Ex-Reebok India MD, COO
Posted Date : 26-Sep-2012 , 08:10:46 am | Posted By CASANSAAR
The investigation arm of the ministry of corporate affairs (MCA), the Serious Fraud Investigation Office (SFIO), has found that Reebok India’s sacked managing director Subhinder Singh Prem and former chief operating officer (COO) Vishnu Bhagat had “fudged and fabricated” accounts o...
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Corporate Law |
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Continuation of MCA21 Project - e-Governance, Computerization and Networking of Ministry of Corporate Affairs and its Field Offices (MCA21 v2)
Posted Date : 24-Sep-2012 , 08:56:25 pm | Posted By CASANSAAR
The Cabinet Committee on Economic Affairs approved continuation of MCA21 Project for its second cycle from January, 2013 to July, 2021 as a Non-Plan Scheme at a total project outlay of Rs.357.81 crore including an outlay of Rs.54.42 crore for independent project management and certification over eig...
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Corporate Law |
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0 | Hits : 755
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Govt tightens scrutiny of companies' fund raising
Posted Date : 24-Sep-2012 , 08:31:26 am | Posted By CASANSAAR
Corporate Affairs Ministry has strengthened its surveillance mechanism over companies raising funds from the public as also on their end-use in the wake of the Supreme Court verdict on the Sahara group. Finding violations of regulatory norms in raising funds from the public, the Supreme Court last m...
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Corporate Law |
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0 | Hits : 730
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Day after reforms push, Prime Minister Manmohan Singh hints at changes in corporate laws
Posted Date : 23-Sep-2012 , 09:06:14 am | Posted By CASANSAAR
A day after he said that the government would take more reforms measures to pull the country out of a 1991-type economic abyss, Prime MinisterManmohan Singh on Saturday said the Centre was examining commercial and corporate laws to ensure inclusive growth and to make them relevant to future cha...
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Corporate Law |
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MCA publishes Final Costing Taxonomy for FY 11-12 filings
Posted Date : 21-Sep-2012 , 08:14:19 am | Posted By CASANSAAR
The Ministry of Corporate Affairs (MCA) has published the Final Costing Taxonomy for Financial Year 2011-12 filings on its website http://www.mca.gov.in.
This has been in the wake of the MCA`s mandate for filing of Cost Audit and Compliance reports in XBRL format f...
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Corporate Law |
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Condition to be Imposed for Conversion of Ordinary Society Into Producer Company, Part-Ix A of the Companies Act,1956
Posted Date : 19-Sep-2012 , 09:43:14 pm | Posted By CASANSAAR
The Ministry of Corporate Affairs has decided to impose certain conditions for conversion of ordinary Society into Producer Company, Part-IX A of the Companies Act,1956. In a Circular issued by the Ministry recently it has been stated that on receipt of an application/form seeking conversion of...
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Corporate Law |
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0 | Hits : 683
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Company Law Bill to be presented in winter session: Moily
Posted Date : 19-Sep-2012 , 08:49:05 am | Posted By CASANSAAR
Good corporate governance is not an option but a must for sustenance of society, said Veerappa Moily, Union Minister of Corporate Affairs (MCA).
Addressing a corporate governance summit organised by the Confederation of Indian Industry (CII), Moily, said that the Bill on Company Law would b...
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Corporate Law |
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0 | Hits : 733
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Infosys may replace TCS in new phase of MCA-21 project
Posted Date : 18-Sep-2012 , 08:01:57 am | Posted By CASANSAAR
Within months of bagging a landmark contract from India Post, Infosys is positioning itself as a serious player in India's e-governance arena by beating bigger rival Tata Consultancy Services to win the next phase of a flagship project by corporate affairs ministry.The seco...
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Corporate Law |
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0 | Hits : 918
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CCI launches a Knowledge Partnership Initiative (KPI) with Prominent Law Schools
Posted Date : 15-Sep-2012 , 09:21:01 am | Posted By CASANSAAR
Competition Commission of India (CCI) has launched a Knowledge Partnership Initiative (KPI) with prominent law schools in India. The objectives of the initiative are to build a strong knowledge base in the field of competition law, to promote competition law compliance in India and expand the outrea...
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Corporate Law |
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0 | Hits : 686
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MCA to introduce refund process for unlinked incorrect NEFT payments
Posted Date : 14-Sep-2012 , 08:35:32 am | Posted By CASANSAAR
MCA is pleased to announce that a refund process will be introduced by 16th September, 2012 for the unlinked incorrect NEFT payments.
Revised refund e-Form along with instruction kit will be available on the MCA21 portal. Users are requested to avail this facility....
