Company Law - Corporate Law Reporter

Refund of statutory fees for certain services available on MCA

The Ministry of Corporate Affairs has decided to refund the statutory fees paid for certain services. Earlier there was no process in MCA21 for refund of fees wrongly paid by the stakeholder while availing various services at MCA 21. New refund e-Form needs to be filed by the stakeholder applying for refund and upon processing… Read More

First meeting of SEBI™s International Advisory Board

Securities and Exchange Board of India (SEBI)™s International Advisory Board (IAB) held its first meeting in New Delhi today. SEBI constituted the IAB in September, 2011. The role of the IAB will be to guide SEBI and, in doing so, bring in the global experiences and emerging developments and challenges. The IAB will meet twice… Read More

Eligibility criteria for Qualified Depository Participant

CIRCULAR CIR/ IMD/ FII&C/ 4/ 2012 All SEBI registered Intermediaries/ Recognized Stock Exchanges/ Depositories Sir / Madam, Sub: Eligibility criteria for qualified depository participant Vide SEBI circulars Cir/IMD/DF/14/2011 and Cir/IMD/FII&C/3/2012 dated August 09, 2011 and January 13, 2012 respectively, Qualified Foreign Investors (QFI) were allowed to invest in schemes of Indian mutual funds and Indian equity shares… Read More

MCA initiates to impart training to regulators to carry out necessary examination of filings in XBRL

The Ministry of Corporate Affairs has established an added facility under MCA 21, integration with Trade Mark Authority recently. The added feature facilitates professional / public to cross verify Company name before applying for ROC approval. In addition, the XBRL reporting format has been introduced for filing of financial statements [Balance Sheet and Profit &… Read More

Competition Advocacy is a Critical Function of Competition Agencies- Ashok Chawla, Chairman CCI

The Competition Commission of India (CCI) Chairman Shri Ashok Chawla has pointed out that competition advocacy is a critical function of competition agencies as it has a very important role to play in creating ˜competition culture™ in the economies. Addressing a one day long an international workshop organised yesterday in collaboration with Organisation for Economic… Read More

DIPP- Filing of IEM application

Under the provisions of Press Note. 9 (1991 Series) dated 2nd August 1991, entrepreneurs are required to submit an Industrial Entrepreneurs Memorandum (IEM) in the prescribed form along with the prescribed fee for undertaking the manufacture of any article exempted from Industrial Licence in terms of this Ministry™s (Department of Industrial Policy & Promotion) notification… Read More

SEBI-Composition of Arbitration Committee

CIR/MRD/DSA/04/2012 January 20, 2012 To The Managing Director/Executive Director of all Stock Exchanges. Dear Sir / Madam, Subject: Composition of arbitration committee 1. SEBI, vide its various communications has mandated all stock exchanges that not be more than twenty percent of the members of the arbitration committee shall be trading members. 2. It has now been decided… Read More

Investor Grievance Redressal Mechanism at Stock Exchanges

CIR/MRD/DSA/03/2012 January 20, 2012 To The Managing Director/Executive Director of all Stock Exchanges. Dear Sir / Madam, Subject: Investor Grievance Redressal Mechanism at Stock Exchanges 1. SEBI, vide circular Ref. No. SMD/POLICY/CIR-32/97 dated December 03, 1997 had mandated all stock exchanges to open/maintain at least one investor service centre for the benefit of the public/Investors. Such centres are… Read More

Trade controls in Normal Trading Session for Initial Public Offering (IPO) and other category of scrips

CIR/MRD/DP/ 02/2012 January 20, 2012 To All Stock Exchanges. Dear Sir, Sub: Trade controls in Normal Trading Session for Initial Public Offering (IPO) and other category of scrips. 1. SEBI vide circular no. SMD/SED/RCG/271/96 dated January 19, 1996, inter-alia, prescribed no price bands for scrips on the first day of trading pursuant to IPO. Further SEBI vide circular… Read More

Call Auction in Pre-open session for Initial Public Offering (IPO) and other category of scrips

CIRCULAR CIR/MRD/DP/ 01/2012 January 20, 2012 The Managing Director and CEO The Managing Director Bombay Stock Exchange Limited National Stock Exchange of India Ltd. Phiroze Jeejeebhoy Towers Exchange Plaza, Bandra Kurla Complex Dalal Street Bandra (E) Mumbai - 400001 Mumbai - 400 051 Dear Sir, Sub: Call Auction in Pre-open session for Initial Public Offering… Read More

Settingup of Corporate Tribunals

The Ministry of Corporate Affairs Government proposes to set up National Company Law Tribunal (NCLT) and National Company Law Appellate Tribunal (NCLAT) which will replace Company Law Board, Board for Industrial and Financial Reconstruction and Appellate Authority for Industrial and Financial Reconstruction. It may be noted that provisions regarding constitution of NCLT and NCLAT were… Read More

Comments/Suggestions for future XBRL Implementation

The Ministry of Corporate Affairs has formed a committee to develop the roadmap for future implementation of XBRL. The committee has its Terms of References as under: A. Identification of class of companies and various reports to be filed in XBRL in Phase-wise manner. B. Development of Taxonomies to be used by Corporates for their… Read More

Disclosure of Track Record of the public issues managed by Merchant Bankers

CIR/MIRSD/1/2012 January 10, 2012 To All SEBI Registered Merchant Bankers Dear Sir/ Madam, Sub: Disclosure of Track Record of the public issues managed by Merchant Bankers 1. SEBI regulations require that the offer document shall contain adequate disclosures so as to enable investors to take well informed investment decisions. Further, a merchant banker is required to exercise due… Read More