Access your Provident Fund account online from Oct 16
Posted Date : 06-Oct-2014 , 09:04:43 am | Posted By CASANSAAR
Nearly 50 million members of Employees' Provident Fund Organisation (EPFO) will be able to access their PF accounts online on real time basis by mid-October, an official said Sunday.
EPFO subscribers would be able to access their permanent or universal account numbers (UANs) through a dedic...
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Corporate Law |
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Corporate Affairs Min says simplifying procedures under new cos law
Posted Date : 04-Oct-2014 , 08:58:48 am | Posted By CASANSAAR
Making efforts to ensure smooth implementation of the new companies law, the Ministry of Corporate Affairs is working on simplifying procedures by way of notifications and circulars.
The Companies Act, 2013 – that replaces the nearly six-decade old law governing corporates in the coun...
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Corporate Law |
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Supreme Court quashes law for setting up national tax tribunal
Posted Date : 25-Sep-2014 , 12:22:11 pm | Posted By CASANSAAR
The Supreme Court onThursday struck down the National Tax Tribunal Act, holding it unconstitutional.
A Constitutional Bench of the apex court, headed by Chief Justice R.M. Lodha, said that Parliament could not take away the powers of the judiciary and rest them in a tribunal which is not a ...
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Corporate Law |
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New company law will not be a burden on independent directors: MCA official
Posted Date : 25-Sep-2014 , 08:06:00 am | Posted By CASANSAAR
Independent directors should not see the new company law provisions governing their functioning as “onerous”, said a top Corporate Affairs Ministry (MCA) official.
There need not be any apprehension that the new company law has loaded independent directors with more work and mad...
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Corporate Law |
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0 | Hits : 1133
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Govt plans to bring more clarity to related-party deals
Posted Date : 21-Sep-2014 , 11:59:35 am | Posted By CASANSAAR
The ministry of corporate affairs (MCA) is planning to give a clarification in a few months to bring coherence between accounting standards and the new companies law regarding related-party transactions. Companies are apprehensive that unless this is done, these will have to keep separate ...
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Corporate Law |
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0 | Hits : 898
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Govt Re-Constitutes National Advisory Committee on Accounting Standards
Posted Date : 20-Sep-2014 , 08:40:54 am | Posted By CASANSAAR
The Ministry of Corporate Affairs has decided to re-constitute National Advisory Committee on Accounting Standards(NACAS) under the Chairmanship of Amarjit Chopra, a former President of Institute of Chartered Accountants of India (ICAI). The re-constitution assumes significance since Internatio...
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Corporate Law |
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0 | Hits : 1205
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Double taxation in VAT and service tax under HC scanner
Posted Date : 18-Sep-2014 , 07:49:44 am | Posted By CASANSAAR
The practice of charging value-added tax (VAT) and service tax on the entire bill amount by hotels and restaurants has come under the scanner of the Punjab and Haryana high court.
On the basis of a public interest litigation (PIL) filed by Sukhmani Foundation, Sector 33, a division benc...
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Corporate Law |
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0 | Hits : 1496
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Government makes changes to CSR spending norms under the new companies law
Posted Date : 15-Sep-2014 , 08:21:57 pm | Posted By CASANSAAR
The government has made changes to the norms governing expenses on Corporate Social Responsibility (CSR) activities under the new companies law.Certain class of profitable companies are required to shell out at least two per cent of their three-year annual average net profit towards CSR works. The r...
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Corporate Law |
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0 | Hits : 782
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Registrations drop sharply after new Companies Act comes into force
Posted Date : 12-Sep-2014 , 07:51:27 am | Posted By CASANSAAR
The number of new companies registered in India between April and August has more than halved from the same period last year following the passage of the Companies Act, 2013, which was aimed at overhauling a 57-year-old law to make it more relevant and contemporary. During the first five months...
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Corporate Law |
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0 | Hits : 1337
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Raju, other Ex-Satyam execs get breather on Rs 3K-Cr SEBI Penalty
Posted Date : 09-Sep-2014 , 07:51:17 am | Posted By CASANSAAR
The Securities Appellate Tribunal (SAT) on Monday stayed a July order of the securities market regulator directing Satyam Computer Services founder Ramalinga Raju and four other executives to disgorge alleged unlawful gains.
The Securities and Exchange Board of India (Sebi) in July had as...
