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[No.67]
November 10, 2003 |
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Cases
Source:
Westlawinternational.com
Judicial review was not available, as to an arbitrator's discovery order
compelling production of a document which the defendant hospital and the other
medical defendants claimed was protected by the attorney-client privilege.
Parties electing to use arbitration forgo the usual civil procedures, including
discovery rules and the rules of evidence, in favor of a swifter, less expensive
resolution of their disputes. While certiorari is sometimes granted in civil
cases to review discovery orders affecting privileged matters, a party to an
arbitration agreement could plausibly argue that the parties chose arbitration
precisely to avoid this kind of judicial intervention.
Tenet Healthcare Corp. v. Maharaj
The failure of the Partial-Birth Abortion Ban Act of 2003 to contain the
requisite exception for the preservation of the health of the woman warranted
issuance of a temporary restraining order (TRO) against enforcement of the Act.
The Supreme Court, citing the factual findings of eight different federal trial
judges and the considered opinion of the American College of Obstetricians and
Gynecologists, has found a very similar law unconstitutional because it banned
partial-birth abortions without the requisite exception for the preservation of
the health of the woman. The law challenged here appeared to suffer from a
similar vice. While it was also true that Congress found that a health exception
was not needed, it was, at the very least, problematic for the district court
whether it should defer to such a conclusion when the Supreme Court has found
otherwise.
Carhart v. Ashcroft
A beekeeper had a duty to warn a worker who moved hives of the dangers of bee
stings. This was an issue of first impression in the state. The beekeeper was a
trained entomologist, and knew that some people could suffer a fatal reaction to
stings.
Wilhelm v. Flores
A child victim's prior, unsworn out-of-court statements to her mother, child
protection personnel, and police that the defendant had made her "suck his
privates," that "white stuff came out, which tasted bad," and
that the abuse had occurred approximately twelve times, were not rendered so
unreliable in light of her recantation of the accusation at trial as to
undermine confidence in the defendant's conviction for capital sexual battery.
In addressing the serious concern that the substantive evidence against the
defendant consisted almost exclusively of the child's pretrial statements, and
the danger in the trial court making determinations of credibility of the
witness and evidence in considering whether the out-of-court statements were
sufficiently reliable to be admissible, the Supreme Court reiterated its prior
holding that such evidence alone could not sustain a conviction. However, in
this case, the child's out-of-court statements were corroborated by the mother's
testimony that the defendant, in the face of the accusation, told her he wanted
the child to suck his dick and that he wanted her to watch, by evidence that the
defendant shortly thereafter attempted to slit his wrists, and by a prison
inmate's testimony that he had overheard the defendant tell visitors that they
had to get the victim to "recamp" her story because otherwise he was
looking at life in prison. Although there were plausible explanations for the
corroborating evidence unrelated to guilt, and each piece of evidence, alone,
would not have corroborated the victim's statements sufficient to support the
conviction, the jury was entitled to infer guilt based on the evidence presented
as a whole.
Baugh v. State
News
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Federal judges in New York and California have
blocked the Partial-Birth Abortion Ban Act of 2003, just a day after
President George W. Bush gave his assent to it. It is the first federal
legislation to banning a late-term abortion procedure since the U.S.
Supreme Court's ruling in Roe v. Wade 30 years ago.The act bars a medical
procedure known as intact dilation and extraction, which can be used to end
pregnancies in the second or third trimester. U.S. District Judge Phyllis
Hamilton of San Francisco held that law appeared unconstitutional as it provided
no exemptions for a woman's health.
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A New York judge John Sprizzo is considering
whether to allow a case filed by victims of South Africa's apartheid-era regime
to proceed further or not. Damages are being seeked from multi-nationals,
including banks, oil companies and manufacturers. However South African
Government fears the case could scare off foreign investors.
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U.S Supreme Court has denied the appeal of
Federal Judge Roy Moore, to allow a granite monument of the Ten Commandments to
be prominently displayed in an Alabama courthouse. Alabama Chief Justice Roy Moore, had
been suspended by a federal court over his refusal to remove the display and
faces a trial before a state ethics board later this month.
