manupatra roundup
Legislative and Regulatory Update
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In This Issue [No.35] Dec 20, 2002
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Primary Market Department
Application procedure for registration / renewal as Underwriter.
Circular No. RUW Circular No. 2(2002-2003)/UW Dated 16.12.2002 : SEBI has advised that all entities desirous to be registered as Underwriters and all registered Underwriters desirous of renewing their registration as Underwriter, are required to furnish all the information as specified in 'Additional Information', available on SEBI website www.sebi.gov.in, alongwith 'Form A'. The information submitted to SEBI at the time of registration/renewal application, shall be full and complete in all respects, otherwise it may delay processing of the registration/renewal application
Application procedure for registration / renewal as Merchant Banker.
Circular No. RMB Circular No. 3(2002-2003)/MB Dated 16.12.2002 : SEBI has advised that all entities desirous to be registered as Merchant Bankers and all registered Merchant Bankers desirous of renewing their registration as Merchant Banker, are required to furnish all the information as specified in 'Additional Information', available on SEBI website www.sebi.gov.in, alongwith 'Form A'.The information submitted to SEBI at the time of registration/renewal application, shall be full and complete in all respects, otherwise it may delay processing of the registration/renewal application.
Derivatives
Adjustment in Stock Option Contracts and Single Stock Futures Contracts at the time of Corporate Action
Circular No. SMDRP/DC/CIR-15/02 Dated 18.12.2002 : The Exchanges may now determine the manner of adjustment in derivative contracts at the time of corporate actions in conformity with the following principles:-
1.The basis for any adjustment for corporate action shall be such that the value of the position of the market participants on cum and ex-date for corporate action shall continue to remain the same as far as possible.
2.The exchanges shall take into account best practices followed internationally.
3. The exchanges shall act consistent with SEBI Circular No. SMDRP/DC/Cir-8/01 dated June 21, 2001 on adjustment for corporate actions as well as the decisions of the erstwhile sub-committee on corporate actions.
4.The Exchanges shall consider the circumstances of a particular case and the general interest of investors in the market.
5.The Exchanges shall ensure that the adjustment methodology for a corporate action is uniform across all exchanges.
Review of recommendation of Dr. L.C Gupta Committee on Derivatives
Circular No. SMDRP/DC/CIR-14/02 Dated 18.12.2002 : Based on the recommendations of the Advisory Committee on Derivatives, SEBI has issued certain norms for market structure and governance to be adopted by Derivative Segment and its Clearing House/Corporation regarding separation of Cash and Derivative Segment of an Exchange and its Clearing House/Corporation and appointment of a Chief Executive Officer (CEO) of the derivative segment and its clearing house / corporation
Risk containment measures and the broad eligibility criteria of stocks
Circular No. SMDRP/DC/CIR-13/02 Dated 18.12.2002 : The SEBI Board in its meeting on November 29, 2002 considered the recommendations made in the report of Advisory Committee on Derivatives headed by Prof. J. R Varma and also considered the comments received from the public. Based on the recommendation of the Advisory Committee on Derivatives, the eligibility criteria for stocks on which stock option and stock futures could be introduced and the modifications in the risk containment measures are specified.The changes in the risk containment measures shall be implemented before the list of eligible stocks is expanded or January 01, 2003, whichever is earlier. The Exchanges shall endeavor to institute the risk containment measures by January 1, 2003.The Derivative Exchange/Segment may select eligible stocks for introduction of stock option and single stock future contracts, applying the broad eligibility criteria specified in this circular, and submit their proposal to SEBI for approval of the contracts.
Secondary Market Department
Amendments to the Bye-Laws of OTC Exchange of India
Notification No. SO1324(E) Dated 12.12.2002 : Amendments have been made to Bye-Laws of OTC Exchange of India by incorporating a new clause 35(b) after clause 35(a) of Chapter XIII of the Bye-laws relating to "Time bound arbitration proceedings Adjournment"
Regulations
Securities and Exchange Board of India (Foreign Institutional Investors) (Amendment) Regulations, 2002
Notification No. SO1292(E) Dated 10.12.2002 : The regulations make the following further amendments to The Securities and Exchange Board of India (Foreign Institutional Investors) Regulations, 1995:
1.In the First Schedule, in Form A, in the Annexure, for clauses (a) to (d) the following shall be substituted, namely:
"(a) Certified copy of the relevant clauses or articles of the Memorandum and Articles of Association or the agreement authorizing the applicant to invest on behalf of its clients.
