This document outlines the Financial Institutions Ordinance of 2001 in Pakistan. The ordinance aims to repeal and re-enact the Banking Companies (Recovery of Loans, Advances, Credits and Finances) Act of 1997 with some modifications. It establishes Banking Courts to handle cases related to recovery of finances extended by financial institutions in a timely manner. The ordinance defines key terms, outlines the duties of customers to fulfill obligations, and sets out procedures for financial institutions to recover written-off finances expeditiously through the new Banking Courts.
AMENDMENTS TO SARFAESI ACT/RULES/DRT ACT AND RULES WHICH HAVE BEEN ENFORCEDMukesh Chand
The document summarizes key amendments to the Security Interest (Enforcement) Rules, 2002 and the Debt Recovery Tribunal (Procedure) Rules, 1993 in India that came into effect from November 4, 2016. Some of the major changes include:
1) Allowing delivery of notices by hand delivery in addition to other modes.
2) Reducing the notice period for subsequent auctions of secured assets from 30 days to 15 days.
3) Allowing service of notices via email in addition to other modes.
4) Providing for public auctions, including e-auctions of secured assets.
5) Reducing timelines for filing written statements and replies in DRT recovery applications.
In this part, unless the context otherwise requires, the State includes the Government and Parliament of India and the Government and the Legislature of each of the States and all local or other authorities within the territory of India or under the control of the Government of India.
https://beandbyias.com/
Companies (Incorporation) Third Amendment Rules, 2016GAURAV KR SHARMA
The notification amends the Companies (Incorporation) Rules, 2014 to:
1. Allow a natural person to be a member of only one One Person Company.
2. Require consent from trademark owners when including their trademarks in company names.
3. Simplify document filing requirements and allow digital signatures for some documents.
4. Introduce new rules for converting unlimited liability companies to limited liability companies.
The banking companies (acquisition and transfer of of undertaking) act, 1969Leo Lukose
This document summarizes key provisions of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1969 in India. It established corresponding new banks to take over the business undertakings of existing banks meeting certain deposit thresholds. The assets and liabilities of the existing banks were transferred to the corresponding new banks. Compensation for the acquired undertakings would be through government securities and determined either through agreement or an independent tribunal, to be paid over 10-30 years.
The document discusses various laws related to real estate transactions in India, including:
1. The Indian Contract Act of 1872, which governs contract law.
2. The Transfer of Property Act of 1882, which lays out principles for transferring property through sale, lease, etc.
3. The Registration Act of 1908, which deals with registering documents to prevent fraud and conserve evidence of titles.
It also briefly mentions other relevant laws like the Income Tax Act of 1961, Wealth Tax Act of 1957, laws governing urban planning, and those administered by the Ministry of Urban Development.
Template for Apartment Association Byelaws. You can customize this to suit your society's needs. You can see more details about Byelaws at http://blog.apnacomplex.com/2010/06/07/apartment-association-bylaws/
This document provides an overview and definitions for key terms in the Financial Rehabilitation and Insolvency Act of 2010 in the Philippines. It defines terms like debtor, claim, commencement date, rehabilitation, and liquidation. It also outlines exclusions from the Act, such as banks and insurance companies. The Act aims to encourage rehabilitation of financially distressed enterprises when possible, and orderly liquidation when rehabilitation is not feasible, to protect creditor rights and maximize asset value.
This document outlines the Financial Institutions Ordinance of 2001 in Pakistan. The ordinance aims to repeal and re-enact the Banking Companies (Recovery of Loans, Advances, Credits and Finances) Act of 1997 with some modifications. It establishes Banking Courts to handle cases related to recovery of finances extended by financial institutions in a timely manner. The ordinance defines key terms, outlines the duties of customers to fulfill obligations, and sets out procedures for financial institutions to recover written-off finances expeditiously through the new Banking Courts.
AMENDMENTS TO SARFAESI ACT/RULES/DRT ACT AND RULES WHICH HAVE BEEN ENFORCEDMukesh Chand
The document summarizes key amendments to the Security Interest (Enforcement) Rules, 2002 and the Debt Recovery Tribunal (Procedure) Rules, 1993 in India that came into effect from November 4, 2016. Some of the major changes include:
1) Allowing delivery of notices by hand delivery in addition to other modes.
2) Reducing the notice period for subsequent auctions of secured assets from 30 days to 15 days.
3) Allowing service of notices via email in addition to other modes.
4) Providing for public auctions, including e-auctions of secured assets.
5) Reducing timelines for filing written statements and replies in DRT recovery applications.
In this part, unless the context otherwise requires, the State includes the Government and Parliament of India and the Government and the Legislature of each of the States and all local or other authorities within the territory of India or under the control of the Government of India.
https://beandbyias.com/
Companies (Incorporation) Third Amendment Rules, 2016GAURAV KR SHARMA
The notification amends the Companies (Incorporation) Rules, 2014 to:
1. Allow a natural person to be a member of only one One Person Company.
2. Require consent from trademark owners when including their trademarks in company names.
3. Simplify document filing requirements and allow digital signatures for some documents.
4. Introduce new rules for converting unlimited liability companies to limited liability companies.
The banking companies (acquisition and transfer of of undertaking) act, 1969Leo Lukose
This document summarizes key provisions of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1969 in India. It established corresponding new banks to take over the business undertakings of existing banks meeting certain deposit thresholds. The assets and liabilities of the existing banks were transferred to the corresponding new banks. Compensation for the acquired undertakings would be through government securities and determined either through agreement or an independent tribunal, to be paid over 10-30 years.
The document discusses various laws related to real estate transactions in India, including:
1. The Indian Contract Act of 1872, which governs contract law.
2. The Transfer of Property Act of 1882, which lays out principles for transferring property through sale, lease, etc.
3. The Registration Act of 1908, which deals with registering documents to prevent fraud and conserve evidence of titles.
It also briefly mentions other relevant laws like the Income Tax Act of 1961, Wealth Tax Act of 1957, laws governing urban planning, and those administered by the Ministry of Urban Development.
Template for Apartment Association Byelaws. You can customize this to suit your society's needs. You can see more details about Byelaws at http://blog.apnacomplex.com/2010/06/07/apartment-association-bylaws/
This document provides an overview and definitions for key terms in the Financial Rehabilitation and Insolvency Act of 2010 in the Philippines. It defines terms like debtor, claim, commencement date, rehabilitation, and liquidation. It also outlines exclusions from the Act, such as banks and insurance companies. The Act aims to encourage rehabilitation of financially distressed enterprises when possible, and orderly liquidation when rehabilitation is not feasible, to protect creditor rights and maximize asset value.
Debts Recovery Tribunals and Appellate Tribunals(DRT & DART)Abinash Mandilwar
The document discusses the Debt Recovery Tribunal (DRT) process in India for recovering debts owed to banks and financial institutions. It provides details on the structure and jurisdiction of DRTs and Debt Recovery Appellate Tribunals (DRATs). The summary is:
[1] DRTs are special quasi-judicial forums established under the Recovery of Debts due to Banks and Financial Institution Act, 1993 to allow for the speedy recovery of loans owed to banks and financial institutions.
[2] The document outlines the procedures for banks to file recovery applications with the DRT, including prerequisites taken before filing and requirements for the application.
[3] It also describes the DRT procedures after an
This document summarizes the key points of the Double Taxation Agreement between India and Bangladesh signed on May 27, 1992. It aims to avoid double taxation and prevent fiscal evasion with respect to taxes on income for the two countries. The agreement applies to individuals and companies that are residents of India or Bangladesh. It specifies the taxes covered in each country and defines terms like "resident", "permanent establishment", and assigns authority to the respective revenue boards of each country.
The document discusses regulations around insider trading and price sensitive information in Bangladesh. It defines price sensitive information and insider trading, and prohibits the latter. The Securities and Exchange Commission is responsible for regulating the capital market and protecting investors. It can investigate companies, inspect records, audit intermediaries, and prohibit fraudulent practices. The document also discusses prospectuses, listing and delisting of companies, restrictions on securities dealings, and information that must be included in directors' reports. Insider trading is prohibited, and insiders are defined as those who possess non-public material information.
The document is an amendment bill to further amend the Benami Transactions (Prohibition) Act of 1988 in India. Some key points:
- It proposes to substitute new definitions for terms like "benami property", "benami transaction", and establishes new authorities like the Adjudicating Authority and Appellate Tribunal.
- It prohibits benami transactions initiated after the date of commencement of this amendment act and introduces penal provisions.
- It also substitutes sections regarding confiscation of benami property and prohibits re-transfer of such property.
- New chapters are inserted establishing the Adjudicating Authority, its composition, powers, and terms of office of members.