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Conviction of a man was overturned by a Federal
Court in United States after Fourteen years, at the request of the prosecutor. Shawn
Drumgold had been convicted of murdering a 12-year-old girl in Boston.Suffolk
County's chief homicide prosecutor, David E. Meier, who filed the request, said
the move had no bearing on Drumgold's guilt or innocence; it was only an
acknowledgment that he did not receive a fair trial.
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The International Court of Justice held that it
had been wrong on part of United States to attack Iranian Oil Platforms in
1980s. However, no compensation was granted either to US who had claimed damages
against Iran for causing damage to commercial ships sailing under its flag or to
Tehran who had filed a claim against the US for damages after it attacked three
Iranian oil platforms in 1987 and 1988.
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SEBI
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Secondary Market Division
Circular No. SEBI/MRD/SE/SK/Cir- 41/2003 Dated 28.10.2003 : SEBI has finalized the Model Byelaws which would be applicable to all stock exchanges on the basis of the report of the Committee on Model Rules and Byelaws of Stock Exchanges. SEBI has advised the stock exchanges to amend their Bye-laws in line with the Model Bye-laws in so far as the bye-laws of their exchange are inconsistent with the basic principles and concepts set out in the Model Bye-laws. The exchanges are required to give a declaration to SEBI in respect of adoption / implementation / incorporation of provisions of the Model Bye-laws in the byelaws of the exchange, on completion of the exercise.
Circular No. SEBI/DNPD/Cir- 17/10/29 Dated 29.10.2003 : SEBI had modified
the Trading Member position limits in stock option and single stock futures
contracts. Since the FII position limits are linked to Trading Member limits,
the matter was referred to the High Level Co-ordination Committee (HLCC) and RBI
was requested to issue directions effecting the necessary modification in the
FII position limits as well. SEBI had also requested RBI to permit Non Resident
Indians (NRI) to invest in SEBI approved exchange traded derivative contracts.
RBI
vide circular A.P.(DIR Series) Circular No.13, dated September 1, 2003 has
specified that FIIs & NRIs may trade in all exchange traded derivative
contracts approved by SEBI from time to time subject to the limits prescribed by
SEBI.
Circular No. MIRSD/REG-1/Cir- 40/20301/03 Dated 28.10.2003 : It has been clarified that the five financial years contemplated in clause (c) of para (1) of Schedule III of the SEBI (Stock Brokers and Sub-Brokers) Regulations 1992 will reckon with reference to the date on which initial registration is granted by SEBI to the stock broker under the said Regulations. The date on which the broker made application for registration or the date from which the broker commenced business has no relevance for reckoning the five year fee payable period. Therefore, for brokers registered during 1992-93, the five financial years in respect of which turnover based fee is payable would be the years 1991-92 to 1995-96 and for brokers registered during 1993-94, the relevant years would be 1992-93 to 1996-97 and so on.
Press releases
Press Release No. PR 263/2003 Dated 30.10.2003 : A Committee on Corporate Governance under the Chairmanship of Shri N. R. Narayana Murthy was constituted by SEBI. Based on the recommendations of the Committee and public comments received, certain amendments had been made in Clause 49 of the Listing Agreement. On continuous receipt of feedback/representations. It has therefore been considered appropriate that another meeting of the Narayana Murthy committee on Corporate Governance be convened on November 17, 2003 for the purpose of deliberating on the said suggestions and representations received on the revised Clause 49 of the Listing Agreement.
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Department of Company Affairs
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Notification No. GSR830(E) Dated 21.10.2003 : The Central Government has issued the Companies (Disqualification of Directors under Section 274(1)(g) of Companies Act, 1956) Rules, 2003 to be effective from 21.10.2003
Notification No. GSR784(E) Dated 06.10.2003 : The Central Government has issued the Competition Commission of India (Salary, Allowances and other Terms and Conditions of Service of Chairperson and other Members) Rules, 2003 to be effective from 06.10.2003
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CBDT
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Order Dated 28.10.2003 : The Central Board of Direct Taxes has extended the last date of filing of TDS returns on computer media as per the provision of sub-section (2) of section 206 of the Income Tax Act in respect of previous year 2002-2003 to 31st January, 2004. At the same time, it has been made cleared that the last date of filing of TDS returns other than returns on computer media shall remain to be 30th November, 2003.