(b) Audited financial statements and annual reports for the last one year, provided that the period covered shall not be less than twelve months.
(c) A declaration by the applicant with registration number and other particulars in support of its registration or regulation by a Securities Commission or Self Regulatory Organisation or any other appropriate regulatory authority with whom the applicant is registered in its home country.
(d) A declaration by the applicant that it has entered into a custodian agreement with a domestic custodian together with particulars of the domestic custodian."
2. In the Second Schedule, in paragraph (1), for the words and figures "US $ 10,000/-" the words and figures "US $ 5.000/-" shall be substituted
Securities and Exchange Board of India (Underwriters) (Amendment) Regulations, 2002
Notification No. SO1291(E) Dated 10.12.2002 : The regulations make the following further amendments
In the Securities and Exchange Board of India (Underwriters) Regulations, 1993:
(i) in regulation 7, for sub-regulation (2), the following shall be substituted:
"(2) Notwithstanding anything contained in sub-regulation (1), every stock-broker, who acts as an underwriter shall fulfill the capital adequacy requirements specified by the stock exchange of which he is a member."
(ii) in regulation 12, in sub-regulation (1), in the proviso:
(a) the words "or a merchant banker" occurring after the words "a stock broker" shall be omitted; and,
(b) the words "or the Securities and Exchange Board of India (Merchant Bankers) Regulations, 1992" occurring after the words "the Securities and Exchange Board of India (Stock Brokers and Sub-brokers) Regulations, 1992" shall be omitted
Press Release
SEBI Signs MOU on Mutual Co-Operation with Financial Services Commission, Mauritius
Press Release No. PR 275/2002 Dated 12.12.2002 : Securities and Exchange Board of India signed a Memorandum of Understanding (MOU) with its Mauritian counterpart, Financial Services Commission, to strengthen communication channels and establish a framework for assistance and mutual cooperation between the two parties on 12.12.2002.Under the MOU, both regulators recognise the desirability for providing assistance and exchange of information to aid each other in ensuring compliance with laws and regulations in their respective countries. The scope of the Memorandum includes providing assistance and taking action against insider dealing, market manipulation and other fraudulent practices in securities dealings. The exchange of information also seeks to promote high standards of fair dealing and integrity in the conduct of business
Institutions Approved Under Section 10(23C)(iv)
Notification No. 387/2002 to No.392/2002 Dated 13.12.2002 : The Bharat Scouts & Guides, New Delhi,Voluntary Health Association of India, New Delhi, Indian Association of Women's Studies, New Delhi,Children Book Trust, New Delhi,Kerala Motor Transport Workers Welfare Fund Board, Kollam,Kerala Motor Transport Workers Welfare Fund Board, Kollam have been notified for Section 10(23C)(iv)
Bonds issued by ICICI,Mumbai approved under Section 80L(I)(ii)
Notification No. 380/2002 to No.386/2002 Dated 10.12.2002 : Central goverment has specified Various Bonds issued by ICICI,Mumbai during July, 2000 to March 2001 for purpose of Section 80L(I)(ii)
9.50% Tax Free Bonds of National Textile Corporation Limited specified for Section 10(15)(iv)(h)
Notification No. 379/2002 Dated 10.12.2002 : Central Government has specified ‘9.50% Tax Free Bonds’ bearing distinctive numbers from 1 to 24000, of rupees one lakh each, issued by National Textile Corporation Limited and carrying an interest of 9.50% per annum, for a period of 5 years, for a total amount of rupees 240 crores for Section 10(15)(iv)(h).
Institutions Approved Under Section 35AC
Notification No. 365/2002 to No.378/2002 Dated 09.12.2002 :The Central Government on the recommendations of the National Committee, has approved Various Institutions for purpose of Section 35AC
M/s BSES Telecom Limited,Mumbai Approved U/S 10(23G)
Notification No. 364/2002 Dated 09.12.2002 : Central Government for the purpose of section 10(23G) has approved M/s BSES Telecom Limited,Mumbai for the assessment years 2002-2003, 2003-2004 and 2004-2005.
