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Legal Aspects of Finance - Book Reference

Legal Aspects of Finance
sl no.unit 1:-the payment of wages act 1936Pg no.
1definition of wages2
2as per section 2(vi)2
3wages include2
4wages do not include3
5fixation of wage period and time4
6deduction from wages5
8deduction for absence from duty7
9deduction for damages to or loss of goods or loss of money7
10deduction for payment to co-operative societies7
11offences and penalties7
unit 2:- the minimum wages act 1948
1cost of living index number16
3scheduled employment16
5wages do not include17
7fixation of minimum rates of wages17
8manner of fixation revision of minimum wages18
9minimum rate of wages19
10procedure for fixing and revising minimum wages (section 5)20
11first method section 5(1)a20
12second method section 591)b20
13important case laws21
14Bijo cotton Mills V.state of Ajmeer21
15U. Unichoy Vs. state of Kerala21
16crown aluminum works ltd Vs. their workmen22
17hydro (engineers) pvt ltd Vs. their workers22
18Kamani Metals and alloys ltd vs. its workmen22
19minimum wages whether to be paid in cash or kind23
20payment of minimum wages is obligator on employer23
21fixing hours for a normal working day etc23
22payment of overtime24
23wages of a worker who works less than normal working day24
24offences and penalties25
25penalties for certain offences25
26general provisions for punishment of other offences25
27cognizance of offences26
28offences by companies26
29actual offender to be punished26
30Bar of suits26
unit 3:- The payment of bonus Act 1965
1accounting year32
2allocable surplus33
3appropriate government33
7establishment in private sector34
8establishment in public sector34
9salary or wage34
10eligibility for bonus35
11act not to apply to certain classes of employees36
12computation of allocable surplus38
13computation of gross profit under section 438
14sum deductible from gross profit under section 638
15set on and set off of allocable surplus section 1540
16payment of bonus41
17payment of minimum bonus section 1042
18payment of maximum bonus section 1142
19calculation of bonus with respect to certain employees section 1242
20proportionate reduction in bonus in certain cases section 1342
21eligibility of bonus42
22computation of number of working days section 1443
23adjustment of customary or interim bonus against bonus payable under the act section 1744
24deductions of certain amounts from bonus payable under the act section 1844
25time-limit for payment of bonus section 1944
26recovery of bonus due from an employer section 2145
27offences and penalties46
28penalty section 2846
29offences by companies section 2946
unit 4:- The payment of gratuity act 1972
1establishment covered b the act52
3continuous service section 2(A)53
4continuous service section 2(e)53
5employer section 2(f)54
6family section 2(h)54
7retirement section 2(q)55
8superannuation section 2((r)55
9wages section 2(s)55
10appropriate government section 2(a)55
11controlling authority section 355
12payment of gratuity56
13to whom is gratuity payable56
14amount of gratuity payable -method of calculation56
15gratuity payable56
16reduction and forfeiture of gratuity58
17compulsory insurance section 4a58
18nomination 59
19time limit for payment of gratuity59
20disputed claim of gratuity60
21recover of gratuity60
22display of abstract of the act and rules60
unit 5:- The Employee's provident funds and miscellaneous provisions act 1952
1appropriate government section 2a66
2authorized officer section 2(aa)66
3basic wages section 2b66
4contribution section 2c67
5controlled industry section 2d67
6employee section 2f68
7exempted employee section 2ff68
8exempted establishment section 2fff68
9factor section 2g68
10industry section 2i68
11contributory provident fund scheme68
12employee's pension scheme70
13according to section 6A70
14deposit -linked insurance scheme71
15according to section 6c71
16payment of provident fund73
17interest payment by the employer74
18determination of money due from employer section 7a74
19mode of recover of money due from employer76
20recover of money by employers and contractors77
21transfer of account78
22liability in case of transfer of establishment78
unit 6:-The Employee's state insurance act 1948
1appropriate government'87
3contribution 87
4corporation 87
6duly appointed88
7employment injury88
9exempted employee89
12immediate employer89
13insurable employment90
14insured person90
15managing agent90
16manufacturing process90
19permanent partial disablement90
20permanent total disablement90
23principle employer91
24regulation 91
26seasonal factory91
28temporary disablement91
30wage period92
31registration of factories and establishments92
32administration of employee's state insurance scheme92
33standing committee93
34medical benefit council93
35employees state insurance fund93
37benefits under ESI scheme98
38sickness benefits98
39maternity benefit99
40disablement benefit99
41dependent benefit99
42medical benefit 99
43funeral expenses99
44general provisions relating to benefits100
45benefits not assignable or attachable100
46bar of benefits under other enactments100