Notification No. 252/2003 Dated 22.10.2003 M/s Indian Cancer Society, Mumbai Approved u/s 35(1)(ii)
Notification No. 251/2003 Dated 22.10.2003 M/s Bombay Natural History Society, Mumbai Approved u/s 35(1)(ii)
Notification No. 250/2003 Dated 22.10.2003 M/s Ved Vignan Maha Vidya Peeth, Bangalore Approved u/s 35(1)(iii)
Notification No. 249/2003 Dated 22.10.2003 Dalmia Institute of Scientific & Industrial Research, Orissa Approved u/s 35(1)(ii)
Notification No. 248/2003 Dated 22.10.2003 "Maninagar Shree Swaminarayan Gadi Sansthan Shreeji Sankalp Murti Adya Acharya Pravar
Dharmadhurandhar" Notified u/s 10(23C)(iv)
Notification No. 247/2003 Dated 22.10.2003 "The Church of South India Trust Association,
Chennai" Notified u/s 10(23C)(iv)
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CBEC Excise Tariff
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Notification No. 76/2003 Dated 05.11.2003 : In both the notifications, after the opening paragraph, the following proviso has been inserted, namely:-
"Provided that the exemption contained in this notification shall apply subject to the following conditions, namely:-
(i) The manufacturer who intends to avail of the exemption under this notification shall exercise his option in writing before effecting the first clearance and such option shall be effective from the date of exercise of the option and shall not be withdrawn during the remaining part of the financial year;
(ii) The manufacturer shall, while exercising the option under condition (i), inform in writing to the jurisdictional Deputy Commissioner of Central Excise or Assistant Commissioner of Central Excise, as the case may be, with a copy to the Superintendent of Central Excise giving the following particulars, namely:
(a) name and address of the manufacturer;
(b) location/locations of factory/ factories;
(c) description of inputs used in manufacture of specified goods;
(d) description of the specified goods produced;
(e) date on which option under this notification has been exercised;
(iii) The manufacturer may, for the current financial year, submit his option in writing on or before the 30th day of November, 2003.".
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Grant Of Refund Of Duty On Petrol Supplied To President, Vice-President, Governors, Diplomatic Missions, Including Diplomatic Officers And U.N. Specialized Agencies
Circular No. 761/77/2003-CX Dated 05.11.2003 :It has been decided, in partial modification of the earlier instruction by Board's letter F. No. 111/4/85-CX.3 dated 5th June 1985 , that henceforth, all petrol refund claims upto a limit of Rs. 5000/- may be sanctioned by the Deputy/Assistant Commissioner of Central Excise (Technical) wherever such a post exists and in such cases, the claims above Rs. 5000/- may continue to be sanctioned by Additional/Joint Commissioner (P&E)/(P&V) of the Commissionerate.
Circular No. 760/76/2003-CX Dated 03.11.2003 : Having regard to the difficulties faced by manufacturers of hand rolled cheroots of tobacco in following the existing procedure for registration. Board has decided to review the process of registration and and to resolve the reported difficulties. In this regard, it is instructed that considering the fact that the new registrants may not be familiar with the excise procedures, the Commissioners may coordinate with trade Associations to facilitate the Registration process. Further, to reduce interaction with the department, it has been provided that applications for Registration of the members can be collected by the Associations and handed over at the Divisional headquarters where the Registration would be issued. As a further measure of trade facilitation, Board has introduced a simpler application form exclusively for hand rolled cheroot of tobacco manufacturers
Circular No. 759/75/2003-CX Dated 30.10.2003 : It has been clarified
regarding the availability of clearance based exemption to Textile traders or
job worker that under central excise law and as interpreted by the courts, a job
worker is treated as the manufacturer. There is thus no reason why a different
view should be taken in case of the readymade garment and unprocessed fabrics
manufactured on job work basis. The provisions of rule 2(h) of the CENVAT Credit
Rules, and rule 12B of the Central Excise Rules are only for specific purposes,
to enable the traders/principal manufacturer/mater weaver to undertake excise
formalities and pay duty in place of the job worker and to enable taking credit
of the input duty. These provisions therefore, do not alter the basic position
that the job worker remains the manufacturer and any condition (imposed on a
manufacturer) in an exemption notification applicable to goods manufactured
(whether on his own or on job work) would be applicable to such actual
manufacturer i.e. the job worker. It has also been clarified that the clearance
value limits prescribed in these notifications include value of all clearances,
whether it is of goods manufactured on job work or as independent weaver.
