Company Law - Corporate Law Reporter

Minister of Corporate Affairs -Murli Deora’s Msg on XBRL – Its rationale and benefits

May, 2011 Message from the Minster of Corporate Affairs, Shri Murli Deora on XBRL Consider the enormity of the data-over 8 and a half lac companies, over hundred online services offered to them, over sixty e-forms.hundreds of data fields and crores of pages of pdf attachments. If this speaks about something, it is the challenge before the Regulator,… Read More

Public inspection of Physical Records at the office of ROC Delhi at Manesar

Public inspection of Physical records at the office of ROC delhi at Manesar shall be discontinued from 25th May to 30th June, 2011 due to shifting of records and it shall be resumed from 1st July,2011 at the IICA Building , Manesar. The Public inspection is available for old records prior to 2006 which have not… Read More

SEBI – Rules violation leads Rs 2 lacs penalty for a Plantation Company

YSVK Agro Green Fields & Estate Ltd and its three directors have been fined amounting to Rs. 2 lacs by a Delhi court for raising huge fund from the public after promising them high returns without prior approval from Securities and Exchange Board of India. Additional Sessions Judge (ASJ) Pawan Kumar Jain fined the company on a complaint… Read More

Combination Regulations : Corrigendum to notification GSR No. 482 (E) – MCA

CLR Note: By virtue of the below circular, the original notification no. 482 (E), stands modified as follows by insertion of the words in underline: In exercise of the Powers conferred by clause (a) of Section 54 of the Competition Act, 2002 (12 of 2003), the Central Government, in public interest, hereby exempts an enterprise,… Read More

Indian origin man pleads guilty of Insider Trading in US

An Indian-origin hedge fund manager in the US has pleaded guilty to his involvement in insider trading schemes and could face up to 20 years in prison. Samir Barai, 39, a portfolio manager at two different New York hedge funds, pleaded guilty before Magistrate Judge Kevin Nathaniel Fox to one count of conspiracy to commit… Read More

Overseas Direct Investment Liberalisation / Rationalisation

RBI/2010-11/548 Circular No. 69 dated May 27, 2011 All Category - I Authorised Dealer Banks Attention of the Authorised Dealer (AD - Category I) banks is invited to the Notification No. FEMA 120/RB-2004 dated July 7, 2004 [Foreign Exchange Management (Transfer or Issue of any Foreign Security) (Amendment) Regulations, 2004] (the Notification), as amended from time… Read More

MCA clarifies on Body Corporate for section 226(3)(a) of the Companies Act, 1956

General Circular No.30/2011 GOI MCA Dated: 26:05:2011 All the Regional Directors, All the Registrar of Companies Clarification regarding ˜Body Corporate™ for the purpose of section 226(3) (a) of the Companies Act, 1956 The Ministry of Corporate Affairs has received representation from the Institute of Chartered Accountants of India wherein they have stated that under section… Read More

New Form No. 23D – Information by Cost Auditor to Central Government

Companies(Central Government's) General Rules and Forms (Second Amendment) , 2011 - New Form No. 23D inserted effective from 29-05-2011 Following earlier notifications by the MCA for appointment of cost auditors, the said form seeks to amend the existing form 23D for information of appointment of Cost Auditor in Companies Read More

Revision of Form No. 8 and 17 Companies Act effective from 29-05-2011

Companies(Central Government's) General Rules and Forms (Amendment), 2011 - revision of Form No. 8 and 17, effective from 29-05-2011 New forms 8 and 17 notified w.e.f. 29th May, 2011 Read More

BSE gets nod to launch an exclusive Exchange for SMEs

Asia's oldest bourse, the Bombay Stock Exchange (BSE), today said it has been granted an 'in-principle' approval by the capital market watchdog Sebi to launch an exchange exclusively for small and medium enterprises (SMEs). "BSE today received an 'in-principle' approval...the BSE is now gearing-up for its latest venture in an emerging market segment," a release… Read More

LLP Firms cannot act as Statutory Auditors

In a sweeping circular by MCA, LLPs have been defined as Body Corporate for the limited purpose of clause (a) of sub- section 3) of section 226 of the Companies Act, 1956. Section 226 of the Companies specifies Qualifications and disqualifications of auditors. As per Sec 226, a person shall not be qualified for appointment as auditor… Read More

MCA clarifies on the applicability of provisions of sec 108A to 108I

GOI, MCA, Circular 30/2011, Dated- 23.5.2011 All the Regional Directors; All the Registrar of Companies/ Official Liquidators Sub: Clarification on applicability of provisions of section 108A to 108I of the Companies Act, 1956- regarding Sections 108A to 108I of the CVompanies Act, 1956 were inserted in the Companies Act, 1956 through Monopolies and Restrictive Trade… Read More

Central Govt. specifies LLP a body corporate

GOI, MCA, Notification dated 23.5.2011 In exercise of the powers conferred by clause (c) of sub- section (7) of section 2 of the Companies Act, 1956 (1 of 1956), the Central Governement hereby specifies, for the purpose of the said clause, the Limited Liability Partnership, a body corporate, incorporated under clause (1) of section 3… Read More