Company Law - Corporate Law Reporter

SFIO to engage in CA™s for probe-related works

To bolster its capabilities in probing white collar crimes, the Serious Fraud Investigation Office (SFIO) will hire chartered accountants to help in matters related to forensic audit and financial data analysis. SFIO, which comes under the Corporate Affairs Ministry, has been looking to rope in more people, including financial experts to "critically analyse" announcements made… Read More

Revised Clause 49 of the Listing Agreement

INTRODUCTION: Corporate governance is concerned with holding the balance between economic and social goals and between individual and communal goals. The governance framework is there to encourage the efficient use of resources and equally to require accountability for the stewardship of those resources. The aim is to align as nearly as possible the interests of… Read More

MCA allows filing of Unaudited Accounts of foreign subsidiaries with ROC

The issue of appointment of First Auditor of the Company and his subsequent appointments were discussed at length. The relevant provisions as existing in Indian law vis-Ã -vis those prevalent in USA, UK, Australia and Canada were also discussed. The Committee acknowledged the role of the Audit Committee wherever such Committees were mandated, in recommending the… Read More

Black money probe team pulls up Sebi

A Supreme Court-appointed special investigation team (SIT) on unaccounted money has come down heavily on the creation of such funds through stock exchanges and participatory notes (P-notes). In a report, the SIT said the Securities and Exchange Board of India (Sebi) should have an effective monitoring mechanism to study unusual rises in stock prices and the use… Read More

SEBI to bring algo trading guidelines in two months

The Securities and Exchange Board of India (Sebi) plans to introduce within two months new norms to regulate algorithmic trading. Algorithm-based trade or high frequency trades are prone to high risks. We are examining a number of options to bring down these risks. The Reserve Bank of India had recently cautioned against these trades. The… Read More

Latest amendments render extended maternity leave, portable gratuity policies, etc., effective in prevalent Labour laws

The government is looking to enhance maternity leave for working women from three months to six months, virtually double bonus payments to employees and make gratuity portable between jobs. "The changes in the Payment of Bonus Act would raise the salary limit for getting a bonus from Rs 10,000 per month to Rs 19,000, and… Read More

Last date for submission of suggestions/ comments to Company Law Committee extended upto 31st July, 2015

Stakeholders have been given more time to submit their suggestions to a high-level panel that has been set up for addressing issues related to the new companies law. The deadline, which was ending today, has now been extended till July 31. Set up by the Corporate Affairs Ministry last month, the Companies Law Committee is expected… Read More

Clarification with regard to circulation and filing of financial statement

General Circular No. 11/2015 No. 1/19/2013-CL-V Government of India Ministry of Corporate Affairs 5th Floor, A Wing, Shastri Bhavan, Dr R.P. Road, New Delhi Dated 21st July , 2015 To All Regional Directors, All Registrars of Companies, All Stakeholders. Subject: Clarification with regard to… Read More

Sebi, RBI working for smooth e-IPO rollout

MUMBAI: Market regulator Sebi is working with the Reserve Bank of India (RBI) for a smooth rollout of the proposed e-IPO process. This will reduce paperwork in public offerings to nearly zero, halve the timeline for listing of a company to just six days and also reduce costs of listing substantially. Several banks are currently working to roll out the ASBA (Applications… Read More

Sebi allows listing of cooperative societies

The Securities and Exchange Board of India (Sebi) was gathering legal opinion on the listing of cooperatives. Any group of individuals can form a cooperative society to act jointly for common benefit. Shares of cooperative societies in India are not offered to the public. Listing of cooperatives is in practice in the UK, US and… Read More

SEBI directs exchanges to act harsh on frivolous trades

Market regulator Sebi has set out rules for annulment of trades undertaken on stock exchanges. The regulator on Thursday said stock exchanges can either on their own or on request from a stock broker consider annulment of a trade.It should however define suitable criteria to discourage frivolous trade annulment requests from brokers. "Stock brokers shall… Read More

Details to be furnished by Merchant Bankers for SEBI Registration

Merchant bankers need to furnish details of their financial accounts as well as infrastructure facilities for seeking a registration to operate in the Indian capital markets. Apart from disclosing information on the applicant's 'Memorandum and Article of Association', its promoter, director, and their shareholding in other companies, details about key personnel, it also has to… Read More

Stock regulator notifies by laws for issuance and listing of municipal bonds

To help the government's 'smart cities' programme, capital markets regulator Sebi today notified new norms for listing and trading of municipal bonds on stock exchanges.The move would allow authorities to mop-up funds, including for setting up smart cities, by raising money from the public and institutional investors. Under the new norms, the municipal authorities would… Read More