Companies Act, 2013 (Act No.18 of 2013) has been assented by President of India on August 29, 2013
Posted Date : 30-Aug-2013 , 04:48:01 pm | Posted By CASANSAAR
COMPANIES ACT, 2013 (ACT NO.18 OF 2013) HAS BEEN ASSENTED BY PRESIDENT OF INDIA ON AUGUST 29, 2013....
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Probe into affairs of 125 companies for fraud: Govt
Posted Date : 30-Aug-2013 , 08:47:57 am | Posted By CASANSAAR
The Corporate Affairs Ministry today said it has ordered investigations into the affairs of 125 companies for allegedly defrauding investors by offering high returns in the last three years and the current year.
Corporate Affairs Minister Sachin Pilot, while replying to a question in...
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New rules for companies: Public comments to be sought
Posted Date : 26-Aug-2013 , 08:12:39 am | Posted By CASANSAAR
The government plans to adopt a transparent and interactive process tofinalise a detailed set of rules to be adopted under the new Companies Bill, and will soon seek comments from India Inc and general public in this regard.The new Companies Bill, which entails sweeping chan...
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New companies bill likely to get Presidential assent in few days
Posted Date : 23-Aug-2013 , 07:49:12 am | Posted By CASANSAAR
The new legislation Bill, which will replace the nearly six-decade old Companies Act, is likely to get the Presidential assent in the next few days, a senior government official said today. The much-awaited Companies Bill was approved by the Rajya Sabha on August 8. The legislation ha...
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Listed cos' consolidated a/c statements made mandatory
Posted Date : 21-Aug-2013 , 07:50:47 am | Posted By CASANSAAR
Sebi has proposed making it mandatory for listed companies with significant half- yearly variation in profit, revenue and assets to prepare consolidated accounts instead of standalone results. All companies irrespective of the extent of change will also be asked to publish cash flow state...
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New rules under Companies bill to be in place by FY14 end: MCA
Posted Date : 14-Aug-2013 , 03:58:13 pm | Posted By CASANSAAR
The Ministry of Corporate Affairs expects all the rules regarding the Companies bill likely to be in place by the end of this fiscal, after taking into account the suggestions from experts, public and other stakeholders.
A rules advisory committee comprising members from leading industry chambers, ...
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Companies Bill: Here are the Pleasure and Pain points
Posted Date : 11-Aug-2013 , 09:07:00 am | Posted By CASANSAAR
India has a brand new company law that's more appropriate for the 21st century and its challenges. With the passing of the Companies Bill , 2012, by the Rajya Sabha on Thursday , which will become the Companies Act, 2013, when formally notified into law, several things change for the India...
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Companies Bill: Auditors pin hopes on rules
Posted Date : 10-Aug-2013 , 08:53:06 am | Posted By CASANSAAR
Unfazed by the onerous responsibility cast on the auditing community, the chartered accountants’ institute is hopeful that its concerns over the Companies Bill 2012 will get remedied at the time of framing of the rules.
The Companies Bill 2012, passed by Parliament on Thursday, is awa...
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Much-awaited Companies Bill passed by Parliament
Posted Date : 08-Aug-2013 , 08:06:10 pm | Posted By CASANSAAR
The Rajya Sabha today approved the much awaited new Companies Bill, making it mandatory for profit making companies to spend on activities related to Corporate Social Responsibility (CSR). In case, a company is not doing so, it will have to explain the reasons for shortfall.
The Bill...
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Corporate Law |
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CCI imposes penalty of Rs . 6.25 crores on 11 Shoe Companies
Posted Date : 08-Aug-2013 , 05:46:24 pm | Posted By CASANSAAR
The Competition Commission of India (CCI) has imposed a penalty of Rs. 625.43 Lakhs on 11 Companies in a case filed by Director General-Supplies & Disposal (DGS&D), New Delhi relating to a tender for supply of polyester blended duck ankle boots rubber sole. CCI found these 11 Companies to ha...