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Corporate Law |
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0 | Hits : 970
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New 2-month scheme exempts defaulting Companies from prosecution:MCA
Posted Date : 08-Sep-2014 , 08:07:14 am | Posted By CASANSAAR
With stricter legal regime in place for corporates, the government has said the ongoing company law settlement scheme provides an opportunity for defaulting entities to "make good of their default" by granting them immunity from prosecution.
The Ministry of Corporate Affairs (MCA), ...
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Corporate Law |
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0 | Hits : 884
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CCI Invites Comments from Public in Respect of Proposed Merger Between Sun Pharma and Ranbaxy
Posted Date : 04-Sep-2014 , 10:02:15 pm | Posted By CASANSAAR
On 06.05.2014, the Competition Commission of India received a notice from Sun Pharmaceuticals Industries Limited (Sun Pharma) and Ranbaxy Laboratories Limited (Ranbaxy) in relation to the merger of Ranbaxy into Sun Pharma. In terms of Section 29(2) of the Competition Act, 2002 (Act), the Commis...
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Corporate Law |
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0 | Hits : 638
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More Than 50% NSE-listed Companies yet to Hire Women Directors: Report
Posted Date : 03-Sep-2014 , 08:11:10 am | Posted By CASANSAAR
With just one month left to comply with Sebi's corporate governance guidelines, more than half of the 1,469 companies listed on top stock exchange NSE are yet to appoint a woman director on their boards.
Corporate governance norms, issued by Sebi in February this year, mandate all l...
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Corporate Law |
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0 | Hits : 1126
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CBI arrests Registrar of Companies
Posted Date : 27-Aug-2014 , 08:46:34 am | Posted By CASANSAAR
The CBI arrested M. Manu Neethi Cholan, Registrar of Companies, in Chennai on Tuesday on bribery charge. He allegedly took Rs. 10 lakh from M.A.M. Ramaswamy, chairman of the Chettinad Group, to stall a takeover of the group.
Registrar took bribe to stall Chettinad Group takeover: CBI
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Corporate Law |
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MCA not to define 'Ordinary Course of Business'
Posted Date : 25-Aug-2014 , 07:23:24 pm | Posted By CASANSAAR
The corporate affairs ministry has ruled out defining the term 'ordinary course of business', used several times in the Companies Act, 2013. This, experts say, might lead to confusion and litigation.
"We are not going to define the 'ordinary course of business'. Companies will have to do it themsel...
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Corporate Law |
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0 | Hits : 1309
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SC Judge, ex-SEBI Chief rap new Companies Act
Posted Date : 22-Aug-2014 , 08:36:11 am | Posted By CASANSAAR
The Companies Act, 2013, was made in undue haste and exposes Parliament’s lack of expertise in law making, said Supreme Court Judge A K Sikri on Thursday.
He wasn’t the only eminent person who criticised the new law, at a book release function. M Damodara...
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Corporate Law |
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Companies Act: MCA officials to brief Jaitley tomorrow
Posted Date : 19-Aug-2014 , 08:00:06 pm | Posted By CASANSAAR
Corporate Affairs Ministry officials are likely to brief Arun Jaitley tomorrow about the implementation of the New Companies law.
Jaitley holds the portfolios of Corporate Affairs, Finance and Defence.
In the recent weeks, many changes have been made to various rules of the Companies Act...
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Corporate Law |
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0 | Hits : 1011
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Companies' Audit Committee Meetings Rules Tweaked
Posted Date : 18-Aug-2014 , 08:26:11 pm | Posted By CASANSAAR
The audit committee meeting of a company for consideration of consolidated financial statement cannot be conducted through video conferencing or other audio visual means, according to new rules.
In this regard, changes have been made to rules under the Companies Act, 2013.
"... for the words 'cons...
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Corporate Law |
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0 | Hits : 942
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MCA Announced Company Law Settlement Scheme, 2014
Posted Date : 13-Aug-2014 , 11:04:47 am | Posted By CASANSAAR
One time opportunity to all the defaulting companies and its directors has been given under the said scheme. It covers all the companies who have failed to file their annual reports , financial statements and related documents upto 30th June 2014. Now, these can be filed upto 15th Oct 2...
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Corporate Law |
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0 | Hits : 1344
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Over 34,000 Companies under RBI scanner for illegal NBFC operations: Government
Posted Date : 13-Aug-2014 , 08:08:03 am | Posted By CASANSAAR
The Reserve Bank is looking into particulars of more than 34,000 firms allegedly running businesses on lines of Non-Banking Financial Companies (NBFC) without authorisation from the banking sector regulator, the government said today.The list of these companies was shared by the Ministry of Corporat...