Amendment to Notification No. 52/2000 Dated 19.10.2000
Notification No. 59/2002 Dated 10.12.2002 : Central Government has substituted paragraph 4 of Notification No. 52/2000 Dated 19.10.2000 relating to clearance of goods in the Domestic Tariff Area by unit engaged in trading .
Excise duty on woven textile fabrics manufactured by a composite mill or a manufacturer engaged in processing of fabrics along with weaving of fabrics in the same factory- Clarification
Circular No. 71/680/2002 Dated 10.12.2002 : As per Explanation II (as amended by Explanation VII, inserted vide notification No. 37/2002-CE), textile fibres, yarns and fabrics bought from the market have been deemed to have been duty paid. Thus, a composite mill, i.e., a manufacturer engaged in the processing of fabrics along with spinning of yarn from fibres and weaving of fabrics within the same factory, manufacturing processed textile fabrics in a continuous process from textile fibres, bought from the market, would attract an aggregate excise duty of 12% ad valorem thereon.
Supply of Goods by EOU/EPZ/SEZ units against Special Entitlement of Duty Free Import of Goods
Circular No. 88/2002 Dated 17.12.2002 : It has been clarified that manufacturing units in SEZ may also be allowed to clear manufactured goods in DTA against special entitlement of duty free import of goods as per paragraph 7.8 (c) (iv) of the Exim Policy 2002-2007 without payment of duty. It is clarified that special entitlement of duty free import of goods covers only the goods specified under Serial No. 167 of the notification No. 21/2002-Cus, dated 1-3-2002. Therefore, only those goods specified under Sl. No. 167 of notification No. 21/2002-Cus, dated 1-3-2002 should be allowed to be cleared against special entitlement of duty free import of goods, subject to fulfilment of conditions as specified in the said notification.
Powers of Adjudication of Additional / Joint Commissioners of Customs
Circular No. 87/2002 Dated 17.12.2002 : It has been decided that in cases where the duty has not been levied or has been short levied or erroneously refunded because of collusion, wilful mis-statement or suppression of facts, etc. and where the duty involved is upto Rs. 20 lakhs, the show cause notices may be decided by the Additional Commissioners of Customs. Similarly, the Joint Commissioners of Customs may decide the show cause notices involving duty upto Rs.10 lakhs. In other words, the Additional Commissioners of Customs and Joint Commissioners of Customs can now adjudicate cases upto a value limit (value of goods) of Rs. 20 lakhs.
Revision of All Industry Rates of Drawback in respect of a few entries of the Drawback Table 2002-2003
Circular No. 84/2002 Dated 10.12.2002 : In the wake of representations from some Export Promotion Councils and the request of the Ministry of Textiles, Central Government have decided to amend and incorporate a few entries of the Duty Drawback Table 2002-2003 as regards their description, rates, caps and conditions.Accordingly, a notification bearing No.80/2002-Cus, dated 10th December,2002 has been issued in this regard.
Anti-Dumping Duty on Compact Fluorescent Lamps
Notification No. 138/2002 Dated 10.12.2002 : Central Government, on the basis of findings of the designated authority has imposed an anti-dumping duty on Compact Fluorescent Lamps falling under Chapter 85 of the First Schedule to the said Customs Tariff Act, originating in or exported from People’s Republic of China,Hong Kong when exported by exporter mentioned and imported into India.
Amendment to Notification No. 137/2000 Dated 19.10.2000
Notification No. 137/2002 Dated 10.12.2002 : Central Government has substituted paragraph 4 of Notification No. 137/2000 Dated 19.10.2000 relating to clearance of goods in the Domestic Tariff Area by unit engaged in trading.
Amendment to Notification No. 21/2002 Dated 01.03.2002
Notification No. 136/2002 Dated 09.12.2002 : Central Government has made amendments to Notification No. 21/2002 Dated 01.03.2002.In table entry no.212B relating to Zinc metal has been inserted.
Standard Set of Guidelines for Appointment of Custodian of Sea Ports and Air Cargo Complexes - Reg.
Circular No. 83/2002 Dated 05.12.2002 : It has been decided that the custodians would be required to execute a bond equal to only the average duty involved on the goods likely to be stored in the premises for a period of 30 days, supported by a bank guarantee or a Government bond or cash deposit equivalent to 10% of such duty.
