions of the Merger and Acquisition Rules applicable from 1st June 2011. This would mean that effective this date all takeovers will put under CCI Scanner.

SC: Market enquiry could be conducted only as a last resort to determine value of the goods exported

The Apex Court has held that the procedure laid down in Rules 5 to 8 of the 1988 Rules was to be followed by the adjudicating authority , if for any reason, data of contemporaneous exports of identical goods was not available for determination of value of the goods. (Attached)

SC: Conversion of IFCI Ltd into a Company did not alter its status as a financial institution

The Apex Court has held that the Industrial Finance Corporation of India was admittedly regarded as a `public financial institution' in view of Section 4A(1)(ii) of the Companies Act & conversion of the same into a Company did not alter its position & status as a financial institution. (Attached)

Bench of nine judges to decide whether royalty determined under MM(R&D)Act,1957 is in nature of tax

Matter relating to determination of the issue whether royalty under Mines and mineral (Regulation & development) Act, 1957 is in nature of the tax and other issues annexed thereto has been referred to bench of nine judges (Mineral Area Development Authority v. M/s. Steel Authority of India & Ors)

Delhi HC upholds the ban on Blueline buses

The Delhi HC has rejected the petition seeking permission to ply in NDMC area, saying that the phase out of bluelines had led to a visible change on roads with fatalities coming down and govt was within its rights to phaseout any such class of buses posing threat to citizens

Ban on Karnataka iron ore export lifted by SC

The Apex court has lifted the ban on the export and transportation of iron ore in karnataka vide an interim order providing 15 days time to state government to put in place a infrastructure to enforce the new rules to prevent illegal mining of iron ore and its transport.

Removing stamps from a document to affix on to another will render the document as not duly stamped

SC upheld the finding of Trial Court in a case where documents were held as not duly stamped as per the Indian Stamps Act. Trial Court found that the stamps affixed on the pronote were removed from another document and affixed on the said pronote and hence it cannot be taken into consideration.

SC: A family settlement is not a transfer of property

The Apex Court held that a family settlement is a bona fide to avoid disputes in family and a decree passed in pursuance to this cannot be interfered with.

Sex with a woman above 16 years of age with her consent is not rape

SC: An accused is entitled to the benefit of doubt, if Court is of the opinion that on the evidence two views are reasonably possible, one that he is guilty and the other that he is innocent, then the benefit of doubt goes in favour of the accused.

Delhi Cabinet approves blanket ban on plastic in Delhi

The Delhi Cabinet has approved a blanket ban on manufacture, sale, storage and usage of plastic bags in Delhi. It is likely to get notified in the month of May 2011.

Appointment of Judges to the Gauhati High Court

President has appointed Shri Justice Asok Potsangbam and Shri Justice Pranoy Kumar Musahary, Additional Judges of the Gauhati High Court, to be Judges of the Gauhati High Court, in the order of seniority, with effect from the date they assume charge of their offices.

MP Assembly has passed the Special Courts Bill 2011 to check bureaucratic corruption

In line with the Bihar Government, MP Assembly has passed a bill empowering govt. with wide range of powers to confiscate properties of its employees who accumulate wealth through corrupt means. The Bill will ensure prompt disposal of corruption cases against government employees in special Courts.

Discussion paper on taxing more services

The Finance Ministry is likely to come out soon with a discussion paper on Service Tax intending to increase its contribution to the overall tax fund. The Ministry is working on discussion paper to get opinion and feedback before moving to GST.

Babus in Delhi to ensure timely deliver of services to citizens or to pay for causing delays

With the Delhi (Right of Citizen to Time-Bound delivery of Services) Bill 2011 cleared by Delhi Assembly, Babus now to ensure timely delivery of services to the Citizens and also to be accountable for delay.

No NOC Required by the Overseas Investors from Joint Venture Partners before Venturing Out their Own

In order to attract fresh investment and technology inflows into the country, one of the last government stranglehold on foreign direct investment has been removed reducing the state intervention in the commercial sphere.

Supreme Court Validates Probe into Graft Charges against Jharkhand CM

SC has uphold the order asking CBI & enforcement directorate to investigate into the graft charges levelled against the Jharkhand CM and his associates.

FIIs investment cap in infra bonds hiked by SEBI

SEBI has allowed Foreign Institutional Investors to invest $25 billion in a bond issued by infrastructure companies as against the present limit of $5billion

Creation of seven posts of Indirect Tax Ombudsman

The Union Cabinet has approved creation of seven posts of Indirect Tax Ombudsman to be located at various places. The Indirect Tax Ombudsman Guidelines 2011 has also been approved.

Consolidated FDI Policy (Effective from April 1,2011) Released

The Department of Industrial Policy and Promotion has released the Consolidated FDI Policy, which shall be effective from April 1,2011 vide Circular No. 1 of 2011 (Attached)

Parliamentary committee recommended effective ''legal mechanism'' to ensure women's right to matrimonial property

Parliamentary committee has recommended effective ''legal mechanism'' to provide to women their share in the matrimonial property, acquired during the subsistence of marriage, before divorce while favouring introduction of ‘irretrievable breakdown of marriage’ as new ground for grant of a divorce.

