• MINISTRY OF COMMERCE AND INDUSTRY

Industrial Policy and Promotion

Notification No. SO1678(E) Dated 21.07.2011 Declaration Ammonium Nitrate as an explosive within Section 17 of the Explosives Act, 1884

Central Government has declared Ammonium Nitrate having the chemical formula NH4 No3 or any combination containing more than 45 per cent of Ammonium Nitrate by weight including emulsions, suspensions, melts or gels to be an explosive within Section 17 of the Explosives Act, 1884.

• MINISTRY OF CORPORATE AFFAIRS

Circular No. 56/2011 Dated 26.07.2011 Blocking of DIN consequent to non-filing of Statement of Affairs (SOA)

MCA has decided to give the companies and directors of such companies where winding up orders have been passed by the Court, one months notice to file SOA before action for blocking their DIN to curb the practice of not filing SOA in terms of Section 454 is initiated by Ministry

Circular No. 55/2011 Dated 26.07.2011 Scrutiny inspection and investigation in all winding up cases

In order to curb malpractices in all winding up cases, MCA has laid down the procedure that is to be followed in all such cases, where winding up petitions are being filed by management after under the Companies Act, 1956.

Circular No. 53/2011 Dated 26.07.2011 Guidelines for RDs/ROCs in the matter of scheme of arrangement / amalgamation under section 391-394

In order to streamline the procedure, MCA has released the Guidelines for RDs/ROCs in the matter of scheme of arrangement /amalgamation under section 391-394, superseding all previous guidelines on the matter, alongwith timelines for strict compliance.

Circular No. 52/2011 Dated 25.07.2011 Simplified procedure for obtaining online approval of Central Government under section 297 of the Companies Act, 1956

In order to cut timelines in giving approval, the Ministry has decided to simplify the procedures and to give approval online, if the proposed contract has been approved by the shareholders by way of special resolutions in a general meeting.

Circular No. 51/2011 Dated 25.07.2011 Simplified procedure for rectification of register of charges under section 141 of the Companies Act,1956

In order to simplify the procedures and timelines, the MCA has decided to notify Section he Companies (Second Amendment) Act, 2002 thereby the work relating to rectification of register of charges u/s.141, shall be shifted from the jurisdiction of CLB to the Central Govt.

Circular No. 50/2011 Dated 25.07.2011 Simplified procedure for obtaining confirmation of shifting of registered office from one state to another state under section 17 of the Companies Act, 1956

MCA has decided to notify S.8 of Companies (2nd Amendment) Act, 2002 thereby the work relating to confirmation of shifting of registered office from one state to another & consequent alteration to MOA of company u/s17 shall be shifted from the jurisdiction of CLB to the Central Government

Circular No. 49/2011 Dated 03.07.2011 Online incorporation of companies within 24 hours

In order to give ease to the corporate world to carry business in India, MCA has modified the incorporation procedures to enable promoters to get their companies incorporated online within 24 hours.

• MINISTRY OF FINANCE

CBEC Excise

Notification No. 36/2011 Dated 25.07.2011 Amendment to the Notification No. 23/2011-Central Excise dated the 24th March, 2011

Central Government has amended Notification, No. 23/2011-Central Excise dated the 24th March,2011, by inserting explanation.- Nothing contained in this notification shall apply to food preparations including food preparations containing meat, falling under chapters 16 or 19 (except chapter heading 1905) which are prepared or served in a hotel, restaurant or retail outlet whether or not such food is consumed in such hotel, restaurant or retail outlet.

Service Tax

Notification No. 42/2011 Dated 25.07.2011 Exempts club or association service provided by association of dyeing units in relation to project from the whole of service tax leviable

CBEC has exempted the club or association service referred to in sub-clause (zzze) of clause (105) of section 65 of the Finance Act, 1994, provided by an association of dyeing units in relation to project, from the whole of service tax leviable thereon under section 66 of the Act.

CBEC Customs

Circular No. 32/2011 Dated 26.07.2011 Levibililty of cess on exports of Lac/shellac

CBEC has clarified that the Exports of Lac/shellac were subject to Cess under 'Produce Cess Act, 1966'. However, the Produce Cess Act, 1966 has been repealed w.e.f 25th Sep, 2006 vide Act of 2006. Thus, a Cess under this Act is no longer required to be paid on exports of Lac/shellac.

• RESERVE BANK OF INDIA

DCM

Circular No. DCM(FNVD) No. 502/16.01.05/2011-12 Dated 25.07.2011 Detection of Counterfeit Banknotes - Revised Procedure

In order to ensure that all cases of detection of counterfeit notes at the bank branches / treasuries are promptly reported to the police authorities, it has been decided to revise the procedure to be followed on detection of counterfeit banknotes at bank branches, treasuries and sub treasuries. Accordingly, the following procedure should be adopted with immediate effect.

• SECURITIES AND EXCHANGE BOARD OF INDIA

Press Release No. 119/2011 Dated 28.07.2011 SEBI Board meeting on Proposed new Takeover Regulations

SEBI has overhauled the takeover code to ease the acquisitions by Indian companies and scrap the non-compete fee. The new norms make it mandatory for board of the target company to suggest its opinion to shareholders & raise minimum holding requirement to trigger an offer from 15 per cent to 25 per cent

• TELECOM REGULATORY AUTHORITY OF INDIA

Press Release No. 44/2011 Dated 28.07.2011 Indian Telecom Services Performance Indicator Report" for the Quarter ending March 2011

TRAI released the "Indian Telecom Services Performance Indicator Report" for the Quarter ending March 2011. This Report provides a broad perspective of the Telecom Services and presents the key parameters and growth trends for the Telecom Services as well as Cable TV, DTH & Radio Broadcasting services in India for the period covering January to March 2011, and is compiled on the basis of information furnished by the Service Providers.