Top US Congressmen express 'significant concern' over India's trade policy, reforms pace
Committee on Ways and Means, US House of Representatives, including likely next Speaker of the House - Mr. Paul Ryan, issues a joint statement on International Trade Commission's (ITC) Report detailing India's Trade Practices; Committee notes some positive developments since Modi administration took over, however observes that some "significant concerns" remain, states "it is not yet clear whether policies that negatively affect foreign trade and investment are in fact headed towards much-needed reform"; Appreciates PM Modi's statement about commitment to implementing economic reforms, states "if successful, these reforms could yield significant positive results ……. and create ample opportunity for American job creators, workers, and entrepreneurs in the Indian market"; States that US continues with its efforts to further strengthen the bilateral bond with India, however urges Indian Govt. to hasten the reforms implementation and address the concerns detailed in the latest investigation; Baker & McKenzie Partner, Joshua Odintz tells LSI "US government is concerned about the policies of the Indian government... There is option for the government to participate in a transparent way in trade policy"
LSI Note:
House Ways & Means Committee Chairman Mr. Paul Ryan, who has been quoted here, is tipped to take over as the new Speaker of the House of Representatives.
Quashes rectification petition filed by ex-directors, relies on prima-facie evidence approving share transfer
CLB dismisses petition filed by former directors ('petitioners') of respondent co. u/s 59 of Cos. Act, 2013 to register themselves as shareholder, relies on prima-facie evidence u/s 164 of Cos. Act, 1956; Observes that petitioners executed transfer deeds, resolution was passed by board of directors approving share transfer for consideration, also notes that co. was suffering from losses in 2001 when the petitioners resigned as directors and transferred shares and now the petition is filed in 2013 for rectification of members' register when co. is running well with Rs. 100 crore reserves; Observes that share transfer was approved based on executed transfer deeds, however original share certificates were lying with the petitioners, holds "merely because some share certificates were lying with petitioners, it will not give any right to claim their shareholding in 2013, saying that they came to know for the first time about their shareholding was transferred in 2002"; Rejects petitioners' reliance on SC ruling in Mannalal Khetan Vs Kedar Nath Khetan (wherein it was held that provisions of Sec. 108 of Cos. Act, 1956 are mandatory and not recommendatory in nature) distinguishes on facts, observes that since petitioners worked with other co. directors and now they cannot claim any ignorance for share transfer after 10-years; Rejects petitioners submission that consideration being more than Rs. 20,000 by bearer cheque, the same violates Income Tax Act provisions, holds "section comes into existence to persons making transaction of Rs. 20,000 shall not escape tax payment, but it does not mean if a bearer cheque is given for more than Rs. 20,000, that transaction is null and void"; On petitioners' allegation of forgery/fabrication of share transfer deed, CLB holds that no one prevented petitioners from filing petition with Civil Court for such allegation, states that there is ample evidence supporting the presumption u/s 164 of Cos. Act, 1956 to confirm that petitioners transferred shareholding to respondent:New Delhi CLB
The order was passed by B.S.V Prakash Kumar, Member, CLB
Mr. R.S. Bhatia and Advocate Raksh Puri argued on behalf of petitioners while Advocate A.K. Agarwal and Mr. Manish Gupta represented respondents.
RBI directs LLPs receiving FDI to submit Annual Return on Foreign Liabilities & Assetsa
With an objective of capturing the statistics relating to FDI by LLPs in India / abroad, RBI directs LLPs (that have received FDI and/or made overseas investments in previous year(s) as well as in current year) to submit Annual Return on Foreign Liabilities & Assets in prescribed format; States that the Annual Return format has been prescribed in A.P (DIR Series) Circular dated June 18, 2014; Notes that LLPs do not have 21-Digit Corporate Identity Number (CIN), accordingly advises to enter 'A99999AA9999LLP999999' against CIN in the FLA Return: RBI
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RBI issues direction on implementation of Gold Monetisation Scheme, 2015
RBI issues direction on implementation of Gold Monetisation Scheme (GMS), 2015; States that the GMS will replace the existing Gold Deposit Scheme, 1999, however, the deposits outstanding under Gold Deposit Scheme will be allowed to run till maturity unless depositors prematurely withdraw them; States that resident Indians (Individuals, HUF, Trusts including Mutual Funds/Exchange Traded Funds registered under SEBI (Mutual Fund) Regulations and Companies) can make deposits under GMS: RBI
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