This document discusses various laws related to real estate transactions in India. It outlines 16 key acts that govern this area like the Indian Contract Act 1872, Transfer of Property Act 1882, Registration Act 1908, Urban Land Ceiling Act 1976, Land Acquisition Act 1894, and Income Tax Act 1961. These acts cover aspects like contract enforcement, property transfer rules, registration formalities, land ownership ceilings, land acquisition for government projects, and taxation. Real estate transactions must comply with the relevant provisions of these central and state laws.
This document is a treaty between the United States and Bangladesh concerning investment protection and encouragement. It aims to promote economic cooperation by establishing rules for investments made by nationals and companies of one country in the territory of the other. Key provisions include: (1) requiring each country to provide fair and equitable treatment of investments from the other; (2) establishing rules for compensation in cases of expropriation of investments; (3) allowing for the free transfer of funds associated with investments; and (4) creating mechanisms for consultation and dispute settlement related to investments covered by the treaty.
Country report on_corporate_insolvency_laws (1)ratnabali
This document discusses the history and current framework of insolvency laws in India. It provides background on how insolvency laws first emerged in the 1800s in the Presidency towns of Calcutta, Bombay, and Madras. Over time, insolvency legislation expanded to rural areas through acts like the Provincial Insolvency Act of 1920. Currently, personal and corporate insolvency are governed by different laws - personal insolvency by acts like the Provincial Insolvency Act of 1920, and corporate insolvency through provisions in the Companies Act of 1956. The document also examines the Industries Development and Regulation Act of 1951 and the Sick Industrial Companies Act of 1985, which aim to prevent industrial
The document summarizes the Debt Recovery Tribunal Act of 1993 in India. Key points:
- It establishes Debt Recovery Tribunals and Appellate Tribunals to facilitate recovery of debts owed to banks and financial institutions exceeding 10 lakh rupees.
- The Tribunals have jurisdiction over cases where the debtor resides or operates within specified areas. Banks can apply to the Tribunals to recover debts.
- The Tribunals determine the amount owed and issue certificates to Recovery Officers to attach/sell debtor properties, arrest the debtor, or appoint receivers to recover the debt. Debtors can appeal amounts but must deposit 75% of the determined debt.
The document summarizes new rules notified in India that permit cross-border mergers through a scheme sanctioned by the National Company Law Tribunal. Key points:
- Section 234 of the Companies Act 2013 and new Rule 25A allow an Indian company to merge with a foreign company or vice versa, as long as the foreign company is from a recognized jurisdiction.
- Mergers require compliance with Sections 230-232 of the Act, RBI approval, valuation of both companies by qualified valuers, and regulations on foreign investments into India if an Indian company merges with a foreign one.
- If an Indian company merges into a foreign one, regulations on overseas investments will apply to the resultant foreign company.
This document is a double taxation agreement between the UK and Bangladesh signed in 1979. Some key points:
- It aims to avoid double taxation and prevent fiscal evasion on taxes on income and capital gains.
- It covers UK taxes like income tax, corporation tax, and capital gains tax, and Bangladesh taxes like income tax and super tax.
- It defines terms like "resident of a Contracting State" and "permanent establishment" and outlines how income from different sources like business profits, dividends, interest, and royalties will be taxed.
- It includes provisions for eliminating double taxation and procedures for resolving disputes between the two countries.
This document provides information on non-profit organizations in India, specifically trusts and societies. It discusses the key aspects of forming and registering a trust or society, including the required documents, procedures, and essential elements. Trusts can be formed by individuals or organizations and require a trustee, beneficiary, and trust property. Societies require a minimum of seven members and are registered through memorandum of association and rules/regulations. Section 25 companies are a specific type of non-profit company regulated by the Companies Act. The document compares trusts, societies, and Section 25 companies and their formation and governance processes.
mcrhrd registration act and stamp act final 120515 (1)srinivasulu vemula
The document summarizes key aspects of the Registration Act of 1908 and Indian Stamp Act of 1899. It outlines that both acts are on the concurrent list, allowing both central and state legislation. It describes the scheme and salient features of the acts, including provisions around registration establishment, registerable documents, timelines, fees and penalties. The acts aim to provide notice, preserve records, prevent fraud and generate revenue from registration and stamp duties.
These slides will give overview of the Debt Recovery Tribunal and its Working of the Tribunal. Further it will help in understanding the requirements for filing an application under the Act.
The document provides an overview of benami transactions and the Benami Transactions (Prohibition) Act 1988 in India. Some key points:
- Benami means "property without name" and refers to transactions where property is purchased in someone else's name without intending to benefit them.
- The 1988 Act was introduced to prohibit benami transactions and recover properties held benami, as such transactions were previously abused to evade taxes, circumvent land ceilings, and commit fraud.
- Under the Act, benami transactions are prohibited and no suits can be filed to claim rights over benami properties. Benami properties are also liable for acquisition by authorities. However, the Act had deficiencies in implementation and scope
The document discusses recent changes to India's Insolvency and Bankruptcy Code (IBC) regime through amendments introduced by an Ordinance and subsequent Act. Key changes include:
1) Stricter eligibility criteria for resolution applicants, including disqualifying wilful defaulters, fraudulent entities, and those associated with non-performing assets.
2) Connected persons of ineligible resolution applicants are also barred from submitting resolution plans.
3) The committee of creditors must consider a resolution plan's feasibility and viability before approving it.
4) Liquidators are prohibited from selling bankrupt companies' assets to ineligible resolution applicants.
This document outlines the bylaws of Advanced Micro Devices, Inc. regarding meetings of stockholders and the nomination of directors.
Key details include:
1) Stockholders must give advance notice between 90-120 days before the annual meeting to propose other business or nominate directors.
2) The notice must include information about the stockholder, the nominees, the proposed business, and any interests or arrangements related to the proposal.
3) Updates may be required within specified timeframes prior to the meeting.
The bylaws establish an orderly process for stockholder proposals and nominations at annual and special meetings.
The document summarizes key information about the leasing industry in Greece. It notes that the estimated number of employees in the leasing industry is 468, with a market share of 0.53% of the European market. Total leasing volumes in Greece are 1,189 million Euros, growing at 31.15% per year, with equipment and automotive leasing making up 446 million Euros and real estate leasing 742 million Euros. The main assets leased are machinery, commercial vehicles, and motor cars.
The document discusses the Recovery of Debts Due to Banks and Financial Institutions Act, 1993, which was passed to facilitate the speedy adjudication of matters relating to recovery of debts owed to banks and financial institutions. It established Debt Recovery Tribunals and Debt Recovery Appellate Tribunals across India to handle such cases. The tribunals have similar powers to civil courts and follow procedures to allow banks/FIs to file applications, defendants to respond, and include provisions for appeals, interim orders, and debt recovery. As of now, there are 29 DRTs and 5 DRATs constituted across the country to help banks/FIs recover bad debts efficiently.
The document discusses the Debt Recovery Tribunal (DRT) established by the Government of India through the Recovery of Debts Due to Banks and Financial Institutions Act, 1993. The Act created a separate tribunal system to ensure speedy resolution of loan recovery matters. The DRT handles cases involving debts owed to banks and financial institutions over Rs. 10 lakh. Appeals from DRT decisions can be made to Debts Recovery Appellate Tribunals (DRAT). DRTs have been set up in various cities to help banks and financial institutions recover debts through this legal framework.
Articulo ensayístico logro de aprendizaje en la areas ruralesapusayri
El presente articulo, tiene la intensión de mostrar los avance en el logro de los aprendizajes en comprensión lectora y matemática en los niños (as) de la áreas rurales.
Debts Recovery Tribunals and Appellate Tribunals(DRT & DART)Abinash Mandilwar
The document discusses the Debt Recovery Tribunal (DRT) process in India for recovering debts owed to banks and financial institutions. It provides details on the structure and jurisdiction of DRTs and Debt Recovery Appellate Tribunals (DRATs). The summary is:
[1] DRTs are special quasi-judicial forums established under the Recovery of Debts due to Banks and Financial Institution Act, 1993 to allow for the speedy recovery of loans owed to banks and financial institutions.
[2] The document outlines the procedures for banks to file recovery applications with the DRT, including prerequisites taken before filing and requirements for the application.
[3] It also describes the DRT procedures after an
This document summarizes the key points of the Double Taxation Agreement between India and Bangladesh signed on May 27, 1992. It aims to avoid double taxation and prevent fiscal evasion with respect to taxes on income for the two countries. The agreement applies to individuals and companies that are residents of India or Bangladesh. It specifies the taxes covered in each country and defines terms like "resident", "permanent establishment", and assigns authority to the respective revenue boards of each country.
The document discusses regulations around insider trading and price sensitive information in Bangladesh. It defines price sensitive information and insider trading, and prohibits the latter. The Securities and Exchange Commission is responsible for regulating the capital market and protecting investors. It can investigate companies, inspect records, audit intermediaries, and prohibit fraudulent practices. The document also discusses prospectuses, listing and delisting of companies, restrictions on securities dealings, and information that must be included in directors' reports. Insider trading is prohibited, and insiders are defined as those who possess non-public material information.
