Winding Up of a Company – by the Court

Author : V S Warrier Section 425 of the Companies Act, 1956, deals with the winding up of companies. Winding up of company is a legal procedure to dissolve the company and put an end to its life. “Winding-up” in literal sense, means to bring to a conclusion or an end by putting in order. It is defined as the process by which the life of a company is ended and its property is administered for the...

Partnership Firm

Author: V S Warrier A partnership is the relationship between persons who have agreed to share the profits of a business carried on by all or any of them acting or all. In India it is governed by the Indian Partnership Act, 1932, which extends to the whole of India except the State of Jammu and Kashmir. It came into force on 1st October 1932. Partnership is...

Duties of Directors: An Analysis under the Companies Bill, 2011

Author : V S Warrier The law relating to companies in India is contained in the Companies Act, 1956. The Companies Act, 1956 (The Act) is a consolidation of existing laws, statutory rules and certain principles laid down in decisions of the Courts in India and England. The Act of 1956 substantially incorporates provisions of the English Companies Act, 1948. A company means, a company formed and registered...

Simplification – Compounding of FEMA contraventions

As a measure of customer service and in order to facilitate the operational convenience, ReserveBank of India has been decided to delegate the powers to the Regional Offices of the Reserve Bank of India mentioned below to compound the contraventions of Foreign Exchange Management Act involving (i) delay in reporting of inward remittance, (ii) delay in filing...

Legal Metrology Act, 2009

Author : V S Warrier Legal Metrology Act, 2009 is an Act to establish and enforce standards of weights and measures, regulate trade and commerce in weights, measures and other goods which are sold or distributed by weight, measure or number and for matters connected therewith or incidental thereto. The Act was enacted in the Sixtieth year of Republic of India, and received the Presidential assent...

Civil Courts can execute Lok Adalat Awards

“Every award of a Lok Adalat including an order recording a settlement between the parties in a “cheque bounce case” under 138 NI Act, is deemed a civil court decree, and as such it is executable by a civil court” ……… the Supreme Court ruled.

Prohibition of Unfair Practices in Technical Educational Institutions, Medical Educational Institutions and Universities Bill, 2010

The Union Cabinet today approved the official amendment to the Prohibition of Unfair Practices in Technical Educational Institutions, Medical Educational Institutions and Universities Bill, 2010 based on the recommendations of the Parliamentary Standing Committee on HRD for consideration of the Parliament. The Bill aims to provide an institutional mechanism...

Introduction of the Export-Import Bank of India (Amendment) Bill 2011

The Union Cabinet today approved the introduction of “The Export Import Bank of India (Amendment) Bill, 2011” to amend the Export – Import Bank Act, 1981 (the Act) in the Parliament. The Bill seeks to increase the authorised capital of the Exim Bank from Rs.2000 crore to Rs.10,000 crore with the provision that the Central Government may, further, by...

Islamic Banking

Author: Kunal Singh Modern banking system was introduced into the Muslim countries at a time when they were politically and economically at the lowest ebb in the late 19th century. The main banks in the home countries of the imperial powers established local branches in the capitals of the subject countries and they catered mainly to the import-export requirements...

The validity period of cheques/ DDs reduced from 6 months to 3 months.

The validity period of cheques/ DDs reduced from 6 months to 3 months. This will be effective 1.4.2012. For further information Copy of the RBI Circulation has been given below RBI/2011-12/251 DBOD.AML BC.No.47/14.01.001/2011-12 November 4, 2011 The Chairmen/Chief Executive Officers All Scheduled Commercial Banks (excluding RRBs)/Local Area Banks Dear Sir, Payment...

India Trademark Attorney

There are two ways to become an India Trademark Attorney. One being eligible by professional qualification to practice before the Trade Mark Registry of India or pasing the qualifying examination conducted for becoming a Trade Mark Agent. The Trademarks Registry conduct an examination to admit persons to become Trademark Agents entitled to practice before...

Hindu woman entitled to equal property rights and Liabilities

This judgment of Supreme court upholding the amendment to the Hindu Succession Act, under which a Hindu woman / daughter will have equal rights over the property as other male member. Ganduri Koteshwaramma & Anr. VersusChakiri Yanadi & Anr. (Supreme Court) A Hindu woman or girl will have equal property rights along with other male relatives for any...

Bank Guarantee and Liability of the Banker

Author : VS Warrier Bank guarantees as well as Letters of credit are common features of commercial transactions today. A bank guarantee and a letter of credit are similar in many ways but they’re two different things. Bank Guarantee is a guarantee from a lending institution ensuring that the liabilities of a debtor will be met. In other words, if the...

An International Legal Code for Nuclear Powers: Will it serve any purpose?

Author : Prashant R Dahat A nuclear weapon is a weapon which derives its destructive force from nuclear reactions of fission or fusion. As a result, even a nuclear weapon with a relatively small yield is significantly more powerful than the largest conventional explosives, and a single weapon is capable of destroying an entire city. In the history of warfare,...

No case made out if cheque issued for Security Deposit – Bombay HC

Brief Facts: As per the said contract, Contractors deposited the sum of Rs. 10 lacs by undated cheque no.027840 drawn against South Indian Bank Ltd., Palarivattom Branch, Cochin branch with the respondent no.1 as refundable security deposit for the due performance of the agreement. The said undated cheque was in custody of the respondent 2 no.1 and it appears...

Functions of Telecom Regulatory Authority of India

Author : VS Warrier The Telecom Regulatory Authority of India (TRAI) was formed in Jan 1997 under the Telecom Regulatory Authority of India Act, 1997 with a view to provide an effective regulatory framuework and adequate safeguards to ensure fair competition and protection of consumer interests. The Telecom Regulatory Authority of India Act was amended in...

Patenting of Microorganisms

Author : Prashant R Dahat A patent is a bunch of exclusive rights granted by the state to an inventor or his assignee upon satisfying certain conditions. The inventor is given a monopoly right over the product for a fixed number of years in exchange for the public disclosure of certain details of a machine, method or composition of matter. The object of patent...

The Lok Pal Bill, 2011

The Lok Pal Bill, 2011 was introduced in Parliament on 4 August 2011. The Bill seeks to establish the office of the Lok Pal to investigate and prosecute cases of corruption. In this Brief we discuss the key features of the Bill, the powers of the Lok Pal and procedure for conducting investigation and prosecution under the Bill. We also analyse the scope...

Rights of Indigenous Peoples

Author : Swapan Deb Barma Indigenous peoples are the inheritors and practitioners of unique cultures and ways of relating to other people and to the environment. Indigenous peoples have retained social, cultural, economic and political characteristics that are distinct from those of the dominant societies in which they live. Currently there are about 300...

The CTBT, an Attempt Towards Nuclear Disarmament or Safeguarding the Nuclear Hegemony – A Critique

Author : Aakarsh Kamra Is the United States the genitor of all problems the world faces today? Is a question that one is forced to ask time and again? Be it the Taliban, the destruction of Iraq, the September 11 attacks and the nuclear proliferation. Nuclear proliferation can be traced back to 1945, when for the first time in history a nation tested its...