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The Competition Commission of India (CCI) is considering allegations of restrictive trade practices, collusive practices and violation of provisions of the Competition Act, 2002 regarding anti-competitive agreements and abuse of dominant position against All India Motor Transport Congress. Giving this information in written reply to a question in the Lok Sabha today, Shri Sachin Pilot, Minister of Corporate Affairs, said that as per Section 19(1) of the Competition Act, 2002, no approval is required by CCI from the Government to conduct any such enquiry.

Source: Press Information Bureau.


Arbitration Mechanism in Stock Exchanges 

CIRCULAR, CIR/MRD/ICC/ 29 /2012, dated November 7, 2012 

The Managing Director/Executive Director,

All Stock Exchanges.

1. Reference may be made to circular no. CIR/MRD/DSA/29/2010 dated August 31, 2010. In this regard, SEBI has received inputs regarding amount to be deposited by the investors at the time of making arbitration reference. Accordingly, para 7.2 of the circular no. CIR/MRD/DSA/29/2010 dated August 31, 2010 is being modified. The para 7.2 of aforementioned circular dated August 31, 2010 shall now read as under:

“7.2 A client, who has claim / counter claim upto Rs. 10 lakh and files arbitration reference, shall be exempt from the deposit. Expenses thus arising with regard to such applications shall be borne by the Stock Exchanges.”

2. The stock exchanges are advised to:-

a. make necessary amendments to the relevant bye-laws, rules and regulations for the implementation of the above decision immediately;

b. bring the provisions of this circular to the notice of the members of the stock exchange and also to disseminate the same through their website; and

c. communicate to SEBI, the status of implementation of the provisions of this circular in the Monthly Development Reports to SEBI.

3. SEBI inspection of stock exchange shall cover implementation of this circular.

4. This Circular is issued in exercise of the powers conferred under Section 11 (1) of the Securities and Exchange Board of India Act 1992, read with Section 10 of the Securities Contracts (Regulation) Act, 1956 to protect the interests of investors in securities and to promote the development of, and to regulate the securities market and shall come into effect immediately.

5. This Circular is available on SEBI website at www.sebi.gov.in.

Click here to download the complete text of the above Circular in PDF Format- CIRCULAR, CIR/MRD/ICC/ 29 /2012, dated November 7, 2012.

Source: Securities and Exchange Board of India.


MCA Notification on Investor Education and Protection Fund (Uploading of Information Regarding unpaid and Unclaimed Amounts Lying with Companies) Rules, 2012

The Ministry of Corporate Affairs has notified that Investor Education and Protection Fund (Uploading of information regarding unpaid and unclaimed amounts lying with companies) Rules, 2012, has mandated every company to file eForm 5INV containing the information of unclaimed and unpaid amounts as referred to in subsection (2) of section 205C of the Companies Act, 1956.

As per the notification this information is required to be filed every year within a period of 90 days after the holding of Annual General Meeting or the date on which it should have been held as per the provisions of section 166 of the Act, and every year thereafter till completion of the seven years’ period. The information is to be filed in Form 5- INV as per the above mentioned rules; and thereafter an excel sheet containing detailed investor wise details is to be filed separately. The e Form, the excel template and detailed steps are provided in the IEPF application link on the portal www.iepf.gov.in. For financial year ended on 31st March 2011, the eForm should be filed latest by 31st July 2012.

For more details the investors have been advised to visit the website www.iepf.gov.in  and the Investor Education and Protection Fund (Uploading of information regarding unpaid and unclaimed amounts lying with companies) Rules, 2012.

Source: Press Information Bureau.


Please refer to the Govt. of India Gazette Notification S.O 2978(E) dated December 20, 2010 and the Reserve Bank Press Release dated February 1, 2011 on the above subject (copies enclosed).

The Government of India has decided to withdraw coins of denomination of 25 paise and below from circulation with effect from June 30, 2011. The Reserve Bank of India has instructed the banks maintaining small coin depots to arrange for exchange of coins of denomination of 25 paise and below for their face value at their branches.

The coins will be exchanged at the branches of these banks as also the offices of the Reserve Bank till the close of business on June 30, 2011. Coins of denomination of 25 paise and below will not be accepted for exchange at the bank branches from July 1, 2011 onwards.

Click here to download the Notifification: RBI/2010-11/428 UBD.BPD. (PCB). Cir.No. 39/09.73.000/2010-11 dated March 15, 2011.

Press Release : RBI instructs Banks to exchange Coins of 25 paise and Below for Facevalue

The Reserve Bank of India has instructed the banks maintaining small coin depots (list annexed) to arrange for exchange of coins of denomination of 25 paise and below for their face value at their branches. Members of public can exchange small denomination coins at any branch of these banks. Exchange facility will also be available at all Issue Offices of the Reserve Bank. The coins will be exchanged at the branches of these banks/offices of the Reserve Bank till the close of business on June 30, 2011.

Coins of denomination of 25 paise and below will not be accepted for exchange at the bank branches from July 1, 2011 onwards.

It may be recalled that in exercise of powers conferred by Section15A of the Coinage Act, 1906(3of 1906), the Government of India has decided to withdraw the coins of denomination of 25 paise and below from circulation with effect from June 30, 2011. From this date, these coins shall cease to be legal tender for payment as well as on account.

Click here to download Press Release : 2010-2011/1095  Dated February01 , 2011.

Source: Reserve Bank of India