Further, for all clearances, the value will be determined under Section 4 of the
Central Excise Act and rules made there under (and not merely the job charges in
case of job work clearances).
Clarification has also been made that cutting fabrics to required shape does
not make any one as the manufacturer of readymade garments as unless stitched,
readymade garments in marketable form do not come into existence.
It has also been cleared that Independent manufacturers availing
exemptions under Notification nos. 34/2003-CE or 35/2003-CE, as the case may be,
do not have the facility of sending inputs or semi-finished goods, duty free,
for job work unlike the units availing SSI exemption under Notification nos.
8/2003-CE or 9/2003-CE, who can avail the benefit of notification nos. 83/94-CE
and 84/94-CE.
Circular No. 758/74/2003-CX Dated 29.10.2003 : Having regard to the matter that an exporter can execute bond or the Letter of Undertaking for export of goods without payment of excise duty or file claims of rebate of duty paid on finished goods exported with the Maritime Commissioner. Presently, the Maritime Commissioners are located at 10 places for the purpose of filing rebate claims & at 8 places for the purpose of execution of bond or letter of Undertaking for export of goods without payment of duty.
It has been decided to designate Maritime Commissioners in all Commissionerates of Central Excise under whose jurisdiction the port, airport, land customs station or post office of exportation is located. Accordingly, the definition of Maritime Commissioner has been amended suitably
Notification No. 75/2003 Dated 27.10.2003 : In the notification, in the Table, after S. No. 51 and the entries relating thereto, the new S. No. 52 & 53 and entries relating thereto has been inserted
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CBEC Excise non Tariff
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Notification No. 81/2003 NT Date : 03.11.2003 : In the notification,-
1. In clause (1) of paragraph 1, for the words and figures Annexure-1 or Annexure-1A as the case may be, the words and figures Annexure-1 or Annexure-1A or Annexure-1B, as the case may be, has been substituted; 2. After Annexure-1A, a new Annexure-1B has been inserted.
Notification No. 80/2003 NT Dated 29.10.2003 : In the notification, for the Explanation II, the following Explanation, has been substituted, namely:-
ŒExplanation II.- For the purposes of this notification, ³Maritime Commissioner² means the Commissioner of Central Excise under whose jurisdiction one or more of the port, airport, land customs station or post office of exportation, is located.¹
Notification No. 79/2003 NT Dated 29.10.2003 : In the notification, for the Explanation III, the following Explanation, has been substituted, namely:-
ŒExplanation III.- For the purposes of this notification, ³Maritime Commissioner² means the Commissioner of Central Excise under whose jurisdiction one or more of the port, airport, land customs station or post office of exportation, is
located.
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CBEC Customs Tariff
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Circular No. 94/2003 Dated 31.10.2003 : In order to bring uniformity in automation at ICDSs/CFSs/EPZs and expedite the automation process it has been decided that the custodian would be required to undertake site preparation including civil works, electrical works, electrical fittings, air conditioning etc. They would also provide DG set for power backup and link to the EDI server (This connectivity is the link between the custodian's computer system and the Customs' EDI at the CFS/ICD, so that these two systems could exchange information/messages). The networking (LAN including active and passive components, any kind of cabling),communication equipments, UPSs, servers, PCs, dumb terminals, printers and other peripherals would be provided by Customs. The annual maintenance of these items will be borne by the respective agency providing the items.
Circular No. 93/2003 Dated 28.10.2003 : It has been clarified that revised interest regarding delayed clearance of the warehoused goods effective from 12.05.99 is applicable in all respect of goods warehoused prior to that date but only from the expiry of six months or 12.05.99 whichever is later. Accordingly, it is again being clarified that all goods which are cleared after 14.05.2003, irrespective of their date of warehousing, i.e., whether prior to or after 14.05.2003, shall be eligible for the interest-free period of a total of 90 days.
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CBEC Customs Non Tariff
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Notification No. 93/2003-N.T. Dated 30.10.2003 : In the notification, in the table, amendments have been made in Chapter 50 and Chapter 62
Notification No. 92/2003-N.T. Dated 29.10.2003 : In the notification, for the Table, a new Table has been substituted.
