Corporate Affairs Ministry

Amendment of Accounting Standards

Examination of various Rules and Accounting Standards under the Companies Act, 2013 is an ongoing process. Giving this information in written reply to a question in the Rajya Sabha today, Shri Sachin Pilot, Minister of Corporate Affairs, said that Accounting Standards are amended from time to time keeping in view the requirements of the situation.… Read More

Tags: Companies ActCompanies Act 1956Corporate Affairs MinistryLokSabhaMinister of Corporate AffairsRajya SabhaSachin PilotShri Sachin Pilot

Use of Unclaimed Funds Lying With Companies

As specified in Section 205C of the Companies Act, 1956, companies are required to transfer such amounts as have remained unclaimed and unpaid on account of dividends, matured deposits and debentures with companies for a period of seven years from the date that they become due for payment to Investor Education and Protection Fund (IEPF).… Read More

Tags: Companies ActCompanies Act 1956Corporate Affairs MinistryIndiaInvestor educationLokSabhaRajya SabhaSachin Pilot

Women Directors on Boards of Corporate Companies

As per the data available in the MCA-21 system of the Ministry of Corporate Affairs, as on 28.11.2013 there were 4,83,103 women directors on boards of corporate companies registered under the Companies Acts including government companies. Giving this information in written reply to a question in the Rajya Sabha today, Shri Sachin Pilot, Minister of… Read More

Tags: Board of directorsCompanies ActCorporate Affairs MinistryList of Latin phrases (I)LokSabhaMinister of Corporate AffairsRajya SabhaSachin Pilot

Investigation of Corporate Frauds by Serious Fraud Investigation Office

During the last three years, the Ministry of Corporate Affairs has ordered investigations under section 235 of the Companies Act, 1956 in 134 cases of corporate frauds through the Serious Fraud Investigation Office (SFIO) of the Ministry. Year-wise details are as under: Year No. of companies ordered for investigation 2011-12 12 2012-13 46 2013-14 (Till… Read More

Tags: Companies ActCompanies Act 1956Corporate Affairs MinistryFrench Section of the Workers' InternationalLok SabhaSecurities & Exchange Board of IndiaSFIOWest Bengal

Establishing A National Company Law Tribunal

Detailed Rules and necessary arrangements are under preparation with respect to the establishment of a National Company Law Tribunal (NCLT). Giving this information in written reply to a question in the Lok Sabha, Minister of Corporate Affairs, Shri Sachin Pilot, said that the relevant provisions of the Companies Act, 2013 regarding operationalisation of NCLT have… Read More

Tags: AsiaCompanies ActCorporate Affairs MinistryGovernmentIndiaLokSabhaMinister of Corporate AffairsSachin Pilot

Strengthening the ˜Market Research and Analysis Unit™ of the Serious Fraud Investigation Office

Since 2009, a Market Research and Analysis Unit (MRAU) has been functioning in the Serious Fraud Investigation Office (SFIO) with the objectives of analyzing media reports and for market surveillance relating to corporates. Giving this information in written reply to a question in the Lok Sabha, Minister of Corporate Affairs, Shri Sachin Pilot, said that… Read More

Tags: Corporate Affairs MinistryFrench Section of the Workers' InternationalLokSabhaMarket ResearchMinister of Corporate AffairsSachin PilotSerious Fraud Investigation OfficeSFIO

New National Competition Policy Under Consideration

Formulation of a National Competition Policy is under consideration of the Government. Giving this information in written reply to a question in the Lok Sabha, Minister of Corporate Affairs, Shri Sachin Pilot, said that the Government has introduced a Public Procurement Bill, 2012 in Lok Sabha in May, 2012. The Bill seeks to regulate public… Read More

Tags: Central GovernmentCompanies ActCorporate Affairs MinistryGovernment ProcurementLokSabhaNational Competition PolicySachin PilotThe Bill

Complete Switchover to Online Mode for Registration and Enrolment at ICSI from 1.1.2014

The Institute of Company Secretaries of India (ICSI), functioning under the aegis of the Ministry of Corporate Affairs, has decided to move fully to the online registration from 1st January 2014. Earlier, the Institute had moved to online enrolment for examination from 1st October 2013. So, from 01.01.2014 these two services i.e. ˜enrolment for examination™… Read More

Tags: Company SecretaryCorporate Affairs MinistryEducationICSIIndiaInstitute of Company SecretariesInstitute of Company Secretaries of IndiaStudent

Implementation of the New Company Law

The Companies Act, 2013 has been assented to by the President of India on 29.08.2013 and published in the Official Gazette on 30.08.2013 which empowers the Central Government to bring into force various sections from such date(s) as may be notified. Accordingly, 98 Sections of the Companies Act, 2013 have been notified on 12.09.2013. Giving… Read More

Tags: Companies ActCompanies Act 1956Corporate Affairs MinistryGovernment of IndiaIndiaLok SabhaSachin PilotSite of Special Scientific Interest

Registration of One- Person Company

Draft Rules have been prepared with regard to ˜One- Person Company™ registration system for small entrepreneurs and would be notified in due course after stakeholders™ comments and legal vetting. Giving this information in written reply to a question in the Lok Sabha, Minister of Corporate Affairs, Shri Sachin Pilot, however, said that the relevant provisions… Read More

Tags: BusinessCompanies ActCompanyCorporate Affairs MinistryIndiaLok SabhaMinister of Corporate AffairsSachin Pilot

Statutory Status to the Serious Fraud Investigation Office

Under the provisions of the recently enacted Companies Act, 2013, Serious Fraud Investigation Office (SFIO) has been accorded statutory status. Various other provisions of the Companies Act, 2013 would enable SFIO to be more effective in conducting investigations. Steps have also been taken to induct technology and skilled manpower to improve the functioning of SFIO.… Read More

Tags: Companies ActCorporate Affairs MinistryFrench Section of the Workers' InternationalLok SabhaSachin PilotSerious Fraud Investigation OfficeSFIOTata Group

Implications of insertion of the word ˜person™ – Section 186 of the Companies Act, 2013

Disclaimer:  The views expressed in this article are solely the views of the author and are not connected in any way with the views of the Company/ or the Group where the author is employed. By: Narendra Singh, Company Secretary, Essel Mining & Industries Limited (An Aditya Birla Group Company) ----------------------------------------------------------------- BACKGROUND The term ˜person™… Read More

Tags: BoardCompanies ActCompanies Act 1956Companies Act 2013Company SecretaryCorporate Affairs MinistryCorporationMCA

Suggestions Invited for the 5th and 6th Tranche of Draft Rules Under the Companies Act 2013

The Ministry of Corporate Affairs has invited suggestions/ comments for the 5th and 6th tranche of Draft Rules being framed under the Companies Act, 2013. Under the 5th tranche, Draft Rules for Winding-Up have been put up; while under the 6th tranche, Draft Rules for Cost Audit have been put up for giving suggestions/ comments.… Read More

Tags: Companies ActCorporate Affairs MinistrySuper Bowl XVII

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