SEBI AND CORPORATE LAWS

Vol. 82, Part 6, for the week of March 24 – March 30, 2008

STATUTES

circular/press note

insurance matters

-   IRDA (Assets, Liabilities and Solvency Margin of Insurers) Regulations, 2000 - CIRCULAR NO. IRDA/F&A/60/MAR-08, DATED 11-3-2008  

-   IRDA (Micro-Insurance) Regulations, 2005 - Micro Insurance Agents - CIRCULAR NO. IRDA/F&A/62/MAR-08, DATED 12-3-2008  

rbi/fema

-   Exim Bank’s Line of Credit of USD 45 million to the Government of the Socialist Republic of Vietnam - A. P. (DIR SERIES) CIRCULAR NO. 31, DATED 11-3-2008  

sebi

-   Establishment of Connectivity with both Depositories NSDL and CDSL - Companies eligible for shifting from Trade for Trade Segment (TFTS) to Rolling Segment - CIRCULAR NO. MRD/DOP/SE/CIR-4/08, DATED 14-3-2008  

-   Eligibility Criteria, Market Structure and Governance of Derivative Exchange - CIRCULAR NO. DNPD/CIR-37/2008, DATED 11-3-2008  

-   Instructions to registered Merchant Bankers - CIRCULAR NO. CFD/DIL/MB/IS/1/2008/11/3, DATED 11-3-2008  

notification

cofeposa act

-   Section 8 of the Conservation of Foreign Exchange and Prevention of Smuggling Activities Act, 1974 - Advisory Boards - Constitution of - NOTIFICATION NO. GSR 173(E), DATED 7-3-2008 

reports

table of cases

Sumitomo Corporation v. CDC Financial Services (Mauritius) Ltd. (SC)  

subject index

Companies Act, 1956

Company Law Board

Appeal against orders of

-   Whether while exercise of original jurisdiction, as provided in section 47 and other similar sections of 1996 Act, should be by Court within jurisdiction of which suit would have been filed, forum to hear appeal against original order is to be tested with reference to appropriate law governing authority or forum which passed original order - Held, yes - Whether since in view of provisions of section 10F, read with section 10(1)(a), proper forum to hear appeal from orders of CLB is High Court within jurisdiction of which registered office of company in issue is situated, appeal against any order of CLB, including an order passed refusing reference to arbitration, shall lie to High Court within jurisdiction of which registered office of company in issue is situated - Held, yes - Sumitomo Corporation v. CDC Financial Services (Mauritius) Ltd. (SC)  

Companies Act, 1956

-   Section 10F  

Words and phrases

-   ‘authorised by law to hear the appeal’ occurring in section 50 of the Arbitration and Conciliation Act, 1996  

 

 

CUMULATIVE INDEX TO VOLUME 82

 

 

 

Contents

 

    n  Index to Statutes

 

    n  Index to Magazine

 

    n  Case Digest

 

    n  Reports - Table of Cases

 

    n  Text of Magazine

 

    n  Text of Statutes Section

 

    n  Text of Reports Section

 

    n  Subject Index to Reports

 

    n  Subject Index to Case Digest

 

 

Statutes

 

 

 

circular/press note

 

FDI Matters

 

     -  Changes approved in the policy of FDI Investment - Press release, DATED 5-3-2008

 

     -  Guidelines for Foreign Investment in Credit Information Companies - Press Note No. 1 (2008), DATED 12-3-2008

 

     -  Guidelines for Foreign Investment in Commodity Exchanges - Press Note No. 2 (2008), DATED 12-3-2008

 

     -  Guidelines for Foreign Direct Investment (FDI) in Industrial Parks - Press Note No. 3 (2008), DATED 12-3-2008

 

     -  FDI Policy for the Civil Aviation Sector - Press Note No. 4 (2008), DATED 12-3-2008

 

     -  Rationalisation of FDI Policy for the Petroleum & Natural Gas Sector - Press Note No. 5 (2008), DATED 12-3-2008

 

     -  FDI Policy for mining of Titanium bearing minerals and ores - Press Note No. 6 (2008), DATED 12-3-2008

 

insurance matters

 

     -  Regulation 4(1) and 4(4) of IRDA (Protection of Policyholders’ Interests) Regulations, 2002 - circular no. 54/irda/f&u/not/feb. 08, dated 11-2-2008

 

     -  IRDA (Assets, Liabilities and Solvency Margin of Insurers) Regulations, 2000 - CIRCULAR NO. IRDA/F&A/60/MAR-08, DATED 11-3-2008

 

     -  IRDA (Micro-Insurance) Regulations, 2005 - Micro Insurance Agents - CIRCULAR NO. IRDA/F&A/62/MAR-08, DATED 12-3-2008

 

rbi/banking matters

 

     -  Regulatory Framework for Mortgage Guarantee Company - Circular No. dnbs/pd(mgc) c.c. 1/3.11.001/2007-08, dated 15-2-2008