Notification No. 91/2003-N.T. Dated 28.10.2003 : The Board (CBEC) has determined the rate of exchange of conversion of each of the foreign currency specified into Indian currency or vice versa relating to export goods which has become effective from the 1st November, 2003.
Notification No. 90/2003-N.T. Dated 28.10.2003 : The Board (CBEC) has determined the rate of exchange of conversion of each of the foreign currency specified into Indian currency or vice versa relating to imported goods which has become effective from the 1st November, 2003.
Notification No. 89/2003-N.T. Dated 23.10.2003 : In supersession of notification of the Government of India in the erstwhile Ministry of Finance and Company Affairs (Department of Revenue) No. 72/2002-CUSTOMS (N.T.) issued vide G.S.R. No. 780(E), dated the 22nd November, 2002, the Central Government has appointed Shri Sri Krishna, Chief Commissioner, as the Director General (Safeguard ) for the purposes of the Customs Tariff (Identification and Assessment of Safeguard Duty) Rules, 1997
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Service Tax
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Circular No. 65/14/2003 Dated 05.11.2003 : Having regard to the service
tax payment in cases where a lumpsum payment for a service to be provided in
future over a certain period of time, is made in advance before the date on
which the particular service came under the tax net, but the entire or part of
such service is provided after the date on which it became taxable, it has been
made clear that rule 6 of Service Tax Rules, 1994 only prescribes the procedure
of payment of tax. The liability to tax is created by section 66 of the Finance
Act, 1994 as amended from time to time. The liability to pay tax is fastened on
the service provider by section 68 of the said Act. These two sections read
together imply that service tax is payable by the service provider on the value
of taxable services. Thus if a service provided is taxable, tax has to be paid
on its value. Section 67 also clarifies value of service as the amount charged
for the taxable service by the service provider. Section 67 also clarifies value
of service as the amount charged for the taxable service by the service
provider.
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Department of Economic Affairs
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Notification No. GSR856(E) Dated 31.10.2003 : In Securities Appellate Tribunal(Procedure) Rules, 2000 rule 2, 5, 8 ,11 ,14 , 16, 17, 18, 25, 26 have been amended.
Notification No. S.O.1275(E) Dated 31.10.2003 : the Central Government has specified the "Asian Development Bank" as "financial institution" for the purposes of the Securitisation and Reconstruction of financial Assets and Enforcement of Security Interest Act, 2002
Notification No. GSR849(E) Dated 27.10.2003 : In the Foreign Exchange Management (Current Account Transaction) Rules, 2000, in Schedule II, under the heading "purpose of Remittance", in item 4, after the words "Payment of import" the words "through ocean transport" has been inserted.
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RBI
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Circular No. A.P.(DIR Series) Circular No. 32 Dated : 28.10.2003 : The Memorandum of Instructions on Project and Service Exports (PEM) has been revised with a view to simplifying and rationalising procedures for obtaining the prior approval of the approving authority for the export of goods or services on deferred payment terms or in execution of a turnkey project or a civil construction contract
Notification No. DBS.FID No. C-8 / 01.02.00/2003-04 Dated 04.11.2003 : As the FIs too acquire debt instruments issued by corporate entities, from the primary as well as secondary market, Guidelines On Investment By The FIs In Debt Securities have been
drafted and are proposed to be issued to the FIs by the RBI. The guidelines seek to address the risks arising from investment in non-government debt securities, particularly through private placement.
Notification No. DBOD. No. FSC.BC. 42/24.47.001/2003-04 Dated 05.11.2003 : It has been decided that the scheme need not continue any longer. Accordingly, the Stock invest Scheme may be treated as withdrawn with immediate effect
Notification No. DNBS (PD) C.C. No.33/02.01/2003-04 Dated 30.10.2003 : It has been clarified that the rate of interest on fresh repatriable deposits accepted from Non Resident Indians (NRIs) contracted in India for one to three years, which
i. the Non Banking Financial companies (NBFCs) and Miscellaneous Non-Banking Companies (MNBCs) can pay effective from September 17, 2003;
ii. the Residuary Non-Banking Companies (RNBCs) can pay effective from September 19, 2003,
is the same as is payable by the scheduled commercial banks on these deposits.
