Simplified Procedure for Rectification of Register of Charges Under Section 141 of the Companies Act, 1956.
Posted Date : 26-Jul-2011 , 09:28:29 pm | Posted By CASANSAAR
In order to simplify the procedures and cut timelines, the Ministry has decided to notify section 20 of the Companies (Second Amendment) Act, 2002 (1) of 2003 thereby the work relating to rectification of register of charges under section 141 of the Companies Act, 1956 shall be shifted from the juri...
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Corporate Law |
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Online Incorporation of Companies Within 24 Hours
Posted Date : 26-Jul-2011 , 07:17:19 am | Posted By CASANSAAR
In order to give ease to the corporate world to carry business within the country, the Ministry of Corporate Affairs has been simplifying the procedures under the Companies Act, 1956. Accordingly, to enable promoters to get their companies incorporated online within 24 hours, the incorporation proce...
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Corporate Law |
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0 | Hits : 656
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Voluntary CSR not working, to be made mandatory: Moily
Posted Date : 21-Jul-2011 , 07:17:45 am | Posted By CASANSAAR
Regretting that the concept of voluntary CSR has not picked up in India, Corporate Affairs Minister Veerappa Moily today said the new Companies Bill would make it mandatory for corporate to earmark part of their profit for corporate social responsibility (CSR) initiatives. India Inc, the new Ministe...
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Corporate Law |
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Waiver of approval of Central Government for payment of remuneration to professional managerial person by companies having no profits or inadequate profits.
Posted Date : 19-Jul-2011 , 09:30:36 pm | Posted By CASANSAAR
In order to promote the development of Indian Corporate sector and another step towards simplification of procedure under the Companies Act, 1956, the Ministry of Corporate has decided to amend Schedule XIII to the Companies Act, 1956 w.e.f.14.7.2011.
Pursuant to this amendment, no approval of...
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Corporate Law |
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Corporate governance, new companies act top priorities: Moily
Posted Date : 13-Jul-2011 , 03:20:16 pm | Posted By CASANSAAR
Corporate Affairs Minister M. Veerappa Moily took charge of his new portfolio here early Wednesday and said the passage of a new bill to replace the 55-year-old Companies Act and issues of corporate governance were his top priorities. Moily also brushed aside suggestions that he was unhap...
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Corporate Law |
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Mandatory CSR spend to cost India Inc Rs 8,700 cr a yr
Posted Date : 11-Jul-2011 , 08:58:42 pm | Posted By CASANSAAR
Indian companies may have to collectively spend close to $2 billion (about Rs 8,700 crore) a year on CSR programmes if the government makes it mandatory for them to spend 2% of profits on social responsibility programmes, a study said today.
Of late, the proposal from the Ministry of Corpor...
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Corporate Law |
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0 | Hits : 378
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Guidelines for Declaring Financial Institution as Public Financial Institutions Under Section4a of The Companies Act,1956
Posted Date : 11-Jul-2011 , 08:55:06 pm | Posted By CASANSAAR
The Ministry of Corporate Affairs has framed following criteria for declaring any financial institution as a Public Financial Institution (PFI) under under section 4a of the Companies Act,1956:
decided that with effect from 12th June, 2011, all DIN-1 & DIN-4 applications has to be digitally ...
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Corporate Law |
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1 | Hits : 401
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Integration of Director’s Identification Number (DIN) issued under Companies Act, 1956 with Designated Partnership Identification Number (DPIN) issued under Limited Liability Partnership (LLP) Act, 20
Posted Date : 11-Jul-2011 , 08:52:22 pm | Posted By CASANSAAR
The Ministry of Corporate Affairs has been issuing two separate identification numbers as DIN to an individual for becoming a director of a company under Companies Act, 1956 and DPIN for a designated partner in a Limited Liability Partnership under Limited Liability Partnership (LLP) Act,2008.
To...
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Corporate Law |
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0 | Hits : 483
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Filing of Balance Sheet and Profit and Loss Account in eXtensible Business Reporting Language (XBRL) mode
Posted Date : 11-Jul-2011 , 08:50:56 pm | Posted By CASANSAAR
The Ministry of Corporate Affairs has partially modified the Para 2 of its Circular No. 26/2011 issued on 18.05.2011. As per the modification the filing on MCA 21 in the XBRL mode will be effective in respect of financial statements closing on or after 31.03.2011 instead of the year 2011-12.
Fur...
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Corporate Law |
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3 | Hits : 1119
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Recent Initiatives taken by the Ministry of Corporate Affairs
Posted Date : 10-Jul-2011 , 09:20:12 am | Posted By CASANSAAR
The Indian
economy has expanded at a rapid rate during the current decade and the corporate sector has been the biggest contributor in this growth story. A significant feature of this growth is the increasing integration of the Indian corporate economy into the global business environment.&n...