47no commission of cash benefits100
48persons not entitled to receive benefits in certain cases100
49observance of conditions by recipients of sickness or disablement benefit100
50benefit not to be combined100
51repayment of benefits improperly received101
52benefits payable up to and including day of death101
53benefits depend upon employees contribution101
54duties and responsibilities of employers101
55not to reduce wages101
56to pay excessive sickness benefits101
57employer not to discuss or punish employee during the period of sickness101
58employee's insurance court102
60enhanced punishment in certain cases after previous conviction103
61power to recover damages104
63description of injury104
64percentage of loss of earning capacity104
65list of injuries deemed to result in permanent total disablement104
66list of injuries deemed to result in permanent partial disablement105
67third schedule107
unit 7:-Workman's Compensation Act 1923
1main features of the act116
2principles governing compensation117
6partial disablement119
7temporary partial disablement and permanent partial disablement119
8total disablement120
11employer's liability for compensation123
12employer's liability in case of occupational diseases124
13personal injury124
15arising out of and in the course of employment124
16state of Rajasthan Vs Ram Prasad and another125
17chairman Madras Port trust, Madras Vs Kamala125
18Director (T and M) D.N.K. Project Vs smt Buccitalli125
19zubeda Bano and others vs. Maharashtra S.R.T corporation and others125
20Rile V William Holland and sons ltd125
21nexus between the injury and employment126
22notional extension of place of employment126
23B.E.S.T 127
24trusties of port Bombay Vs. Yamuna Bai127
25Jaantilal Dhanji and CO vs. E.S.I.Corpn127
26payment of compensation128
27amount of compensation128
28compensation to be paid when due, and penalty for default130
29method of calculating wages131
30commutation of payment132
31distribution of compensation132
32reference to commissioner134
33compensation to be first charged on assets transferred b employer134
34returns as to competition135
unit 8:- Provisions of Indian companies act 1956 pertaining to capital and investment
1private of company140
2public company140
3abridged prospectus141
5board of directors141
6book and paper141
8document 141
9employees stock option141
10financial year141
11limited company141
12listed public companies141
14managing director142
21share with differential rights142
22total voting power142
23incorporation of a company142
24alteration to the authorized capital of the company143
25share capital144
26equity shares with differential voting rights145
27member of the company146
28certificate of shares146
29penalty for fraudulently inducing persons to invest money147
30section 68A personation for acquisition etc of shares147
31section 68B initial offer of securities to be in dematerialized form in certain cases147
32voting rights148
33transfer of shares and debentures148
34nomination of shares or debentures149
36incorporation of a company150
37section 117A- debenture trust deed150
38section 117B-appoinmnet of debenture trustees and duties of debenture trusties150
39section 117C liability of company to create security and debenture redemption secure152
40public posts152
41section 58A deposits not to be invited without issuing an advertisement152
42section 58AA small depositors154
43section 58AAA default in acceptance or refund of deposits to be cognizable156
4458B- provisions relating to prospectus to apply to advertisement156
45inter corporate loans and investment156
unit 9:-Provisionms of Indian Companies Act 1956 pertaining to registration of charge
1raising finance from banks/ financial institutions162
2registration of charge with registrar of companies162
3section 125 certain charges to be void against liquidator or creditors unless registered163
4section 126- date of notice of charge164
5section 127- registration of charges on properties acquired subject to change164
6section 130- registrar of charges to be kept by registrar165
7section 131- index to register of charges166
8section 132 certificate of registration 166
9section 142- penalties166
10section 143- Companies register of charges167
11modification of charges168
12particulars in case of series of debentures entitling holders pari passu168
13satisfaction of charge168
14formats used in registration of charge170
15particulars of charge under section 125170
16form no.13171
17the companies act 1956171
18particulars of charge under section 125171
19particulars regarding creation of charge in case of series of debenture under section 128/129172
20particulars of modification of charge under section 135172
21appointment of receiver under section 137172
22memorandum of complete satisfaction of charge under section 138173
unit 10:-Annual accounts and Balance sheet
1provisions regarding accounts178
2rights of memebers to copies of balance sheet and auditors report179
3books of account to be kept b the commpan180
4section 221- dut of officer to make disclosure of pament181
5contents of balance sheet & profit and loss account181
