MCA officials meet stakeholders on Cos Act review meeting, note industry concerns
Posted Date : 22-Jun-2014 , 09:22:10 am | Posted By CASANSAAR
From deferring the new Companies Act, 2013 by one year to bringing in a fresh law; from creating an ombudsman to bringing out comprehensive clarifications, were among the views expressed by a large number of stakeholders from India Inc, industry bodies and company law experts when they met the top o...
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Corporate Law |
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LawMin no to MCA proposal on taking control of FTIL
Posted Date : 16-Jun-2014 , 08:10:16 am | Posted By CASANSAAR
The ministry of law and justice has rejected the ministry of corporate affairs’ proposal to invoke legal provisions to take control of Financial Technologies India Ltd (FTIL) for ‘deliberate bungling’ in National Spot Exchange Ltd (NSEL) that is under scanner for Rs 5,500 crore pay...
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Corporate Law |
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0 | Hits : 407
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Government to look into changes needed in Companies Act
Posted Date : 14-Jun-2014 , 04:30:06 pm | Posted By CASANSAAR
Union Commerce Minister Nirmala Sitharaman has said that a meeting with all stakeholders will be held next week in Delhi to look at the changes that need to be made to the new Companies Act. Emphasising on the need to review the Act, the minister also said that it is time to take all measures necess...
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Corporate Law |
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0 | Hits : 905
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MCA clears air on tenure of independent directors
Posted Date : 11-Jun-2014 , 07:42:02 am | Posted By CASANSAAR
The government has clarified that the tenure of all independent directors who were appointed before April 1, 2014, will not be counted towards the mandatory ten-year period or two consecutive term limit under the new company law, provided firms make fresh appointment before March 31, 2015.
...
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Corporate Law |
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0 | Hits : 715
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Over 200 companies face heat for violating disclosure norms
Posted Date : 10-Jun-2014 , 08:22:32 am | Posted By CASANSAAR
Over 200 listed companies have been penalised by the stock exchanges for violating various listing agreement norms, involving late or non-submission of mandatory details like financial results and shareholding data and non-compliance to corporate governance regulations.While National Stock Exchange ...
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Corporate Law |
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0 | Hits : 654
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Unclear Companies Act would make things worse: CII
Posted Date : 05-Jun-2014 , 01:14:20 pm | Posted By CASANSAAR
Seeking a comprehensive review of the new Companies Act, industry body CII today said that an "unclear and cumbersome" law would make things worse for the corporates.
"The government needs to trust industry. One or two incidence of corporate malfeasance should not lead to mistrust of the entire spe...
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Corporate Law |
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0 | Hits : 948
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IICA signs MoU with Grant Thornton
Posted Date : 05-Jun-2014 , 07:03:24 am | Posted By CASANSAAR
The Indian Institute of Corporate Affairs and Grant Thornton India LLP have signed a memorandum of understanding. The objective of the MoU which was signed yesterday in Delhi is to develop capacity of the Indian companies for effective implementation of the CSR Rules laid down as per Section 13...
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Corporate Law |
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0 | Hits : 986
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Corporate Affairs Ministry to be CLUBBED with Finance Ministry
Posted Date : 28-May-2014 , 08:18:46 am | Posted By CASANSAAR
After a decade of independent existence, the Ministry of Corporate Affairs (MCA) will now be clubbed with the Finance Ministry.
"There will be clubbing. Currently the (Corporate Affairs) ministry is under me. A notification has to come," Finance and Corporate Affairs Minister Arun J...
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Corporate Law |
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0 | Hits : 893
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Top 500 cos raise Rs 20,000-cr debt for dividend payouts in FY'14
Posted Date : 23-May-2014 , 08:26:46 pm | Posted By CASANSAAR
Aggressive dividend payouts by top 500 companies has seen 419 of them together borrowing around Rs 20,000 crore, while paying around Rs 1.2 trillion (Rs 1.2 lakh crore) in FY'14, according to India Ratings.
"Several BSE 500 corporates, excluding banks and financial services companies, adopt...
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Corporate Law |
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0 | Hits : 422
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MCA silently inserting backdated changes in Rules
Posted Date : 21-May-2014 , 08:01:56 am | Posted By CASANSAAR
The Ministry of Corporate Affairs (MCA) came up with the finalised rules on Companies Act, 2013 after comments from the stakeholders on the draft rules on and from 27 March 2014 without bearing any date or notification number on the same as the same was apparently not published in the Offi...