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Corporate Law |
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0 | Hits : 770
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Dr. M. Veerappa Moily Launches a Legal Compliance Manual Aimed at Increasing Compliance among Companies
Posted Date : 12-Sep-2012 , 08:50:12 pm | Posted By CASANSAAR
Union Corporate Affairs Minister Dr. M. Veerappa Moily today launched a Legal Compliance Manual (LCM) here in New Delhi. The objective of this manual is to ensure the compliance of Central and State Laws and follow the norms of good Corporate Governance. The LCM is joi...
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Corporate Law |
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1 | Hits : 875
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Indian Institute of Corporate Affairs Conference on Corporate Governance-
Posted Date : 11-Sep-2012 , 11:07:21 pm | Posted By CASANSAAR
There have been several times in the last two decades when the ethical behavior of organisation has been thecenter of attention. This may be due to lack of knowledge on the issues related to compliance. Compliance is all about internal control processes. The board shou...
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Corporate Law |
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0 | Hits : 657
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Increase in Number of Foreign Companies
Posted Date : 06-Sep-2012 , 07:51:09 am | Posted By CASANSAAR
As per the 55th Annual Report on the working and administration of the Companies Act 1956 for the year ended March 2011, the number of foreign companies has increased from 2609 as on 31.3.2008 to 3127 as on 31.3.2011. There has been consistent increase in the number of foreign companies which have a...
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Corporate Law |
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0 | Hits : 865
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Finance Ministry wants loss-making banks, insurers out of CCI ambit: MCA
Posted Date : 04-Sep-2012 , 08:43:08 am | Posted By CASANSAAR
The Finance Ministry has sought an exemption for mergers and acquisitions of “loss-making and failing” banks as well as insurers that are being vetted by the Competition Commission, the Corporate Affairs Ministry said today.
However, no banks have themselves sought any exemption...
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Corporate Law |
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0 | Hits : 791
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Good Corporate Governance is Essentially about Effective & Responsible Leadership -Dr. M.Veerappa Moily
Posted Date : 01-Sep-2012 , 08:12:41 am | Posted By CASANSAAR
Union Corporate affairs Minister Dr. M. Veerappa Moily has underlined the need to bring in such a good corporate Governance that is essentially about effective and responsive leadership which calls for integrity, transparency and accountability. Dr. Moily was addressing the 2nd ICSI CORPORATE GOVERN...
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Corporate Law |
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MCA initiated action against 107 firms on investor complaints Sebi has also taken actions in 62 cases in the last three fiscal years
Posted Date : 31-Aug-2012 , 07:14:51 am | Posted By CASANSAAR
The Ministry of Corporate Affairs today said it has initiated action against 107 companies in the past three financial years with regard to investor complaints against them.
Replying to a query, Minister of Corporate Affairs (MCA) Veerappa Moily, said the in Lok Sabha that his ministry has ...
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Corporate Law |
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Failed IPOs: 'Brokers to get commission
Posted Date : 28-Aug-2012 , 12:50:31 pm | Posted By CASANSAAR
Companies will have to pay commission to brokers for the submission of investors' IPO forms even if the public offer is withdrawn, and listings will not be allowed till the time this payment is made.
In its guidelines for submission of IPO (Initial Public Offer) applications through a natio...
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Corporate Law |
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0 | Hits : 743
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Multi-Level Marketing Companies
Posted Date : 27-Aug-2012 , 10:33:02 pm | Posted By CASANSAAR
On the basis of specific complaints received in the Ministry, Regional Directors (RDs) and Registrar of Companies (RoCs) have been directed to Scrutinize the Balance Sheets and Inspect the books of accounts and other records under sections 234 and 209A respectively of the Companies Act, 1956 in resp...
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Corporate Law |
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0 | Hits : 841
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Companies need approval to pay over 10% of net profit to directors
Posted Date : 27-Aug-2012 , 04:07:55 pm | Posted By CASANSAAR
Registered companies in India can't pay more than 10% of net profit as remuneration to board-level directors overall without the government's approval, the Ministry of Corporate Affairs said today.
The total remuneration to be paid to all the board level directors including the CEO of a com...
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Corporate Law |
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0 | Hits : 1072
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MCA ordered Inspection into Kingfisher's account books
Posted Date : 17-Aug-2012 , 08:01:55 am | Posted By CASANSAAR
The Corporate Affairs Ministry has ordered an inspection of the account books of debt-ridden Kingfisher Airlines after receiving complaints from stakeholders alleging violation of company law like provisions on debt-equity ratio, sources said.
The Registrar of Companies, Bangalore, has been...