Anti-Dumping Duty on Cold Rolled Flat Products of stainless steel
Notification No. 134/2002 Dated 05.12.2002 : Central Government, on the basis of findings of the Designated Authority,has imposed an anti-dumping duty , on Cold Rolled Flat Products of stainless steel, of a width of 600 mm or more, whether further processed or not, of all grades or series, classified under sub-headings 7219.31, 7219.32, 7219.33, 7219.34, 7219.35 and 7219.90 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975), originating in, or exported from, the European Union, Japan, Canada and the Unites States of America, when exported by any exporter or producer, and imported into India.
Amendment to Notification No.33/2002 Dated 29.05.2002 relating to Determination of Rates of Drawback
Notification No. 80/2002 NT Dated 10.12.2002 : Central Government, being satisfied that it is necessary in the public interest so to do,has made certain amendments Notification No. 33/2002 dated the 29.05.2002.Apart from other amendments, in the said notification, in the General Note No.2, for clause (e), the following clause shall be substituted, namely:-
“(e) manufactured or exported by availing the rebate of duty paid on materials used in the manufacture or processing of such commodity or product in terms of rule 18 of the Central Excise Rules, 2002”;
Amendment to Notification No. 36/2001 Dated 03.08.2001
Notification No. 79/2002 NT Dated 10.12.2002 : Central Goverment has made certain amendments in Notification No. 36/2001 Dated 03.08.2001 by substituting of table of said notification relating to tariff value of certain goods.
Amendment to Notification No. 14/2002 and No.16/2002 Dated 07-03-2002
Notification No. 77/2002 NT and No. 78/2002 NT Dated 05.12.2002 : Central Goverment has made certain amendments in Notification No. 14/2002 and No.16/2002 Dated 07-03-2002 relating to Commissioner of Customs.
Exemption to Taxable services provided by a consulting engineer from Service Tax
Notification No.18/2002 Dated 16.12.2002 : Central Government, being satisfied that it is necessary in the public interest so to do, has exempted the taxable services provided by a consulting engineer to a client on transfer of technology from so much of the service tax leviable thereon under Section 66 of the said Act, as is equivalent to the amount of cess paid on the said transfer of technology under the provisions of Section 3 of the Research and Development Cess Act, 1986 (32 of 1986)
Exchange Earners' Foreign Currency (EEFC) Account Scheme
Circular No. A.P. (DIR Series) Circular No.62 Dated 17.12.2002 : It has been decided that, payments received in foreign exchange by a unit in Domestic Tariff Area (DTA) for supply of goods to a unit in Special Economic Zone (SEZ) out of its foreign currency account are to be treated as eligible foreign exchange earnings for the purpose of credit to the EEFC Account. It will, therefore, be in order for authorised dealers to credit such payments received in foreign exchange by a unit in DTA to its EEFC Account.The facility will be available in respect of foreign exchange received by the recipients from the date of this circular.
"Write-off" of unrealised export bills-Surrender of export incentives
Circular No. A.P. (DIR Series) Circular No.61 Dated 14.12.2002 : With a view to ensuring that exporters invariably surrender the export incentives in respect of export bills for which they seek "write-off", authorised dealers should obtain document/s evidencing surrender of export incentives availed of before permitting "write-off" for the relevant outstanding bills.The authorised dealers are advised to put in a place a system under which their internal inspectors or auditors (including external auditors appointed by authorised dealers) should carry out random sample check/percentage check of "write-off" outstanding export bills.
Full convertibility of Deposit Schemes -NRNR/NRSR Accounts- Clarifications
Circular No. A.P. (DIR Series) Circular No.60 Dated 10.12.2002 : Clarifications regarding Renewal of overdue NRNR deposits,Credit of matured NRNR deposits to NRE Account and thereafter to FCNR(B) Account,Repatriation of maturity proceeds of NRNR Accounts and Credit of matured NRNR deposits to RFC Account have been given by RBI to all Authorised Dealers through this circular.
Issue of International Credit Cards to Non-Resident Indians (NRIs)/Persons of Indian Origin (PIOs)
Circular No. A.P. (DIR Series) Circular No.59 Dated 09.12.2002 : It has been decided to permit settlement of credit card charges out of funds held in the card holders’ Non- Resident (Ordinary) Rupee Accounts (NRO) as well. Accordingly, authorised dealers may allow debits to NRO accounts of their NRO/PIO constituents to the extent of the card limit for use of credit cards issued by banks in India . The debits shall also be subject to the conditions for use of the International Credit Cards by residents.