 

rbi/fema

 

     -  Exim Bank’s Line of Credit of USD 35.20 million to the Government of the Kingdom of Combodia - A.P. (DIR series) Circular no. 27, dated 5-2-2008

 

     -  Memorandum of Instructions for Opening and Maintenance of Rupee/Foreign Currency Vostro Accounts of Non-resident Exchange Houses - A.P. (DIR series) Circular no. 28/a.p. (fl/rl series) circular no. 02, dated 6-2-2008

 

     -  Exim Bank’s Line of Credit (LoC) of USD 122 million to the Government of the Federal Democratic Republic of Ethiopia - a.p. (dir series) circular no. 29, dated 22-2-2008

 

     -  Master Circular on Remittance Facilities for Non-Resident Indians/Persons of Indian Origin/Foreign Nationals - master circular no. 4/2007-08, dated 21-2-2008

 

     -  Master Circular on Non-Resident Ordinary Rupee (NRO) Account - master circular no. 3/2007-08, dated 21-2-2008

 

     -  Master Circular on Miscellaneous Remittances from India - Facilities for Residents - master circular no. 5/2007-08, dated 21-2-2008

 

     -  Consolidated R-Return - A.P. (DIR SERIES) CIRCULAR NO. 30, DATED 25-2-2008

 

     -  Exim Bank’s Line of Credit of USD 45 million to the Government of the Socialist Republic of Vietnam - A. P. (DIR SERIES) CIRCULAR NO. 31, DATED 11-3-2008

 

RBI/NBFCs

 

     -  Frauds - Future approach towards monitoring of frauds in NBFCs - Circular No. DNBS.PD.CC. No. 112/03.10.42/2007-08, dated 5-3-2008

 

sebi

 

     -  SEBI (Issue and Listing of Debt Securities) Regulations, 2008/SEBI (Public Offer and Listing of Securitized Debt Instruments) Regulations, 2008/SEBI (Intermediaries) Regulations, 2008/Amendment to SEBI (Mutual Fund) Regulations, 1996 - press release no. 24/2008, dated 30-1-2008

 

     -  ‘Art Funds’ Covered by Collective Investment Scheme - press release no. 44/2008, dated 13-2-2008

 

     -  Section 98 of the Finance (No. 2) Act, 2004 - Securities Transaction Tax - Securities Lending/Borrowing Scheme of SEBI - circular no. 2/2008, dated 22-2-2008

 

     -  Establishment of Connectivity with both depositories NSDL and CDSL - Companies eligible for shifting from Trade for Trade Segment (TFTS) to Rolling Segment - circular no. mrd/dop/se/cir-02/08, dated 21-2-2008

 

     -  Standard Warning in Advertisements by Mutual Funds - CIRCULAR NO. IMD/CIR NO. 12/118340/08, DATED 26-2-2008

 

     -  New Scheme Report - Circular No. IMD/CIR No. 13/118899/08, dated 29-2-2008

 

     -  Safeguards to address the concerns of the investors on transfer of securities in dematerialized mode - Circular No. MRD/DEP/CIR-3/2008, dated 28-2-2008

 

     -  Establishment of Connectivity with both Depositories NSDL and CDSL - Companies eligible for shifting from Trade for Trade Segment (TFTS) to Rolling Segment - CIRCULAR NO. MRD/DOP/SE/CIR-4/08, DATED 14-3-2008

 

     -  Eligibility Criteria, Market Structure and Governance of Derivative Exchange - CIRCULAR NO. DNPD/CIR-37/2008, DATED 11-3-2008

 

     -  Instructions to registered Merchant Bankers - CIRCULAR NO. CFD/DIL/MB/IS/1/2008/11/3, DATED 11-3-2008

 

Securitisation act

 

     -  Regulation of SCs/RCs-submission of returns and audited balance sheet by SCs/RCs - Circular No. DNBS.PD.CC. No. 8/SCRC/10.30.000/2007-08, dated 5-3-2008

 

circular/press release

 

sebi

 

     -  Amendment to Securities Contracts (Regulation) Rules proposed - press release, dated 1-2-2008

 

directions

 

rbi/banking matters

 

     -  Mortgage Guarantee Companies Investment (Reserve Bank) Directions, 2008 - notification No. dnbs(pd)mgc no. 5/cgm (pk) – 2008, dated 15-2-2008

 

     -  Mortgage Guarantee Companies Prudential Norms (Reserve Bank) Directions, 2008 - notification No. dnbs(pd)mgc no. 4/cgm (pk) - 2008, dated 15-2-2008

 

guidelines

 

rbi/banking matters

 

     -  Mortgage Guarantee Company (Reserve Bank) Guidelines, 2008 - notification No. dnbs(pd)mgc no. 3/cgm (pk) - 2008, dated 15-2-2008

