Company Law - Corporate Law Reporter

Guidelines for declaring Financial Institution as Public Financial Institutions

GOI; MCA; Gen. Circular No. dated 34/2011 dated 2nd June, 2011 Guidelines for declaring financial institution as Public Financial Institutions under section 4A of the Companies Act, 1956 Section 4A of the Companies Act, 1956 was inserted by the Companies ( Amendment) Act, 1974 (41 of 1974) with effect from 1st February, 1975. Sub- section… Read More

MCA not to take any form on record unless BS, P&L & Annual Returns are filed

Gen. Circular No. 33/2011 dated 1.06.2011; GOI; MCA All the Regional Directors; All the Registrar of Companies/ Official Liquidators; The Stakeholders Sub:- Compliance of provisions of the Companies Act 1956 and Rules made there under. Section 610 of the Companies Act, 1956 confers a right to any person to inspect any document kept with the… Read More

The Companies (Passing of the resolution by Postal Ballot) Rules, 2011

Ministry of Corporate AffairsNotification New Delhi the Dated- 30th May, 2011 G.S.R. ¦¦¦¦.. (E). In exercise of the powers conferred by section 192A read with clauses (a) and (b) of sub-section (1) of section 642 of the Companies Act, 1956 (1 of 1956), the Central Government hereby makes the following rules, in supercession of Companies (passing of… Read More

MCA introduces Refund process for payments done in excess or erroneously

1. What is refund process? The user is required to make various payments to avail MCA21 services. A number of instances have been observed where the users make multiple payments or incorrect payment or excess payment while using these services. In order to allow the stakeholders to claim refund of such payments, refund process has… Read More

HC to CCI: Provide Complete order by 3rd June

The Delhi High Court today asked Competition Commission to provide the NSE by friday its complete order including views of members dissenting with the majority ruling that held the bourse guilty of abusing market dominance. The National Stock Exchange (NSE) will have to reply to the Competition Commission of India (CCI) in the five working… Read More

Corrigendum to Notification SO 479(E) dated 04 March, 2011

TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRA ORDINARY PART II, SECTION 3, SUB SECTION (ii) GOVERNMENT OF INDIA MINISTRY OF CORPORATE AFFAIRS New Delhi, the 30th May, 2011 CORRIGENDUM SO.___ In the notification of the Government of India in the Ministry of Corporate Affairs, published in the Gazette of India, Extraordinary, Part II,… Read More

CCI: Penalty for making false statement or omission to furnish material information

TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRA ORDINARY PART ii, SECTION 3, SUB SECTION (II) GOVERNMENT OF INDIA MINISTRY OF CORPORATE AFFAIRS New Delhi, the 30th May, 2011 NOTIFICATION SO.___ In exercise of the powers conferred by sub-section (3) of section 1 of the Competiotion Act, 2002 (12 of 2003), the Central Government… Read More

Power of CCI to impose penalty for non-furnishing of information on combinations

TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRA ORDINARY PART ii, SECTION 3, SUB SECTION (II) GOVERNMENT OF INDIA MINISTRY OF CORPORATE AFFAIRS New Delhi, the 30th May, 2011 NOTIFICATION SO.___ In exercise of the powers conferred by sub-section (3) of section 1 of the Competiotion Act, 2002 (12 of 2003), the Central Government… Read More

Draft Rules in respect of unlisted public companies for preferential allotment /private placement

F.No. 12/13/2011-Legal Government of India Ministry of Corporate Affaris 51h Floor. A Wing, Shastri Rhawan, Dr. R.P. Road, New Delhi ” 110001 Dated 24.05.2011 To All the Regional Directors, All the Registrar of Companies/ Official Liquidators All stakeholders Sub : New Rules in respect of unlisted public companies preferential allotment /private placement Sir, Ministry is considering… Read More

Depreciation for the purpose of declaration of Dividend U/s 205 for Electricity Cos.

General Circular No: _31__ /2011 No: 51/23/2011-CL-III Government of IndiaMinistry of Corporate Affairs 5th floor, `A' Wing, Shastri Bhavan, Dr. R.P. Road, New Delhi-110 001. Dated: 31st May, 2011 To, All Regional Directors, All Registrars of Companies Subject: Depreciation for the purpose of declaration of Dividend under Section 205 in case of companies referred to… Read More

SEBI begins probe for fake bids in IPO

Sebi has begun a probe into possible use of fake bids for artificially pushing up the subscription levels in numerous IPOs over past few years, with a modus-operandi similar to that in Vaswani Industries case. After halting Vaswani Industries' listing earlier this month on suspicion of irregularities in its IPO bidding, the market watchdog last… Read More

HC asks PNB to release security worth 1000 crores

The Delhi High Court has come down heavily on Punjab National Bank for its "arm twisting" tactics of not releasing Rs 1,000 crore loan-securities to real estate major DLF Ltd for alleged default in paying pre- payment charges of Rs 20 crore. While directing the bank to release the securities, the court also quashed the… Read More

Final Taxonomy and Business rules for XBRL reporting

MCA website is likely to have options for XBRL reporting by 15th of July. Specific notification will be made to enable stakeholders for early filing. you can download the Final Taxonomy and Business rules for XBRL reporting by clicking at the Download links below. MCA had vide a corrigendum recently clarified that in Phase I,… Read More