The document is an amendment bill to further amend the Benami Transactions (Prohibition) Act of 1988 in India. Some key points:
- It proposes to substitute new definitions for terms like "benami property", "benami transaction", and establishes new authorities like the Adjudicating Authority and Appellate Tribunal.
- It prohibits benami transactions initiated after the date of commencement of this amendment act and introduces penal provisions.
- It also substitutes sections regarding confiscation of benami property and prohibits re-transfer of such property.
- New chapters are inserted establishing the Adjudicating Authority, its composition, powers, and terms of office of members.
This document discusses various laws related to real estate transactions in India. It outlines 16 key acts that govern this area like the Indian Contract Act 1872, Transfer of Property Act 1882, Registration Act 1908, Urban Land Ceiling Act 1976, Land Acquisition Act 1894, and Income Tax Act 1961. These acts cover aspects like contract enforcement, property transfer rules, registration formalities, land ownership ceilings, land acquisition for government projects, and taxation. Real estate transactions must comply with the relevant provisions of these central and state laws.
This document is a treaty between the United States and Bangladesh concerning investment protection and encouragement. It aims to promote economic cooperation by establishing rules for investments made by nationals and companies of one country in the territory of the other. Key provisions include: (1) requiring each country to provide fair and equitable treatment of investments from the other; (2) establishing rules for compensation in cases of expropriation of investments; (3) allowing for the free transfer of funds associated with investments; and (4) creating mechanisms for consultation and dispute settlement related to investments covered by the treaty.
Country report on_corporate_insolvency_laws (1)ratnabali
This document discusses the history and current framework of insolvency laws in India. It provides background on how insolvency laws first emerged in the 1800s in the Presidency towns of Calcutta, Bombay, and Madras. Over time, insolvency legislation expanded to rural areas through acts like the Provincial Insolvency Act of 1920. Currently, personal and corporate insolvency are governed by different laws - personal insolvency by acts like the Provincial Insolvency Act of 1920, and corporate insolvency through provisions in the Companies Act of 1956. The document also examines the Industries Development and Regulation Act of 1951 and the Sick Industrial Companies Act of 1985, which aim to prevent industrial
The document summarizes the Debt Recovery Tribunal Act of 1993 in India. Key points:
- It establishes Debt Recovery Tribunals and Appellate Tribunals to facilitate recovery of debts owed to banks and financial institutions exceeding 10 lakh rupees.
- The Tribunals have jurisdiction over cases where the debtor resides or operates within specified areas. Banks can apply to the Tribunals to recover debts.
- The Tribunals determine the amount owed and issue certificates to Recovery Officers to attach/sell debtor properties, arrest the debtor, or appoint receivers to recover the debt. Debtors can appeal amounts but must deposit 75% of the determined debt.
The document summarizes new rules notified in India that permit cross-border mergers through a scheme sanctioned by the National Company Law Tribunal. Key points:
- Section 234 of the Companies Act 2013 and new Rule 25A allow an Indian company to merge with a foreign company or vice versa, as long as the foreign company is from a recognized jurisdiction.
- Mergers require compliance with Sections 230-232 of the Act, RBI approval, valuation of both companies by qualified valuers, and regulations on foreign investments into India if an Indian company merges with a foreign one.
- If an Indian company merges into a foreign one, regulations on overseas investments will apply to the resultant foreign company.
This document is a double taxation agreement between the UK and Bangladesh signed in 1979. Some key points:
- It aims to avoid double taxation and prevent fiscal evasion on taxes on income and capital gains.
- It covers UK taxes like income tax, corporation tax, and capital gains tax, and Bangladesh taxes like income tax and super tax.
- It defines terms like "resident of a Contracting State" and "permanent establishment" and outlines how income from different sources like business profits, dividends, interest, and royalties will be taxed.
- It includes provisions for eliminating double taxation and procedures for resolving disputes between the two countries.
This document provides information on non-profit organizations in India, specifically trusts and societies. It discusses the key aspects of forming and registering a trust or society, including the required documents, procedures, and essential elements. Trusts can be formed by individuals or organizations and require a trustee, beneficiary, and trust property. Societies require a minimum of seven members and are registered through memorandum of association and rules/regulations. Section 25 companies are a specific type of non-profit company regulated by the Companies Act. The document compares trusts, societies, and Section 25 companies and their formation and governance processes.
mcrhrd registration act and stamp act final 120515 (1)srinivasulu vemula
The document summarizes key aspects of the Registration Act of 1908 and Indian Stamp Act of 1899. It outlines that both acts are on the concurrent list, allowing both central and state legislation. It describes the scheme and salient features of the acts, including provisions around registration establishment, registerable documents, timelines, fees and penalties. The acts aim to provide notice, preserve records, prevent fraud and generate revenue from registration and stamp duties.
These slides will give overview of the Debt Recovery Tribunal and its Working of the Tribunal. Further it will help in understanding the requirements for filing an application under the Act.
The document provides an overview of benami transactions and the Benami Transactions (Prohibition) Act 1988 in India. Some key points:
- Benami means "property without name" and refers to transactions where property is purchased in someone else's name without intending to benefit them.
- The 1988 Act was introduced to prohibit benami transactions and recover properties held benami, as such transactions were previously abused to evade taxes, circumvent land ceilings, and commit fraud.
- Under the Act, benami transactions are prohibited and no suits can be filed to claim rights over benami properties. Benami properties are also liable for acquisition by authorities. However, the Act had deficiencies in implementation and scope
The document discusses recent changes to India's Insolvency and Bankruptcy Code (IBC) regime through amendments introduced by an Ordinance and subsequent Act. Key changes include:
1) Stricter eligibility criteria for resolution applicants, including disqualifying wilful defaulters, fraudulent entities, and those associated with non-performing assets.
2) Connected persons of ineligible resolution applicants are also barred from submitting resolution plans.
3) The committee of creditors must consider a resolution plan's feasibility and viability before approving it.
4) Liquidators are prohibited from selling bankrupt companies' assets to ineligible resolution applicants.
This document outlines the bylaws of Advanced Micro Devices, Inc. regarding meetings of stockholders and the nomination of directors.
Key details include:
1) Stockholders must give advance notice between 90-120 days before the annual meeting to propose other business or nominate directors.
2) The notice must include information about the stockholder, the nominees, the proposed business, and any interests or arrangements related to the proposal.
3) Updates may be required within specified timeframes prior to the meeting.
The bylaws establish an orderly process for stockholder proposals and nominations at annual and special meetings.
The document summarizes key information about the leasing industry in Greece. It notes that the estimated number of employees in the leasing industry is 468, with a market share of 0.53% of the European market. Total leasing volumes in Greece are 1,189 million Euros, growing at 31.15% per year, with equipment and automotive leasing making up 446 million Euros and real estate leasing 742 million Euros. The main assets leased are machinery, commercial vehicles, and motor cars.
The document discusses the Recovery of Debts Due to Banks and Financial Institutions Act, 1993, which was passed to facilitate the speedy adjudication of matters relating to recovery of debts owed to banks and financial institutions. It established Debt Recovery Tribunals and Debt Recovery Appellate Tribunals across India to handle such cases. The tribunals have similar powers to civil courts and follow procedures to allow banks/FIs to file applications, defendants to respond, and include provisions for appeals, interim orders, and debt recovery. As of now, there are 29 DRTs and 5 DRATs constituted across the country to help banks/FIs recover bad debts efficiently.
The document discusses the Debt Recovery Tribunal (DRT) established by the Government of India through the Recovery of Debts Due to Banks and Financial Institutions Act, 1993. The Act created a separate tribunal system to ensure speedy resolution of loan recovery matters. The DRT handles cases involving debts owed to banks and financial institutions over Rs. 10 lakh. Appeals from DRT decisions can be made to Debts Recovery Appellate Tribunals (DRAT). DRTs have been set up in various cities to help banks and financial institutions recover debts through this legal framework.
Articulo ensayístico logro de aprendizaje en la areas ruralesapusayri
El presente articulo, tiene la intensión de mostrar los avance en el logro de los aprendizajes en comprensión lectora y matemática en los niños (as) de la áreas rurales.
Myriad Mobile is a mobile app development company based in Fargo, North Dakota. They assembled a team of creative problem solvers passionate about mobile to deliver successful mobile business strategies for clients. Drawing on the innovative spirit of the Midwest, Myriad Mobile works hard and thinks outside the box to help clients surpass their goals with cutting-edge mobile solutions. They remain true to their core values of mastery, honor, passion, innovation and community in everything they do.
