Category - Company Law

Limits enhanced for disclosure of salary in Director’s Report in 217(2A) statement

G.S.R. 289 (E): The Ministry of Corporate Affairs has vide notification dated 31st March 2011 enhanced the limits for the purpose of disclosure of particulars of employees in Directors report as requisite under Section 217 (2A) read with Companies (Particulars of Employees) Rules, 1975 from the existing limit of Rs. 24 lakh/ year/ Rs. 2 lakh… Read More

Revised Schedule VI applicable from FY 2011-12 (Download Revised Form)

NOTIFICATION [F. NO. 2/6/2008-C.L-V], DATED 30-3-2011 G.S.R    (E)- In exercise of the powers conferred by clause(a) of sub-section(1) of section 642 read with sub-section(1) of section 210A and sub-section (3C) of section 211 of the Companies Act,1956,  (1 of 1956), the Central Government hereby makes the following amendment  to paragraph 2 of the notification… Read More

DIN (Director Identification Number) Amendment Rules, 2011

Now there is no need to file physical documents with DIN forms. DIN 1 eforms signed by practicing professionals shall be immediately approved and DIN shall be allotted. In all other cases, provisional DIN will be allotted first. In case of false information submitted by professional or the application himself, prosecution shall be initiated. Changes shall be notified in… Read More

Tag: DIN

Exemption u/s 211 for reduced disclosures to certain class of Companies

NOTIFICATION NO. SO 301(E), DATED 8-2-2011 The below notification seeks to exempt Companies engaged in Defence equipments, EOU's, Shipping companies, Airlines, Hotels ( including Restaurants), manufacturing companies and trading companies from the disclosure requirements specified in para II of Schedule VI. This notification has been issued to reduce the number of applications filed by such companies to… Read More

Exemption u/s 211 to Public Financial Institutions for reduced disclosures

NOTIFICATION NO. SO 300(E), DATED 8-2-2011 In exercise of the powers conferred by sub-section (3) of section 211 of the Companies Act, 1956 (1 of 1956), the Central Government, being of the opinion that it is necessary to grant exemption in the public interest, hereby exempts Public Financial Institutions as specified under section 4A of… Read More

National Advisory Committee on Accounting Standards constituted

Notification No. S.O. 107(E). dated 19th Jan, 2011 In exercise of the powers conferred under sub-section (1) oof section 210 A of the Companies Act, 1956, the Central Government has constituted an Advisory Committee to be called National Advisory Committee on Accounting Standards consisting of eminent persons from the government bodies and professional institutes and… Read More

Notification and FAQs for XBRL reporting format for annual filing

Ministry of Corporate Affairs has mandated the XBRL based filing of Balance Sheet and Profit & Loss Account for FY 2010-11 for :- (i) All companies listed in India & their subsidiaries in India and abroad; & (ii)All companies having a Paid up Capital of Rs. 5 Crores & more or a Turnover of Rs.… Read More

Form 61 expanded in scope

The Central Government vide Notification dated March 26, 2011 has amended Annexure A to the Companies (Central Government™s) General Rules and Forms, 1956 in Form 61, for serial number 6and the entries relating thereto. The following serial number and entries shall be substituted namely :- 6. Application filed for: ¢ Compounding of offences; ¢ Extension… Read More

Revision of Powers delegated to Registrar of Companies (ROC)

MCA has issued a notification in supersession of the 1985 notification regarding delegation of powers to the ROC Section 21 - Change of name of the Company Section 25 - Incorporation of Non Profit Companies Proviso to Sub-section (1) of section 31 - Approval of alteration of articles of association Sub-section (1D) of section 108… Read More

Powers of Central Government delegated to Regional Director revised

Notification G.S.R.259(E) The Ministry of Corporate Affairs has revised the powers delegated to Regional director by superseding the 20 year old notification of 1991.  As per the notification issued on 17th March, 2011, the Regional Director has power to attend to matters as outlined in 12 sections as mentioned below: Section 22 - Rectification of name of the company Sub-sections… Read More

Payments in MCA for Over Rs. 50,000 also to be in electronic mode

The Ministry of Corporate Affairs has vide its Circular No. HQ/9/2002-Computerization dated 9th March, 2011 decided to accept payments of value upto Rs.50,000, for MCA 21 services, only in electronic mode w.e.f 27th March, 2011. For the payments of value above Rs. 50,000, stakeholders would have the option to either make the payment in electronic… Read More

Companies Bill seeks to put limit on number of subsidiaries

The draft Companies Bill seeks discretionary powers for the government to stop a company from setting up multiple subsidiaries if it is found abusing this right. Presently, Companies can  establish any no. of subsidiaries, which could in turn set-up their own subsidiaries, and so on.  The  ministry of corporate affairs (MCA)  is of the view that… Read More

Corporate Governance Voluntary Guidelines

CS Alka Kapoor & CS Banu Dandona Good corporate governance practices are a sine qua non for sustainable business that aims at generating long term value to all its shareholders and other stakeholders. -Mr. Salman Khurshid, Hon™ble Minister of Corporate Affairs Adoption of best governance practices is imperative in today™s global environment. A well governed company has an… Read More

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