Company Law - Corporate Law Reporter

Threshold limits for appointment of Whole Time CS restored to 5 cr including for private companies

CLR Notes: Following large scale protests by the Company Secretary fraternity and post submission of representations by the Institute of Company Secretaries of India (ICSI), the Ministry of Corporate Affairs (MCA) has finally restored the threshold limits for appointment of Whole Time Company Secretary to Rs. 5 cr and this requirement is also applicable to… Read More

The Companies (Acceptance of Deposits) Amendment Rules, 2014

MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, the 6th June, 2014 G.S.R. 386(E).” In exercise of the powers conferred by Sections 73 and 76 read with sub-section (1) of Section 469 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following rules to amend the Companies (Acceptance of Deposits) Rules,… Read More

Controls on appointment of Regular Directors/ Whole time Directors/Managing Directors Under the Companies Act, 2013

Section 152, 164, 165, 167, 196 and Schedule V read with Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 govern the appointment of Regular Directors, Whole time Director and Managing Directors. The qualifications to be appointed for these posts are well enumerated in the Act as well as in the rules. The aforesaid provisions… Read More

Foreign investment in India participation by registered FPIs, SEBI registered long term investors and NRIs in non-convertible/redeemable preference shares or debentures of Indian companies

RBI/2013-14/632 A.P. (DIR Series) Circular No.140 June 6, 2014 To All Category I Authorised Dealer Banks Madam/ Sir, Foreign investment in India participation by registered FPIs, SEBI registered long term investors and NRIs in non-convertible/redeemable preference shares or debentures of Indian companies Attention of Authorized Dealer Category-I (AD Category-I) banks is invited to Schedule 5… Read More

Clarifications on Rules prescribed under the Companies Act, 2013 – Matters relating to appointment and qualifications of directors and Independent Directors – reg.

General Circular No. 14/2014 No. 1/22/2013-CL-V Government of India Ministry of Corporate Affairs 5th Floor, A Wing, Shastri Bhavan, Dr R.P. Road, New Delhi Date: 9th June, 2014 To All Regional Directors, All Registrars of Companies, All Stakeholders. Subject: Clarifications on Rules prescribed under the Companies Act, 2013 - Matters relating to appointment and qualifications… Read More

ISSUE OF SHARE CERTIFICATES AND ALLIED MATTERS UNDER THE NEW RULES

The age old Companies (Issue of Share Certificate ) Rules, 1960 has been replaced with the new Rules viz., Companies (Share Capital and Debentures ) Rules, 2014 with respect to Issue of Share Certificates and other allied matters. From now on the following rules governing Share Certificates shall apply. Let us explore one by one.… Read More

MOU signed by IICA on CSR Implementation

The Indian Institute of Corporate Affairs (IICA) and Grant Thornton India have signed a memorandum of understanding (MoU) to develop capacity of Indian companies to implement their corporate social responsibility (CSR) effectively. According to Ministry of Corporate Affairs, the objective of the MoU, initialled Tuesday, is to implement the new CSR rules laid down as per the… Read More

Comments solicited on Revised Exposure Drafts of Secretarial Standards w.r.t. General and Board meetings (Last date: June 30, 2014)

Dear Members, The Secretarial Standards Board (SSB) of the Institute of Company Secretaries of India (ICSI) had revised its Secretarial Standard on Meetings of the Board of Directors (SS-1) and Secretarial Standard on General Meetings (SS-2) as per the new Act and Rules thereunder and hosted the Exposure Drafts thereon for public comments on its… Read More

MCA General Circular no. 13 /2014: Extension of validity period for names reserved as on 31st March, 2014

General Circular no. 13 /2014 F. No: MCA21/28/2014-e.Gov. Government of India Ministry of Corporate Affairs `A' Wing, 5th Floor, Shastri Bhawan Dr. Rajendra Prasad Road, New Delhi-110001 Date: 23.05.2014 To All Regional Directors, All Registrars of Companies, All Stakeholders. Subject: Extension of validity period for names reserved as on 31st March, 2014. Sir, In continuation… Read More

Analysis of Related Party Contracts under Companies Act, 2013 including FAQs

SECTION 188 deals with related Party Contracts. We shall try to understand the Statutory compliance relating to ˜RELATED PARTY CONTRACTS™ under the Companies Act, 2013 in the form of FAQs. Applicability of the Section Section 188 of the Companies Act, 2013 is applicable to both Private and Public companies and is effective from 1st April,… Read More

MCA General Circular 12/2014: Applicability of PAN requirement for Foreign Nationals

General Circular No. 12 / 2014 F.No.1/12/2013 CL-V Government of India Ministry of Corporate Affairs 'A' Wing, 5th Floor, Shastri Bhawan, Dr. Rajendra Prasad Road, New Delhi-110001 Dated: 22nd May, 2014 To AlI Regional Directors, All Registrar of Companies, All Stakeholders. Sub: Applicability of PAN requirement for Foreign Nationals. Sir, Attention of Ministry has been drawn… Read More

Delegation of Powers w.r.t. DIN to Regional Director(RD) Noida

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB SECTION (ii)] GOVERNMENT OF INDIA Ministry of Corporate Affairs Notification New Delhi, the 21st May, 2014 S.O.________ (E).- In exercise of the powers conferred by section 458 of the Companies Act, 2013 (18 of 2013), and in supersession of the notification… Read More

Delegation of Powers to Regional Directors (RDs)