The document discusses implementing a communicative approach to teaching English to primary school students. It outlines key principles of communicative language teaching, including the active nature of communication, topic-based conversations, and modeling typical student interaction situations. It also describes age-related characteristics of primary students, noting their desire for independence and importance of peer interaction. Role-playing games are proposed as a natural way for students to learn through taking on roles in simulated situations. Guidelines for effective role-playing activities are provided.
‘ DA’WAH TOWARDS AHLUL-KITAB ’
(Comparative religion approach in Da’wah) Understanding (MAD-’U) those we are to call : Christianity and Christians
= Trinity
The document discusses the benefits of meditation for reducing stress and anxiety. Regular meditation practice can calm the mind and help prevent worrying thoughts. Meditation lowers stress levels in the body by inducing a relaxation response that counters the effects of the stress response.
The document provides an overview of the key elements of filmmaking including camera, editing, sound, and mise-en-scène. It then summarizes Orson Welles' 1941 film Citizen Kane, describing its innovative techniques in cinematography, editing, sound design, casting and set design that made it critically acclaimed and considered one of the greatest films ever made. Welles had complete artistic control on his first film despite having no prior experience as a director.
This document outlines Panamanian law regarding the formation and operation of corporations. It discusses how corporations can be formed by signing articles of incorporation, which must include items like the corporate name, objectives, capital structure, and director information. It also summarizes how the corporate charter can be amended, such as to modify share structures or capital amounts, which requires approval from shareholders. The law regulates a corporation's ability to acquire its own shares or reduce its authorized capital in ways that could jeopardize its financial position.
The document discusses securities and listing requirements according to Indian law and stock exchange regulations. It defines securities according to the Securities Contracts Regulation Act to include shares, bonds, and other financial instruments. It then outlines the powers of the central government and Securities and Exchange Board of India regarding recognition of stock exchanges, supervision of activities, and regulation of listings. Finally, it provides details on listing requirements for companies on the Bombay Stock Exchange and National Stock Exchange of India, including eligibility criteria, ongoing compliance, and fees.
This document provides definitions and explanations of key terms related to corporate and business law in Pakistan according to the Companies Ordinance 1984 and 2016. It defines terms such as company, public company, private company, director, share, debenture, memorandum of association, articles of association, and more. It also outlines the differences between a public and private company and discusses the progression of company law from the 1984 ordinance to the 2016 ordinance.
DIRECTORATE OF INVESTMENT AND COMPANY ADMINISTRATION MYANMAR -DOWNLOAD FILE C...MYO AUNG Myanmar
http://www.dica.gov.mm/en
The Directorate of Investment and Company Administration (DICA) is in charge of handling company registrations for local and foreign businesses under the Companies Act. DICA also serves as a secretary to the Myanmar Investment Commission (MIC), which is the responsible body for investment applications.
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DICA
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Research Interests: Myanmar, Asset and investment valuation, and MYANMAR INVESTMENT LAW
The document discusses underwriting, which is an agreement where underwriters take on the risk of purchasing securities from an issuer in the event that the public demand is insufficient. It describes different types of underwriting arrangements and the roles and responsibilities of underwriters. It also outlines the eligibility criteria, registration process, operational guidelines, and record keeping requirements for underwriters according to SEBI regulations in India. As an example, it summarizes that Alibaba's 2014 IPO raised over $20 billion with six major banks serving as equal lead underwriters.
The document summarizes the key aspects of the Registration Act of 1908 in India. It discusses (1) why the act was introduced - to record certain transactions and prevent fraud, (2) the classification of registrable documents into those requiring compulsory registration and those where registration is optional, (3) the time limits for registration, and (4) the effects of non-registration of documents that are required to be registered.
The securities contracts regulation act hardcopyDharmik
This document provides an overview of the Securities Contracts Regulation Act (SCRA) presented by a group of students. It defines securities and discusses key aspects of the SCRA, including:
- The SCRA empowers the central government or SEBI to recognize stock exchanges, approve exchange rules/bylaws, regulate listings, and register intermediaries.
- Contracts must occur through a recognized stock exchange in notified states/areas to be legal. Contracts in violation of exchange rules are void.
- The government can prohibit contracts in certain securities to prevent speculation and require licensing of dealers in some non-notified states.
- Listing on an exchange provides liquidity, mobilizes
The document provides an overview of the Transfer of Property Act of 1882 in India. Some key points:
- It establishes rules for the transfer of property by parties through acts like conveyance or will.
- It defines what types of property interests can be transferred, such as land but not chances or mere rights. It also specifies those competent to transfer property.
- Upon transfer, all interests in the property pass to the transferee along with legal incidents, unless a different intention is indicated.
- The Act establishes rules around conditions on transfers, interests in property, accumulation of income, and perpetuities.
This agreement establishes a framework for avoiding double taxation and preventing tax evasion between Indonesia and South Korea with respect to income taxes. It covers the taxes imposed by each country that are subject to this agreement. It defines terms like "resident", "permanent establishment", and outlines rules for determining residency for individuals and companies for tax purposes. The agreement also specifies what level of business activity or property ownership in one country creates a taxable presence that may be taxed by that country.
The document defines key terms related to companies under the Indian Companies Act of 1956, including:
- What constitutes a company and the characteristic features of companies
- The two main types of companies - private and public
- The key requirements to form and register a company, including preparing documents, filing with the Registrar of Companies, and obtaining a Certificate of Incorporation
- How a company can raise capital through private placement of shares or public issuance of a prospectus
The document discusses key documents required for company formation, including the Memorandum of Association and Articles of Association. It provides details on the meaning, contents, and importance of the Memorandum of Association, including the name, registered office, objects, liability, and capital clauses. It also discusses the meaning and contents of the Articles of Association and how they regulate a company's internal affairs. The ultra vires doctrine is explained, under which an act not stated in the objects clause of the Memorandum is void.
CONVENTIONBETWEENTHE ROYAL GOVERNMENT OF THAILANDANDTHE GOVERNMENT.docxmaxinesmith73660
This document outlines a convention between Thailand and Singapore to avoid double taxation and prevent tax evasion on income. It details that the governments desire to conclude an agreement (Article 1), the taxes covered which include income taxes (Article 2), definitions of terms like resident and permanent establishment (Articles 3-5), and how to tax different types of income including business profits, shipping/air transport, associated enterprises, dividends, and interest (Articles 6-11). The purpose is to establish a framework for taxing income of residents in one or both countries in order to eliminate double taxation.
This document outlines key requirements and procedures for incorporating a private corporation in the Philippines according to Chapter 6 of the Corporation Code. It discusses the number and qualifications of incorporators, the term and extension of a corporation, minimum capital stock requirements, contents of articles of incorporation, amendment processes, and commencement of corporate existence among other things. The main points covered are that a corporation requires a minimum of 5 but no more than 15 incorporators, exists for no more than 50 years, and must file articles of incorporation with the Securities and Exchange Commission to legally commence operations.
1) To start a company in India, at least seven people must sign the memorandum of association and comply with registration requirements to form an incorporated company as either a private or public company.
2) The memorandum of association, articles of association, and director agreements must be filed with the Registrar along with the company name, registered office details, share capital, and business objectives.
3) Additional requirements include obtaining director identification numbers, declaring compliance, and obtaining certificates of incorporation and commencement of business to legally operate the company.
This document provides suggested solutions to an examination on company law administered in Malawi in 2011. It addresses several topics related to company formation and operations, including requirements for a company's memorandum and articles of association, types of companies, director duties and liabilities, shareholder rights, and grounds for winding up a company. The solutions are presented over 7 questions in a detailed manner suitable for an accounting technician examination.
The document summarizes the Limited Liability Partnership Act 2017 of Pakistan. Some key points:
- It makes provisions for the formation and regulation of limited liability partnerships in Pakistan as body corporates separate from partners.
- Partnerships must submit an incorporation document with particulars like names of two or more persons associating for business to the Registrar for registration.
- Registered LLPs will have perpetual succession, can sue and be sued, acquire/dispose of property, and enter contracts under its common seal.
- Designated partners can sign documents on behalf of the LLP. The LLP name must appear on its seal and all business documents.
So in summary,
The document defines key terms related to companies under the Indian Companies Act of 1956, including:
1. What constitutes a company and the characteristic features of companies like separate legal entity, limited liability, and transferability of shares.
2. The two main types of companies - private and public - and the distinguishing criteria between them like ownership and invitation of public subscriptions.
3. The process of forming a company including promotion, registration, raising capital, and commencement of business.
4. Key documents involved like the memorandum and articles of association and their contents and purposes.
The document provides solutions to questions on company law for an accounting technician exam in Malawi. It covers topics such as the duties of promoters, pre-incorporation contracts, the significance of a company's memorandum and articles of association, share certificates, share transfers, the principle of corporate personality, fixed and floating charges, receivers, prospectuses, and ways an individual can become or cease being a member of a company limited by shares. The solutions are detailed and provide explanations and references to relevant sections of Malawi's Companies Act.