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Corporate Law |
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0 | Hits : 822
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No exemption provided to any Sector under the Competition Act, 2002
Posted Date : 14-Aug-2012 , 07:24:33 am | Posted By CASANSAAR
The Competition Act, 2002 does not provide exemption to any sector including telecom and banking sectors from its ambit.This was stated in the Rajya Sabha by Shri R.P.N. Singh, Minister of State in the Ministry of Corporate Affairs in reply to an USQ question today. Department of Financial Serv...
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Corporate Law |
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0 | Hits : 776
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CCI Probe Against Malpractices of Google
Posted Date : 13-Aug-2012 , 10:46:13 pm | Posted By CASANSAAR
Competition Commission of India (CCI) has launched a probe against Goggle following a complaint by consumer advocacy group, Consumer Unity and Trust Society (CUTS) International, against anti-competitive practices adopted by the company.CCI has received information for contravention of section 4 of ...
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Corporate Law |
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0 | Hits : 698
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Multi- State Societies Registration Bill, 2012
Posted Date : 09-Aug-2012 , 08:02:01 pm | Posted By CASANSAAR
The Ministry of Corporate Affairs is working on the Multi- State Societies Registration Bill, 2012. The Ministry has constituted an Expert Group on 11-05-2011 to study the legislative and regulatory architecture of the Societies Registration Act, 1860 and to suggest a Model Law on the subject a...
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Corporate Law |
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0 | Hits : 790
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IFRS accounting norms to be implemented from next fiscal: MCA
Posted Date : 09-Aug-2012 , 08:07:15 am | Posted By CASANSAAR
The Corporate Affairs Ministry will press ahead with the implementation of global accounting norms IFRS from next fiscal, even if the Direct Taxes Code does not take effect."We have taken the initiative that irrespective of whenever the DTC comes...We are determined to ensure that IFRS is implemente...
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Corporate Law |
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0 | Hits : 1023
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Directorate of Enforcement issues Show Cause Notices for Alleged Contravention of Foreign Exchange Management Act (FEMA), 1999
Posted Date : 09-Aug-2012 , 07:51:34 am | Posted By CASANSAAR
The Directorate of Enforcement has issued Show Cause Notice for alleged contravention of Foreign Exchange Management Act, 1999 (FEMA) and the cases of prima-facie, offence of money laundering registered under Prevention of Money Laundering Act, 2002 (PMLA) against Private Companies/MNCs in the last ...
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Corporate Law |
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0 | Hits : 762
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Form 23B can be filed without additional fees up to 12th August, 2012
Posted Date : 04-Aug-2012 , 09:43:29 am | Posted By CASANSAAR
General Circular No. 22/2012, Dated the 3rd Aug, 2012
Sub : Imposing fees on certain e-forms filed with ROC, RD or MCA(HQ) under MCA-21 where at present no fee is prescribed.
I am directed to refer to the Ministry’s General Circular no. 14/2012 dated...
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Corporate Law |
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1 | Hits : 1344
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13 firms under MCA lens over money laundering
Posted Date : 04-Aug-2012 , 09:41:55 am | Posted By CASANSAAR
As many as 13 companies, mostly real estate developers such as Alchemist Infra Realty, Rose Valley Real Estates, MPS Greenery Developers and Rahul Hi-Rise, have come under the scanner of the Ministry of Corporate Affairs for alleged money laundering and money circulation.
The ministry has o...
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Corporate Law |
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0 | Hits : 1166
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Companies Bill, FCRA to be taken up in monsoon session
Posted Date : 04-Aug-2012 , 09:37:59 am | Posted By CASANSAAR
The Companies Bill and the Forward Contracts Regulation (Amendment) Bill are likely to be taken up for consideration and passage in the forthcoming monsoon session of Parliament beginning next week.
The list of important economic legislations, to be taken up in the monsoon session starting ...
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Corporate Law |
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Indian companies warming up to women representation on board: Survey
Posted Date : 04-Aug-2012 , 09:36:37 am | Posted By CASANSAAR
The number of Indian companies that have at least one woman on the board has witnessed a rise of 16 percent over the last six years, a survey shows.Women's presence in board rooms has increased to 46.5 percent in 2011 from 30.4 percent in 2005 -- registering a rise of 16 percent, according to a Cred...
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Corporate Law |
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0 | Hits : 729
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Unitech moves Company Law Board against Uninor plans of selling India telecom business
Posted Date : 02-Aug-2012 , 09:15:31 pm | Posted By CASANSAAR
A day after Norway's Telenor- controlled Uninor put India telecom business on auction, real estate firm Unitech today approached the Company Law Board (CLB) seeking a stay on selling the business in which it owns a third of the stake.Unitech in its application requested CLB to st...
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Corporate Law |
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