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Corporate Law |
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0 | Hits : 1269
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Companies have to comply with CSR Norms: Government
Posted Date : 12-Aug-2014 , 04:07:50 pm | Posted By CASANSAAR
Government will keep close watch on social welfare spending by corporates to check whether they are complying with Corporate Social Responsibility (CSR) norms under the new companies law.
Certain class of profitable companies are required to spend at least two per cent of their three-year a...
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Corporate Law |
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0 | Hits : 1256
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Repository of Independent Directors Operationalised: ICAI
Posted Date : 12-Aug-2014 , 09:08:18 am | Posted By CASANSAAR
The Institute of Chartered Accountants of India (ICAI) said an online repository of independent directors to help individuals seeking such directorship as well as companies looking to appoint one for the position, has become operational. The repository is a joint initiative of ICAI, the Institu...
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Corporate Law |
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0 | Hits : 1251
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MCA cautious on proposal for more readable corporate data
Posted Date : 12-Aug-2014 , 08:27:31 am | Posted By CASANSAAR
The ministry of corporate affairs (MCA) plans to proceed only gradually on its ambitious scheme, proposed late last month, to convert statutory information of 1.39 million registered companies into readable statistical information.
The proposed 'corporate data management' scheme was aimed a...
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Corporate Law |
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0 | Hits : 936
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Several riders in MCA move to protect resolutions
Posted Date : 28-Jul-2014 , 08:39:15 am | Posted By CASANSAAR
The Corporate Affairs Ministry (MCA) has issued a circular that seeks to protect the validity of the resolutions passed under the erstwhile Company Law.
But the circular comes loaded with several riders to the result that it may be prone to challenge in courts, say legal experts. It says re...
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Corporate Law |
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0 | Hits : 1268
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Changes in Companies Act, 2013
Posted Date : 22-Jul-2014 , 09:57:04 pm | Posted By CASANSAAR
A little more than a half of the provisions of Companies Act, 2013 (Act) came into force from 1st April 2014. Following this, several communications were received in the Ministry of Corporate Affairs from bodies such as industry associations, chambers of commerce and professional institutes drawing ...
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Corporate Law |
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0 | Hits : 1784
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Provision Regarding Contribution to Political Parties by the Companies
Posted Date : 22-Jul-2014 , 09:50:39 pm | Posted By CASANSAAR
Contributions to political parties are governed by Section 182 of the Companies Act, 2013. A company that is not a Government company and which is in existence for at least last three financial years may contribute up to 7.5% of its average net profits during the last three years to a political part...
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Corporate Law |
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0 | Hits : 1033
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Ministry of Corporate Affairs to hold discussions with representatives of ICAI on new Accounting Standards
Posted Date : 15-Jul-2014 , 08:27:28 am | Posted By CASANSAAR
To push forward implementation of the new accounting standards, the Ministry of Corporate Affairs is likely to hold discussions with representatives of ICAI, the apex body of chartered accountants, tomorrow.The government has proposed implementing the Indian Accounting Standards (Ind AS) that is con...
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Corporate Law |
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0 | Hits : 1036
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Companies to mandatorily adopt new accounting standards by 2016-17
Posted Date : 10-Jul-2014 , 08:32:54 pm | Posted By CASANSAAR
Companies should mandatorily follow the new accounting standards that are converged with international norms from FY'17 while timelines for financial services sector entities would be announced later, the government said today.
"There is an urgent need to converge the current Indian accounting stan...
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Corporate Law |
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0 | Hits : 1320
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New Companies Act puts a cap on public firms in India
Posted Date : 03-Jul-2014 , 08:08:01 am | Posted By CASANSAAR
The new Companies Act has exacerbated the already existing disparity in the treatment of subsidiaries of Indian public companies and overseas firms. While the subsidiary of an Indian public company is also deemed to be a public company, Indian subsidiaries of foreign compani...
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Corporate Law |
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0 | Hits : 1235
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Final norms for private cos by July first week: MCA
Posted Date : 27-Jun-2014 , 08:46:13 am | Posted By CASANSAAR
The government is expected to finalise soon the norms that may relax certain provisions of the new Companies Act for private firms.
"The Ministry has taken out a draft notification on exemptions which can be granted to private companies and has sought feedback from everyone," said a statement by in...
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Corporate Law |
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1 | Hits : 1519
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