Incorporation and organization of private corporationjohnromulo1
The document outlines various sections from the Corporation Code of the Philippines relating to the formation and operation of corporations. It discusses requirements for incorporators, the term and extension of corporations, minimum capital stock requirements, contents of articles of incorporation including corporate name and purpose, amendments to articles, and grounds for rejection or disapproval of articles. It also covers commencement of corporate existence, de facto corporations, corporations by estoppel, and effects of non-use of charter or continuous inoperation.
This document provides definitions and classifications of business law concepts. It discusses what law is, the different types of laws, and business entities. It defines law and discusses its four principal functions. It describes the different classifications of laws such as written vs unwritten, national vs international, public vs private, substantive vs procedural, criminal vs civil. It also defines common business law terms related to contracts, business organizations, and commercial transactions.
Independent Study - College of Wooster Research (2023-2024) FDI, Culture, Glo...AntoniaOwensDetwiler
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
Abhay Bhutada Leads Poonawalla Fincorp To Record Low NPA And Unprecedented Gr...Vighnesh Shashtri
Under the leadership of Abhay Bhutada, Poonawalla Fincorp has achieved record-low Non-Performing Assets (NPA) and witnessed unprecedented growth. Bhutada's strategic vision and effective management have significantly enhanced the company's financial health, showcasing a robust performance in the financial sector. This achievement underscores the company's resilience and ability to thrive in a competitive market, setting a new benchmark for operational excellence in the industry.
5 Tips for Creating Standard Financial ReportsEasyReports
Well-crafted financial reports serve as vital tools for decision-making and transparency within an organization. By following the undermentioned tips, you can create standardized financial reports that effectively communicate your company's financial health and performance to stakeholders.
1. Incorporeal
Lacking a physical or material nature but relating to or affecting a body.
Under CommonLaw,incorporeal propertywere rightsthataffecteda tangible item, such as a chose
in action (a right to enforce a debt).
Incorporeal is the opposite of corporeal, a description of the existence of a tangible item.
Corporeal
Possessing a physicalnature;having an objective,tangible existence; being capable of perception by
touch and sight.
Under CommonLaw,corporeal hereditaments are physical objects encompassed in land, including
the land itself and any tangible object on it, that can be inherited.
Corporeal isthe opposite of incorporeal,thatwhichexistsbutisincapable of physical manifestation,
as in the right to bring a lawsuit.
Section 53A in The Transfer Of Property Act, 1882
53A. 1[ Part performance.- Where any person contracts to transfer for consideration any
immoveableproperty by writing signed by him or on his behalf from which the terms necessary to
constitute the transfercanbe ascertainedwithreasonablecertainty, and the transferee has, in part
performance of the contract,takenpossessionof the propertyoranypart thereof,orthe transferee,
being already in possession, continues in possession in part performance of the contract and has
done some act in furtherance of the contract, and the transferee has performed or is willing to
perform his part of the contract, then, notwithstanding that the contract, though required to be
registered, has not been registered, or, where there is an instrument of transfer, that the transfer
has not been completed in the manner prescribed therefor by the law for the time being in force,
the transferor or any person claiming under him shall be debarred from enforcing against the
transferee and persons claiming under him any right in respect of the property of which the
transferee hastakenorcontinuedinpossession,other than a right expressly provided by the terms
of the contract: Provided that nothing in this section shall affect the rights of a transferee for
considerationwhohasnonotice of the contract or of the part performance thereof.] CHAPTER III OF
SALES OF IMMOVEABLE PROPERTY CHAPTER III OF SALES OF IMMOVEABLE PROPERTY
2. ConceptOf Liquidation
A companyisan artificial personcreatedbylaw andthe law alone candissolve it.The legal
procedure bywhichthe corporate life of a companybroughtto an endis knownasliquidation.The
liquidationof companymaybe definedas"the terminationof legal existence of companybyclosing
itsbusiness".Liquidationisalsotermedaswinding-upacompany.
The processof winding-upof acompanyis completedbysellingall itsassetsandpayingall creditors
inpreferentialorders.Forthispurpose,aliquidatorisappointedbythe courtto complete the
liquidationprocess.The dutiesof the liquidatorare torealize the assets,discharge the liabilitiesand
distribute the surplus,if any,tothe shareholdersof the company.
One thinghere shouldbe notedthatliquidationandbankruptof a companyisnot the same thing.A
companywhichisliquidatedneednotnecessarilybankrupt.Sometimesevenintermsof sound
financial position,acompanymaybe proposedtobe liquidation.Thus,forliquidation,itisnot
necessarytobe bankrupt.But bankruptwill certainlyleadtoliquidation.
Reasons For FailureOfBusiness or Liquidation
A companymay be dissolvedforseveral reasons.Some of themare:
1. No visionarymanagement
2. Day by day increasingdebtandinabilitytopayit.
3. Unnecessaryfictitiousassetsraisinginaccounts
4. Involvementof companyinfraudulentactivities
5. Exploitationof minorityshareholders
6. High level competitioninthe market
7. Frequentchange inthe governmentpolicies
8. Absence of profitplanningcontrol andcontinuityof lossesforseveral years.
Partial and Full Partitionof Hindu UndividedFamily(HUF) and Income Tax provisionsMeaningof
Partition: - Partitionisthe severance of the statusof JointHinduFamily,knownasHinduUndivided
Familyundertax laws.UnderHinduLaw once the status of HinduFamilyisputto an end,there is
notional divisionof propertiesamongthe membersandthe jointownershipof propertycomestoan
end.However,foraneffectivepartition,itisnotnecessarytodivide the propertiesinmetesand
bounds.Butundertax lawsforan effective partitiondivisionbymetesandboundsisnecessary.
PartitionunderHinduLaw,can be total or partial.Intotal partitionall the memberscease tobe
membersof the HUF and all the propertiescease tobe propertiesbelongingtothe saidHUF.
Partitioncouldbe partial also.Itmay be partial vis-a-vismembers,where someof the membersgo
out onpartitionandothermemberscontinue tobe the membersof the family.Itmaybe partial vis-
a-vispropertieswhere,some of the properties,are dividedamongthe membersotherproperties
continue tobe HUF properties.Partial partitionmaybe partial vis-a-vispropertiesandmembers
both.
Metesand Bounds
3. The boundary linesof land,withtheir terminalpointsand angles.A way of describing land by listing
the compassdirectionsand distancesof theboundaries.Itis often used in connection with the
GovernmentSurvey System.
metesand bounds (meetsandbounds) n.a surveyor'sdescriptionof aparcel of real property,using
carefullymeasureddistances,angles,anddirections,whichresultsinwhatiscalleda"legal
description"of the land,asdistinguishedfrommerelyastreetaddressorparcel number.Sucha
metesandboundsdescriptionisrequiredtobe recordedinofficial countyrecordonasubdivision
map and inthe deedswhenthe boundariesof aparcel or lotare firstdrawn.
Definitionof'Irrevocable Trust'
A trust thatcan't be modifiedorterminatedwithoutthe permissionof the beneficiary.The donor,
havingtransferredassetsintothe trust, effectivelyremovesall of hisorherrights of ownershipto
the assetsand the trust.
Thisis the opposite of a"revocable trust,"whichallowsthe donor tomodifythe trust.
Simple Definitions:
HoldingCompany:
A holding company isa parentcompany thatownsenough voting stock(morethan 50%) in a
subsidiary to makemanagementdecisions, influence and contorlthe company'sboard of directors.
However,holding companiesthatcontrol80% or moreof the subsidiary'svoting stockgain the
benefitsof tax consolidation,which includetax-freedividendsfortheparentcompany and theability
to shareoperating losses.
SubsidiaryCompany:
A subsidiary isa company thatis controlled by a holding company orparent; thismeansat least 50%
of its stockis controlled by anothercompany.This50% or greaterstakegives theparentcompany
control.
Legal DefinitionsAsper as per CompaniesAct, 1956 :
IndianCompany :
Section 2(26)- “Indian company”meansa company formed and registered undertheCompaniesAct,
1956 (1 of 1956), and includes-
(i) a companyformedand registeredunderanylaw relatingtocompaniesformerly in force in any
part of India(otherthanthe State of Jammuand Kashmirandthe Union territories specified in
4. sub-clause (iii) of this clause);
(ia) a corporation established by or under a Central, State or Provincial Act;
(ib) any institution, association or body which is declared by the Board to be a company under
clause (17) *** ;
(ii) in the case of the State of Jammu and Kashmir, a company formed and registered under any
law for the time being in force in that State;
(iii) inthe case of anyof the Union territories of Dadra and Nagar Haveli, Goa, Daman and Diu, and
Pondicherry,acompany formedandregisteredunderanylaw forthe time beinginforce in that
Union territory.
