The Companies Act 1956 | Corporate Law Reporter

Illustrative format of Statement of Assets & Liabilities in SEBI (ICDR) Regulations, 2009

CIRCULAR CIR/CFD/DIL/15/2013 December 3, 2013 To All Registered Merchant Bankers Dear Sir/Madam, Sub: Illustrative format of Statement of Assets & Liabilities in SEBI (ICDR) Regulations, 2009 1. Regulation - (2)(IX)(B)(9)(f) of Part-A of Schedule VIII of SEBI (ICDR) Regulations, 2009 provides for the illustrative format of Statement of Assets and Liabilities in offer document which… Read More

Tags: Annexation, Companies Act, ICDR, Schedule VI of Companies Act, SEBI, Securities & Exchange Board of India, Securities and Exchange Board of India Act 1992, The Companies Act 1956

SEBI releases Paper seeking public comments on proposals for allowing certain class of companies to file shelf prospectus for public issuance of non-convertible debt securities

Proposals for allowing certain class of companies to file shelf prospectus for public issuance of non-convertible debt securities - Paper seeking public comments Every issuer is required to file a Prospectus with Registrar of Companies before making a public issue. To enable frequent issuers to raise money, without undergoing the procedure for filing Prospectus for every issuance, the… Read More

Tags: Companies Act, Fiscal year, Registrar of Companies, SEBI, Securities & Exchange Board of India, Security (finance), Shelf registration, The Companies Act 1956

Issues pertaining to primary issuance of debt securities

CIRCULAR CIR/IMD/DF/18/2013 October 29, 2013 To All Recognized Stock Exchanges All Registered Merchant Bankers Dear Sir/Madam, Issues pertaining to primary issuance of debt securities SEBI has been holding discussions with issuers and various other market participants regarding the issues concerning development of Corporate Bond Market. Based on the suggestions received in the aforesaid meetings, it… Read More

Tags: Companies Act, Exchange Board of India Act, SEBI, Securities & Exchange Board of India, Securities and Exchange Board of India Act 1992, Security (finance), Stock exchange, The Companies Act 1956

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

Spending on Corporate Social Responsibility by Companies

There is no provision for Corporate Social Responsibility (CSR) spending by companies in the present company law i.e. Companies Act, 1956. However, the new Companies Bill, 2012 has a provision of CSR under Clause 135 which states that every company having net worth of Rs. 500 crore or more, or turnover of Rs. 1000 crore… Read More

Tags: Bill, corporate social responsibility, CSR, Lok Sabha, Ministry of Corporate Affairs, Net profit, Sachin Pilot, The Companies Act 1956

Measures to Check the Incidents of Vanishing Companies

Presently, there are 87 companies falling under the category, Vanishing Companies. Giving this information in written reply to a question in the Lok Sabha, Shri Sachin Pilot, Minister of Corporate Affairs, said that the FIRs have been lodged against all 87 companies and their Directors to trace their whereabouts and also to take action under… Read More

Tags: Companies Act, Corporate Affairs Ministry, Indian Penal Code, Lok Sabha, Ministry, Public company, Sachin Pilot, The Companies Act 1956

Fast Track Exit Mode for Defunct Companies

The Ministry of Corporate Affairs launched Fast Track Exit Mode on 03.07.2011 to provide an opportunity for defunct companies under Section 560 of the Companies Act, 1956 for getting their names struck off from the register of companies, to facilitate the exit of such defunct companies without getting into the process of winding up. Giving this… Read More

Tags: Corporate Affairs Ministry, Dormant company, Lok Sabha, Minister of Corporate Affairs, Rajya Sabha, Sachin Pilot, Shri Sachin Pilot, The Companies Act 1956

M&A – At the Onset of Companies Bill

Mergers and Acquisitions have been governed by a large number of individual laws in India. However, the Companies Act, 1956 is the prime regulator of companies when it comes to its legal framework and is guiding the reconstruction of Indian companies over 50 years from now. Since then there has been a substantive growth in… Read More

Tags: Bill, Business, Companies Act, Corporate law, India, Mergers and acquisitions, NCLT, Shareholder, The Companies Act 1956

ICSI Press Release on passing of Companies Bill 2012

CS S. N. Ananthasubramanian, President, Council of the ICSI welcomes the brand new, modern, growth oriented and futuristic Company Law passed by Rajya Sabha today (08.08.2013). On getting the assent of the Honorable President of India and notification in the gazette, it will replace the existing statute for governance of companies in the country, i.e., the Companies Act, 1956.… Read More

Tags: Chief governance officer, CompanySecretary, Corporate law, corporate social responsibility, ICSI, India, Rajya Sabha, The Companies Act 1956

Analysis of SEBI’s amendment to Buy Back

These new guidelines are in recognition of the fact that the buyback guidelines for the stock exchange mechanism have been grossly misused over the years. Initially, there was no mandate on the amount of buyback that was required and therefore, companies would announce very high buyback price, not buy single share for the whole year… Read More

Tags: Business, Escrow, India, SEBI, Securities & Exchange Board of India, Stock exchange, Tender offer, The Companies Act 1956

Clarifications to Queries on Guidelines for Licensing of New Banks in the Private Sector

Clarifications to Queries on Guidelines for Licensing of New Banks in the Private Sector In providing the clarifications, an attempt has been made to assist potential applicants in understanding the terms of the guidelines. The clarifications are specific to the queries and must be read in the overall context of the guidelines. Q.1. Is it compulsory for the… Read More

Tags: Common stock, NOFHC, Percentage, Promoter Group, Public company, Securities & Exchange Board of India, Shareholder, The Companies Act 1956

MCA Notification – Power of ROCs to obtain declaration/ affidavits from subscribers/first directors at the time of incorporation

Circular No: 11/2013 File No. 17/118/2012 CL V Government of India Ministry of Corporate Affairs 5th Floor, Shastri Bhawan Rajendra Prasad Road New Delhi 110001 Dated: 29th May, 2013 To All Regional Directors All Registrar of Companies Sub: Power of ROCs to obtain declaration/ affidavits from subscribers/first directors at the time of incorporation. Sir, The matter of… Read More

Tags: Capital market, Companies Act, Government of India, Registrar of Companies, Sanjay Shorey, Securities & Exchange Board of India, The Companies Act 1956

SEBI Clarification on Scheme of Arrangement under the Companies Act, 1956

CIRCULAR CIR/CFD/DIL/8/2013 Date: May 21, 2013 To The Stock Exchanges Dear Madam / Sir, Sub: Scheme of Arrangement under the Companies Act, 1956 Revised requirements for the Stock Exchanges and Listed Companies - Clarification 1. This is with reference to SEBI Circular No. CIR/CFD/DIL/5/2013 dated February 4, 2013 on the captioned subject. 2. Subsequent to… Read More

Tags: chartered accountant, February 4 2013, Independent Chartered Accountant, Public company, SEBI, Securities & Exchange Board of India, Stock exchange, The Companies Act 1956