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Transmission Licence – Fee reimbursement from beneficiaries

17 December, 2013 The Electricity Appellate Tribunal has held that the transmission licensee, not paying any license fee prior to the amendment, is entitled to reimbursement of the said licence fee paid by it later and that the same can be directed to be passed through to the beneficiaries. It was held that licence fee cannot be allowed to be paid by the transmission licensee out of its profi...

Jurisdiction of Central Electricity Regulatory Commission

2 December, 2013 Central Electricity Regulatory Commission does not have jurisdiction to adjudicate a dispute between two licensees relating to charges for operation and maintenance of a part of inter-State transmission system which is owned by one of the licensees and operated and maintained by the other licensee for or on behalf of the former.   The Electricity Appellate Tribunal in one ...

Third party payments allowed for import and export transactions

15th November, 2013 Reserve Bank of India has allowed third party payments for import and export transactions. As per A.P. DIR Circular No. 70, dated 8-11-2013, such transactions shall be subject to the conditions such as availability of tripartite agreement, declaration in Export Declaration Form (EDF), mention in bill of entry and invoice, reporting of outstanding, etc. These third party pa...

New Companies Act comes into force

6th September, 2013 The Companies Bill 2012 received Presidential assent on 29th August 2013, after scores of amendments and years of debates and discussions, particularly on points like mandatory spending on corporate social responsibility (CSR), investor protection measures and one person company. Some of the important features in the new Act which replaces the (old) Companies Act of 1956 a...

CCI imposes penalty for near identical rates and quantity restrictions

14th August, 2013 Penalty at the rate of 5% of the average turnover was imposed by the Competition Commission of India (CCI) on various manufacturers of Polyester Blended Duck Ankle Boot Rubber Sole. Narrow range of difference in quoted prices, quantity restrictions by all the bidders barring one and limitations on order quantity per Direct Demanding Officer, were held, by the Commission, as ...

India moves forward for more FDI in specified sectors

24 July 2013 The policy of Foreign Direct Investment (FDI) in ten sectors, including telecom and defence has been further liberalized. As per reports, the decisions taken by the cabinet committee on 16-7-2013, indicate that the FDI limit in telecom sector will be 100% under approval route (FIPB) and 49% under automatic route. Foreign investment in excess of 26% will be permitted in defence ...

Securities laws amended - Certain unlisted firms under SEBI purview

24 July 2013 Securities and Exchange Board of India Act, 1992, Securities Contracts (Regulation) Act, 1956 and the Depositories Act, 1996 have been amended by Securities Laws (Amendment) Ordinance, 2013. The amendments which make some changes in the authority of SEBI and the way it is enforced have come into effect from 18th of July, 2013 if not specified otherwise. As per the amendments, ...

Enforceability of foreign arbitration awards in India

16 July 2013 The Supreme Court of India has held that enforcement of foreign award would be refused under Section 48(2)(b) of the Arbitration and Conciliation Act, 1996 only if such enforcement would be contrary to (i) fundamental policy of Indian law; or (2) the interests of India; or (3) justice or morality; and the enforcing court does not exercise appellate jurisdiction at the time of enf...

Articles of Association shall prevail - Delhi HC

24th June, 2013 The High Court of Delhi has overruled the decision of the Company Law Board (CLB) wherein the CLB had held that since there was no bar on affirmative vote in the Articles of Association of the company, a provision in a Joint Venture Agreement providing for affirmative votes must be given effect to even if it is not incorporated in the Articles of Association of the company. ...

FDI in multi-brand retailing clarified

The Department of Industrial Policy and Promotion (DIPP) has clarified the conditions to be satisfied to seek approval for foreign direct investment (FDI) in multi-brand retailing. Some of the important points clarified on 6th June, 2013 are:  The 30% mandatory sourcing requirement from small and medium enterprises (SME) shall refer to sourcing of manufactured or processed products and, procu...

Competition Tribunal stays penalty on cement manufacturers

22nd May, 2013 Competition Appellate Tribunal (COMPAT) has granted stay on penalty imposed on various cement manufacturers, subject to depositing 10% of the penalty within one month of its order. Earlier, the Competition Commission of India (CCI) had in its order dated 20-6-2012 imposed penalties adding up to around Rs. 6000 crore on various cement manufacturers on grounds of cartelisation in...

FDI policy in multi brand retail upheld by SC

21st May, 2013 A three judge bench of the Supreme Court has dismissed the petition challenging the FDI policy in multi-brand retail. Power of Central Government to make policies The challenge was on the ground that the policy by the Department of Industrial Policy and Promotion (DIPP) was without the authority of law. It was contended that the Central Government has no power to make poli...

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