Provided that the registered or, as the case may be, principal office of the company, corporation,
institution, association or body in all cases is in India;
*** Section 2(17) “company” means-
(i) any Indian company, or
(ii) any body corporate incorporated by or under the law of a country outside India, or
(iii)
any institution,associationorbodywhichisor wasassessable orwasassessedasa company for
any assessment year under the Indian Income-tax Act, 1922 (11 of 1922), or which is or was
assessable or was assessed under this Act as a company for any assessment year commencing
on or before the 1st
day of April, 1970, or
(iv)
any institution, association or body, whether incorporated or not and whether Indian or non-
Indian, which is declared by general or special order of the Board to be a company:
Provided that such institution, association or body shall be deemed to be a company only for such
assessmentyearorassessmentyears(whethercommencing beforethe1st
day of April, 1971, or on or
after that date) as may be specified in the declaration;
Foreign company :
Section 2(23A) -“foreign company” means a company which is not a domestic company
Definitions as per Companies Act, 1956 :
5. Meaning of holding company” and “subsidiary”
Section 4 –
(1) For the purposes of this Act, a company shall, subject to the provisions of sub-section (3), be
deemed to be a subsidiary of another if, but only if,-
(a) that other controls the composition of its Board of directors; or
(b)
that the otherexercisesorcontrolsmore than one-half of its total voting power in a case
where it has issued securities and such securities have the same voting rights as equity
shares; or
(c) that the otherholdsmore than one-half in value of its paid-up capital, in any other case;
(1A)
No companywhichisa subsidiary of another company shall, after the commencement of the
Companies (Amendment) Act, 2003, become a holding company;
(2)
For the purposesof sub-section(1),the compositionof acompany’sBoardof directorsshall be
deemed to be controlled by another company if, but only if, that other company by the
exercise of some powerexercisable by it at its discretion without the consent or concurrence
of any other person, can appoint or remove the holders of all or a majority of the
directorships; but for the purposes of this provision that other company shall be deemed to
have powerto appointtoa directorshipwithrespecttowhich any of the following conditions
is satisfied, that is to say-
(a)
that a personcannotbe appointedtheretowithoutthe exercise inhisfavourbythatother
company of such a power as aforesaid;
(b)
that a person’sappointmenttheretofollowsnecessarilyfromhisappointment as director
or manager of, or to any other office or employment in, that other company, or
(c)
that the directorship is held by an individual nominated by that other company or
a subsidiary thereof.
(3) In determining whether one company is a subsidiary of another-
(a)
any shared held or power exercisable by that other company in a fiduciary capacity shall
be treated as not held or exercisable by it;
6. (b) subject to the provisions of clauses (c) and (d), any shares held or power exercisable –
(i)
by any person as a nominee for that other company (except where that other is
concerned only a fiduciary capacity); or
(ii)
by, or by a nominee for, a subsidiary of that other company, not being
a subsidiary which is concerned only in a fiduciary capacity;
shall be treated as held or exercisable by that other company;
(c)
any shares held or power exercisable by any person by virtue of the provisions of any
debentures of the first-mentioned company or of a trust deed for securing any issue of
such debentures shall be disregarded;
(d)
any shares held or power exercisable by, or by a nominee for, that other or
itssubsidiary not being held or exercisable as mentioned in clause(c) shall be treated as
not held or exercisable by that other, if the ordinary business of that other or
itssubsidiary,as the case may be,includesthe lending of money and the shares are held
or the power is exercisable as foresaid by way of security only for the purposes of a
transaction entered into in the ordinary course of that business.
(4)
For the purposes of this Act, a company shall be deemed to be the holding company of
another if, but only, if that other is its subsidiary.
(5)
In this section, the expression “company” includes any body corporate, and the expression
“equity share capital” has the same meaning as in sub-section (2) of section 85.
(6)
In the case of a body corporate which is incorporated in a country outside India,
a subsidiary or holdingcompanyof the bodycorporate under the law of such country shall be
deemedtobe a subsidiaryor holdingcompany of the bodycorporate within the meaning and
for the purposesof thisActalso,whetherthe requirementsof thissectionare fulfilled or not.
(7)
A private company,beingasubsidiary of a body corporate incorporated outside India, which,
if incorporated in India, would be a public company within the meaning of this Act, shall be
deemed for the purposes of this Act to be a subsidiary of a public company if not less than
ninety-nine per cent. of the share capital in that private company is not held by that body
corporate whether alone or together with one or more other bodies corporate incorporated
outside India.
[17
[(1B)] "amalgamation", in relation to companies, means the merger of one or more companies
withanothercompanyor the mergerof two or more companiestoformone company(the company
or companieswhichsomerge beingreferredtoasthe amalgamatingcompanyorcompaniesandthe
7. companywith which they merge or which is formed as a result of the merger, as the amalgamated
company) in such a manner that—
(i) all the property of the amalgamating company or companies immediately before
the amalgamation becomes the property of the amalgamated company by virtue of
the amalgamation ;
(ii) all the liabilities of the amalgamating company or companies immediately before
the amalgamation become the liabilities of the amalgamated company by virtue of
the amalgamation ;
(iii) shareholdersholdingnotlessthan 18
[three-fourths] in value of the shares in the amalgamating
company or companies (other than shares already held therein immediately before
the amalgamation by, or by a nominee for, the amalgamated company or its subsidiary) become
shareholders of the amalgamated company by virtue of the amalgamation,
otherwise than as a result of the acquisition of the property of one company by another company
pursuantto the purchase of suchpropertybythe othercompany or as a result of the distribution of
such property to the other company after the winding up of the first-mentioned company ;]
[(19AA) "demerger", in relation to companies, means the transfer, pursuant to a scheme of
arrangement under sections 391 to 39483
of the Companies Act, 1956 (1 of 1956), by a demerged
company of its one or more undertakings to any resulting company in such a manner that—
(i) all the propertyof the undertaking, being transferred by the demerged company, immediately
before the demerger, becomes the property of the resulting company by virtue of the demerger;
(ii) all the liabilities relatable to the undertaking, being transferred by the demerged company,
immediatelybefore the demerger, become the liabilities of the resulting company by virtue of the
demerger;
(iii) the property and the liabilities of the undertaking or undertakings being transferred by the
demergedcompany are transferredatvaluesappearing in its books of account immediately before
the demerger;
(iv) the resultingcompanyissues,inconsiderationof the demerger,itssharestothe shareholdersof
the demerged company on a proportionate basis 84
[except where the resulting company itself is a
shareholder of the demerged company];
(v) the shareholders holding not less than three-fourths in value of the shares in the demerged
company(otherthansharesalreadyheldthereinimmediatelybefore the demerger,orbya nominee
for, the resulting company or, its subsidiary) become share-holders of the resulting company or
companies by virtue of the demerger,
otherwise thanasa resultof the acquisition of the property or assets of the demerged company or
any undertaking thereof by the resulting company;
8. (vi) the transfer of the undertaking is on a going concern basis;
(vii) the demerger is in accordance with the conditions, if any, notified under sub-section (5)
of section 72A by the Central Government in this behalf.
Explanation 1.—For the purposes of this clause, "undertaking" shall include any part of an
undertaking, ora unitor divisionof anundertakingorabusiness activity taken as a whole, but does
not include individual assets or liabilities or any combination thereof not constituting a business
activity.
Explanation 2.—For the purposes of this clause, the liabilities referred to in sub-clause (ii), shall
include—
(a) the liabilities which arise out of the activities or operations of the undertaking;
(b) the specificloansorborrowings(includingdebentures) raised,incurredandutilisedsolelyforthe
activities or operations of the undertaking; and
(c) in cases, other than those referred to in clause (a) or clause (b), so much of the amounts of
general or multipurpose borrowings, if any, of the demerged company as stand in the same
proportion which the value of the assets transferred in a demerger bears to the total value of the
assets of such demerged company immediately before the demerger.
Explanation 3.—Fordeterminingthe value of the propertyreferred to in sub-clause (iii), any change
in the value of assets consequent to their revaluation shall be ignored.
Explanation 4.—For the purposes of this clause, the splitting up or the reconstruction of any
authority or a body constituted or established under a Central, State or Provincial Act, or a local
authority or a public sector company, into separate authorities or bodies or local authorities or
companies,asthe case may be,shall be deemed to be a demerger if such split up or reconstruction
fulfils 85
[such conditions as may be notified in the Official Gazette86
, by the Central Government];
(19AAA) "demergedcompany"meansthe companywhose undertaking istransferred,pursuant to a
demerger, to a resulting company;]
WHAT IS DIFFERENCE BETWEEN MERGER AND AMALGAMATION?