6balance sheet of holding compan to inlcude certain particulars of its subsidiaries186
7the balance sheet shall be made186
8authentication of balance sheet and profit and loss account187
9form no.23AA188
10the companies act 1956188
11inspection of books of account188
12board's report189
13CEO/CFO certification191
unit 11:- Provisions regarding auditors, directors etc
2loans to directors197
3when a director is deemed to be interested in a contract197
4board's sanction for certain contracts in which particular directors are interested197
5disclosure of interest by directors198
6remuneration to directors198
8section 224-appoinment and remuneration of auditors200
9specified number of companies means201
10cases in which appointment of the auditors requires the approval of the company by special resolution201
11powers and duties of auditors202
12audit of cost accounts in certain cases202
13section 229 signature of audit report etc202
14section 230 reading and inspection auditors report203
15section 231 right of auditors to attend general meeting203
16section 232 penalty for non-compliance with section 225 to 231203
17section 233 penalty for non compliance b auditor with section 227 and 229203
18role of audit committee203
19review of information by audit committee205
20corporate governance206
21composition of board206
22non mandatory requirement207
23chairman of the board207
24remuneration committee207
25disclosure of contingent liabilities208
26disclosure related part transactions208
27proceeds from initial public offerings IPO208
28board disclosures- risk management208
29disclosure of accounting treatment208
30miscellaneous provision209
31statutory meeting209
32annual general meeting209
33prohibitions and restrictions regarding political contributions209
34appointment of sole selling agents210
35power of registrar to call for information or explanation210
unit 12:-Statutor Provisions of India's Foreign trade
1exchange control relating to import216
2imports from nepal and Bhutan216
3import licenses216
4obligations of the purchaser of the exchanges217
5manner of rupee payment218
6letter of authority218
7advance remittance218
8time limit of settlement of import bill219
9interest on import219
10import under penalty220
11exchange control relating to exports220
12declaration of exports220
13manner of payment of export bills221
14time limit for realization 222
15reduction in invoice value on account of prepayment223
16reduction in value: other cases223
17change of buyer/ consignee223
18write off an unrealized export bill223
19consignment export224
20exports requiring prior approval of Reserve bank or Govt authorities225
21advance payments against exports225
22remittance connected with exports225
23agency commission 225
24export claims225
25authorized dealers obligation 227
26authorized dealers may228
27liberalization of export and import procedures announced b RBI231
28imports 232
29different time base prescribed in RBI directives233
30the foreign trade development and regulation act 1992233
32main provisions234
33development and regulations234
34prohibition and restriction234
35exim policy234
36director general of foreign trade234
37importer exporter code number234
38issue and suspension /cancellation of license235
39search , inspection and seizure235
40penalty for contravention235
unit 13:- Foreign Investment in India
1important directives of RBI240
2automatic route240
3government route241
4general permission of RBI under FEMA241
5on receipt of money for investment241
6on issue of shares to foreign investors242
7transfer from nonresident to non-resident242
8transfer from resident to non-resident243
9transfer by way of gift244
10investment through preference shares245
11foreign direct investment246
12foreign technical collaboration247
13general 249
14hotel & tourism related industries249
15procedure for granting approval249
17standard conditions attached to approvals for technology agreement250
18portfolio investment253
19regulation regarding portfolio investment by NRI/PIO are as under254
20other investment254
21opening of an office in India255
22regulations regarding foreign institutional investors257
23external commercial borrowings258
24fund raising258
28ECB products258
29note issuance facility258
30syndicated loans258
31floating rate notes258
32Euro commercial paper ECP259
33foreign currency convertible bonds FCCBs259
34ADRS and GDRS259
35American depository receipts259
36GDR- global depositary receipts259
37RBI regulation pertaining to issue of ADR/GDR b Indian companies\259
38sponsored aADR/GDR260
39two way fungibility scheme260
unit 14: - facilities for resident
1foreign exchange facilities for residents as on January 2006266
2guidelines on travel related matters266
3EEFC accounts271
4RFC accounts272
5RFC domestic account272
6liberalized remittance scheme272
7permissible capital account transaction274
8permissible capital account transactions274
9method of payment for investment275
10declaration to be furnished275
13export and import of currency 276
14notification of RBI no.FEMA 6 /RB-2000 dated 3rd May 2000276
15borrowing and lending in rupees279
