Company Law - Corporate Law Reporter

Competition Law Summit 2011 on 15th & 16th September 2011, Grand Hyatt Mumbai

Competition Law Summit is designed to address the increasing need and implication of rules and regulations of competition policy in an economy. Competition law in India has been relatively emerging at a faster pace. The summit is designed to impart the latest and structured amendment law to the corporates which may facilitate a greater level… Read More

Serious Fraud Investigation Office will soon be recognised

Keeping in view the recommendations made by Vepa Kamesam committee, it is proposed to give statutory recognition to SFIO. Besides, powers such as treating its investigation report as a report filed by a Police Officer, giving SFIO power to issue letter of requests (letter Rogatory) in cases involving companies having business/interest outside the country and… Read More

Action taken by the MCA against vanishing Companies

The Minister of State in the Ministry of Corporate Affairs Shri R.P.N. Singh today informed the Lok Sabha that 238 Companies have been identified as vanishing companies. Companies which had raised funds through Initial Public Offer were identified as Vanishing Company for (i) non maintaining of their registered office; (ii) non- traceability of directors (iii) non- filing of statutory returns/ listing requirements with the concerned… Read More

Processing of Investor Complaints in SEBI Complaints Redress System (SCORES)

To All Credit Rating Agencies Registered with SEBI Sir/ Madam, Sub: Processing of Investor Complaints in SEBI Complaints Redress System (SCORES) 1. SEBI has commenced processing of investor complaints in a centralized web based complaints redress system ˜SCORES™. The salient features of this system are: ¢ Centralized database of all complaints. ¢ Online movement of… Read More

Infrastructure Finance Companies (IFCs) — as eligible issuers for FIIs investment limit in debt instrument for infrastructure

To All Foreign Institutional Investors through their designated Custodians of Securities Dear Sir/Madam Sub: Infrastructure Finance Companies (IFCs) -- as eligible issuers for FIIs investment limit in debt instrument for infrastructure. 1. Please refer to SEBI circular dated November 26, 2010 & March 31, 2011, regarding FII investment in the corporate bonds issued by Indian… Read More

Role of Independent Directors to be redefined

The concept of Independent Director has been proposed in the Companies Bill, 2009. Clause 147 of the Bill, provides for duties of directors which include the duty to act in good faith in best interest of company, to act with due and reasonable care, skill and diligence, to avoid any conflict of interest, to desist… Read More

Proposed Companies Bill gets closer

The Minister of State in the Ministry of Corporate Affairs Shri R.P.N. Singh today informed the Lok Sabha that keeping in view the developments taking place nationally as well as internationally and with a view to modernize the structure for corporate sector through enlightened regulation, a decision was taken to revise the existing Companies Act,… Read More

MCA proposes ceiling on the remuneration of CEO’s of companies

The Minister of State in the Ministry of Corporate Affairs Shri R.P.N. Singh today informed the Lok Sabha that the Companies Act, 1956 has prescribed a ceiling on the remuneration of chief executive officers (CEOs) of companies . The total managerial remuneration to be paid to a Board level CEO of a company having only… Read More

Simplification and Rationalization of Trading Account Opening Process

CIR/MIRSD/16/2011 All Recognized Stock Exchanges Dear Sirs, Subject: Simplification and Rationalization of Trading Account Opening Process 1. SEBI has been getting feedback from the investors that the present trading account opening procedure is very cumbersome. The investor has to enter into a number of agreements depending on his trading preferences i.e. stock exchanges, segments, internet… Read More

Circular for Mutual Funds

Cir/ IMD/ DF/13/ 2011 All Registered Mutual Funds/ Approved Asset Management Companies (AMCs) Sir/Madam, Sub: Circular for Mutual Funds A. Transaction charges 1. Please refer to SEBI circular no. SEBI/IMD/CIR No. 4/168230/09 dated June 30, 2009 regarding empowering investors through transparency in payment of commission and load structure. 2. It… Read More

Registration of AEGON Mutual Fund Cancelled

At the request of AEGON Mutual Fund, Securities and Exchange Board of India, vide its letter dated August 18, 2011, has cancelled the certificate of registration of AEGON Mutual Fund and has withdrawn the approval granted to AEGON Asset Management Company Pvt. Ltd. to act as the Asset Management Company. Consequently, with immediate effect, AEGON… Read More

New forms 23AC and 23ACA notified by MCA

Notification; Dated 11th August, 2011 G.S.R...........(E)- In exercise of the powers confered by clauses (a) and (b) of subsection (1) of section 642 read with section 610 (B) and section 220 of the Companies Act, 1956 ( 1 of 1956) the Central Government hereby makes the following rules further to amend the Companies (Central Governemnt's)… Read More

Free Transferability of shares

Free Transferability of shares of a Public[Listed] Co under Sec:111-A has gained momentum in recent years. Vested interests are in favour of availing Right of First Refusal (ROFRs) keeping aside the validity of Sec: 111-A. Definition of Sec: 111-A is, again, defined in different meanings. Legal Experts have drawn it to favour their corporate clients whereas the Hon'ble Justice Dr.D.Y.Chandrachud in… Read More