Company Law - Corporate Law Reporter

SEBI working on alternate models for Corporate Governance

In a bid to bring in greater transparency and enhance accountability of India Inc, market regulator Securities and Exchange Board of India (SEBI) today said it is working on an alternative model of corporate governance. "A committee is working on it. We have also asked the MCA (Ministry of Corporate Affairs) to broaden the scope… Read More

SEBI Takeover code up for change

Market regulator Sebi is likely to give its final view on the Takeover Code for merger and acquisition deals at its board meeting scheduled later this month. SEBI is in consultation process and may place the Takeover Code in the next Board meeting. As per the Takeover guidelines proposed by a Sebi Panel headed by C… Read More

Right of shareholders to receive complete copy of B/S and P&L

[2010] 98 CLA (Mag.) Right of shareholders to receive complete copy of balance sheet and profit and loss account including Employees Statement T V Narayanaswamy Interesting legal issues often crop up on which there can be more than one view. It may be useful for any one faced with such issues to have them examined… Read More

Interactive Session with Regulators on Regulatory Overlaps

ASSOCHAM is organizing an Interactive Session with Regulators on Regulatory Overlaps On Wednesday, the 13th April, 2011 at from 11.00 a.m. to 1.00 p.m. at ASSOCHAM House, 47, Prithviraj Road, New Delhi Smt. Usha Narayanan, Executive Director, SEBI will be the Guest of Honour. The program would be followed by Lunch. There is no participation fee… Read More

ROCs to check for diversion of IPO funds

To check the misuse of funds raised by Companies via IPOs, the Ministry of Corporate Affairs has directed the Registrar of Companies (RoCs) to check for diversion of IPO funds while performing scrutiny of their annual accounts. MCA has asked ROCs to check for fund diversions by companies from the objectives stated in the prospectus with a… Read More

Practicing CA and CS to act responsibly or face penal action from MCA

No 17/102/2011 CL-V Circular 14/2011; Ministry of Corporate Affairs In addition to the penal actions against the companies and their officers in default for furnishing incorrect or false information in the documents as provided under the Companies Act, 1956, action would also be taken on receipt of any complaint against practicing professionals for alleged wrong submissions of eForms… Read More

Clarification regarding Easy Exit Scheme

General Circular No:12/2011 dated 7th April, 2011 The Ministry of Corporate Affairs has notified the revised simplified procedure for dealing with the applications received under easy exit scheme issued for striking off the name of the Company under Section 560 of the Companies Act 1956 vide its general circular no 12/2011 dated 7th April 2011… Read More

PAN / Passport mandatory to obtain DIN

General Circular No.11/2011, New Delhi Dated 07.04.2011 Income Tax Permanent Account Number (PAN) will be mandatory for DIN in case of all Indian Nationals and Passport in case of all Foreign Nationals. All existing DIN holders who have not furnished their PAN earlier at the time of obtaining DIN, are required to furnish their PAN by filing DIN-4… Read More

Director™s Relatives (Office or Place of Profit) Amendment Rules, 2011

G.S.R. 303(E) : NOTIFICATION [F.NO. 17/75/2011-C.L.V], DATED 6-4-2011 In exercise of the powers conferred by clause (b) of sub-section (1) of section 642, read with sub-section (1B) of section 314 of the Companies Act, 1956, the Central Government hereby makes the following rules to amend the Director™s Relatives (Office or Place of Profit) Rules, 2003, namely:-… Read More

Jurisdictional Limits of Regional Directors Redefined

G.S.R. 304(E) NOTIFICATION [F.NO.5/18/2005-C.L.V], DATED 6-4-2011 Jurisdictional Limits of Regional Directors Redefined by amendment in Companies Regulations, 1956 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… Read More

Limits enhanced for disclosure of salary in Director’s Report in 217(2A) statement

G.S.R. 289 (E): The Ministry of Corporate Affairs has vide notification dated 31st March 2011 enhanced the limits for the purpose of disclosure of particulars of employees in Directors report as requisite under Section 217 (2A) read with Companies (Particulars of Employees) Rules, 1975 from the existing limit of Rs. 24 lakh/ year/ Rs. 2 lakh… Read More

Revised Schedule VI applicable from FY 2011-12 (Download Revised Form)

NOTIFICATION [F. NO. 2/6/2008-C.L-V], DATED 30-3-2011 G.S.R (E)- In exercise of the powers conferred by clause(a) of sub-section(1) of section 642 read with sub-section(1) of section 210A and sub-section (3C) of section 211 of the Companies Act,1956, (1 of 1956), the Central Government hereby makes the following amendment to paragraph 2 of the notification… Read More

DIN (Director Identification Number) Amendment Rules, 2011

Now there is no need to file physical documents with DIN forms. DIN 1 eforms signed by practicing professionals shall be immediately approved and DIN shall be allotted. In all other cases, provisional DIN will be allotted first. In case of false information submitted by professional or the application himself, prosecution shall be initiated. Changes shall be notified in… Read More