Company Law - Corporate Law Reporter

Exemption from maintaining Cost Accounting Records for 100% EOUs / SEZ

General Circular no.11/2012 F.No,52/1/Cab-2012 Government of India Ministry of corporate affairs Cost audit branch *** Dated the 25th may,2012 To, The President, Institute of cost Accountants of India 12, sudder street, Kalkata-700016 Subject: Cost Accounting Records and cost audit clarifications about Coverage of certain sectors there under. Sir. In partial modification of Para (b)… Read More

SEBI : Exit Policy for De-recognized/ Non-operational Stock Exchanges

CIR/MRD/DSA/14/2012 May 30, 2012 To, The Managing Directors / Chief Executive Officers/ Officiating Executive Directors of all the Stock Exchanges. Dear Sir / Madam, Sub.: Exit Policy for De-recognized/ Non-operational Stock Exchanges 1. SEBI vide circular dated December 29, 2008 issued guidelines in respect of exit option to stock exchanges. The exit policy of aforesaid… Read More

ICAI’s GUIDANCE NOTE ON MAINTENANCE OF COST ACCOUNTING RECORDS

ICAI's GUIDANCE NOTE ON MAINTENANCE OF COST ACCOUNTING RECORDS PRESS RELEASE, DATED MAY, 2012 CHAPTER 1 INTRODUCTION Section 209(1) (d) of the Companies Act, 1956, incorporated in 1965, is the backbone of statutory cost accounting in the Indian corporate sector. This framework put to practice, through promulgation of Cost Accounting Records Rules by the Government, has… Read More

Corporatisation and Demutualisation of stock exchanges

Historically, stock exchanges were formed as ˜mutual™ organization i.e formed by trading members themselves for their common benefits. Ownership rights and trading rights are clubbed together in membership. The disadvantage of such organization is that they primarily work towards the interest of members and not those of investors. The office bearers will have access to… Read More

Public inspection of physical records suspended at Registrar of Companies West Bengal

Public Inspection of Physical records at the Office of the Registrar of Companies, West Bengal shall be discontinued from 1.05.2012 to 31.07.2012 due to Renovation of Record rooms/office. The Inspection of records shall be resuming from 1st Aug 2012. Read More

Stopping of Form I- Cost Audit Report and Form A- Compliance Report

It has been decided by the Ministry of Corporate Affairs to mandate the cost auditors and the companies to file Cost Audit Reports (Form-I) and Compliance Reports (Form-A) for the year 2011-12 onwards (including the overdue reports relating to any previous year) in XBRL mode. Therefore, filing of existing Form I- Cost Audit Report and… Read More

LLP integration into the MCA system

The Ministry is in process of integration of LLP system into MCA-21 in the month of June 2012 by allowing filing & approval of LLP forms at MCA-21 website (www.mca.gov.in) for better e-governance facility for stakeholders, by making necessary changes in e-forms. On post integration, old e-forms of the existing LLP system lying in Pending… Read More

Form 5- INV for transfer of funds to Investor Education and Protection Fund

Investor Education and Protection Fund (Uploading of information regarding unpaid and unclaimed amounts lying with companies) Rules, 2012, has mandated every company to file eForm 5INV containing the information of unclaimed and unpaid amounts as referred to in subsection (2) of section 205C of the Companies Act, 1956. This information is required to be filed… Read More

Integration of LLP System into MCA-21 shall be effective from June 2012

The Ministry is in process of integration of LLP system into MCA-21 in the month of June 2012 by allowing filing & approval of LLP forms at MCA-21 website (www.mca.gov.in) by making necessary changes in e-forms for better e-governance facility for stakeholders . After the integration, LLPs will be filing forms at MCA-21 website (www.mca.gov.in/MCA21). As… Read More

Revised Guidelines for declaring a Public Financial Institution – MCA

General Circular No. 10/2012, Dated the 21st May, 2012 F. No. 3/2/2011-CL V To All Regional Directors All Registrar of Companies Subject: Guidelines for declaring a financial Institution as Public Financial Institution under section 4A of the Companies Act, 1956 Section 4A of the Companies Act, 1956 was inserted by the Companies (Amendment) Act, 1974… Read More

Form 8, 10 and 17 can be filed even for Defaulting Companies

F.No.17/146/2011-CLV General Circular No.09/2012 Government of India Ministry of Corporate Affairs 5th Floor, Shastri Bhavan, Dr. R.P. Road, New Delhi-110001. Dated: 15th May 2012 To All Regional Directors, All Registrar of Companies, Subject: Compliance of the provisions of Companies Act, 1956 and the Rules made there under. Sir, The Ministry had issued general circular no.… Read More

New Companies Act

The Government has undertaken comprehensive revision of the Companies Act, 1956. The Companies Bill 2011 as approved by the Cabinet on 24th November, 2011 has been introduced in the Lok Sabha on 14th December, 2011 and the same has been referred to the Parliamentary Standing Committee on Finance for its examination and report. This information… Read More

Company Law Substitution of Forms 23C and 23D

Notification No. G.S.R. 313(E), dated 24-4-2012 In exercise of the powers conferred by sub-section (l) of section 642, read with section 610B of the Companies Act, 1956 (1 of 1956), the Central Government hereby makes the following rules further to amend the Companies (Central Government™s) General Rules and Forms, 1956, namely: - 1. (1) These rules may be called the Companies (Central Government™s) General Rules… Read More