Telecom Commission (TC) to send back Trai’s recommendations on 3G spectrum pricing for reconsideration
– 7th Jan 2015
Inter-ministerial panel Telecom Commission (TC) has decided to send back Trai’s recommendations on 3G spectrum pricing for reconsideration. Reportedly, TC discussed Trai’s proposals on 2100 MHz band base price, used for 3G services, in its meeting and decided to send back the recommendations for a review. The Telecom Regulatory Authority of India(Trai) on December 31 had recommended a base price at Rs 2,720 crore per megahertz. An internal committee of the Department of Telecom ( DoT) is believed to have suggested fixing base price of 3G spectrum at Rs 3,899 crore per megahertz, about 43 per cent higher than the rate recommended by Trai.
SEBI recommended restrictions on wilful defaulters from accessing equity and debt markets
-6th Jan 2015
The Securities and Exchange Board of India (SEBI) recommended restrictions on wilful defaulters from accessing equity and debt markets. Wilful defaulters include companies or individuals who deliberately avoid repayment of dues to lenders despite having the funds. The regulator proposed that companies in which a promoter, director or a group entity is declared a wilful defaulter should not be allowed to raise money through equity, debt, or non-convertible redeemable preference share issuances.
The Supreme Court declined urgent hearing of a plea seeking quashing of NJAC
– 6th Jan 2015
The Supreme Court declined urgent hearing of a plea seeking quashing of the National Judicial Appointments Commission (NJAC) Act which ends the two-decade-old collegiums system of judges themselves selecting and appointing judges for higher judiciary. “There is no urgency. This will come in the usual course,” a three-judge bench headed by Chief Justice H L Dattu said, when Senior Advocate Bhim Singh mentioned the matter and sought an urgent hearing. The Petition filed in the Supreme Court challenging the legality and constitutional validity of the NJAC Act, 2014 and the Constitution (121st Amendment) Bill, 2014, came barely a week after President Pranab Mukherjee accorded assent to them.
New road map for full implementation of the new Companies Act
– 05th jan, 2015
The Corporate Affairs Ministry has charted its road map for full implementation of the new Companies Act that envisages setting up Investor Education and Protection Fund Authority (IEPFA) and National Financial Reporting Authority (NFRA) within six months. The Government is already in final stages of notifying rules for IEPFA and NFRA, a quasi-judicial apex body for accounting and auditing standards, also with powers to probe and review audits of companies. Since April last year, when the Companies Act 2013 took effect, only 60% sections of law have been notified while 187 sections related to investor protection and winding up of companies are yet to be notified.
Ban on Uber Continues
– 2nd Jan 2015
Delhi government decided to continue with the ban on app-based cab booking company Uber and has asked it to fulfill the conditions for taxi operations in the National Capital before seeking revocation of punitive action. The Transport Department had given a hearing to the US-based cab service provider following a directive from the Delhi High Court. Reportedly, “Transport Department has decided to continue the ban on Uber till they fulfill the conditions laid down in recently modified Radio Taxi-2006 and under which, taxi service providers must need to register themselves with Transport Department”.
More than 47,000 cases related to non-compliance of Companies Act pending in courts
-1st Jan 2015
With more than 47,000 cases related to non-compliance of Companies Act pending in courts, the Corporate Affairs Ministry is set to request registrar general in each High Court to designate special judges for early disposal of such cases.
The Ordinance on Land Acquisition Act receives Presidential assent
– 31st Dec, 2014
The Ordinance on Land Acquisition Act envisaging procuring land for industrial corridors, rural infrastructure, defence and housing has received Presidential assent. The Ordinance was cleared by Union Cabinet on December 29, 2014 and sent to the President for his clearance. The Ordinance makes significant changes in the Land Acquisition Act including removal of consent clause for acquiring land for five areas, industrial corridors, PPP projects, rural infrastructure, affordable housing and defence.
Additional development of the Vasai East project
-29th Dec, 2014
Larsen & Toubro (“L&T”) has reportedly been awarded an offshore contract worth Rs 894 crore from Oil & Natural Gas Corporation (“ONGC”) for additional development of the Vasai East project. The company’s fully owned subsidiary L&T Hydrocarbon Engineering (“LTHE”) has been awarded the contract on complete turnkey basis from ONGC to improve recovery factor of Vasai East field where production started in 2008, and it is scheduled to be completed by April 2016.
Petronet LNG Limited shortlisted for setting up an LNG import terminal in Bangladesh
-28th Dec, 2014
Petronet LNG Limited has been reportedly shortlisted for setting up an LNG import terminal in Bangladesh. Bangladesh is looking at setting up a 3.5 million tons a year LNG import facility at Matar Bari in Moheshkhali Island of Cox’s Bazar district or Anwara, Chittagong. The terminal, which is to be set up on the build-own-operate basis, will supply gas to power plants.
Foreign Account Tax Compliance Act
-27th Dec, 2014
India and some other countries have reportedly got one more month from the US to sign the Foreign Account Tax Compliance Act (“FATCA”), an agreement which seeks to facilitate flow of financial information. The initial deadline set by the US for signing FATCA was December 31, 2014.