Start with Search - Type your requirement here

Wednesday, June 30, 2010

Life insurance benefits to Provident Fund employees increased to Rs.1lakh under Deposit linked Insurance scheme (EDLI)

EDLI Scheme amended:  In effect, on death during employment, Family member/nominee will get the following:

  • if Average balance is more than Rs.50,000/-
  • then Insurance Amount = Rs. 50,000/- + 40% (Excess), subject to a maximum of Rs. 1,00,000/-

Paragraph 22 of Employees Deposit Linked Insurance Scheme, 1974

22.       Scales of assurance benefit and the minimum average balance to be maintained by an employee. – (1)  On the death of an employee, who is a member of the Fund or of a provident fund exempted under section 17 of the Act, as the case may be, the persons entitled to receive the provident fund accumulations of the deceased shall, in addition to such accumulations be paid an amount, equal to the average  balance in the account of the deceased in the Fund or of a Provident Fund exempted under Section 17 of the Act, as the case may be, during preceding twelve months or during the period of his membership, whichever is less, except where the average balance exceeds Rs.50,000 (erstwhile limit was Rs.25,000/-), the amount payable shall be Rs.50,000 (erstwhile Rs.25,000/-)plus 40% (earlier limit was 25%) of the amount in excess of Rs.50,000 (erstwhile Rs.25,000/-) subject to a ceiling of Rs. 1 lakh (earlier Rs. 35,000).

Download Notification No. GSR 523(E) dated 18th June 2010.

Saturday, June 26, 2010

Revised monthly wage ceiling limit of 50% of Rs.4000 increased to Rs.8000-Employees Compensation Act for maximum compensation calculation

As you are aware, Workmen's Compensation Act, 1923 becomes Employees with enhanced compensation limits, full medical expenses reimbursement, case disposal within 3 months, etc..& also applicable to casual & clericals, the said amendment which has removed the ceiling of monthly wage limit of Rs.4,000 for the purpose of calculation of Maximum Compensation under the Act is now amended again.

 

Now, a new monthly wage ceiling limit of Rs. 8000 is introduced for the purpose of calculation of 50% of it during computation of Maximum compensation under the Act.  Hence, the maximum compensation can go UPTO 50% of 8000 which comes to Rs. 4000/- that shall be multiplied by Age factor. Thus, effectively it was erstwhile 50% of Rs.4000 and now it is 50% of Rs.8000/-. This amendment is notified vide Central Government Notification No. S.O. 1258(E) vide Ministry of Labour & Employment dated 31st May 2010.

Thursday, June 17, 2010

New Scheme to close down Company & comply for non-compliances done under Companies Act, 1956 like non-filing of annual returns, accounts, compliance certificate,etc...Lawlabz Website link

Closure of defunct companies by ROC

COMPANY LAW SETTLEMENT/EASY EXIT SCHEME under The Companies Act, 1956:

The Ministry of Corporate Affairs, has announced an EASY EXIT SCHEME to facilitate the defunct company to get rid of it. The scheme has made very simple for the exit of the defunct company without much effort.

In the normal circumstances closing of a company may take several years and may need to spent lakhs of rupees.

Please contact us immediately for filing the application, for closure of your defunct company, if any at the earliest and avail this golden opportunity.

The opportunity may come once in blue moon. So do ACT IMMEDIATELY and get rid of your defunct company once for all without any future litigation for non compliances.

After the closure of the scheme, it is expected that ROC may take actions on those companies who continue to default the compliances.

Take the opportunity immediately … 

OR call us now @ 044-24340416


Reach us @ 7/13, South Boag Road, T.Nagar, Chennai, 600017
Keep closing & enjoy complying!!!
Thank You,

Lawlabz Logo
LawLabz

360o

 
Personalised Corporate Solutions

Monday, June 14, 2010

Preserve/Lost your Mark sheets as NO more CS Pass Certificates for Foundation & Executive will be issued by ICSI on passing Company Secretary Exams but for Professional Program

Don’t panic after your CS Results this 25th August 2010 onwards! when you don’t receive your Company Secretary Exam pass certificates, ICSI has resolved not to send the same (may be a cost cutting measure or an environment friendly measure) as it serves no purpose. 

