Company Law - Corporate Law Reporter

MCA to question 12 companies for providing false information on shareholding pattern

MCA will probe management and auditors of 12 listed companies, including Raj Television Network and Surya Lakshmi Cotton Mills, for allegedly providing false information about the shareholding pattern. "Ministry of Corporate Affairs (MCA) believes the 12 companies under scanner furnished false info regarding their share breakup to Regional Directors (RDs)," an official said. The ministry… Read More

Processing of investor complaints against listed companies in SEBI Complaints Redress System (SCORES)

All recognized Stock Exchanges Dear Sir/Madam, Sub: Processing of investor complaints against listed companies in SEBIComplaints Redress System (SCORES) 1. SEBI has commenced processing of investor complaints in a centralized webbased complaints redress system ˜SCORES™. The salient features of thissystem are:¢ Centralised database of all complaints,¢ Online movement of complaints to the concerned listed companies,¢… Read More

Whether the unsecured loans advanced by the promoter group could be adjusted against allotment of shares ?

SRM Energy Limited, Mumbai vs (1) Securities and Exchange Board of India, Mumbai; (2) Arihant Capital Markets Limited, Mumbai Brief Facts:- The appellant was incorporated as a public limited company in the year 1985 under the name and style of Hitkari Fibers Limited. Its shares are listed on the Bombay Stock Exchange. Spice Energy Pvt. Ltd (for short SEPL)… Read More

Companies (Amendment) Regulations, 2011

G.S.R. (E).- In exercise of the powers conferred by sub-sections (1),(2),(5) and (8) of Section 25 and Sub-section (2) of Section 609 of the Companies Act, 1956 (1 of 1956), the Central Government hereby makes the following Regulations further to amend the Companies Regulations, 1956, namely:- 1. (1) These Regulations may be called the Companies… Read More

THE COMPANIES BILL, 2009: An attempt to harmonise Company Law or the perpetrator of un-necessary confusion

Introduction Sixty one years ago the Bhabha Committee made recommendations for Independent India™s first Corporate Law. It was only then that the pre-independence Companies Act, 1913 was repealed and the Companies Act, 1956 was enacted. For close to 55 years, India Inc. has been regulated by this law and it has been for a while… Read More

New Rules Proposed: Companies (Dematerialization of Certificates) Rules, 2011

No 17/143/2011-CL.V, Dated: 06.06.2011 Ministry of Corporate Affairs Subject : Companies (Dematerialization of Certificates) Rules, 2011 Sir, The Ministry of Corporate Affairs is considering to issue Companies (Dematerialization of Certificates) Rules, 2011 so that all public Companies and their subsidiaries which have raised money by issue of shares, debentures, by accepting public deposits, stock, bond or any other financial instruments from public, other than… Read More

Periodical Report Grant of prior approval to members of stock exchanges/sub-brokers

CIR/MIRSD/2/2011 To All Recognized Stock Exchanges Dear Sir/Madam, Sub: Periodical Report Grant of prior approval to members of stock exchanges/sub-brokers 1) SEBI (Stock Brokers and Sub-brokers) Regulations, 1992 {hereinafter referred to as "the said Regulations"}, have been amended vide Notification No. LAD-NRO/GN/2011-12/03/12650 dated April 19, 2011 {hereinafter referred to as "the said amendment"}, a copy of which is available on… Read More

SEBI : Pre- funded instruments / Electronic fund transfers

CIR/MIRSD/03/2011 To All Recognized Stock Exchanges Dear Sir/Madam, Sub: Pre- funded instruments / Electronic fund transfers 1. SEBI vide Circular No. SEBI / MRD / SE / Cir-33 / 2003 / 27 / 08 dated August 27, 2003, while specifying the mode of receipt and payment of funds, has permitted the stock brokers to accept Demand Drafts… Read More

Video Conferencing will be mandatory for Listed Companies

The Ministry of Corporate Affairs said that From the Next Fiscal Year, every listed companies must provide the option of video conferencing for all the shareholders to participate in the annual general meeting and its connectivity during such meetings will have at least five place in India. In respect of shareholders' meetings to be held during 2011-12,… Read More

How to File Annual Accounts in XBRL Format

A step by step guide on How to File Balance Sheet and Profit and Loss Account in XBRL Format As such, now following class of companies are required to file their Balance Sheet and Profit and Loss Account in XBRL Format:- Listed Companies and their subsidiaries; Companies having paid up capital of Rs. 5 Crores… Read More

Regulators should meet more frequently

The Ministry of Corporate Affairs today said efforts were on to create a platform where different regulators could sit together with an aim to align regulatory overlaps for the benefit of corporates. "When we have multiple regulators there has to be some way that they interact with each other so that the procedures are in… Read More

MCA cannot investigate MLM Company Speak Asia

The Ministry of Corporate Affairs (MCA) today said it cannot investigate alleged irregularities in multi-level marketing company Speak Asia as the company is not registered with it. "Speak Asia is not registered in India so we cannot do any investigation against it. MCA does not have any database of the company," Corporate Affairs Secretary D… Read More

SEBI looking for 4 new Executive Directors

Market regulator Sebi today said it plans to induct four new executive directors, who would replace some key incumbent directors handling important departments like mutual funds and secondary markets. Starting the process for hiring new directors, Sebi today invited applications for four posts of executive directors, including one for legal affairs. The remaining three would… Read More