Others - Corporate Law Reporter

A new Team at the Institute of Company Secretaries of India

A change of guards has taken place at the Institute of Company Secretaries of India (ICSI); Shri Sutanu Sinha, Fellow Member ICSI, taking over as the Chief Executive of the Institute. Shri M. S. Sahoo, IES and Fellow ICSI has taken over as the Secretary. Shri Sahoo has over 30 years of multi-industry, varied experience… Read More

Master Your Time

What is Time? Time has different meaning to different people. Time escapes definition. Time is a relative concept. As St.Augustine remarked long ago I know what time is until someone asks me. Time is an everlasting and indestructible marvel. Time is more valuable than diamond or gold since diamond or gold could be preserved and… Read More

Guidelines for Quasi-judicial proceedings under Section 7A of EPFO

Employees™ Provident Fund Organisation (Ministry of Labour, Govt. Of India) Head Office Bhavishya Nidhi Bhawan, 14- Bhikaji Cama Place, New Delhi 110066 No. 7(1)2012/RCs Review Meeting/21224 Date: 18th December, 2012 Subject : Circular No. 7(1)2012/RCs Review Meeting/345 dated 30th November, 2012 on Guidelines for Quasi-judicial proceedings under Section 7A of the Employees™ Provident Funds & Miscellaneous Provisions… Read More

Investigating the Frauds Committed by the Companies

The Ministry of Corporate Affairs has established Serious Fraud Investigation Office (SFIO) to investigate frauds committed by the companies. During last 4 years ( 2008-2009, 2009-10, 2010-11, 2011-12 and till date) 83 companies were ordered for investigation by SFIO. Giving this information in written reply to a question in the Lok Sabha today, Shri Sachin… Read More

Passage of the new Companies Bill by Lok Sabha

Passage of the new Companies Bill by Lok Sabha and introduction of the Competition Commission of India (Amendment) Bill 2012 in the Parliament are the highlights of the achievements of the Ministry of Corporate Affairs during 2012 Year-end Review 2012 Passing of the new Companies Bill by the Lok Sabha: The passing of the Companies Bill, 2011 by the Lok Sabha on 18th December… Read More

Indian Accounting Standards

After extensive stakeholders™ consultation on IFRS standards, the converged Indian Accounting Standards (IND-AS) have been placed on the website of the Ministry of Corporate Affairs for wide dissemination and familiarization with the new standards. Implementation of IND-AS could however be considered once tax and other related issues are resolved. This information was given by Shri… Read More

Investor Awareness Programmes Conducted by The Ministry of Corporate Affairs

Investor Awareness Programmes (IAPs) are conducted by the Ministry of Corporate Affairs in association with the Professionals Institutes to educate the investors, including the young investors, about the various investments options. These programmes cover various cities and towns (including Tier II and Tier III towns) across the country. Giving this information in written reply to… Read More

Competition Commission of India Enquiry against All India Motor Transport Congress

The Competition Commission of India (CCI) is considering allegations of restrictive trade practices, collusive practices and violation of provisions of the Competition Act, 2002 regarding anti-competitive agreements and abuse of dominant position against All India Motor Transport Congress. Giving this information in written reply to a question in the Lok Sabha today, Shri Sachin Pilot,… Read More

Central Monitoring Committee and Regional task Forces on Vanishing Companies

The Government has constituted a Central Monitoring Committee and Regional Task Forces on vanishing companies to keep a check on such cases. Giving this information in written reply to a question in the Lok Sabha today, Shri Sachin Pilot, Minister of Corporate Affairs, said that the number of companies vanishing from Bihar has not increased… Read More

Uniform interest Rate’s Issue on Savings Bank Account

The issue related to the four per cent interest rate being paid by all public sector banks on savings bank deposits despite the Reserve Bank of India moving to an unregulated regime in October, 2011 was considered by the Competition Commission of India. Giving this information in written reply to a question in the Lok… Read More

Inter-Ministerial Group on Multi Level Marketing Companies

Department of Financial Services has constituted an Inter-Ministerial Group consisting of the representatives from Department of Financial Services, Ministry of Corporate Affairs, Reserve Bank of India, Securities and Exchange Board of India, Department of Consumers Affairs and Central Economic Intelligence Bureau (CEIB) to draft model Rules on Multi Level Marketing (MLM) Companies and on the… Read More

FIRs to be raised against 87 “Vanishing” Companies and their Directors

The Ministry of Corporate Affairs had initially identified 238 companies as vanishing companies. Out of these, names of 151 companies have since been deleted from the list as the companies started filing their Balance Sheets etc. with Registrars of Companies as well as Stock Exchanges and the criteria for treating a company as ˜vanishing™ is… Read More

Progress report on frauds

RBI/2012-13/328 DNBS.PD.CC. No. 314 /03.10.042 / 2012-13 December 13, 2012 All Non-Deposit taking NBFCs-ND-SIs Dear Sir/Madam, Progress report on frauds A reference is invited to Master Circular DNBS (PD)CC.No.283/03.10.042/2012-13 dated July 2, 2012 on future approach towards monitoring of frauds in NBFCs. 2. As per Para 3.1.4 of the said Circular, the fraud reports in the prescribed… Read More