Company Law - Corporate Law Reporter

Companies Bill cleared by Cabinet – to be taken up in ongoing Winter Session

The Cabinet on Thursday approved the Companies Bill, 2011, which aims to update corporate laws in the country and introduce modern concepts like mandatory corporate social responsibility (CSR) and class action suits. Following Cabinet clearance, it is now likely to be taken up for consideration and passage in the ongoing Winter Session of Parliament. The Bill, which was originally introduced in… Read More

Increase in FII debt limit in Government & Corporate debt category

CIR/IMD/FIIC/ 20 /2011 To All Foreign Institutional Investors through their designated Custodians of Securities Dear Sir/Madam Sub Increase in FII debt limit in Government & Corporate debt category 1. Government vide press release dated November 18, 2011 has decided to: a. Increase the current limit of FII investment in Government Securities by US $ 5… Read More

SEBI Plans Circuit Filter from Listing Day

The Securities and Exchange Board of India (SEBI) is considering imposing circuit filter on the day of listing to check excessive volatility. If circuit filter imposes on the listing day, price of the debutant share cannot go up or down beyond a level. For example, if the issue price of a share is Rs 100… Read More

SEBI Chairman Mr. U. K. Sinha™s statement on Insider Trading Surveillance System

Over the period of the last three years, Sebi has been able to strengthen the surveillance system tremendously. We have invested heavily on technology and systems. We have now moved to a higher area called data warehousing and business intelligence. So phase one of that has been implemented and next two phases are also in… Read More

Cross Border Investment Conclave

It™s a great pleasure to inform you and seeking your participation for the business program Cross Border Investment Conclave, scheduled in Delhi on 24thth November in Hotel Crowne Plaza. I am emailing you the program brochure for your reference, please find the attached file. There will be a detail discussion on every aspect of outbound… Read More

Director not liable for all wrongs in a Company: SC

A director of a firm cannot be held liable for the wrongs committed by his company unless it is proved that he was involved in the irregularities, the Supreme Court has held. This court has repeatedly held that in case of a director, complaint should specifically spell out how and in what manner the director… Read More

MCA Initiatives to Simplify Procedures under Companies Act,1956 & LLP Act, 2008

The Ministry of Corporate Affairs has in order to improve service delivery to the Corporate Sector recently taken initiatives for further simplifying procedures under the Companies Act, 1965 and the Limited Liability Partnership Act, 2008. These include: (a) Company Law Settlement Scheme: The scheme was initially notified w.e.f. 12.08.2011 to enable the Companies failing to file… Read More

Participation of mutual funds in repo in corporate debt securities

CIR / IMD / DF / 19 / 2011 All Mutual Funds/Asset Management Companies Sir / Madam, Sub: Participation of mutual funds in repo in corporate debt securities 1. The Reserve Bank of India, vide notification no.IDMD.DOD.05./11.08.38/2009-10 dated January 8, 2010, has issued the ˜Repo in Corporate Debt Securities (Reserve Bank) Directions, 2010™. The same has been… Read More

MCA issues Master Circular w.r.t. Cost Accounting Records and Cost Audit

The Ministry of Corporate Affairs has issued from time to time number of Circulars with regard to various matters concerning cost accounting records and cost audit in the corporate sector. All these circulars have been reviewed by the Ministry and in supersession of the earlier circulars, a Master Circular has been issued.… Read More

Time extended for filing of Form 8 by LLP for FY 31st March, 2011

Government of India Ministry of Corporate Affairs Notification G.S.R. (E)- in exercise of the powers conferred by sub-section (1) and (2) of Section 79 of the Limited Liability Partnership Act, 2008 (6of 2009), the Central Government hereby makes the following rules, further to amend the Limited Liability Partnerships Rules, 2009 namely:- 1. (1) These… Read More

Companies (Dematerialization of Certificates) Rules, 201 1

No 17/143/2011 -CL.V Government of India Ministry of Corporate Affairs 5th floor, 'A' Wing, Shastri Bhawan, Dr. Rajendra Prasad Road, New Delhi All the Regional Directors, All the Registrar of Companies All stakeholders Subject : Companies (Dematerialization of Certificates) Rules, 201 1 Sir, The Ministry of Corporate Affairs was ~onsidering the proposal to issue Companies(Demateria1ization of… Read More

Annual Filing with MCA under Companies Act extended till 31st Oct, 2011

Attention Stakeholders!!!! Dear Corporates please note that Companies having last date of Annual Filling as October 30th 2011 can file on October 31, 2011 also without any additional fee, on account of Oct 30th 2011 being a Sunday. File before October 31st Midnight and save additional fee. (Note: Lean time for filing is after 8 P.M. till 9 A.M. next morning.) In case… Read More

˜In-person™ verification (IPV) of clients by subsidiaries of stock exchanges, acting as stock brokers

CIR/MIRSD/22/2011 October 25, 2011 To All Recognized Stock Exchanges Dear Sir/Madam, Sub: ˜In-person™ verification (IPV) of clients by subsidiaries of stock exchanges, acting as stock brokers 1) SEBI vide letter No. MIRSD/DPS-III/130466/2008 dated July 02, 2008 (addressed to the stock exchanges), mandated the stock brokers to carry out ˜in-person™ verification of their clients by their staff while registering… Read More