Company Law - Corporate Law Reporter

The Companies (Amendment) Bill, 2014 as compiled by the ICSI

The Companies (Amendment) Bill, 2014 The details of the amendments are as under: 1. Requirement of minimum paid- up share capital for private and public companies is proposed to be omitted. (For ease of doing business) In terms of section 2(68) and 2(71) of the Companies Act, 2013, private companies and public companies are required… Read More

Hon’ble Supreme Court confirms the Constitution of NCLT and NCLAT under Companies Act, 2013

Supreme Court decided following issues : (i) Challenge to the validity of the constitution of NCLT and NCLAT; (ii) Challenge to the prescription of qualifications including term of their office and salary allowances etc. of President and Members of the NCLT and as well as Chairman and Members of the NCLAT; (iii) Challenge to the… Read More

Download the Companies (Amendment)Bill, 2014 as passed by Rajya Sabha

Stakeholders are hereby informed that the Companies Amendment Bill, 2014 has been passed in the Rajya Sabha. The same can be downloaded at the link given below. Companies_Amendment_Bill_2014_Passed_by_Rajya Sabha Read More

Companies (Amendment) Bill, 2014 gets Rajya Sabha nod

The Rajya Sabha on Wednesday cleared amendments to the Companies Act, 2013 to enhance ease of doing business in India. The bill had obtained the nod of the Lok Sabha in the last session. Replying to the debate on amending the Act, Finance and Corporate Affairs Minister said the law will be reviewed further by… Read More

Cabinet heading towards approving amendments to Companies to achieve ease of doing business in India

To improve the ease of doing business, the Cabinet yesterday approved amendments to the companies law that do away with a mandatory declaration by a firm before commencing business. The changes have also been cleared to fast-track the approval process for draft notifications aimed at granting exemptions from various provisions of the Companies Act. The… Read More

Secretarial Standards issued by ICSI on 23rd April, 2015

The Institute of Company Secretaries of India has notified the Secretarial Standards duly approved by the Central Government. The Secretarial Standards were released by the council members of the Institute of Company Secretaries of India at a function in New Delhi which shall come into force from 1st July, 2015. As, Section 118(10) of the… Read More

Exclusively listed companies of De-recognized/Non operational/exited Stock Exchanges

SEBI vide circular dated May 30, 2012 (Exit Circular) issued guidelines for exit of De-recognized/Non-operational stock exchanges. Subsequently, vide circular dated May 22, 2014, SEBI issued directions to the stock exchanges to address issues faced by companies exclusively listed in non-operational stock exchanges. 2. As per the above referred circulars, inter-alia, the exclusively listed companies… Read More

Mechanism for acquisition of shares through Stock Exchange pursuant to Tender-Offers under Takeovers, Buy Back and Delisting

1. SEBI (Buy Back of Securities) Regulations, 1998 (hereinafter referred to as Buy Back Regulations), SEBI(Substantial Acquisition of Shares and Takeovers) Regulations, 2011 (hereinafter referred to as "Takeover Regulations"), SEBI(Delisting of Equity Shares) Regulations, 2009 (hereinafter referred to as "Delisting Regulations") were amended vide notification dated March 24, 2015 to facilitate tendering of shares by… Read More

Companies (Auditor’s Report) Order, 2015

In exercise of the powers conferred by sub-section (11) of section 143 of the Companies Act, 2013 (18 of 2013 ) and in supersession of the Companies (Auditor's Report) Order, 20O3, published in the cazette of lndia, Extraordinary, Part II, Section 3, Sub-section (i), vide nurnber G.S.R. 480 (E), dated the 12th June, 2003, except… Read More

Remuneration to managerial person under Schedule XIII of the Companies Act, 1956 – Clarification with regard to payment for period,

The Ministry of Corporate affairs has issued General Circular no. 07/2015 dated 10th April, 2015 to provide clarification on the matter relating to the payment period for the remuneration paid to the managerial personnel in accordance with Schedule XIII of the Companies Act, 1956 which is now Schedule V of the Companies Act, 2013. Stakeholders… Read More

Clarification on Section 186(7) of the Companies Act, 2013

The Ministry of Corporate affairs has issued a General Circular No. 06/2015 dated 9th April, 2015 to provide clarification on the matters such as whether the yield on the tax free bonds if greater than the required RBI yield would lead to the contravention of the Section 186(7) or not. The matter has been examined… Read More

Fine structure for non-compliance with the requirement of Clause 49(II)(A)(1) of Listing Agreement

1. SEBI, vide Circular No. CIR/CFD/POLICY CELL/2/2014 dated April 17, 2014, amended the provisions of Clause 49 of Listing Agreement relating to Corporate Governance, mandating, inter-alia, that the Board of Directors of listed entities shall have an optimum combination of executive and non-executive directors with at least one woman director. Further, vide Circular No. CIR/CFD/POLICY… Read More

Govt. to set up groups to amend Companies Act, 2013 at priority pinching corporates

Finance Minister Arun Jaitley, who also heads Corporate Affairs Ministry, said the immediate priority is to get the proposed amendments to the Companies Act passed by Parliament. His comments come at a time when the government is working to improve the ease of doing business in the country. In an apparent dig at the previous… Read More