Ministry of Corporate Affairs seeks law min advice to act against Financial Technologies
Posted Date : 27-Feb-2014 , 08:33:45 am | Posted By CASANSAAR
The Ministry of Corporate Affairs (MCA) has sought the law ministry's opinion on the course of action to be taken against Financial Technologies IndiaBSE 1.40 % after an inspection found the company of violating regulations, a senior MCA official said. An inspection of the Jignesh Shah-promoted comp...
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Corporate Law |
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One-fifth NSE-cos non compliant with new Sebi norms: Report
Posted Date : 26-Feb-2014 , 08:37:34 am | Posted By CASANSAAR
The Securities and Exchange Board of India's new corporate governance norms, that limits number of independent directors, is a welcome move, but would mean 97 people resigning from 283 independent directorships, says Pranav Haldea, Managing Director, PRIME Database.
According to the ...
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Corporate Law |
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MCA finds lapses by NSEL promoters; Sebi probes MCX, FTIL
Posted Date : 25-Feb-2014 , 08:39:13 am | Posted By CASANSAAR
The Ministry of Corporate Affairs is believed to have found serious violations of companies law by the owners of crisis-ridden NSEL, while market regulator Sebi is also investigating corporate governance-related lapses by the group's two listed entities -- FTIL and MCX. ...
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Corporate Law |
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Independent Directors will have to give reasons to quit
Posted Date : 24-Feb-2014 , 01:39:55 pm | Posted By CASANSAAR
Independent directors will soon have to provide "detailed reasons" for their resignations from boards of listed companies and the same would need to be made public under new norms being finalised by regulator Sebi.
In case of an independent director only citing "personal reasons" for his ...
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Corporate Law |
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Government plans to form new company to manage CSR funds of PSUs
Posted Date : 19-Feb-2014 , 12:55:38 pm | Posted By CASANSAAR
The Union government is looking at a proposal to float a company to managecorporate social responsibility (CSR) funds of all central public sector enterprises, to ensure efficient implementation of this social initiative and to free companies from additional responsibility.
The min...
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Corporate Law |
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CA Vijay Choudhary appointed as Director of Educomp Solutions Limited
Posted Date : 19-Feb-2014 , 10:37:11 am | Posted By CASANSAAR
It's a matter of huge proud and honor to Congratulate CA Vijay Choudhary for being appointed as Director in Educomp Solutions Limited (A leading company in satellite education business with the name of ETEN).
CA.Vijay is a Former member of Fiscal Laws Committee and Research Committee of ICA...
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Corporate Law |
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Companies, LLPs can't use 'National' in their names
Posted Date : 19-Feb-2014 , 08:50:42 am | Posted By CASANSAAR
Companies and limited liability partnership firms floated by private entities should not use the word 'National' in their names, the government has said. The Corporate Affairs Ministry's latest move comes against the backdrop of instances where private entities are using the word 'National' in ...
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Corporate Law |
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Companies to hire 1,000 women Directors by Oct
Posted Date : 18-Feb-2014 , 08:23:24 am | Posted By CASANSAAR
Stock market regulator the Securities and Exchange Board of India’s (Sebi) decision to make it mandatory for every listed company to have at least one lady director on its board will open India Inc’s boardroom doors to nearly 1,000 new women directors.
Sebi recently announced ...
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Corporate Law |
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Former President of ICAI, CA.Ved Jain appointed as Director of DLF
Posted Date : 15-Feb-2014 , 10:54:42 am | Posted By CASANSAAR
Realtor DLF on Saturday said it has appointed three directors on its board to strengthen its management.
The company has appointed former president of the Institute of Chartered Accountants of India,Ved Kumar Jain, as an independent director on the board.
It has also ap...
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Corporate Law |
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RBI examines credentials of nearly 35,000 cos: MCA
Posted Date : 13-Feb-2014 , 10:50:24 pm | Posted By CASANSAAR
The Reserve Bank is examining the credentials of nearly 35,000 entities whose particulars were shared with it by the Ministry of Corporate Affairs (MCA) because of rising instances of fraudulent investment schemes.
The ministry had shared a list of 34,754 companies, which carry out fina...