Fair Practices Code on Lenders' Liability
Notification No. Ref.DBOD.No.Leg.BC. /09.07.007 / 2002-03 Dated 19.12.2002 : RBI has prepared broad guidelines to be adopted by banks and Financial Institutions for framing the Fair Practices Code with the approval of their Boards.As per these guidlines Loan Application forms shall be comprehensive to include information about rate of interest (fixed / floating) and manner of charging (monthly / quarterly / half-yearly / yearly rests), process fees and other charges, penal interest rates, pre-payment options and any other matter which affects the interest of the borrower, so that a meaningful comparison with that of other banks can be made and informed decision can be taken by the borrower..Lenders should ensure that there is proper assessment of credit requirement of borrowers. The credit limit, which may be sanctioned, should be mutually settled.
Measurement of Credit Exposure of Derivative Products
Notification No. DBOD.No.BP.BC. 48 /21.03.054/2002-2003 Dated 13.12.2002 : Banks are advised to adopt, effective from April 1, 2003, either Original Exposure Method or Current Exposure Method, consistently for all derivative products, in determining individual / group borrower exposure .Banks are encouraged to follow the Current Exposure Method which is an accurate method of measuring credit exposure in a derivative product. In case a bank is not in a position to adopt the Current Exposure Method, it may follow the Original Exposure Method. However, its endeavour should be to move over to Current Exposure Method in course of time.
Limit of Unsecured Guarantees and Advances
Notification No. DBOD.No.BP.BC. 47 /21.04.141/2002-03 Dated 13.12.2002 : Reserve Bank of India has formulated a scheme for the setting up of OBUs in SEZs by banks. A Notification No. FEMA 71/2002-RB dated September 7, 2002 has been issued by Exchange Control Department in this regard.Banks intending to set up OBUs in SEZs may approach this department with an application under Section 23 of the Banking Regulation Act, 1949. The application must be accompanied by such additional information as would be needed for processing the application.
Reliance on Call/Notice Money Market: Prudential Norm
Circular No. MPD.226/ 07.01.279/2002-03 Dated 11.12.2002 : The second stage of stipulation of prudential limits on the exposure of commercial banks in call/notice money market would commence from December 14, 2002.In the second stage, with effect from the fortnight beginning December 14, 2002, lending of scheduled commercial banks, on a fortnightly average basis, should not exceed 25 per cent of their owned funds; however, banks are allowed to lend a maximum of 50 per cent on any day, during a fortnight.Similarly, borrowings by scheduled commercial banks should not exceed 100 per cent of their owned funds or 2 per cent of aggregate deposits, whichever is higher; however, banks are allowed to borrow a maximum of 125 per cent of their owned funds on any day, during a fortnight.
8% Relief Bonds Scheme 2002 – Procedure for granting advances against the bonds issued in the form of Bond Ledger Account
Notification No. CO.DT.13.01.201 /2002-03 Dated 11.12.2002 : RBI has given clarifications on queries from banks on the procedural aspects for granting advances against the security of Relief Bonds issued in the form of Bond Ledger Account.
Investment by Foreign Institutional Investors
Press Release No. 636/2002-03 Dated 18.12.2002 : The Reserve Bank of India has notified on December 18, 2002 that Foreign Institutional Investors (FIIs) can now purchase equity shares and convertible debentures of Sun Pharmaceutical Industries Ltd., up to 49 per cent of its paid up capital through primary and stock exchanges, as the company has passed a resolution to this effect at its Board and General Body Meeting.
On-tap Sale of State Government Loans to open on December 23,2002
Press Release No. 630/2002-03 Dated 17.12.2002 : Twenty-two state governments have offered to sell on tap 6.80 per cent State Development Loan, 2012 having maturity of ten years. The states that have offered to sell theses bonds are Arunachal Pradesh, Assam, Bihar, Goa, Gujarat, Haryana, Himachal Pradesh, Jammu & Kashmir, Jharkhand, Karnataka, Kerala, Manipur, Meghalaya, Mizoram, Nagaland, Orissa, Rajasthan, Sikkim, Tamil Nadu, Tripura, Uttar Pradesh and Uttaranchal. The sale will be held at the respective Regional Offices of the Reserve Bank of India and at Mumbai (for all 22 states), on December 23, 2002.