Merger andAmalgamationbasicallycarrya same meaning.Buttalkinginstrictsense the both words
have a minor difference.
a. Merger is mostly used for the fusion of two companies whereas Amalgamation is used as
Arrangementorcompromise of two or more companies. The main objective of amalgamation is to
bring assets of two or more companies under control of one which may or may not be the original
one.
9. b. Merger isusedin narrowsense andAmalgamationisusedinboardersense.Mergeris the fusion
of two or more companies whereas amalgamation can be result in organic unification or amalgam
of two or more legal entities or undertaking or arrangement or reconstruction or a fusion of one
with the other. There is no restriction or bar upon number of company amalgamating under one
scheme.
C. Merger is restricted to a case where the assets and liabilities of the companies get vested in
another company, the company which is merged losing its identity and its shareholders become
shareholdersof the transferee companywhichmayormay not the original one. On the other hand,
amalgamation is an arrangement, whereby the assets and liabilities of two or more companies
become vested in another company (which may or may not be one of the original companies) and
which would have as its shareholders substantially, all the shareholders of the amalgamating
companies.
In more simple words Amalgamation means A Ltd + B Ltd = C Ltd or A Ltd.
Example
Merger = “Centurion bank of Punjab” is merge with “HDFC bank”
Amalgamation = Nirma and core health care.
View Points:-
1. Mergerand Amalgamationbasically carry same meaning. There is no major difference between
these two words.
2. From view point of Company law, 1956, both the words used as synonyms. In fact the word
amalgamation is not defined in Company Act, 1956.
3. Merger is used in Narrow sense and Amalgamation is used is Board Sense.
4. The word "merger" or "amalgamation" means combining of two or more companies into one
respectively.
5. The word Amalgamation has no legal meaning. It weigh up a state of things under which two
companies are so joined as to form a third company, or we can say one company is absorbed into
and blended with another company.
Q. What are Bonds?
A. A bond is a debt security, by which you are lending money to a government, municipality,
corporation, or other entity known as the issuer.
10. In returnfor the loan,the issuerpromisestopayyoua specifiedrate of interestduringthe life of the
bond and to repay the face value of the bond (the principal) when it matures or becomes due.
Q. What is a Debenture?
A. A Debenture is a debt security issued by a company (called the Issuer), which offers to pay
interestinlieuof the moneyborrowedforacertainperiod. In essence it represents a loan taken by
the issuerwhopaysan agreedrate of interest during the lifetime of the instrument and repays the
principal normally, unless otherwise agreed, on maturity. These are long-term debt instruments
issuedby private sector companies. These are issued in denominations as low as Rs 1000 and have
maturities ranging between one and ten years.
Q. What is the difference between a bond and a debenture?
A. Long-termdebtsecuritiesissuedbythe Governmentof Indiaor any of the State Government’s or
undertakings owned by them or by development financial institutions are called as bonds.
Instruments issued by other entities are called debentures. The difference between the two is
actually a function of where they are registered and pay stamp duty and how they trade.
Recognized Stock exchange, mutualisation, corporatization, etc. As per SECURITIES CONTRACTS
(REGULATION) ACT, 1956
2. In this Act, unless the context otherwise requires,—
(a) “contract” means a contract for or relating to the purchase or sale of securities;
3 [(aa) “corporatisation” means the succession of a recognised stock exchange, being a
body of individuals or a society registered under the Societies Registration Act,
1860 (21 of 1860), by another stock exchange, being a company incorporated for
the purpose of assisting, regulating or controlling the business of buying, selling
or dealing in securities carried on by such individuals or society;
(ab) “demutualisation” means the segregation of ownership and management from the
trading rights of the members of a recognised stock exchange in accordance with
a scheme approved by the Securities and Exchange Board of India;]
(f) “recognised stock exchange” means a stock exchange which is for the time being
recognised by the Central Government under section 4;
11. Grant of recognition to stock exchanges.
4. (1) If the Central Government is satisfied, after making such inquiry as may be
necessary in this behalf and after obtaining such further information, if any, as it may
require,—
(a) that the rules and bye-laws of a stock exchange applying for registration are in
conformity with such conditions as may be prescribed with a view to ensure fair
dealing and to protect investors;
(b) that the stock exchange is willing to comply with any other conditions (including
conditions as to the number of members) which the Central Government, after
consultation with the governing body of the stock exchange and having regard to
the area served by the stock exchange and its standing and the nature of the
securities dealt with by it, may impose for the purpose of carrying out the objects
of this Act; and
15 Inserted by Act 32 of 1999, S. 3 (w.e.f. 16-12-1999).
(c) that it would be in the interest of the trade and also in the public interest to grant
recognition to the stock exchange;
it may grant recognition to the stock exchange subject to the conditions imposed upon it
as aforesaid and in such form as may be prescribed.
(2) The conditions which the Central Government may prescribe under clause (a) of subsection
(1) for the grant of recognition to the stock exchanges may include, among other
matters, conditions relating to,—
(i) the qualifications for membership of stock exchanges;
(ii) the manner in which contracts shall be entered into and enforced as between
members;
(iii) the representation of the Central Government on each of the stock exchange by
such number of persons not exceeding three as the Central Government may
nominate in this behalf; and
12. (iv) the maintenance of accounts of members and their audit by chartered accountants
whenever such audit is required by the Central Government.
(3) Every grant of recognition to a stock exchange under this section shall be published in
the Gazette of India and also in the Official Gazette of the State in which the principal
office as of the stock exchange is situate, and such recognition shall have effect as from
the date of its publication in the Gazette of India.
(4) No application for the grant of recognition shall be refused except after giving an
opportunity to the stock exchange concerned to be heard in the matter; and the reasons
for such refusal shall be communicated to the stock exchange in writing.
(5) No rules of a recognised stock exchange relating to any of the matters specified in
sub-section (2) of section 3 shall be amended except with the approval of the Central
Government.
16[Corporatisation and demutualisation of stock exchanges.
4A. On and from the appointed date, all recognised stock exchanges (if not corporatised
and demutualised before the appointed date) shall be corporatised and demutualised in
accordance with the provisions contained in section 4B:
Provided that the Securities and Exchange Board of India may, if it is satisfied that any
recognised stock exchange was prevented by sufficient cause from being corporatised
and demutualised on or after the appointed date, specify another appointed date in respect
of that recognised stock exchange and such recognised stock exchange may continue as
such before such appointed date.
Explanation.— For the purposes of this section, “appointed date” means the date which
the Securities and Exchange Board of India may, by notification in the Official Gazette,
appoint and different appointed dates may be appointed for different recognised stock
exchanges.
16 Inserted by the Securities Laws (Amendment) Act, 2004, S.3 (w.e.f. 12-10-2004).
Procedure for corporatisation and demutualisation.
13. 4B. (1) All recognised stock exchanges referred to in section 4A shall, within such time
asmay be specified by the Securities and Exchange Board of India, submit a scheme for
corporatisation and demutualisation for its approval:
Provided that the Securities and Exchange Board of India, may, by notification in the
Official Gazette, specify name of the recognised stock exchange, which had already been
corporatised and demutualised, and such stock exchange shall not be required to submit
the scheme under this section.
(2) On receipt of the scheme referred to in sub-section (1), the Securities and Exchange
Board of India may, after making such enquiry as may be necessary in this behalf and
obtaining such further information, if any, as it may require and if it is satisfied that it
would be in the interest of the trade and also in the public interest, approve the scheme
with or without modification.
(3) No scheme under sub-section (2) shall be approved by the Securities and Exchange
Board of India if the issue of shares for a lawful consideration or provision of trading
rights in lieu of membership card of the members of a recognised stock exchange or
payment of dividends to members have been proposed out of any reserves or assets of
that stock exchange.
(4) Where the scheme is approved under sub-section (2), the scheme so approved shall be
published immediately by—
(a) the Securities and Exchange Board of India in the Official Gazette;
(b) the recognised stock exchange in such two daily newspapers circulating in India, as
may be specified by the Securities and Exchange Board of India,
and upon such publication, notwithstanding anything to the contrary contained in this Act
or any other law for the time being in force or any agreement, award, judgment, decree or
other instrument for the time being in force, the scheme shall have effect and be binding
on all persons and authorities including all members, creditors, depositors and employees
of the recognised stock exchange and on all persons having any contract, right, power,
14. obligation or liability with, against, over, to, or in connection with, the recognised stock
exchange or its members.
(5) Where the Securities and Exchange Board of India is satisfied that it would not be in
the interest of the trade and also in the public interest to approve the scheme under subsection
(2), it may, by an order, reject the scheme and such order of rejection shall be
published by it in the Official Gazette:
Provided that the Securities and Exchange Board of India shall give a reasonable
opportunity of being heard to all the persons concerned and the recognised stock
exchange concerned before passing an order rejecting the scheme.