Notification No. DNBS (PD) C.C. No.32/02.01/2003-04 Dated 28.10.2003 : Having regard to the rate of interest on fresh repatriable Non-Resident (External) Rupee (NRE) deposits accepted by NBFCs, MNBCs and RNBCs, the RBI has since revised the interest rate payable on the above deposits accepted by scheduled commercial banks and it has been decided that the rate of interest should not exceed 25 basis points (as against 100 basis points) above LIBOR / SWAP rates for US dollar of corresponding maturity. It has also been advised that the the rate of interest on the above category of deposits payable by NBFCs, MNBCs and RNBCs shall not exceed 25 basis points above the LIBOR/SWAP rates for US dollar of the corresponding maturity on fresh rapatriable NRE deposits. The maturity period of repatriable NRE deposits would continue to be one to three years. The change in interest rate will also apply to repatriable NRE deposits renewed after their present maturity period.
Notification No. GSR848(E) Dated 13.10.2003 : In the Foreign Exchange Management (Acquisition and Transfer of Immovable Property Outside India) Regulation, 2000 in Regulations 5, after Sub-Regulation (2) the following has been added, namely:--
"(3) Reserve Bank may, on an application made to it, permit a company incorporated in India having overseas offices, to acquire immovable property outside India for its business and for residential purposes of its staff, subject to such terms and conditions as may be considered necessary."
Notification No. GSR847(E) Dated 03.10.2003 : In the Foreign Exchange Management (Establishment in India of Office or other Place of Business) Regulations 2000, in Regulation 2, the following clause has been inserted after (g) namely:--
"(h) 'Stand alone basis' means such branch offices would be isolated and restricted to the Special Economic Zone alone and no business activity/transaction will be allowed outside the Special Economic Zones in India which includes branches/subsidiaries of its parent office in India."
The existing clause (h) has been renumbered as (i).
Regulation 3 has alos been amended by insertion of a provisio to it.
Notification No. GSR836(E) Dated 03.10.2003 : The Reserve Bank of India has issued the "Foreign Exchange Management (Withdrawal of General Permission to Overseas Corporate Bodies (OCBs)) Regulations, 2003" to be effective from 23.10.2003
Notification No. GSR835(E) Dated 03.10.2003 : In the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) Regulations, 2000
(i) in Regulation 2, after clause (ii) the following clause has been inserted,
"(iia) 'entity incorporated outside India' means an entity incorporated/registered under the relevant statutes, laws of the host country".
(ii) in Regulation 5, sub-regulation (1), for the words "or an entity outside India, whether incorporated or not," the words "or an entity incorporated outside India," has been substituted.
Notification No. IDMD. 1856 /08.02.30.01/2003-04 Dated 05.11.2003 : the sale of "Floating Rate Bonds, 2012" for a notified amount of Rs.5,000 crore (nominal) by auction has been offered by the Government of India. The auction has been conducted by Reserve Bank of India on November 7, 2003
Notification No. IECD No. 5/04.02.01/2003-04 Dated 31.10.2003 : It has been declared
by RBI that the validity of the interest rates on rupee export credit indicated in the
circular IECD.No.18/04.02.01/2002-03 dated April 30, 2003 would now remain in force upto April 30, 2004.
Circular No. MPD.BC.244/07.01.279/2003-04 Date 05.11.2003 : Having regard to the Paragraphs 62 and 63 of the Governor's statement on Mid-term Review of Monetary and Credit Policy for the year 2003-04 and in view of development of repo market as to ensure a balanced development of various segments of money market, it has been decided that PDs will be allowed to borrow, on average in a reporting fortnight, upto 200 per cent of their Net Owned Funds (NOF) as at end-March of the preceding financial year with effect from February 7, 2004. However, any PD which has genuine difficulty in adhering to the above schedule may approach RBI for appropriate reasonable dispensation with full justification for extension of period of compliance sought.
