Audit Committee

Provisions under Companies Act, 2013

Various Committees and provisions under Companies Act, 2013 1. CSR Committee (Section 135 of Companies Act 2013) Every company having the following criteria shall contribute in every financial year, at least two per cent. Of the average net profits of the company made during the three immediately preceding financial years Net Worth: Rs. 500 Crores    … Read More

Tags: Audit CommitteeCompanies ActCompanies Act 2013Companies AuditorCSR CommitteeInternal auditWomen Director

Procedure for Authorization of Related Party Transactions under the Companies Act, 2013 – The Conundrum that it is

Introduction Members of the professional fraternity are aware that the Companies Act 2013(hereinafter referred to as The Act) is being notified for implementation in a phased manner-not surprisingly though, considering its overwhelming slant and dependence on sub-ordinate Legislation in the form of Rules. As we write these lines, only 98 out of the 470 Sections  … Read More

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Board™s Report Enhanced Role Under The New Companies Act 2013

Introduction Section 134 of the Companies Act, 2013 casts a responsibility on the Board of Directors to prepare a report containing details as discussed below and this report needs to be annexed to the Financial Statements which are laid before the members in the annual general meeting. Companies Act, 2013 also contains provisions regarding revision… Read More

Tags: Audit CommitteeBoard of directorsCompanies ActCompanies Act 2013Compensation and BenefitsFinancial statementIndependent directorPublic company

Parliament Passes the Historic Companies Bill 2012

The Parliament has passed the historic Companies Bill 2012, moved by Shri Sachin Pilot, Minister of Corporate Affairs. The Bill was passed by the Rajya Sabha here today which had already been passed by the Lok Sabha many months ago (in December 2012). Shri Pilot has termed it as a historic day for the country as… Read More

Tags: Audit CommitteeBillCorporate Governancecorporate social responsibilityIndiaLok SabhaRajya SabhaSachin Pilot

ICAI Release – Technical Guide on Internal-Concurrent Audit of Investment Functions of Insurance Companies (2013)

Document Extract: 1 Framework of Internal / Concurrent Audit for Insurance Companies 1. Introduction One of the major functions of an insurance company is investment of funds and with the ever growing fund size of insurers™ investments, safeguarding and protection of the investments has acquired enormous significance. IRDA, the regulator of insurance industry, has put… Read More

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MCA Voluntary Guidelines to promote good Corporate Governance

Voluntary Guidelines for Companies for providing general information on their websites about the company to promote good corporate governance and to enhance investors™ awareness ***** 1. The Ministry of Corporate Affairs (MCA) has been continuously taking various steps towards promoting good corporate governance, investor education and protection & advocacy for adoption of Corporate Social Responsibility… Read More

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