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Ten things you wanted to know about the new Companies Bill
Posted Date : 08-Aug-2013 , 04:36:45 pm | Posted By CASANSAAR
The Companies Bill 2012 has been tabled in the Rajya Sabha and is expected to be passed in the monsoon session. Business Standard brings you some key facts you need to know about the bill.
Why do we need a new company law?
When the existing company law - The Companies Act, 1956 was ...
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Government investigating complaints of financial fraud against 154 companies
Posted Date : 06-Aug-2013 , 07:43:17 am | Posted By CASANSAAR
The government is looking into complaints of financial fraud against 154 companies, including those connected withSaradha Group and Rose Valley Group, Parliament was informed on Monday. "Complaints have been received against 154 companies/organisations during the last three years," corpora...
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One-third of over 13 lakh registered Companies in India inactive
Posted Date : 05-Aug-2013 , 08:16:31 am | Posted By CASANSAAR
The country might have more than 13 lakh registered companies but over one-third of them are either inactive or closed.
With increasing business activities, the count of new companies is on the rise with as many as 1.5 lakh firms getting registered in one-and-a-half years, ac...
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Creation of the Special National Investment Fund
Posted Date : 02-Aug-2013 , 08:25:45 pm | Posted By CASANSAAR
The Cabinet Committee on Economic Affairs has approved creation of the Special National Investment Fund for the specific objective of meeting the minimum public shareholding of 10 percent requirement in the following six Central Public Sector Enterprises (CPSEs). (i) Andrew Yule & Company L...
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The Total Number of Companies in the Official Registry Crosses 13 Lakh
Posted Date : 16-Jul-2013 , 08:52:05 pm | Posted By CASANSAAR
The total number of companies in the official Registry of the Ministry of Corporate Affairs has crossed the 13 lakh mark. As on 31.05.2013, there were 13.21 lakh companies in the Registry. Of these, as many as 2.6 lakh companies have been closed for various reasons, such as court order, voluntary wi...
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Corporate Law |
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Draft XBRL Taxonomies for Insurance Companies
Posted Date : 11-Jul-2013 , 08:50:07 pm | Posted By CASANSAAR
Tomorrow is the last date for sending the comments to the Institute of Chartered Accountants of India (ICAI) on the Draft Templates of Taxonomy for Life and Non-life Insurance Companies. The Comments may be sent by e-mail at xbrl@icai.in so as to be received not later than July 12, 2013. ICAI h...
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Corporate Law |
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Sebi to align private placement norms with Companies Bill
Posted Date : 11-Jul-2013 , 08:49:56 pm | Posted By CASANSAAR
The government has asked Securities and Exchange Board of India (Sebi) to set up a committee to look into compatibility of market watchdog's regulations for private placement of securities with the proposed measures in this regard in the new Companies Bill.The suggestion has been made by the Corpora...
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Companies must buy back at least 50 per cent under new sebi rules
Posted Date : 26-Jun-2013 , 07:03:03 am | Posted By CASANSAAR
Capital market regulator Sebi has tightened rules for share buybacks by mandating companies to purchase at least 50% of the offer size, failing which they will have to forfeit 2.5% of the total amount earmarked. The Sebi board which met on Tuesday cleared the new b...
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MCA to companies: Declare public fund raising in compliance to Sebi, RBI norms
Posted Date : 03-Jun-2013 , 08:31:18 am | Posted By CASANSAAR
In the wake of huge public money being raised through various ponzi schemes, the government has made it mandatory for new companies to give declarations that no funds would be collected without meeting the applicable norms of Sebi, RBI and other authorities.
Such declarations w...
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Committee probing Walmart case submits report to MCA
Posted Date : 21-May-2013 , 08:39:13 am | Posted By CASANSAAR
The one-man committee, set up by the government to probe whether the world's largest retailer Walmart bribed its way into the Indian retail market, submitted its report to the ministry of corporate affairs on Saturday. Confirming that the report had been submitted, a senior government officialt...