Circular No. MPD.BC.243/07.01.279/2003-04 Dated 05.11.2003 : Having regard to the Paragraphs 61 of the Governor's statement on Mid-term Review of Monetary and Credit Policy for the year 2003-04 and in order to move further towards phasing out sector-specific standing facilities as also to rationalise the rates at which liquidity is injected into the system, it has been decided that the "normal" and "back-stop" portions of standing facilities will be available in a ratio of one-third to two-thirds (33:67) from the fortnight beginning December 27, 2003.
Circular No. MPD.BC.242/07.01.279/2003-04 Dated 05.11.2003 : Having regard to the Paragraphs 59 and 60 of the Governor's statement on Mid-term Review of Monetary and Credit Policy for the year 2003-04 and with a view of further market developments as to move towards a pure inter-bank call/notice money market, it has been decided that with effect from the fortnight beginning December 27, 2003, non-bank participants would be allowed to lend, on average in a reporting fortnight, up to 60 per cent of their average daily lending in call/notice money market during 2000-01. In case a particular non-bank institution has genuine difficulty in developing proper alternative avenues for investment of excess liquidity because of its size, RBI may consider providing temporary permission to lend a higher amount in call/notice money market for a specific period on a case-by-case basis.
Circular No. MPD 240/07.01.279/2003-04 Dated 31.10.2003 : The validity of the reduction in the interest rates on pre-shipment rupee export credit up to 180 days and post-shipment credit up to 90 days announced on September 24, 2001 would remain in force up to April 30, 2004
Press Release No. 2003-2004/593 Dated 05.11.2003 : Keeping in view the declining interest rates scenario and the need to further rationalise the interest rate structure under the Rural Infrastructure Development Fund
(RIDF), it has been decided, with the approval of the Government of India, to restructure the lending and deposit rates in respect of the undisbursed amounts of
RIDF-IV to IX with effect from November 1, 2003. The RIDF Interest rates has been revised.
Press Release No. 2003-2004/580 Dated 03.11.2003 : RBI Governor has announced the Mid-Term Review of Monetary and Credit Policy for the Year 2003-04
Press Release No. 2003-2004/575 Dated 31.10.2003 : The Reserve Bank of India has decided to permit, on application from the Administrator of the Specified Undertaking of, the Unit Trust of India
(UTI-I) to participate in the Government Securities Repo market with immediate effect, in accordance with the guidelines issued in this behalf.
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DGFT
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Public Notice No. 31 (RE- 03)/2002-07 Dated 05.11.2003 : Director General of Foreign Trade has made mendments/deletions/corrections and additions in the Handbook of Procedures, Vol.2, 2002-2007, as amended.
Circular No. 18(RE-2003)/2002-2007 Dated 21.10.2003 : With a view to simplify the procedures and to eliminate delays in issuance of Brand Rates, it has been decided to decentralise the work of fixation of Brand Rate to the concerned JDGs and Development Commissioners of SEZs/EPZs. The application for fixation of Brand rate of Duty Drawback will now be made to the concerned JDG for the supplies covered in para 8.2 (a), (c), (d), (e), (f), (g), (i) and (j) & supplies made to STP/EHTP in para 8.2(b) and Development Commissioners of Special Economic Zones (SEZs) in respect of supplies made to EOUs/SEZs under para 8.2(b) of the Policy. Now the applicant has to file application for fixation of Brand Rate to the JDG as per the jurisdiction indicated in Appendix 24 of the Handbook of Procedures. Vol. I and Development Commissioner of SEZ in whose jurisdiction the unit receiving the supply is situated. One copy of the application for claiming the deemed export drawback will continue to be filed with the respective regional licencing authorities who would arrange payment based on the Brand Rate fixed.
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Department of Commerce
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Notification No. 14/20/2003-DGAD Dated 29.10.2003 Anti-dumping Investigations has beeen initiated Concerning Imports of Nylon Tyre Cord Fabric
(NTCF) Originating in or Exported from China PR
Notification No. 14/34/2002-DGAD Dated 20.10.2003 Anti-dumping Investigation Concerning Import of Sodium Hydrosulphite Originating in or Exported from Germany and Korea RP-- Final Findings
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Department of Industrial
Policy
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Notification No. GSR822(E) Dated 20.10.2003 : The central Government has published the draft Gas Cylinders Rules, 2003 for information of all persons likely to be affected thereby and invited the objections or suggestions thereon.