RBI cancels licence of The Sevalal Urban Co-operative Urban Bank Ltd
Press Release No. 618/2002-03 Dated 13.12.2002 : The Reserve Bank of India has cancelled vide Order dated December 4, 2002 the licence granted to the Sevalal Urban Co-operative Bank Ltd., Mandrup, Dist. Solapur (Maharashtra) to carry on banking business. The bank is precluded from transacting the business of `banking' as defined in the Banking Regulation Act, 1949 (As applicable to Co-operative Societies) and it will not be in order for it, among other things, to accept deposits from public and allow withdrawals by cheque, draft, order or otherwise
RBI discontinues Satellite Dealers System
Press Release No. 605/2002-03 Dated 10.12.2002 : As announced in the Monetary and Credit Policy for the year 2002-03, the Reserve Bank of India has discontinued the Satellite Dealers Scheme. No entity is now authorised to act as a satellite dealer in Government securities market.
Status holder criteria on the basis of exports in the current financial year.
Notification No. 20/2002-2007 Dated 13.12.2002 : The Central Government has made certain amendments/corrections in the Export and Import Policy, 2002-07.It has been decided to permit the grant of status for attaining the export performance level even in the current licencing year provided the export proceeds have been realized.
Exchange rate to be adopted for hard currencies not mentioned in the Department of Revenue Notification
Circular No. 15/2002-2007 Dated 12.12.2002 : It has been decided that in cases of exports/imports where the realisation/remittance is in a hard currency not mentioned in the notification of the Department of Revenue, the exchange rate certified by the authorised dealers (including banks) on the shipping bill(s)/bill(s) of entry as applicable on the relevant date as prescribed in the Policy may be taken as the pertinent exchange rate.
Review Regarding Anti-Dumping Duty
Notification No. 40/1/2001-DGAD Dated 11.12.2002 : Review Regarding Anti-Dumping Duty Imposed on Oxo Alcohols Imports from Poland, South Korea, Indonesia, Saudi Arabia, Russia, Iran, USA and European has been initiated.
Findings regarding Anti-Dumping Investigation
Notification No. 14/32/2002-DGAD Dated 02.12.2002 : Preliminary Findings regarding Anti-Dumping Investigation Concerning Imports of Vitamin 'E' Originating in or Exported from the China PR have been published.
Fixation of Minimum Price of Sugarcane for Sugar Year 2002-2003
Notification No. GSR821(E) Ess.Com./sugarcane Dated 12.12.2002 : Central Government, after consultation with such authorities, bodies and associations as are considered necessary by it to be consulted and on the basis of the basic minimum price of sugarcane at Rs.64.50 per quintal linked to a basic recovery of 8.5% sugar subject to a premium of Rs.0.76 for every 0.1% point increase in the recovery above that level, has fixed the price as the minimum price that shall be payable by the owners of the vacuum pan process sugar factory for sugarcane delivered at the gate of the factory or any purchasing centre for the sugar year 2002-2003 ending the 30th September, 2003 subject to the rebates payable therefor under Clause 3A of the said Order.
Recognition to Laboratories Specified as Environmental Laboratories
Notification No. SO1257(E) Dated 02.12.2002 :Central Government has recognised the laboratories specified as environmental laboratories to carry out the functions entrusted to the environmental laboratories under the Environment (Protection) Act, 1986 (29 of 1986) and the rules made thereunder, and the persons specified to be the Government Analysts for the purposes of analysis of samples of air, water, soil or other substances sent for analysis by the Central Government or the officer empowered under Section 11 of the said Act.
Shri S.C. Sharma appointed as a member to the Central Zoo Authority
Notification No. SO1312(E) Dated 29.11.2002 : Central Government has appointed Shri S.C. Sharma, Retired, Additional Director General of Forests as a member to the Central Zoo Authority.
Railway Claims Tribunal (Procedure) Amendment Rules, 2002
Notification No. GSR787(E) Dated 02.12.2002 : In the Railway Claims Tribunal (Procedure) Rules, 1989 ,apart from other minor amendments, in rule 5;
(a) in sub-rule (1), for the words "to the Registrar", the words "in the office of the Registrar or the Additional Registrar, or the Assistant Registrar, as the case may be" shall be substituted;
(b) in sub-rule (2), for the words "to the Registrar", the words "in the office of the Registrar or the Additional Registrar, or the Assistant Registrar, as the case may be", shall be substituted;
(c) after sub-rule (2), the following sub-rule shall be inserted, namely :-
"(2A) An application sent by post under sub-rule(2) shall be deemed to have been presented to the Registrar on the day on which it is received in the Tribunal.".