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Corporate Law |
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Listed companies to face strict action for non-disclosure
Posted Date : 18-Jan-2014 , 08:42:24 am | Posted By CASANSAAR
The stock exchanges on Friday announced strict penal actions, ranging from monetary fines to trading suspension, for listed companies failing to ensure timely and proper disclosure of details like financial results, annual reports, shareholding data and corporate governance reports. &...
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Corporate Law |
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33% of registered companies in India inactive, says MCA
Posted Date : 17-Jan-2014 , 08:31:27 am | Posted By CASANSAAR
Nearly 33% out of a total of 13.59 lakh registered companies in India are either closed, dormant or in the process of being liquidated, the latest company data released by the ministry of corporate affairs showed on Wednesday.
As per the data, around 9.20 lakh are active companies as on Nov...
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Corporate Law |
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Supreme Court seeks Centre's response on plea against new Companies Act
Posted Date : 15-Jan-2014 , 09:21:37 am | Posted By CASANSAAR
The Supreme Court sought the Centre's response on a petition seeking to declare as ultra vires of the Constitution some of the provisions of the new Companies Act that aims to create the National Company Law Tribunal (NCLT) and the Appellate Tribunal.
A bench headed by Justice A K Patnaik i...
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Corporate Law |
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Rules Regarding the Salaries, Allowances, etc. of the Chairperson and Other Members of the National Company Law Appellate Tribunal Notified
Posted Date : 08-Jan-2014 , 07:20:33 pm | Posted By CASANSAAR
The Ministry of Corporate Affairs has notified the National Company Law Appellate Tribunal (Salaries, Allowances and other terms and conditions of service of the Chairperson and other Members) Rules, 2014 as per the powers conferred by the new Companies Act 2013. As per these Rules, the Chairperson ...
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Corporate Law |
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Company Law emphasises on importance of independent Directors
Posted Date : 05-Jan-2014 , 10:00:56 am | Posted By CASANSAAR
The Company Law Act 2013 has a number of provisions on appointment of independent directors and there is a "growing importance" of their role and responsibility, a senior official of city-based cement manufacturer The India Cements Ltd said today. "There is a growing importance of independent d...
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Corporate Law |
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Centre to begin notifying CSR norms soon: Sachin Pilot
Posted Date : 30-Dec-2013 , 08:27:44 am | Posted By CASANSAAR
Centre will begin notifying much-awaited Corporate Social Responsibility (CSR) norms as part of the new Companies Act in about a week's time. Corporate Affairs Minister Sachin Pilot told in an interview to PTI that his Ministry has finalised the CSR rules and have been sent to the Law Ministry for v...
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Corporate Law |
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New company law gives a big push to gender diversity at workplace
Posted Date : 24-Dec-2013 , 08:43:05 am | Posted By CASANSAAR
Earlier this month, when finance minister P Chidambaram rose to speak at The Economic Times Awards for Corporate Excellence, he started off by counting out the number of women seated in the first three rows. "I must specially thank the five women in the first row, the two in the second row, the five...
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Corporate Law |
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“Lok Adalat” Commences in Company Law Board
Posted Date : 11-Dec-2013 , 07:03:48 pm | Posted By CASANSAAR
To mitigate the hardship of small investors and to expedite disposal of cases pending before the Company Law Board the first ever “Lok Adalat” was successfully held at the Company Law Board, Mumbai Bench at Mumbai on 07-12-2013. The initiative to hold Lok Adalat in Company Law Board take...
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Corporate Law |
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MCA seeks NSEL investigation details from EOW
Posted Date : 11-Dec-2013 , 08:41:22 am | Posted By CASANSAAR
The Ministry of Corporate Affairs (MCA) has sought details of progress made in the investigation of the beleaguered National Spot Exchange Ltd (NSEL) case which faces Rs 5,600 crore payment crisis.
“The MCA is in touch with us. They have sought details of progress made in NSEL inves...
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Corporate Law |
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CCI Issues Order Against CIL and its Subsidiaries For Abusing Dominant Position, Imposes Penalty Of Rs. 1773.05 Crores
Posted Date : 10-Dec-2013 , 07:01:45 pm | Posted By CASANSAAR
The Competition Commission of India (CCI) has imposed a penalty of Rs. 1773.05 crores on Coal India Limited for abusing its dominant position. The final order was passed on 09.12.2013 on a batch of informations filed by Maharashtra State Power Generation Company Ltd. and Gujarat State Electricity Co...
