Company Law - Corporate Law Reporter

Appointment of Cost Auditor under Section 209

General Circular No, 15/2011 Cost auditors who are qualified CWA's by Institute of Cost and Works Accountants to be appointed by all Manufacturing Companies who are required to get a cost audit done under Section 209(1)(d) of the Companies Act, 1956. The circular seeks to revise the procedure for appointment of such Cost Auditors. 52/5/CAB-2011… Read More

Murli Deora to Chair a Special Meeting on Issues Relating to Competition

Murli Deora to Chair a Special Meeting on Issues Relating to Competition Union Minister of Corporate Affairs Shri Murli Deora has convened a special meeting on 25th April, 2011 at Mumbai to listen the views of Corporate India on issues relating to competition. The meeting has been called after a discussion with Secretary, Shri D.K.… Read More

Registrar of Companies and Regional Directors to get more powers

Ministry of corporate affairs (MCA) is set to give more powers to the Executive for conducting investigations by eliminating the need to seek multiple approvals before launching prosecution against defaulting companies. MCA is delegating a large part of investigation-related work to Regional Directors, encouraging the use of emails and stepping up hiring at its field… Read More

Managerial Remuneration in unlisted companies having no profits/inadequate profits

MCA has amended Part C of the Schedule XIII of Companies Act vide Notification GSR 70(E) . Earlier Central Government approval was required for Managerial remuneration if the proposed remuneration was exceeding Rs. 4 lacs per month and the Company had inadequate or no profits. The said approval has been dispensed with for unlisted companies. The… Read More

Download Draft XBRL Taxonomy

Exposure Draft on XBRL taxonomy for Commercial and Industrial (C&I) entities on which comments, if any, are invited by MCA by 30th April, 2011. Ministry of Corporate Affairs (MCA) has come out with an Exposure Draft on XBRL taxonomy for Commercial and Industrial (C&I) entities for filing their Balance Sheet and Profit and Loss Account.… Read More

Electronic Filing of Stamp duty on MCA – Now in J&K also

The provisions regarding stamp duty payment on Form No. 1, Memorandum of Association, Articles of Association, Form No. 5 and Form No. 44 electronically, at the time of their e-filing through MCA portal (www.mca.gov.in) , in addition to the already existing list of States and Union Territories published on the MCA portal,will also be mandatory… Read More

Company Secretary’s statement recorded as Evidence in Satyam’s case

A local court trying Satyam Computers multi-crore accounting scam today recorded the version of Company Secretary of Mahindra Satyam - G Jayaraman who informed the court about the previous board resolutions, loans taken from various banks with or without board resolutions etc. Serious Fraud Investigation Office (SFIO) has named Jayaraman as an accused in the Satyam… Read More

MCA working towards Lifting the Corporate Veil on Complex Structuring

The ministry of corporate affairs is working on a set of measures to lift the veil on the complex ways in which certain companies structure themselves, taking advantage of loopholes in the law, for protecting the interests of the shareholders. Sources said that one of the first reform measure on which the MCA is working… Read More

Getting Ready for XBRL reporting

While MCA has already proved its metal by digitizing the entire filings to be done with the Registar of Companies, it is now getting ready for XBRL reporting of annual accounts, whcih may prove to be yet another milestone in Corporate Compliance Filings, following International Standards. As per General Circular No. 09/2011 issued by MCA on 31st March, 2011, Companies… Read More

eForms uploaded by CA, CS and CWAs to be Auto Approved by MCA

Chartered accountants, cost accountants and company secretaries will now be able to directly upload most of the certified e-forms on MCA's portal, without prior approval of the ministry, while holding them responsible for such submissions. The move is seen as a major initiative towards expeditious e-filing. Now, practicing professionals registered as members of ICAI, ICSI… Read More

How to ascertain whether PAN of Director was filed with DIN 1

As all of you are aware about notification by MCA to inform PAN of every Director/Person holding Director Identification Number (DIN) up to 31st May, 2011 if not informed/furnished earlier at the time of applying DIN by such Director . Problem is being faced as to how to check whether such Director had furnished PAN… Read More

SEBI clarified limitation period for filing an Arbitration Reference

CIRCULAR CIR/MRD/DP/4/2011 April 07, 2011 To, The Depositories Dear Sir / Madam, Sub: Limitation period for filing an arbitration reference SEBI has earlier issued directions to stock exchanges with regard to the limitation period for filing an arbitration reference. In view of streamlining the provisions in the depositories on the captioned… Read More

Guidelines for Insurers to hit capital markets

Insurance sector regulator IRDA on Monday said guidelines to allow life insurance companies to raise funds from the capital market will be out by the end of this month. The Life insurers companies will be completing 10 years (in business) later this year. Discussions for allowing listing of insurance companies on the bourses have been… Read More