Companies with Net Owned Funds of less than one crore Rupees prohibited from raising public deposits
- India to host convention on Cyber laws
- Vertscape provides Net Web Services solutions in the GCC region
- Maxtor's 160 GB Drive In The ME This Week
Companies with Net Owned Funds of less than one crore Rupees prohibited from raising public deposits
keralamonitor.com New Delhi; The Department of Company Affairs (DCA) has issued a notification amending the Companies (Acceptance of Deposits) Rules, 1975 to prohibit companies with a net owned fund of less than rupees one crore from inviting public deposits with immediate effect. The amendment has been notified in the Gazette of India in consultation with the Reserve Bank of India under Section 58A read with Section 642 of the Companies Act, 1956. This is the third amendment effected in the Companies (Acceptance of Deposits) Rules in 2001. Accordingly, the "net owned fund" under the amended rules shall have the same meaning as assigned to it in the Reserve Bank of India Act, 1934.
In addition, Rule 8A has been incorporated to provide for penal rate of interest on public deposits. Accordingly, a penal rate of interest of 18 per cent shall be paid for the overdue period in case of public deposits matured and claimed but remaining unpaid. In case of deposit made by a small depositor (investor), the penal rate of interest shall be 20 per cent, compoundable on an annual basis.The amendment effected is investor friendly and intended to instill confidence in investors and depositors.
India to host convention on Cyber laws
keralamonitor.com
The 29th National Convention of Company Secretaries on Developments in Corporate and Cyber Laws--International Perspective will be held on December 13 and 15, 2001 at Bangalore to deliberate , ascertain and evaluate the directions and magnitude of developments in corporate and cyber laws and their desired orientation in the corporate sector.
The convention, organised by the Institute of Company Secretaries of India, a departmental professional institute of the Department of Company Affairs, will make an indepth analysis of perspective and imperative in company law reforms, financial market dynamism and reforms in securities laws, synchronizing trade related laws under World Trade Organization (WTO) environment and developing regulatory framework for e-governance.
Company Directors, Secretaries and other senior executives in the corporate and financial services sector, practising professionals in secretarial, financial, legal and management disciplines would take part in the convention. Besides, eminent experts from the Government and industry including professionals and management experts will address the participants in a highly brain storming sessions.The Karnataka Minister for Large and Medium Industries, Shri R.B. Deshpande will inaugurate the convention on December 13, 2001.
December 11, 2001
Vertscape provides Net Web Services solutions in the GCC region
keralamonitor.com
Dubai: Vertscape, a global pioneer of next generation user-centric e-Business Web Services solutions for public and private sector businesses, launched itself today as the first commercial provider of Web Services and solutions based on the Microsoft .Net technologies and vision in the GCC region. The announcement was made at a press conference by H.E. Sheikh Khalid Bin Zayed Al Nahyan, Chairman, Vertscape. Also present at the press conference were Meghna Rao, CEO Vertscape, Fred Kamperman, Regional Enterprise Group Director and Mark Van der Merwe, Regional Technical Manager, Microsoft, MENA region.
"A business enterprise comprises several processes like communication, collaboration, transaction, planning and personnel management that are significant to its core organization. The seamless integration and management of this entire range of complex operations is crucial to transformation from manual business processes to electronic automation," said Sheikh Khalid. "By deploying next generation Web Services solutions, designed and built by Vertscape using Microsoft .Net technologies, Vertscape enables a business to take a much faster, more practical and highly feasible route to adopting Internet technology. This is possible due to the excellent Microsoft .Net technologies available, to develop Web Services Solutions."
Sheikh Khalid added, "What is most significant about the solutions offered by Vertscape is the use of simple, yet advanced technologies from Microsoft - and the fact that the transformation to the electronic format can be achieved within days. Furthermore, Vertscape's solutions can be implemented with very feasible budgeting and minimal IT expertise from the clients and all with the desired efficiency."