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Ministry of Mines and Mineral
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Notification No. GSR833(E) Dated 21.10.2003 : In the Schedule to the Mineral Conservation and Development Rules, 1988:-
(a) In Form H-1, in PART-IV (General Geology and Mining), in serial number 4, for the words "Reserves and Resources estimation during the year.", the following words has been substituted, namely:--
"Reserves and Resources estimated at the end of the year.";
(b) In Form H-9, in PART-IV (General Geology and Mining), in serial number 2, for the words "Reserves and Resources estimation during the year.", the following words has been substituted, namely:--
"Reserves and Resources estimated at the end of the year".
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Ministry of Labour
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Notification No. GSR853(E) Dated 29.10.2003 : . In paragraph 27 AA of Employees' Provident Funds Scheme, 1952 for the existing Appendix-A, the new Appendix- A has been substituted
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Press Information Bureau
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Dated 30.10.2003 : The Government has decided to raise the Judge strength of High Courts to 749, which is an increase by 94 Judges over the present strength. The Judge strength of High Courts has been raised by 131 Judges in the last five years. The decision was taken following the just concluded comprehensive triennial review of the Judge strength of High Courts, including the three newly constituted High Courts of Chhatisgarh, Jharkhand and Uttaranchal.
Dated 30.10.2003 : The last date for receiving entries alongwith the prescribed form and fee from the filmmakers for the ensuing 8th Mumbai International Film Festival, 2004 (MIFF-2004) has been extended up to 10th November, 2003.
Dated 29.10.2003 : Taking into account the growing international trade through minor ports, the Government has decided to extend the facility of filing rebate claims by the exporters and execution of bond or letter of undertaking, which was earlier restricted to designated officers in 8 or 10 locations, to all commissionerates of Central Excise in the country where port, airport, land customs station and post office of exportation is located
Dated 29.10.2003 : Shri Arun Jaitley, Minister of Commerce & Industry and Law & Justice has approved 20 cases of foreign technology collaboration/franchise agreements based on the recommendations of the Project Approval Board (PAB).
The PAB in its meeting held on 20.10.2003 under the Chairmanship of Shri Rajeeva Ratna Shah, Secretary, Department of Industrial Policy & Promotion, had recommended these cases for approval
Dated 29.10.2003 : Dr. K. N. Chaturvedi, Additional Secretary in the Legislative Department, Ministry of Law and Justice, has been elevated as Member Secretary in the Law Commission of India. He succeeds Shri T. K. Vishwanathan who has earlier taken charge as Secretary, Legislative Department, Ministry of Law and Justice.
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Supreme Court |
- Dr. Mrs. Renuka Datla Vs. Solvay Pharmaceutical
B.V. and Ors.
The basic issue involved in this appeal was regarding the Method of Valuation of shares to be adopted for sale of shares.
The Apex Court held
that where the shares in a public limited company are quoted on the
stock exchange and there are dealings in them, the price prevailing on
the valuation date would represent the value of the shares. But where
the shares in a public limited company are not quoted on the stock
exchange or the shares are in a private limited company the proper
method of valuation to be adopted would be the profit-earning method.
This method may be applied by taking the dividends as reflecting the
profit-earning capacity of the company on reasonable commercial basis
but if it is found that the dividends do not correctly reflect the
profit-earning capacity because only a small proportion of the profits
is distributed by way of dividends and a large amount of profits is
systematically accumulated in the form of reserves, the dividend method
of valuation may be rejected and the valuation may be made by reference
to the profits. The profit earning method takes into account the
profits, which the company has been, making and should be capable of
making and the valuation according to this method is based on the
average maintainable profits.
- Ratansinh Dalsukhbhai Nayak Vs. State of Gujarat
The main issue
involved in this case was regarding the acceptability of a child’s
evidence. The Hon’ble Supreme Court held that for accepting the
evidence of a child witness it is essential to establish that he/she
has intellectual capacity to understand questions and give rational
answers thereto. The evidence of a child witness and credibility
thereof would depend upon the circumstances of each case. The only
precaution, which the Court should bear in mind while assessing the
evidence of a child witness is that the witness must be a reliable one
and his/her demeanour, must be like any other competent witness and
there is no likelihood of being tutored. – Appeal Dismissed.
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