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Corporate Amicus: September 2014

FDI in India is the topic of discussion this month. While certain recent FDI reforms in India have been elaborately discussed in this issue, Notifications and Circulars part of the Amicus covers recent decision of the Government of India to allow FDI in railway transport sector. Ministry of Corporate Affairs has amended Schedule VII of the Companies Act, 2013 to include slum area development under CSR activities and has issued a clarification regarding capitalization of cost in case of power projects. Schedule II of the Companies Act relating to ‘Useful Lives to Compute Depreciation’ has also been amended to state that useful life of an asset shall not ordinarily be different from the useful life specified in Part C of the Schedule while the residual value shall not be more than 5% of the original cost of the asset. All these clarifications are summarized in this issue.

Under RatioDecidendi, this issue covers a recent Delhi High Court Order which holds that notice before directing further investigation under Section 26(7) of the Competition Act is not required to be given to the person against whom information was provided.

The Supreme Court of India has held that status of ‘employee’ under Factories Act is not sufficient to claim regularization of his employment. Electricity Appellate Tribunal has held that private hospitals/clinics cannot be placed in the category of domestic users along with the hospitals run by the Government. Further, Securities Appellate Tribunal in its landmark order while rejecting annulment of the trade related to punching of erroneous order, has observed that trades executed by mistake cannot be termed as ‘material mistake in the trade’. This issue of Corporate Amicus provides a brief write-up of all these important orders.

September, 2014/Issue-38 September, 2014/Issue-38
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