Lok Sabha | Corporate Law Reporter

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 Act, Companies Act 1956, Corporate Affairs Ministry, French Section of the Workers' International, Lok Sabha, Securities & Exchange Board of India, SFIO, West Bengal

More Powers to the Competition Commission of India

The Competition (Amendment) Bill, 2012 introduced in the Lok Sabha inter-alia, proposes to enable Competition Commission of India (CCI) to conduct search and seizure operations directly for carrying out effective investigations into unfair market practices. Giving this information in written reply to a question in the Lok Sabha, Minister Of Corporate Affairs, Shri Sachin Pilot,… Read More

Tags: BRIC, European Union, India, India's Competition Commission, Lok Sabha, Manmohan Singh, New Delhi, Sachin Pilot

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 Act, Companies Act 1956, Corporate Affairs Ministry, Government of India, India, Lok Sabha, Sachin Pilot, Site 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: Business, Companies Act, Company, Corporate Affairs Ministry, India, Lok Sabha, Minister of Corporate Affairs, Sachin Pilot

Policy for Corporate Governance in India

On account of increasing importance of businesses to the economics and complexities of operating in an inter-dependent world necessitated this Ministry to constitute a Committee to formulate a Policy document on Corporate Governance under the Chairmanship of Shri Adi Godrej on 07.03.2012. The Committee has since submitted its report to the Central Government. Giving this information in… Read More

Tags: Business, Central Government, Companies Act, Consulting, Corporate Governance, India, Lok Sabha, Mergers & Acquisitions

Spending Under Corporate Social Responsibility

Section 135 of the Companies Act, 2013 dealing with Corporate Social Responsibility (CSR) requires companies under its purview to spend at least two percent of its average net profit made in the three immediately preceding financial years to be spent on its CSR policy. Giving this information in written reply to a question in the… Read More

Tags: Business, Companies Act, Companies Act 2013, corporate social responsibility, CSR, Lok Sabha, Sachin Pilot, Socially Responsible

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 Act, Corporate Affairs Ministry, French Section of the Workers' International, Lok Sabha, Sachin Pilot, Serious Fraud Investigation Office, SFIO, Tata Group

FAQs on Street Vendors (Protection of Livelihood and Regulation of Street Vending) Bill, 2012

1.Q: Why the need for a Street Vendors (Protection of Livelihood and Regulation of Street Vending) Bill, 2012 , which has been passed by the Lok Sabha in the recently concluded session. ? Ans: Street vendors constitute an integral part of our urban economy. Street vending is not only a source of self-employment to the poor in cities and towns… Read More

Tags: Bill, Government of India, Hawker (trade), Livelihood, Lok Sabha, Ministry of Housing and Urban Poverty Alleviation (India), Street Vendors, Town Vending Committee

Lok Sabha Passes Pension Fund Regulatory and Development Authority Bill, 2011 with official amendments

Subscribers Seeking Minimum Assured Returns Allowed to OPT for Investing their Funds in such Scheme Providing Minimum Assured Returns The Pension Fund Regulatory and Development Authority Bill (PFRDA), 2011 was passed by the Lok Sabha today with official amendments. It was earlier introduced in Lok Sabha on the 24th March, 2011 to provide for a… Read More

Tags: Bill, Insurance, Lok Sabha, NPS, Pension fund, PFRDA, PFRDA Bill, Statutory authority

MoF Clarification on Online Monitoring of Evasion of Taxes

Under the provisions of the Prevention of Money Laundering Act, 2002 and the rules framed there under, it is the responsibility of the banks and other financial institutions to detect suspicious transactions and report such transactions to the Financial Intelligence Unit-India (FIU-IND) under the Ministry of Finance. FIU-IND is responsible for receiving and analysing such… Read More

Tags: Financial Intelligence, FIU, Florida International University, India, Indirect tax, Law enforcement agency, Lok Sabha, ministry of finance

FDI Norms on Ownership

The Reserve Bank of India (RBI) has issued a notification amending the Foreign Direct Investment (FDI) norms on ownership during the recent times. Reserve Bank of India has issued Notification No. FEMA.278/2013 dated June 7, 2013 (available on RBI web-site) on guidelines for calculation of total foreign investment in Indian companies, transfer of ownership, control… Read More

Tags: foreign direct investment, India, List of companies of India, Lok Sabha, Ministry of Corporate Affairs, Planning Commission, Reserve Bank of India, Run batted in

Companies Bill, 2012 gets Presidential Nod – Industries welcome the “Companies Act, 2013” (18 of 2013)

Dear Professional Colleagues, We are delighted to inform that the Companies Bill has received the Hon™ble President™s assent on 30th August 2013, to become the Companies Act, 2013. The next steps would be to finalize the Rules and define the procedural aspects of this Act. The Ministry of Corporate Affairs is expected to put the… Read More

Tags: Companies Act, Corporate Affairs Ministry, Corporate law, Government, Hon, Lok Sabha, Sachin Pilot, The Companies Act 1956

DCI Search and Seizure Operations Reveal Undisclosed Income of Rs. 438 Crore

The Directorate of Criminal Investigation (DCI) was created vide Notification dated 30th May, 2011 and 19th August 2011 to perform functions in respect of criminal matters having any financial implications punishable as an offence under any direct tax law including inter-alia: ¢ Chapter XXII of the Income Tax Act, 1961 (Act 43 of 1961); and… Read More

Tags: DCI, Direct tax, Income tax, India, Lok Sabha, Rupee, Search and seizure, Tax