 

I have passed CS Executive Program but I have not received my Certificate, where can I approach? Now, you can feel relaxed!!!, ICSI says.

 

The mark statement (mark sheet) hereon will serve as the proof that you have cleared CS.  The first of its kind PASS certificates, you can receive after finishing your CS Final exams. 

 

Have you lost your CS Marksheet???

Again, not to panic.  You have to shell out Rs.50/- + Rs.25/- to ICSI and apply in Application for issue of Duplicate Result-cum-Mark sheet to get a duplicate copy for further reference & usage.

 

ATTENTION STUDENTS !!

DISCONTINUATION OF ISSUE OF PASS CERTIFICATES  TO FOUNDATION/ EXECUTIVE/INTER PROGRAMME PASS STUDENTS

In accordance with the decision taken by the Council of the Institute recently, it is brought to the notice of  the student community that  henceforth (i.e. from June, 2010 Examination Session onwards),   Pass Certificates will  be issued only to such students who pass Final Course/ Professional Programme. However, Mark Sheets  will continue to be issued to students of  all stages viz. Foundation, Executive/Intermediate and Professional/Final Programmes as per existing practice.

Source:http://www.icsi.edu/webmodules/student/ss_j14.htm

Sunday, June 6, 2010

New Rule 19(2)(b) & 19A for initial & continuous listing requirement of 25% of capital with public as per SCRR amendment 2010 [for all companies]: 10% for 4000 crores to be increased@5% every year

The Securities Contracts (Regulation) Rules 1957 provide for the requirements which have to be satisfied by companies for the purpose of getting their securities listed on any stock exchange in India. A dispersed shareholding structure is essential for the sustenance of a continuous market for listed securities to provide liquidity to the investors and to discover fair prices. Further, the larger the number of shareholders, the less is the scope for price manipulation. Accordingly, the Finance Minister in his Budget speech for 2009-10, inter- alia, proposed to raise the threshold for non- promoter, public shareholding for all listed companies. To implement the Budget announcement the Securities Contracts(Regulation) (Amendment) Rules, 2010 has been notified vide Press Release F.No.5/35/2006-CM dated 4th June 2010 through

this Notification. [download now]

a) The minimum threshold level of public holding will be 25% for all listed companies.

b) Existing listed companies having less than 25% public holding have to reach the minimum 25% level by an annual addition of not less than 5% to public holding.

c) For new listing, if the post issue capital of the company calculated at offer price is more than Rs. 4000 crore, the company may be allowed to go public with 10% public shareholding and comply with the 25% public shareholding requirement by increasing its public shareholding by at least 5% per annum.

d) For companies whose draft offer document is pending with Securities and Exchange Board of India on or before these amendments are required to comply with 25% public shareholding requirement by increasing its public shareholding by at least 5% per annum, irrespective of the amount of post issue capital of the company calculated at offer price.

e) A company may increase its public shareholding by less than 5% in a year if such increase brings its public shareholding to the level of 25% in that year.

f) The requirement for continuous listing will be the same as the conditions for initial listing.

g) Every listed company shall maintain public shareholding of at least 25%. If the public shareholding in a listed company falls below 25% at any time, such company shall bring the public shareholding to 25% within a maximum period of 12 months from the date of such fall.

New definitions in Rule 2 of SCRR:

(d) “public” means persons other than – (i) the promoter and promoter group; (ii) subsidiaries and associates of the company. Explanation: For the purpose of this clause the words “promoter‟ and “promoter group‟ shall have the same meaning as assigned to them under the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements-ICDR) Regulations, 2009.

(e) “public shareholding” means equity shares of the company held by public and shall exclude shares which are held by custodian against depository receipts issued overseas”.