"Microsoft's .Net initiative envisions software services on the web that enable businesses to tie together their disparate information systems and let consumers take personal data with them as they move from device to device or web site to web site," said Fred Kamperman, Regional Enterprise Group Director, Microsoft for MENA. "Vertscape is the first company in the GCC region to commercially deliver .Net Web Services to businesses by leveraging Microsoft's .Net technologies and vision to build solutions that will allow applications to communicate via the Internet regardless of operating system or programming language. We fully support Vertscape's initiative and will be on hand to offer any necessary technical assistance," he added.
Vertscape develops, markets and sells commercially available personalized Web Services solutions that fulfill the promise of the Internet by moving from a server or computer-centric model to a user-centric model whereby enterprises and individuals can intelligently transact, interact and exchange information with each other over the internet.
"Developed by using leading edge Microsoft .Net technologies, Vertscape's XML Web Services solutions enable organizations to overcome the traditional issues of software development, deployment and maintenance while following the latest global best practices to address concerns regarding scalability, security, reliability, and flexibility when providing integrated e-services over the Internet," said Meghna Rao She added that, "By using the latest technologies, Vertscape is able to deploy highly customized solutions in extremely short time frames that reduce the time-to-market by nearly 70 per cent as compared to existing web technologies. While many software vendors have jumped to the challenge of applying Web Services to development tools and integration servers, Vertscape stands out as one of the few early Web Services based e-Business solution providers with solutions built from the ground-up to address business-level user needs."
Vertscape's Web Services solutions can be easily customised by the end user, due to the technologies used to simplify the personalization process as e-Business requirements continue to evolve. Vertscape's Web Services solutions are also aligned to take advantage of Microsoft's .Net MyServices to ensure that a user's personal data will follow the user across multiple devices, different websites and desktop computers. These solutions also enable rapid Internet-based application-to-application collaboration between any type of device, platform, or programming language thereby greatly reducing the time and cost of enterprise systems integration. Enterprises can thus build upon their past investments in legacy IT systems to extend functionality onto the Internet in a simpler, faster and feasible manner.
Maxtor's 160 GB Drive In The ME This Week
keralamonitor.com
Dubai: Maxtor Corporation, one of the world's largest hard drive manufacturer in terms of unit shipments today announced that its new 160 GB desktop drive, the DiamondMax 540x will be available starting this week. As part of its commitment to the region, the company has announced that it will make the new drive available simultaneously to customers in Europe and the Middle East, through its extensive distribution channel. The D540X drive uses advanced, integrated electronics combined with numerous design innovations to achieve a wide range of capacity points, solid reliability, and quiet operation all at very competitive prices.
" The demand for higher capacity in the Middle East is constant," commented Didier Trassaert, Maxtor's Vice President for Europe, the Middle East and Africa, " and the DiamondMax 540X addresses the storage needs of many market segments and offers user the best and most reliable storage at the most affordable price"
Maxtor is present in the Middle East through a wide distribution network, and the company's focus is to always be ready to respond to this market's particular requirements and to keep it supplied with the newest Maxtor products as they are launched.
" Our resellers are eagerly waiting for this new drive," commented Parvez Ahmad, Marketing Director Almasa distribution, " As individuals and companies in the region become more Internet dependant, as they acquire new applications, gather more information and automate their businesses, their need for storage grows, and the 540X comes at the right time to cater to this increasing demand. Maxtor has developed a trusting relationship with its channel and its customers in the Middle East, through its reliable state of the art products, it has also proved its commitment to keeping this market well supplied and at the forefront of storage technologies"
The DiamondMax 540 X benefits from Maxtor's Shock Protection and Data Protection Systems to provide extreme reliability and data integrity to the user. The system has enhanced protection against both operating and non-operating shock and verifies essential functions in seconds to eliminate costly and unnecessary drive returns. With 40GB per platter at industry-standard capacity points, the D540X confirms Maxtor's leadership position in drive technology.