16notificationno.FEMA 4 /2000-RB dated 3rd May 2000279
17providing housing loan in rupees to a nonresident280
18acquisition and transfer of immovable property outside India284
19notification no.FEMA 7/2000-RB dated 3rd may 2000284
20realization, repatriation and surrender of foreign exchange285
21notification of RBI no.FEMA 9 /RB-2000 dated 3rd May 2000285
22facilities for foreign nationals and foreign tourists286
unit 15:-facilities for non-residents
1authorized bank292
2authorized dealer292
5non-resident Indian292
6NRE account292
7NRO account292
8NRNR account292
9NRSR account293
10overseas corporate body-OCB293
11Person of Indian Origin293
13restrictions on deposits between a person resident in India and a person resident outside India293
15acceptance of deposits by an authorized dealer/ authorised bank from persons resident outside India295
16other deposits made or held by authorized dealer295
17acceptance of deposits by persons other than authorized dealer/authorized bank296
18deposits in certain other cases296
19acceptance of deposits by authorized dealer with the prior approval of Reserve Bank297
21non-resident (external ) Rupee account scheme297
23types of account297
24permitted credits297
25permitted debits299
26rate of interest299
27loans against security of funds held in the account299
28to account holder299
29to third parties300
30loans outside India300
31change of resident status of the account holder300
32registration of funds to nonresident nominee301
34joint accounts301
35opening of account during temporary visit301
36operations by power of authority301
37special series of change301
38temporary overdrawing302
39remittances abroad b resident nominee302
40Tax exemption302
42foreign currency (non-resident ) account bank) scheme- FCNR(B)303
44designated currencies303
45type of account303
46rate of interest304
47permissible debits credits304
48rate for conversion of Rupees into designated currencies and vice versa304
49inland movement of funds304
50manner of payment of interest304
51loans/ overdraft against security of funds held in the account305
52change of resident status of holder account 305
53joint account, repatriation of balances etc305
55other features305
56nonresident ordinary rupee(NRO) account scheme 306
58type of account307
59permissible debits credits307
60remittance of funds held in NRO account307
61grant of loans overdraft308
62to account holder308
63to third parties308
64treatment of loans overdraft in the event of change in the resident status of the borrower308
65joint account with resident309
66change of resident status of account holder309
67payment of funds to nonresident nominee309
68inland movement of funds309
69acceptance of deposits on repatriation basis310
70facilities for foreign nationals and foreign tourists312
71facilities to returning NRIs/PIO313
72retuning NRIs/PIO313
unit 16:- Central Excise Act 1944
1adjudicating authority318
2appellate tribunal318
4central excise officer318
6excisable goods318
9sale and purchase319
10wholesale dealer319
11charging of excise duty319
12section 3319
13valuation of goods chargeable to duty321
14place of removal322
15transaction value322
16valuation of excisable goods with reference to retail sale price322
17remission of duty on goods found deficient in quantity323
18power to grant exemption from duty of excise324
19form or method325
20offences and penalties326
21certain offences to be non-cognizable327
22offences by companies327
23power of court to publish name place of business etc of persons under the act328
24presumptions of culpable mental state329
25relevance of statement under certain circumstances329
26application of section 562 of the code of criminal procedure,1898 and of the probation of offenders act 1958329
27power of courts to order forfeiture330
28recover of sums due to government330
29recover of duties not levied or not paid or short -levied or short paid or erroneously refunded330
30interest on delayed payment of duty333
31interest on delayed payment of duty334
32penalty for short-levy or nonlevy of duty on certain case335
33refund of duty336
34claim for refund of duty336
35refund 338
36relevant date338
37interest on delayed refunds339
38other legal provisions340
39registration of certain persons340
40restriction on possession of excisable goods340
41power not to recover duty of excise not levied or short-levied as a result of general practice340
42duties of excise collected from the buyer to the deposited with the central government341
43application of the provisions of Act no 52 of 1962 to central excise duties342
44price of goods to indicate the amount of duty paid thereon342
45presumption that the incidence of duty has been passed on to the buyer342
46consumer welfare fund343
47utilization of the fund343
49power to arrest344
50power to summon persons to give evidence and procedure documents in inquiries under this act344
51special audit in certain cases344
52social audit in cases where credit of duty availed or utilized is not within the normal limits etc345
53officers required to assist central excise officers346

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