New Rule 19(2)(b) of SCRR:

(i) At least 25% of each class or kind of equity shares or debentures convertible into equity shares issued by the company was offered and allotted to public in terms of an offer document; or
(ii) At least 10% of each class or kind of equity shares or debentures convertible into equity shares issued by the company was offered and allotted to public in terms of an offer document if the post issue capital of the company calculated at offer price is more than Rs. 4000 crores;

Provided that the requirement of post issue capital being more than Rs. 4000 crores shall not apply to a company whose draft offer document is pending with SEBI on or before the commencement of the Securities Contracts (Regulation) (Amendment) Rules, 2010, if it satisfies the conditions prescribed in clause (b) of sub-rule 2 of rule 19 of the Securities Contracts (Regulation) Rules, 1956 as existed prior to the date of such commencement (which is: offering atleast 10% if there are 20 lakh in number of securities, Rs.100 crores of offer size is given to public and follows bookbuilding by offering 60% to QIB)
Provided further that the company, referred in sub-clause (ii), shall bring the public shareholding to the level of at least 25% by increasing its public shareholding to the extent of at least 5% per annum beginning from the date of listing of the securities, in the manner specified by the Securities and Exchange Board of India .
Provided further that the company may increase its public shareholding by less than 5% in a year if such increase brings its public shareholding to the level of 25% in that year.

 

New Rule 19(4) of SCRR – fresh application in all cases now!!!

An application for listing shall be necessary in respect of the following: (a) all new issues of any class or kind of securities of a company to be offered to the public; (b) all further issues of any class or kind of securities of a company if such class or kind of securities of the company are already listed on a recognised stock exchange.

 

New Rule 19(6A) – taking away the power from Clause 40A of Listing Agreement of stock exchanges as there is no more Provisio!!!

All the requirements with respect to listing or continuous listing requirement prescribed by these rules, shall, so far as they may be, also apply to a body corporate constituted by an Act of Parliament or any State Legislature. [Old Provisio deleted]

Note: SEBI’s power to relax listing requirements under SCRR is withdrawn.  Also note, there is no more Clause 40A continuous listing requirement of 10% if the company has 2 crores of listed shares with a market capitalisation of Rs.1000 crore or more.

Clause 40A is now Rule 19A mandating 25% as CONTINUOUS LISTING REQUIREMENT for all Companies:

Every listed company shall maintain public shareholding of at least 25%

Provided that any listed company which has public shareholding below 25% on the commencement of the Securities Contracts (Regulation) (Amendment) Rules, 2010, shall bring the public shareholding to the level of at least 25% by increasing its public shareholding to the extent of at least 5% per annum beginning from the date of such commencement, in the manner specified by SEBI.

Provided further that the company may increase its public sharholding by less than 5% in a year if such increase brings its public shareholding to the level of 25% in that year.

(2) Where the public shareholding in a listed company falls below 25% at any time, such company shall bring the public shareholding to 25%within a maximum period of 12 months from the date of such fall in the manner specified by the Securities and Exchange Board of India.”

Wednesday, June 2, 2010

Learnlabz Activity outside Company Secretary exam centres @ Chennai, Free DVDs for CS students on classes & books

Catching up the heat outside Company Secretary Exam centres at Chennai.  Learnlabz stall was crowded with CS students availing their free DVD’s with lots of excitement & sincerity.  Many were out of the exam halls too early winning their first law exam and found it interesting!!!

 Photo0342 learn labz MGRJ college promo 004 learn labz MGRJ college promo 005 learn labz MGRJ college promo 006

You can also enjoy our Youtube releases from http://www.youtube.com/watch?v=OO-tKh9Ptrw&feature=player_embedded

Learnlabz wishes All the Best for every exam giving you a fresh 3 hours!!! – its Only This Much.

We make learning an interesting experience!!!

CS Updatin...

See Yes -> Yes, ACS

↑ Grab this Headline Animator