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Corporate Law |
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Why do Priyanka, Khurshid, Pilot, Singhvi, Karti Chidambaram have multiple DINs?
Posted Date : 20-May-2014 , 09:45:38 am | Posted By CASANSAAR
According to NitiCentral, several Congress leaders like Priyanka Gandhi Vadra, Salman Khurshid, Sachin Pilot, Abhishek Manu Singhvi, Capt Amrinder Singh and Karti Chidambaram have multiple Director Identification Numbers (DIN), an offence under the Companies Act.
They say...
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Corporate Law |
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0 | Hits : 1696
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Frequently Asked Questions (FAQs) on e-Filing Under Companies Act, 2013
Posted Date : 14-May-2014 , 08:08:36 am | Posted By CASANSAAR
1. What are the steps for online e-filing?
1. When the business or the registered users access the MyMCA portal, they enter their username and authentication details – Password/ Digital Certificate.
2. The user will be shown a list of eForms category-wise under eForms ...
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Corporate Law |
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0 | Hits : 1622
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Incorrect info in company filings to attract strict action: MCA
Posted Date : 12-May-2014 , 08:18:01 am | Posted By CASANSAAR
To curb instances of companies submitting misleading information in their filings, the government has said that strict action will be initiated against professionals who certify such submission.
Registered chartered accountants, cost accountants and company secretaries have been allowed by the ...
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Corporate Law |
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0 | Hits : 821
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Relief for NBFC as MCA to change Cos Act norms
Posted Date : 08-May-2014 , 08:21:51 am | Posted By CASANSAAR
Sources say that Ministry of Corporate Affairs (MCA) is going to change Cos Act norms and reset debenture provision reserve in 15 days in consultation with RBI. The Move comes after corporate bond issues dry up in April. NBFC was worst hit by change in debenture reserve provision....
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Corporate Law |
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0 | Hits : 550
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Allow ‘materiality’ in fraud reporting obligations of statutory auditors: ICAI President
Posted Date : 29-Apr-2014 , 07:26:14 am | Posted By CASANSAAR
The CA Institute has urged the Corporate Affairs Ministry to allow the concept of “materiality” to the fraud reporting requirement now cast on statutory auditors.
The current legal provisions requiring a statutory auditor to report all frauds (without bringing in materiality) to...
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Corporate Law |
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1 | Hits : 2434
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Nearly 1 lakh new companies registered in India during 2013-14
Posted Date : 28-Apr-2014 , 08:09:12 am | Posted By CASANSAAR
Nearly one lakh new companies were registered in India last fiscal year (FY14), with a substantial chunk set up in the business services sector. On the other hand, just 216 foreign companies were set up during the year.
98,473 companies together having an authorised capital of nearly Rs....
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Corporate Law |
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0 | Hits : 566
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Difficulties related to new Cos Act will be resolved: MCA
Posted Date : 18-Apr-2014 , 08:27:40 am | Posted By CASANSAAR
The Ministry of Corporate Affairs today said efforts are being made to resolve difficulties faced by various professional entities, including company secretaries and auditors, with regard to new companies law.
There have been discontent in some quarters related to certain rules under the...
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Corporate Law |
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0 | Hits : 915
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CAs, CS' object to notification of Companies Act
Posted Date : 17-Apr-2014 , 01:07:29 pm | Posted By CASANSAAR
Chartered accountants, cost accountants and company secretaries—three classes of professionals recognized under the statute— have protested against the notification of the new companies law, with each saying that they will be hurt by it in various ways. While chartered accountants a...
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Corporate Law |
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0 | Hits : 1465
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Justice RM Lodha to be sworn-in as next Chief Justice of India
Posted Date : 12-Apr-2014 , 11:46:17 am | Posted By CASANSAAR
Justice RM Lodha, the senior most judge of the Supreme Court, has been recommended as the next Chief Justice of India, the Law Ministry said on Friday.
"In exercise of the powers conferred by clause (2) of Article 124 of the Constitution of India, the President is pleased to appoint Shr...
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Corporate Law |
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0 | Hits : 360
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New rule for Company Secretaries: Ministry trying to find a way out
Posted Date : 11-Apr-2014 , 05:22:47 pm | Posted By CASANSAAR
The Corporate Affairs Ministry is hoping to find a solution to the structural problem that company secretaries are facing, after the notification of rules under the new company law.
The rules had completely exempted a private limited company (irrespective of its paid-up capital) from the re...
