TMI Tax Updates - e-Newsletter
April 9, 2012

Summary: The article analyzes key provisions of a company bill concerning corporate governance and compliance. Companies must establish a registered office within 15 days of incorporation and verify it with the registrar within 30 days. Members can request copies of key documents, with penalties for non-compliance. Public companies must issue securities in dematerialized form. IPO applications require an abridged prospectus. Misleading prospectuses incur liability under section 447. Listed companies must conduct secretarial audits, with penalties for non-compliance. Companies can issue global depository receipts and have two types of equity share capital. Share certificates serve as evidence of ownership, with provisions for issuing duplicates.

Summary: An employee's right to withdraw a resignation or voluntary retirement before its acceptance and communication is upheld by several legal precedents. The Supreme Court and various high courts have ruled that the jural relationship between an employee and employer continues until the resignation is communicated and the employee is relieved of duties. In a notable case, an employee's resignation was accepted but not communicated, and the High Court ruled in favor of the employee's right to withdraw the resignation. The court emphasized the need for flexibility in employment decisions, allowing employees to reconsider their decisions without automatically severing employment ties.

Summary: The first Spices Park in Rajasthan, focused on processing seed spices such as cumin, coriander, and fennel, will be inaugurated in Jodhpur on April 7, 2012. The Union Commerce and Industry Minister, alongside the Chief Minister of Rajasthan, will officiate the event. Established on 60.07 acres provided by the Rajasthan Government, the park offers advanced processing facilities including pre-cleaning, grading, color sorting, grinding, and packing. The infrastructure supports international standards and has a processing capacity of two tonnes per hour, enhancing the region's spice production capabilities.