CORPORATE LAWS UPDATES
The Competition Appellate Tribunal (Salaries and Allowances and other Terms and Conditions of Services of the Chairperson and other Members) Amendment Rules, 2009. In exercise of the powers conferred by clause (d) of sub- section (2) of section 64 read with sub-section (3) of Section 17 of the Competition Act 2002 (12 of 2003), the Central Government vide GSR 339(E) dated May 15, 2009 made the Competition Appellate Tribunal (Salaries and Allowances and other Terms and Conditions of Services of the Chairperson and other Members) Amendment Rules, 2009. These rules are enforceable on the date of its publication. The detail of the notification is published in the Gazette of India, Extraordinary, Part II, Section 3(i) on May 15, 2009. Competition Act 2002- Appointment of a Member In exercise of the powers conferred by sub- section (1) of section 8 read with sub-section (1) of Section 10 of the Competition Act 2002 (12 of 2003), the Central Government vide Notification No. SO 1239 (E) dated May 15, 2009 appointed Shri Prem Narayan Prashar, as Member of the Competition commission of India with effect from April 14, 2009 for a period of 5 years or till the age of 65 years or until further orders, whichever is earliest. The detail of the notification is published in the Gazette of India, Extraordinary, Part II, Section 3(i) on May 15, 2009. Establishment of Competition Appellate Tribunal In exercise of the powers conferred by section 53A of the Competition Act 2002 (12 of 2003), the Central Government vide Notification No. SO 1240(E) dated May 15, 2009 establish, with effect from May 15, 2009, the Competition Appellate Tribunal, having HQ at Delhi. The detail of the notification is published in the Gazette of India, Extraordinary, Part II, Section 3(i) on May 15, 2009. Competition Act 2002 In exercise of the powers conferred by sub- section of section (3) of section 1 of the Competition Act 2002 (12 of 2003), the Central Government vide Notification No. SO 1241(E) dated May 15, 2009 appointed 20th May 2009 as the date on which the Sections 3, 4,18,19, 21, 26, 27, 28, 32, 33, 35, 38, 39, 41, 42, 43, 45, 46, 47, 48, 54, 55 and 56 of the said Act, shall come into force. The detail of the notification is published in the Gazette of India, Extraordinary, Part II, Section 3(i) on May 15, 2009. Competition (Amendment) Act 2007 In exercise of the powers conferred by sub- section (2) of section 1 of the Competition (Amendment) Act 2007 (37 of 2007), the Central Government vide Notification No. SO 1242(E) dated May 15, 2009 appointed 20th May 2009 as the date on which the Sections 3, 10, 13, 15, 16, 19. 20, 21, 26, 28, 31, 33, 34, 35, 36, 38, 30 and 43 (53B, 53N, 53O, 53P, 53Q, 53R, 53S, 53T and 53U) of the said Act, shall come into force. The detail of the notification is published in the Gazette of India, Extraordinary, Part II, Section 3(i) on May 15, 2009. Limited Liability Partnership Act 2008 In exercise of the powers conferred by sub- section (3) of section 1 of the Limited Liability Partnership Act 2008 (6 of 2009), the Central Government vide notification No. SO 1323(E) dated May 22, 2009 appointed 31st May 2009 as the date on which the provision of section 55 to 58, Schedule –II, III and IV of the said Act, shall come into force. Limited Liability Partnership Rules 2009 In pursuance of clause (b) of sub-rule 1 of the Limited Liability Partnership Rules 2009, made under Section 79 of the LLP Act 2008 (6 of 2009), the Central Government vide notification No. SO 1324(E) dated May 22, 2009 appointed 31st May 2009 as the date on which Rule 32, 33 & 38 to 40 of LLP Rules 2009 shall come into force. Companies (Central Government's) General Rules and Forms (Third Amendment) Rules, 2009 In exercise of the powers conferred by sub- section of section 642 read with section 610B of the companies Act, 1956 (1 of 1956) the Central Government vide GSR 284(E) date May 24, 2009 made the Companies (Central Government’s) General Rules and Forms (Third Amendment) Rules 2009 to further amend the Companies (Central Government’s) General Rules and Forms 1956 These amended rules are enforceable from 19th July, 2009. The amended rules have revised Forms 8, 10, 17 & 61. For more details please refer to: click here.... Limited Liability Partnership (Amendment) Rules 2009 In exercise of the powers conferred by sub- section (1) and (2) of section 79 of the Limited Liability Partnership Act 2008 (6 of 2009), the Central Government vide GSR 385 dated June 4, 2009 made Limited Liability Partnership (Amendment) Rules 2009 to amend the existing LLP rules. The amended rules shall come enforce on the date of its publication in the Official Gazette. Limited Liability Partnership Act 2008- Alterations in various schedules to the Act In exercise of the powers conferred by sub- section (1) of section 78 of the Limited Liability Partnership Act 2008 (6 of 2009), the Central Government vide GSR 386 dated June 4, 2009 made alteration in the Schedule –II, III and IV of the said Act. The notification shall come enforce on the date of its publication in the official gazette. The Competition Appellate Tribunal (Form and Fee for filing an Appeal and Fee for Filing the Compensation Applications) Rules, 2009 In exercise of the powers conferred by clause (ma) and (me) of sub- section (2) of section 63 read with sub-section (2) of Section 53B and subsection (2) of section 53N of the Competition Act 2002 (12 of 2003), the Central Government vide GSR 387(E) dated June 4, 2009 made the Competition Appellate Tribunal (Form and Fee for filing an Appeal and Fee for Filing the Compensation Applications) Rules, 2009. These rules are enforceable on the date of its publication in the Official Gazette. Status of a holder of Global Depository Receipts (GDR)- clarification The Ministry of Corporate Affairs vide Circular No. 1/2009 No. 17/67/2009 CL-V dated 16 June 2009 issued clarification on the question whether a non-resident holder of Global Depository Receipts is a member of the issuing company within the meaning of section 41 and 42 of the Companies Act, 1956. For more details please refer to: click here.... Re-constitution of National Advisory Committee on Accounting Standards In exercise of the powers conferred by sub-section (1) of section 210A of the Companies act, 1956 (1 of 1956) the Central Government vide Notification No. SO 1800(E) dated July 21, 2009 constituted an Advisory Committee called the National Advisory Committee on Accounting Standards, which would formulate and lay down the accounting policies and standard for adoption by companies or class of companies. The detail list of members of the committee is given in the notification of the Ministry of Corporate Affairs, published in the Gazette of India, Extraordinary, Part II, Section 3(ii) on July 21, 2009. For more details please refer to: click here.... |
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