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Corporate Law |
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0 | Hits : 1216
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New companies law: Most provisions to be effective from Today
Posted Date : 01-Apr-2014 , 08:16:39 am | Posted By CASANSAAR
Bringing in changes that will strengthen corporate governance as well as protect investors' interests, most provisions of the new companies law will come into effect form Today.
Norms for social welfare spending, stringent regulations for related party transactions, independent directors and deposi...
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Corporate Law |
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e-filing services under MCA-21 temporarily suspended from April 1-13
Posted Date : 31-Mar-2014 , 08:22:27 am | Posted By CASANSAAR
The Corporate Affairs Ministry has temporarily suspended services of e-filings under MCA-21 from April 1 to 13.
This move is intended to facilitate a smooth transition to the new forms under the new company law, sources close to the developments said.
In this April 1-13 period, all...
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Corporate Law |
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0 | Hits : 735
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New Companies Act: Firms to have at least one woman, two independent Directors
Posted Date : 28-Mar-2014 , 10:04:05 pm | Posted By CASANSAAR
Most companies now need to have at least one woman and two independent directors, while the listed entities will be required to have a director to represent the interests of small shareholders if they demand. The new requirements are part of the rules related to the appointment and qualificatio...
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Corporate Law |
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0 | Hits : 942
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CCI imposes a fine of Rs. 1 Crore upon Google for failure to supply information/ documents in the investigations
Posted Date : 27-Mar-2014 , 07:23:55 pm | Posted By CASANSAAR
The Competition Commission of India(CCI)has imposed a fine of Rs. 1 Crore upon Google for failure to comply with the directions given by the Director General(DG)seeking information and documents. The order was passed on a reference made by the DG to CCI alleging inter alia non-cooperation by Go...
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Corporate Law |
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0 | Hits : 463
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MCA notifies 183 sections of Companies Act 2013
Posted Date : 27-Mar-2014 , 07:50:42 am | Posted By CASANSAAR
The Ministry of Corporate Affairs has notified 183 sections of the new Companies Act, 2013, which comes into effect from April 1, 2014. With this, 283 of 470 sections of the Act have got notified in a phased manner. However, the related rules that fall under the 183 sections are expected to get noti...
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Corporate Law |
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0 | Hits : 1237
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MCA stops Challan, NEFT and Pay Later payment facility till 31st March 2014
Posted Date : 27-Mar-2014 , 07:46:30 am | Posted By CASANSAAR
Offline payment facility (Challan, NEFT and Pay Later) would be stopped from 26th March 2014 till 31st March (both days inclusive). You are requested to make payment only through online mode(Credit/Debit Card and Net Banking)....
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Corporate Law |
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0 | Hits : 993
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EC allows Corp Affairs Min to notify new rules
Posted Date : 21-Mar-2014 , 08:25:11 am | Posted By CASANSAAR
The Corporate Affairs Ministry Thursday received Election Commission's approval for notifying rules related to various sections of the new Companies Act, paving the way for its implementation from April 1.
The legislation, which provides for significant changes in the way corporates are governed an...
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Corporate Law |
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0 | Hits : 499
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Corporate Affairs Ministry will seek EC nod before notifying new rules
Posted Date : 06-Mar-2014 , 10:10:25 pm | Posted By CASANSAAR
With the Model Code of Conduct for general polls in force, the Corporate Affairs Ministry will intimate the Election Commission before notifying rules for the remaining provisions of the new companies law. The Ministry is in the process of finalising the rules for various provisions of Companie...
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Corporate Law |
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0 | Hits : 428
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Corporate affairs ministry seek views from law ministry, Sebi on FTIL action
Posted Date : 05-Mar-2014 , 08:29:28 am | Posted By CASANSAAR
The corporate affairs ministry has sought clarifications from the law ministry and regulators, Securities and Exchange Board of India (Sebi) and Forward markets Commission (FMC), to finalise action against “gross violations” by Financial Technologies India Ltd (FTIL) and relate...
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Corporate Law |
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0 | Hits : 319
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CSR Rules Finalised After Extensive Consultations - Sachin Pilot
Posted Date : 27-Feb-2014 , 04:46:55 pm | Posted By CASANSAAR
Notifications were issued here today to give effect to Section 135 and Schedule VII of the Companies Act, 2013, which relate to CSR (Corporate Social Responsibility) related spending by companies. Shri Sachin Pilot, Minister for Corporate Affairs, has said that the concerned rules have been finalise...
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Corporate Law |
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0 | Hits : 422
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