(6) The Securities and Exchange Board of India may, while approving the scheme under
sub-section (2), by an order in writing, restrict—
(a) the voting rights of the shareholders who are also stock brokers of the recognised
stock exchange;
(b) the right of shareholders or a stock broker of the recognised stock exchange to
appoint the representatives on the governing board of the stock exchange;
(c) the maximum number of representatives of the stock brokers of the recognised
stock exchange to be appointed on the governing board of the recognised stock
exchange, which shall not exceed one-fourth of the total strength of the governing
board.
(7) The order made under sub-section (6) shall be published in the Official Gazette and
on the publication thereof, the order shall, notwithstanding anything to the contrary
contained in the Companies Act, 1956 (1 of 1956), or any other law for the time being in
force, have full effect.
(8) Every recognised stock exchange, in respect of which the scheme for corporatisation
or demutualisation has been approved under sub-section (2), shall, either by fresh issue of
equity shares to the public or in any other manner as may be specified by the regulations
made by the Securities and Exchange Board of India, ensure that at least fifty-one per
15. cent of its equity share capital is held, within twelve months from the date of publication
of the order under sub-section (7), by the public other than shareholders having trading
rights:
Provided that the Securities and Exchange Board of India may, on sufficient cause being
shown to it and in the public interest, extend the said period by another twelve months.]
A GLOBAL DEPOSITORY RECEIPT OR GLOBAL DEPOSITARY RECEIPT (GDR) is a certificate issued by
a depository bank, which purchases shares of foreign companies and deposits it on the account.
GDRs represent ownership of an underlying number of shares.
Global depositoryreceiptsfacilitatetrade of shares,and are commonly used to invest in companies
from developing oremerging markets.
Prices of global depositary receipt are often close to values of related shares, but they are traded
and settled independently of the underlying share.
Several internationalbanksissue GDRs,suchas JPMorgan Chase, Citigroup,Deutsche Bank, The Bank
of New York Mellon. GDRs are often listed in the Frankfurt Stock Exchange, Luxembourg Stock
Exchange andin the LondonStock Exchange,where theyare tradedonthe International Order Book
(IOB). Normally 1 GDR = 10 Shares, but not always. It is a negotiable instrument which is
denominated in some freely convertible currency. It is a negotiable certificate denominated in US
dollars which represents a non-US Company's publicly traded local equity.
CHARACTERISTICS OF GDRS:
1.it isan unsecuredsecurity2.afixedrate of interestispaidonit3.it may be converted into number
of shares 4.interest and redemption price is public in foreign agency 5.it is listed and traded in the
share market
Global DepositoryReceiptisnota verydifferentfinancial instrument,from that of ADR. In fact if the
IndianCompanywhichhasissuedGDRsinthe Americanmarketwishes to further extend it to other
developed and advanced countries such as Europe, then they can sell these ADRs to the public of
Europe and the same would be named as GDR.
Reverse Mortgage Loan
Reverse mortgage is a financial product that enables senior citizens (60 +) who own a house to
mortgage their property with a lender and convert part of the home equity into tax-free income
without having to sell the house.
Instead of you making monthly payments to a lender, as with a regular loan, the lender makes
16. paymentstoyou.Multiple optionsare available for repayment of the loan in lumpsum at the end of
the loanterm.Maximumperiodof loan is of twenty years. The loan is not required to be serviced as
longas the borrowerisalive andin occupationof the property. On the borrower?s death, the loan is
repaid through sale of property.
Qualifications for reverse mortgage eligibility:
Should be a Senior Citizen of India above 60 Years of age.
Married Coupleswill be eligibleas joint borrowers provided one of them being above 60
years of age and other not below 55 years of age.
Benefits of a reverse mortgage:
It aims at partially meeting the financial needs of senior citizens without selling the property and
enables recurring funds inflows to the senior citizens during their life time.
After the death of the senior citizen, the surviving spouse can continue to occupy the property till
his/her demise
Reverse Mortgage Loan - Salient Features
Reverse Mortgage Loan (RML) enables a Senior Citizen i.e. above the age of 60 years to
avail of periodical paymentsfroma lender against the mortgage of his/her house while
remaining the owner and occupying the house.
The Senior Citizen borrower is not required to service the loan during his/her lifetime
and therefore does not make monthly repayments of principal and interest to the
lender.
RMLs are extended by Primary Lending Institutions (PLIs) viz. Scheduled Banks and
Housing Finance Companies (HFCs) registered with NHB.
The loan amountisdependentonthe value of house propertyasassessedbythe lender,
age of the borrower(s) and prevalent interest rate.
17. The loan can be provided throughmonthly/quarterly/half-yearly/annual disbursements
or a lump-sum or as a committed line of credit or as a combination of the three.
The maximum period of the loan is 20 years.
(The maximum period over which the payments can be made to the reverse mortgage
borrower).
The loan amount may be used by the Senior Citizen borrower for varied purposes
including up-gradation/ renovation of residential property, medical exigencies, etc.
However,use of RML for speculative, trading and business purposes is not permissible.
Valuationof the residential property would be done at such frequency and intervals as
decided by the reverse mortgage lender, which in any case shall be at least once every
five years.
The quantum of loan may undergo revisions based on such re-valuation of property at
the discretion of the lender.
The borrower(s) will continue to use the residential property as his/her/their primary
residence till he/she/they is/are alive, or permanently move out of the property, or
cease to use the property as permanent primary residence.
The lender will have limited recourse i.e. only to the mortgaged property in respect of
the RML extended to the borrower.
All reverse mortgage loan products are expected to carry a clear and transparent ‘no
negative equity’ or ‘non-recourse’ guarantee. That is, the Borrower(s) will never owe
more than the netrealizable valueof their property, provided the terms and conditions
of the loan have been met.
On the borrower’s death or on the borrower leaving the house property permanently,
the loanis repaidalong with accumulated interest, through sale of the house property.
The borrower(s)/heir(s) canalsorepaythe loan with accumulated interest and have the
mortgage released without resorting to sale of the property.
The borrower(s) or his/her heirs also have the option of prepaying the loan at any time
during the loan tenor or later, without any prepayment levy.
18. Taxation Issues
The Finance Minister, in paragraph 89 of his speech, while presenting the Union Budget, 2007-08,
had announcedthatthe National HousingBank(NHB) will introduce a reverse mortgage scheme for
senior citizens.
In the contextof the aforesaidscheme,itwasnecessarytoresolve the tax issuesarising there-from.
The first issue is whether mortgage of property for obtaining a loan under the reverse mortgage
scheme is transfer within the meaning of the Income-tax Act thereby giving rise to capital gains.
Section2(47) of the Income-tax Actprovidesan inclusive definition of ‘transfer’. Further, ‘transfer’
withinthe meaningof the Transferof PropertiesActincludes some types of mortgage. Therefore, a
mortgage of property, in certain cases, is a transfer within the meaning of section 2(47) of the
Income-tax Act.Consequently,anygainarisinguponmortgage of a property may give rise to capital
gains under section 45 of the Income-tax Act. However, in the context of a reverse mortgage, the
intention is to secure a stream of cash flow against the mortgage of a residential house and not to
alienate the property.
A new clause (xvi) in section 47 of the Income-tax Act, 1961 has been inserted to provide that any
transferof a capital assetina transactionof reverse mortgage underascheme made andnotifiedby
the Central Government shall not be regarded as a transfer.
The secondissue iswhetherthe loan,eitherinlumpsumor in instalment, received under a reverse
mortgage scheme amounts to income. Receipt of such loan is in the nature of a capital receipt.
Section 10 of the Income tax Act, 1961 has been amended to provide that any amount received by
an individual as a loan, either in lump-sum or in installment, in a transaction of reverse mortgage
referredtoin clause (xvi) of Section 47 of the Income-tax act shall not be included in total income.
A borrower,underareverse mortgage scheme,shall,however,be liabletoincome tax (inthe nature
of tax on capital gains) only at the point of alienation of the mortgaged property by the mortgagee
for the purposes of recovering the loan.
Equity Oriented Fund
Any mutual fund must have at least 65% of its net assets in equities/stocks to qualify as an equity-
oriented mutual fund Only funds with 65 per cent of their corpus invested in equities will now be
recognizedasequity-orientedfunds,Thismeansthatbalancedfundsthatinvestlessthan65 per cent
of their assets in equities will not reap the benefits of concessional short-term capital gains tax or
exemption from long-term capital gains tax.
Equityorientedfundmeans:-afundwhichsatisfiesthe following;
(1) the investible fundsare investedbyway of equitysharesindomesticcompaniestothe extentof
more than 65% of the total proceedsof suchfund, and
19. (2) the fundhas beensetupundera scheme of mutual fund specified insection10(23D).