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Competition Commission to play an important role as a regulator of Competition and as a participant in the competitive process - FM
Posted Date : 21-May-2013 , 06:18:50 am | Posted By CASANSAAR
Union Finance Minister Shri P.Chidambaram has stressed on the key role of Competition Commission of India (CCI) in defining the role of the government as a regulator of competition and as a participant in the competitive process. Delivering the Annual day Lecture of Competition Commission of India (...
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New Norms for XBRL Filing
Posted Date : 01-May-2013 , 07:29:54 am | Posted By CASANSAAR
New norms have been put in place for Extensible Business Reporting Language (XBRL) filing with effect from 6thOctober, 2011 for select class of companies. For the financial years 2010-11 and 2011-12 a total of 2,90,39 and 2,57,86 companies respectively have filed their Balance S...
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MCA starts investor awareness campaign against fraud schemes
Posted Date : 29-Apr-2013 , 09:24:58 am | Posted By CASANSAAR
Amid rising instances of common man being duped by illegal money-pooling activities, Ministry of Corporate Affairs has started tapping various platforms, including visual media, to sensitise investors from falling prey to fraudulent investment schemes. To reach out to larger number of...
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Govt to analyse data on unpaid investor money lying with firms
Posted Date : 26-Apr-2013 , 03:53:28 pm | Posted By CASANSAAR
In its efforts to protect the interest of investors, the Corporate AffairsMinistry plans to analyse data on unpaid and unclaimed money lying with various companies. "The Ministry has decided to analyse the data uploaded on MCA 21 portal by companies about unpaid and unclaimed amounts of mo...
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Corporate Law |
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Saradha group has over 100 registered companies
Posted Date : 25-Apr-2013 , 07:15:56 pm | Posted By CASANSAAR
Saradha group, which is under fire for allegedly defrauding investors, has more than 100 firms registered with the RoC (Registrar of Companies) for businesses across sectors including real estate, automobile, education and entertainment.
Most of these companies are registered with the starting name...
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Government needs internal system to settle disputes with private companies
Posted Date : 24-Apr-2013 , 09:52:55 pm | Posted By CASANSAAR
Planning Commission Deputy Chairman Montek Singh Ahluwalia today pitched for an internal system by government for settling disputes with private sector players to improve business climate in the country. "Government should set up internal mechanism (for settling dispute...
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Provision for Corporate Social Responsibility
Posted Date : 22-Apr-2013 , 09:02:53 pm | Posted By CASANSAAR
Under Companies Act, 1956 there is no provision for Corporate Social Responsibility (CSR) but the Companies Bill, 2012 incorporates a provision of CSR under Clause 135.
This Clause states that every company having net worth of Rs. 500 crore or more, or turnover of Rs. 1,000 crore or more o...
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Monetary Ceilings of Salaries for the Corporate Sector including CEOS and CFOS
Posted Date : 22-Apr-2013 , 09:00:33 pm | Posted By CASANSAAR
There are no monetary ceilings of salaries laid down in the Companies Act,1956 for personnel serving in the corporate sector including CEOs, CFOs and Directors thereof.
Giving this information in written reply to a question in the Rajya Sabha today, Shri Sachin Pilot, Minister of Corporate...
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Corporate Law |
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Listed companies top in terms of pending investor complaints
Posted Date : 21-Apr-2013 , 07:36:23 pm | Posted By CASANSAAR
About two dozen companies, including state-run giants like ONGC and Coal India, had investor complaints pending against them for more than two months at the end of last fiscal, as per Sebi data.The latest data available with Sebi Complaints Redress System (SCORES) shows that a to...
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Independent directors may have classes to attend before getting boards to Govern
Posted Date : 20-Apr-2013 , 08:29:52 am | Posted By CASANSAAR
If the ministry of corporate affairs has its way, independent directors in the country may soon see themselves in classrooms before they get into board rooms. The ministry is working on a proposal to develop "a training module" for independent directors to provide them a snap course on corporate gov...
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