Company Law - Corporate Law Reporter

MCA-Appointment of Cost Auditor by Companies

General Circular No. 36/2012, Dated the November 6, 2012 To, The President, Institute of Cost Accountants of India, 12, Sudder Street, Kolkata-700016 Subject: Appointment of Cost Auditor by Companies In continuation of the General Circular No. 15/2011 dated 11th April 2011, Ministry hereby makes the following changes: (a) The company shall, within thirty days from… Read More

MCA- Default by the Cost Auditors in filing Form 23D against the corresponding Form 23C

General Circular No. 35/2012, Dated the November 6, 2012 To, The President, Institute of Cost Accountants of India, 12, Sudder Street, Kolkata-700016 Subject: Default by the Cost Auditors in filing Form 23D against the corresponding Form 23C Sir, Ministry of Corporate Affairs vide General Circular No. 15/2011 dated April 11, 2011 had prescribed a revised… Read More

Time limit to file the Financial Statements in the XBRL mode has been extended up to 15th December, 2012

Ministry of Corporate Affairs has vide General Circular No. 34/2012 extended the time limit to file the Financial Statements for the financial year commencing on or after 1st April, 2012 in the XBRL mode without any additional fee/penalty up to 15th December, 2012 or within 30 days of the Annual General Meeting of the Company,… Read More

Voluntary Guidelines for Companies for providing general information on their websites 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 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 (CSR) by… Read More

MCA starts framing rules for new Companies Act

With the Cabinet clearing the modified Companies Bill, activity has gathered pace in the Ministry of Corporate Affairs (MCA). The ministry has appointed an advisory group to verify and oversee the rule-making process of the new Companies Act. It is learnt that an expert group comprising seven to eight people has been formed. This group… Read More

Independent Directors raise red flag on royalty payments to Foreign Parent Company

Holcim™s plan to charge two per cent of revenues as royalty from subsidiaries ACC and Ambuja Cement has hit a roadblock, as independent directors of Ambuja Cement have sought details of the technology transfer involved. The proposal was taken up by the board at its quarterly-results meeting last week but a decision was postponed till… Read More

MCA XBRL Filings enabled from 14th Oct, 2012

Final version of the MCA XBRL Validation Tool (for Financial Statements based upon new Schedule VI of the Companies Act, 1956) has been released. XBRL filings of financial statements for accounting year commencing on or after 01.04.2011 have been enabled on MCA website with effect from 14.10.2012. Stakeholders are also advised to refer to the… Read More

SEBI_Public issues in electronic form and use of nationwide broker network of Stock Exchanges for submitting application forms

CIRCULAR CIR/CFD/14/2012 October 04, 2012 To All Stock Exchanges All Registered Merchant Bankers All Registered Registrars to an Issue All Registered Bankers to an Issue Dear Sir / Madam, Sub: Public issues in electronic form and use of nationwide broker network of Stock Exchanges for submitting application forms 1. The Hon'ble Finance Minister announced the… Read More

Cabinet approves amendment of the Competition Act, 2002

The Union Cabinet has approved the proposal of the Ministry of Corporate Affairs to further amend the Competition Act, 2002, with a view to fine tune it and to meet the present day needs in the field of competition, in the light of the experiences gained in the actual working of the Competition Commission of… Read More

Official amendments to the Forward Contracts (Regulation) Amendment Bill, 2010.

The Union Cabinet today approved the proposal to move official amendments to the Forwards Contracts (Regulation) Amendment Bill, 2010 (the Bill, 2010), based upon the recommendations of the Parliamentary Standing Committee of the Ministry of Consumer Affairs, Food & Public Distribution in its 15th Report, in the next session of Parliament. After the Bill is… Read More

Cabinet approves Amendments to the Companies Bill, 2011

The Union Cabinet today approved the proposal to make official amendments to the Companies Bill, 2011. The Companies Bill, 2011, on its enactment, would allow the country to have a modern legislation for growth and regulation of corporate sector in India. The existing statute for regulation of companies in the country, viz. the Companies Act,… Read More

MCA-Extends the due date for filing of Form 23B up to 23-12-2012

Kindly note that the Ministry vide circular number 31/2012 dated 28/09/2012 has extended the due date for filing Form 23B without additional fee for accounting year 2012-13 upto 23/12/2012 or due date of filing whichever is later. Read More

MCA-Extends the due date for filing of Non XBRL Form 23AC and Form 23ACA

Kindly note that the Ministry vide circular number 30/2012 dated 28/09/2012has further extended the due date for filing Form 23AC and Form 23ACA in non XBRL mode in the following manner: Company holding AGM or whose due date of holding AGM is on or before20.09.2012, time limit will be 3rd November, 2012 or due date of filing, whichever is later.… Read More