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Corporate Law |
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0 | Hits : 477
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80,000 companies in Northern India are 'defaulters': MCA
Posted Date : 09-Jul-2011 , 06:58:33 pm | Posted By CASANSAAR
Asserting that Companies that have not filed annual returns and balance sheet to Ministry of Corporate Affairs (MCA) for past five years have been put on notice, a senior official of MCA today said there were 80,000 such companies in Northern India. "About 80000 defaulters (defaulting companies) are...
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Corporate Law |
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Companies will have to disclose CSR contributions: MCA
Posted Date : 08-Jul-2011 , 07:17:57 pm | Posted By CASANSAAR
The government today said it would be mandatory for corporates to disclose to shareholders whether they have made a contribution of 2% of net profit toward corporate social responsibility activities.
"We have made it mandatory for all corporates to disclose (CSR spend of 2% to sharehol...
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Corporate Law |
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0 | Hits : 523
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SBI to seek govt nod for rights issue this month
Posted Date : 08-Jul-2011 , 12:14:16 pm | Posted By CASANSAAR
The State Bank of India (SBI) on Thursday said it would soon seek government approval for its Rs 20,000-crore rights issue. The bank will give a revised proposal to the finance ministry this month.
“The draft proposal is with us. We are going to submit it this month to the ministry,&r...
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Corporate Law |
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0 | Hits : 520
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RoC to submit report on Speak Asia by July 10
Posted Date : 04-Jul-2011 , 11:28:37 am | Posted By CASANSAAR
The Corporate Affairs Ministry has asked the Registar of Companies (RoC) to inspect the books of accounts of the controversial multi-level marketing company Speak Asia and submit its report to the government by July 10.
The Singapore-based company Speak Asia, which is yet to be incorporated as a ...
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Corporate Law |
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0 | Hits : 767
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XBRL set to bring in more transparency
Posted Date : 25-Jun-2011 , 07:31:27 am | Posted By CASANSAAR
The implementation of XBRL (eXtensible Business Reporting Language) which has been made mandatory from April 1, 2011, is expected to bring in more transparency in how companies declare their financials.
K Raghu, Central Council Member, ICAI, and Director, XBRL India, said, “In the com...
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Corporate Law |
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0 | Hits : 768
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Fund raising case:MCA denies intervention in Sebi-Sahara
Posted Date : 18-Jun-2011 , 07:42:12 am | Posted By CASANSAAR
The Ministry of Corporate Affairs (MCA) today washed off its hands from the ongoing dispute between Sebi and Sahara Group companies, which has been restrained by the market regulator from mobilising funds from the public.In a statement, the MCA has clarified that Sahara Prime City intended to go...
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Corporate Law |
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0 | Hits : 349
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MCA to probe shareholding pattern of 12 listed firms
Posted Date : 15-Jun-2011 , 10:12:48 am | Posted By CASANSAAR
MCA will probe management and auditors of 12 listed companies, including Raj Television Network and Surya Lakshmi Cotton Mills, for allegedly providing false information about the shareholding pattern."Ministry of Corporate Affairs (MCA) believes the 12 companies under scanner furnished false info r...
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Corporate Law |
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2 | Hits : 444
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Video conference mandatory for AGM from next fiscal - MCA
Posted Date : 11-Jun-2011 , 08:21:03 am | Posted By CASANSAAR
The Ministry of Corporate Affairs on Thursday said it would be mandatory for listed companies to provide the option of video conferencing for shareholders to participate in the annual general meeting from next fiscal.
“In respect of shareholders' meetings to be held during 2011-12, th...
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Corporate Law |
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0 | Hits : 545
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MCA has initiated enquiry against 12 Practicing Professionals for wrong eForm filing
Posted Date : 11-Jun-2011 , 08:18:39 am | Posted By CASANSAAR
MCA Directs Regional Directors to Initiate Inquiry Against Those Practicing Professionals Who Certified the Particulars Furnished by Listed Companies
The Ministry of Corporate Affairs has directed its Regional Directors to initiate inquiry against those practicing professionals who had cert...
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Corporate Law |
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Clarification Regarding Participation by Shareholders or Directors in Meetings Under the Companies Act, 1956 Through Electronic Mode
Posted Date : 09-Jun-2011 , 09:24:46 pm | Posted By CASANSAAR
The Ministry of Corporate Affairs has clarified that :
(i) It is not mandatory for companies to provide its directors, the facility to attend meetings through video conferencing.
(ii) In respect of shareholders meetings to be held during financial year 2011-12, video conferencing facility for sh...