Supreme Court Notice to Indiabulls over SEBI plea

The Supreme Court has issued a notice to Indiabulls Securities after SEBI challenged a Securities Appellate Tribunal order setting aside the penalty imposed against the firm by the market regulator for alleged manipulative and fraudulent practices in the Futures and Options (F&O) during January-March 2007. 

Based on the preliminary inquiry it was alleged by the SEBI that Indiabulls had executed irregular and non-genuine trades and indiabulls was accordingly held guilty of violating Regulations 3 and 4 of the FUTP Regulations. However,

This was challenged by Indiabulls before SAT, which held, "The trades in this case were only for tax planning and do not manipulate the market and nor are they fictitious or non-genuine. All the appeals are allowed and the impugned orders set aside with no order as to costs." 

India likely to get Swiss bank info for cases dating from January 2011

India is likely get acess to information on secret bank accounts from Swiss authorities for cases dating from January 2011, once the revised taxation treaty between the two countries is ratified by the Switzerland Parliament. The revised Double Taxation Avoidance Agreement (DTAA) between India and Switzerland is awaiting ratification from the Swiss Parliament, which is expected to happen by end of this year. 

Generally, bilateral taxation agreements do not have provisions for getting information on a retrospective basis, but in this case, both governments finalised the same after negotiations. 

2G spectrum case trial to be held without adjournment

The Supreme Court has said it will direct the special court, set up exclusively for trying various 2G spectrum scam accused, to hold day-to-day trial without any adjournment. A bench of justices G.S. Singhvi and A.K. Ganguly said it will pass a formal order on this issue on April 11, when, it indicated, it will also appoint senior advocate U.U. Lalit as a special public prosecutor to assist the court in holding the trial in the spectrum allocation case. 

Government of Himachal Pradesh likely to make law for confiscation of property acquired through illegal means

In order to make the state free from corruption the government of Himachal Pradesh is likely to bring a new legislation for confiscating property acquired through illegal means.

• INTERNATIONAL NEWS

Yemen's Agitation

Lots of people injured during protest in the Yemeni capital Sanaa. Many of them got gunshot wounds. Protests was against President Ali Abdullah Saleh. People are inspired by the popular uprisings in Tunisia and Egypt and calling for the removal of President Saleh after more than three decades in power.

Unrest Egypt

Dozens of people injured and one dead during army operation in Cairo's Tahrir Square when they were demanding trial of ex-President Hosni Mubarak and his family for corruption. Former Egyptian President Hosni Mubarak denied every accusation of corruption against him and his family. On April 10th, 2011 issued his first public remarks since his recent ouster. He said "I cannot keep silent facing this continued falsified campaign and the continued attempt to undermine my reputation and the reputation of my family."

China's Concern Over Asia-Pacific

Chinese government on March 31st, 2011 showed its concern over security situation in Asia-Pacific as eruptive pointing to the United States "reinforcing" regional military alliances and rising suspicions among China's neighbours. China would expand confidence-building measures with its neighbours and would start cemented to a defence policy that was defensive in nature.

Lost of billions of dollars

British government minister on April 10th, 2011 clarified that burning dispute between the United Kingdom and Iceland over billions of dollars lost will be resolved in court. Danny Alexander, the chief secretary of the Treasury UK said "an obligation to get that money back, and we will continue to pursue that until we do."

Nuclear crisis in Japan

In Japan thousand of people stood for a march calling for Japan's nuclear power stations to be shut down. A month of frustration, desperation and anger boiled over at Tokyo Electric Power Company's headquarters Friday as officials from towns around the Fukushima Daiichi nuclear power plant demanded to know when the crisis that has besieged their farming communities would end.

Protest against budget cuts to education in Washington, DC

Obama govt. announced various cut down in budget even in mandatory expenditure programmes such as Medicare and Medicaid and financing for environmental programmes aimed at cutting greenhouse gas emissions and education. President announced on April 8, 2011 "Some of the cuts we agreed to will be painful. Programmes people rely on will be cut back. Needed infrastructure projects will be delayed. And I would not have made these cuts in better circumstances."

Voting for President in Peru

Voting began on Sunday by Peruvians for a successor to centre-right President Alain Garcia, who cannot immediately stand again. Leftist ex-soldier Ollanta Humala a clear favourite amid widespread going on no.1 and Right-wing populist Keiko Fujimori, daughter of the jailed former President, Alberto Fujimori, was slightly ahead of liberal ex-Prime Minister Pedro Pablo Kuczynski, known as "PPK," according to the latest estimations.

Ceasefire between Israeli and Palestinian officials

Israeli and Palestinian officials floated a ceasefire on Sunday to end an upsurge of violence in Gaza, as Israel warned of a still stronger response if rocket fire from the coastal strip continues. Arab League would approach to U.N.to impose a no-fly zone over Gaza after Israeli Prime Minister Netanyahu warned that continued rocket fire by Gaza militants would be dealt with harshly.

Australia lowered visa levels

Australian government lowered visa assessment levels for students from various countries including India under which they would now be required to provide less documentary evidence.

Blasts at Pakistani shrine

Many people died and several injured in two blasts at the Sakhi Sarwar Darbar in Dera Ghazi Khan in southern Punjab, ISLAMABAD. First blast at the entrance of the shrine and second blast took place inside the shrine when rescue workers rushed to the spot.