New Forms from Form VI to Form XVII have been inserted.Schedule I and II have been substituted
Justice V.N. Khare takes over as Chief Justice of India
Dated 19.12.2002 : The President Dr. A.P.J. Abdul Kalam administered the oath of office of the Chief Justice of India to Shri Justice Visheshwar Nath Khare, the senior most judge of the Supreme Court of India, at the Rashtrapati Bhawan on 19.12.2002. Shri Justice Khare, the 33rd Chief Justice of India, succeeds Shri Justice G.B. Pattanaik following his retirement on 19.12.2002.Appointed Chief Justice of India on December 19, 2002, will retire on May 2, 2004.
President's assent to Imperial Library (Indentures Validation) Repeal Bill
Dated 17.12.2002 : The President has given his assent to the Imperial Library (Indentures Validiation ) Bill, 2002. With this, the Bill as passed during the ongoing Winter Session of Parliament, has been notified in the Gazette of India as Act No. 53 of the year 2002. This has come into force with immediate effect. The Imperial Library (Indentures Validation) Act, 2002, seeks to repeal the Imperial Library (Indentures Validation) Act, 1902, as it has been rendered irrelevant
President's assent to Constitution (86th Amendment) Bill
Dated 16.12.2002 : The President has given his assent to the Constitution (93rd Amendment) Bill, 2002. With this, the Bill has been notified and renumbered in the Gazette of India as the Constitution (86th Amendment) Act, 2002.The Constitution (86th Amendment) Act, 2002, seeks to make right to education for children between 6 and 14 years as a Fundamental Right within the meaning of Chapter III of the Constitution of India. Accordingly, Article 21 providing for Fundamental Right to Life and Personal Liberty has been amended to make education upto high school as a Fundamental Right for all citizens of India
President's assent to three Bills
Dated 13.12.2002 : The President has given his assent to the Petroleum (Berar Extension) Repeal Bill, 2002, the Homeopathy Central Council (Amendment) Bill, 2002 and the Indian Medicine Central Council (Amendment) Bill, 2002. With this, these three Bills, passed during the ongoing Winter Session of Parliament, have been notified in the Gazette of India as Act Nos. 50, 51 and 52 respectively of the year 2002.
Parliament passes Cable TV Amendment Bill
Dated 10.12.2002 : The Rajya Sabha unanimously has passed the Cable Television Networks (Regulation) Amendment Bill. The Bill seeks to provide for empowering the Government to mandate through notification, in a phased manner, installation of addressable systems for viewing pay channels and ‘Free-to-air’ channels in the areas thus notified , to continue to be received by the subscribers in the existing receiver sets without having to go through the addressable systems;
SC asks TDSAT to reconsider limited mobility order
In case of "Cellular Operators Assn. of India and Ors.Vs.Union of India (UOI) and Ors." Supreme Court ordered ,on 17.12.2002 ,the Telecom Dispute Settlement Appellate Tribunal to review its order dated 15.03.2002 which allowed limited mobility services and put Special attention on Cellular operators' demand for a level playing field while reviewing its order.It refused to stay fixed service providers from taking new subscribers on WLL-M .The court, however, said the issue of allowing basic service providers to provide WLL-M will be subject to the final outcome of the verdict of the TDSAT.
Ban on advocates’ strikes and compensation to clients for their absence from courts
In case of "Ex-Capt. Harish Uppal Vs.Union of India (UOI) and Anr.", on 17.12.2002 ,Supreme Court held that lawyers's strike would be illegal and clients can approach to the court for compensation for loss they suffered due to strike which will be borne by the lawyers.Courts are not bound to grant adjournments on the days when lawyers are on strike.
The full text of the following bills are available on site
The Companies (Amendment) Bill, 2002
The Companies (Second Amendment) Bill, 2002
The Control Of National Highways (Land And Traffic) Bill, 2002
The Biological Diversity Bill, 2002
The Special Protection Group (Amendment) Bill, 2002
The Merchant Shipping (Amendment) Bill, 2002
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