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Corporate Law |
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Companies will have to give names of political parties they fund
Posted Date : 10-Dec-2013 , 08:18:42 am | Posted By CASANSAAR
The government has rejected industry's demand for relaxation of a condition under the new companies law that makes it mandatory for them to disclose details of money given to political parties. Companies felt this would make them vulnerable to a backlash from parties that didn't get money or we...
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Corporate Law |
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Law Ministry starts vetting new Companies Act provisions
Posted Date : 08-Dec-2013 , 06:11:49 pm | Posted By CASANSAAR
The Law Ministry has started vetting provisions of the new Companies Act, which is expected to be in force by April next year. The Companies Act, 2013, that replaces nearly six-decade old law governing corporates, has many new provisions including those related to social welfare spending and in...
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Corporate Law |
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Sebi issues revised format on assets and liabilities for firms
Posted Date : 03-Dec-2013 , 08:49:43 pm | Posted By CASANSAAR
Bringing its regulations in line with the new companies law, Sebitoday issued revised norms for firms with regard to their illustrating assets and liabilities.
The changes are part of norms on 'Issue of Capital and Disclosure Requirements' for listed firms. These are aimed at aligning existing...
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MCA clears the air on investments in subsidiaries
Posted Date : 29-Nov-2013 , 08:40:16 am | Posted By CASANSAAR
Giving India Inc some more months to grant loans to directors or make fresh investments in their step-down subsidiaries, the ministry of corporate affairs (MCA) has clarified that provisions of inter-corporate loans as per the old Company Act of 1956 will remain in force till the corresponding secti...
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Corporate Law |
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Live-in relationship neither a Crime nor a Sin: Supreme Court
Posted Date : 29-Nov-2013 , 08:38:48 am | Posted By CASANSAAR
Live-in relationship is neither a crime nor a sin, the Supreme Court has held while asking Parliament to frame law for protection of women in such relationship and children born out of it.
The apex court said unfortunately, there is no express statutory provision to regulate live-in relatio...
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Corporate Law |
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No relaxation: Companies have to spend on CSR initiatives, rotate Auditors
Posted Date : 25-Nov-2013 , 08:36:27 am | Posted By CASANSAAR
The corporate affairs ministry has rejected the industry's demand for a relaxation in the norms on mandatory CSR spending and rotation of auditors outlined in the new Companies Act. A senior official told ET that the ministry has decided to stick to the original draft of rules despite intense lobbyi...
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Corporate Law |
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SC restrains Subroto Roy from leaving country
Posted Date : 21-Nov-2013 , 08:31:10 pm | Posted By CASANSAAR
The Supreme Court Thursday restrained Sahara Group chief Subrata Roy and two directors from leaving the country as they have failed to comply with its Oct 28 orders.
By its Oct 28 orders, the court directed the Sahara group's real estate and finance arm - Sahara India Real Estate ...
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Corporate Law |
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MCA release sixth tranche of draft rules under Companies Act 2013 in relation to Cost records and Cost Audit
Posted Date : 21-Nov-2013 , 08:02:36 pm | Posted By CASANSAAR
DRAFT RULES FOR COST AUDIT UNDER 6TH TRANCHE HAS BEEN PUT FOR PUBLIC COMMENTS. LAST DATE FOR GIVING SUGGESTIONS IS 6/12/2013.
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MCA release draft Rules for Winding Up for Public Comment — 5th Tranche
Posted Date : 21-Nov-2013 , 08:35:27 am | Posted By CASANSAAR
MCA release Draft rules for Winding up under 5th tranche and put for public comments. Last Date for giving suggestion is 19/12/2013.
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Corporate Law |
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MCA conducted 282 investor awareness programmes in October
Posted Date : 14-Nov-2013 , 08:20:25 am | Posted By CASANSAAR
During the Current Financial Year, a total of 801 Investor Awareness Programmes have been organized by the Ministry of Corporate Affairs in various parts of the country (till the end of October) through its 3 Professional Institutes: Institute of Chartered Accountants of India (ICAI), Institute of C...
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