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Corporate Law |
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'MCA cannot investigate irregularities in Speak Asia'
Posted Date : 09-Jun-2011 , 11:47:07 am | Posted By CASANSAAR
The Ministry of Corporate Affairs today said it cannot investigate alleged irregularities in multi-level marketing company Speak Asia as the company is not registered with it."Speak Asia is not registered in India so we cannot do any investigation against it. MCA does not have any database of the co...
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Corporate Law |
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0 | Hits : 494
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Companies can register in 24 hrs from first week of July
Posted Date : 06-Jun-2011 , 09:36:54 pm | Posted By CASANSAAR
Corporate affairs ministry to launch digitised service in July.
Come July, you can register a company in India in 24 hours! The Union ministry of corporate affairs has set the first week of July as the target date for launching a completely digitised service that will allow anyone with all ...
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Corporate Law |
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1 | Hits : 678
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Allotment Of Director Identification Number (Din) Under Companies Act, 1956
Posted Date : 02-Jun-2011 , 12:08:35 pm | Posted By CASANSAAR
The Ministry of Corporate Affairs has decided that with effect from 12th June, 2011, all DIN-1 & DIN-4 applications has to be digitally signed by the practicing Chartered Accountants, Company Secretaries or Cost Accountants who shall also verify the particulars of the applicant given in the appl...
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Corporate Law |
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0 | Hits : 910
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Compliance of Provision of the Companies Act,1956 and Rules made there under.
Posted Date : 02-Jun-2011 , 04:41:57 am | Posted By CASANSAAR
In order to ensure corporate governance and proper compliances of provisions of Companies Act, 1956, the Ministry of Corporate Affairs has decided that from 3rd July, 2011 all the Companies will have to file their updated Balance Sheet and Profit & Loss Accounts and Annual Return with the Regi...
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Corporate Law |
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1 | Hits : 1134
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Clarification Regarding Body Corporate for the Purpose of Section 226 (3) (A) of the Companies Act, 1956
Posted Date : 27-May-2011 , 09:25:07 pm | Posted By CASANSAAR
The Ministry of Corporate Affairs has clarified that Limited Liability Partnership of Chartered Accountants will not be treated as body corporate for the limited purpose of section226 (3) (a) under the Companies Act, 1956. Accordingly, a notification has been sent for publication by the Ministry.
...
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Corporate Law |
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1 | Hits : 799
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Modification in the instruction regarding payment of MCA fees in electronic mode
Posted Date : 27-May-2011 , 09:24:09 pm | Posted By CASANSAAR
The Ministry of Corporate Affairs has instructed that from Monday next, i.e. May 29th, 2011 the payment of less than Rs. 50,000/- through electronic mode will be permissible in the “Investor Education and Protection Fund” through “Pay Misc. Fee functionality”. This facility w...
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Corporate Law |
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0 | Hits : 631
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Clarification on Applicability of Provisions of Section 108 A to 108 I of the Companies Act, 1956
Posted Date : 25-May-2011 , 11:17:01 am | Posted By CASANSAAR
The Ministry of Corporate Affairs has issued following clarification on applicability of provisions of Section 108A to 108 I of the Companies Act, 1956:
“Sections 108A to 108 I of the Companies Act, 1956 were inserted in the Companies Act, 1956 through Monopolies and Restrictive Trade Practic...
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Corporate Law |
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0 | Hits : 476
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New Initiatives of Ministry of Corporate Affairs for Corporate Governance
Posted Date : 23-May-2011 , 11:35:43 am | Posted By CASANSAAR
In order to save trees and environment by cutting down the consumption of costly paper habits, the Ministry of Corporate Affairs has taken a “Green Initiative in the Corporate Governance” by allowing paperless compliances by the companies under the provisions of the Companies Act, ...
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Corporate Law |
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0 | Hits : 908
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Govt eases rules for incorporating not-for-profit companies
Posted Date : 23-May-2011 , 11:30:33 am | Posted By CASANSAAR
The government today eased rules for incorporating not-for-profit companies, by giving the Registrar of companies the power to directly issue licences.Besides, it has reduced the time taken for setting up Section 25 companies by doing away with some mandatory provisions, Ministry of Corporate Affair...
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Corporate Law |
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0 | Hits : 419
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'Financial reporting in XBRL enables better vigilance'
Posted Date : 21-May-2011 , 09:36:31 am | Posted By CASANSAAR
Government today said financial reporting in the new technology format XBRL will enable regulators to keep a better vigilance over activities of companies.Speaking at an ICSI seminar on eXtensible Business Reporting Language (XBRL), Corporate Affairs Secretary D K Mittal said, "We the regulators nee...
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Corporate Law |
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