 

notification

 

cofeposa act

 

     -  Section 8 of the Conservation of Foreign Exchange and Prevention of Smuggling Activities Act, 1974 - Advisory Boards - Constitution of - NOTIFICATION NO. GSR 173(E), DATED 7-3-2008

 

companies act

 

     -  Section 4A of the Companies Act, 1956 - Public Financial Institution - Specified Institution - notification no. s.o. 298(e), dated 12-2-2008

 

     -  Section 637A of the Companies Act, 1956 - Power of Central Government or Tribunal to accord approval, subject to conditions and to prescribe fees on applications - Amendment in Notification No. GSR 555(E), dated 26-7-2001 - NOTIFICATION NO. G.S.R. 113(E), DATED 28-2-2008

 

industries (development and regulation) act

 

     -  Section 29B of the Industries (Development and Regulation) Act, 1951 - Power to exempt in special cases - Amendment in Notification No. S.O. 477(E), dated 25-7-1991 - notification no. s.o. 246(e), dated 5-2-2008

 

rules/regulations

 

competition act

 

     -  Competition Commission of India (Term of the Selection Committee and the Manner of Selection of Panel of Names) Rules, 2008 - NOTIFICATION NO. G.S.R. 111(E), DATED 27-2-2008

 

insurance matters

 

     -  Insurance Regulatory and Development Authority (Obligations of Insurers to Rural or Social Sectors) (Third Amendment) Regulations, 2008 - Amendment in regulation 3; insertion of Regulations 3B, 4A, 5, 6 and 7 - notification f. no. irda/reg/1/42/2008, dated 3-1-2008

 

     -  Insurance Regulatory and Development Authority (Obligations of Insurers to Rural or Social Sectors) (Fourth Amendment) Regulations, 2008 - Amendment in Regulation 3 - notification f. no. irda/reg. 2/13/2008, dated 25-1-2008

 

     -  Insurance Regulatory and Development Authority (Registration of Indian Insurance Companies) (Second Amendment) Regulations, 2008 - Amendment in Regulation 2(h) - notification f. no. irda/reg/3/44/2008, dated 11-2-2008

 

rbi/fema

 

     -  Foreign Exchange Management (Remittance of Assets) (Second Amendment) Regulations, 2007 - Amendment in regulation 4 - notification no. g.s.r. 90(e) [no. fema 161/2007-rb], dated 18-9-2007

 

     -  Foreign Exchange Management (Deposit) (Third Amendment) Regulations, 2007 - Amendment in regulation 5; insertion of Schedule 8 - notification no. g.s.r. 91(e) [no. fema 162/2007-rb], dated 18-9-2007

 

     -  Foreign Exchange Management (Foreign Currency Accounts by a person resident in India) (Amendment) Regulations, 2008 - Amendment in regulation 6 - notification no. g.s.r. 92(e) [no. fema 174/2008-rb], dated 25-1-2008

 

secretarial standards

 

companies act

 

     -  Secretarial Standard on Minutes (SS-5)

 

     -  Secretarial Standard on Transmission of Shares and Debentures (SS-6)

 

scheme

 

other corporate laws

 

     -  Issue of Foreign Currency Exchangeable Bonds Scheme, 2008 - notification no. g.s.r. 89(e), dated 15-2-2008

 

 

Magazine

 

 

 

features

 

company law

 

debanshu mukherjee and rachit jain

 

     -  Buy-back of shares : A lucrative proposition for companies

 

Ashhok Saxena (Company Secretary)

 

     -  One-person company (OPC) - An Innovative concept

 

N. Vijia Kumar (Advocate)

 

     -  Sick company rehabilitation pending before BIFR under SICA - High Court not to interfere under Companies Act, 1956

 

L.V.V. Iyer

 

     -  Corporate Law Referencer

 

FOREIGN EXCHANGE LAWS

 

MANOJ FOGLA

 

     -  A critique of the proposed Foreign Contribution (Regulation) Bill, 2006

 

limited liability partnership

 

mayank mishra & bharat budholia

 

     -  Inducing limited upheaval - Exhibiting the fallacies of LLP Bill

 

securities laws

 

Tulika Sinha

 

     -  Role of stock exchange in development of economy

 

vivek sadhale (Company Secretary) and vikas agarwal (Assisstant Manager - Secretarial Persistent Systems Ltd.)

 

     -  Research Distribution Guidelines for the IPO

 

Case Digest

 

Table of cases

 

Bajoria (M.K.) v. Lalith Steel Suppliers (Mad.)

 

Branch Manager, Indian Bank v. Krishnamoorthy (Ker.)

 

Employees’ State Insurance Corporation v. Manipal Sowbhagya Nidhi Ltd. (Kar.)

 

Gargya Research Instruments v. State Bank of India (Delhi)

 

Indian Steel & Wire Products Ltd. v. Kothari Metals Ltd. (Cal.)