Articles - Corporate Law Reporter

Revelation of Swiss bank accounts – IS INDIA A POOR COUNTRY?

If black money deposits were an Olympics event.... India would have won a gold medal hands down. The second best Russia has 4 times lesser deposit. U.S. is not even there in the counting in top five! India has more money in Swiss banks than all the other countries combined! Recently, due to international pressure,… Read More

National Legal E-Library to be launched on 15th Aug, 2011

The ˜National Legal E-Library™ project of the Government is to be dedicated o the nation on 15 August 2011. Dr. M Veerappa Moily, the Minister of Law & Justice had proposed the need for the formulation of a ˜National Legal e-library™ for students and practitioners of Law on 6 December 2009, during his meeting with… Read More

Message by ICSI President – June, 2011

Dear Professional Colleagues, "Only knowledge can help us to know the universe, which is vast like an Ocean. It enlightens everyone's mind."-- Rig Veda We are witnessing a series of changes in procedural and regulatory regime governing the business environment. Friends, when there is change, what becomes more important is not only to understand and… Read More

Competition Commission : The journey so far : From the Horse’s mouth

CCI Mandated to Make Markets Function for the Consumer and to Ensure Fair and Healthy Competition in the Indian Economy- Dhanendra Kumar Successful implementation of any Competition regime has two distinct limbs enforcement of competition laws; and advocacy of benefits of competition among various stakeholders. In the process of transition from planned economy to a… Read More

Recent Initiatives of the Government for Justice Delivery and Legal Reforms

The Government is taking various initiatives to improve justice delivery system in the country and for improving justice delivery and legal reforms and steps to reduce pendency in courts from 15 to 3 years by 2012. These are as under: National Mission for Justice Delivery and Legal Reforms: The Government has ˜in principle™ approved setting… Read More

MCA introduces Refund process for payments done in excess or erroneously

1. What is refund process? The user is required to make various payments to avail MCA21 services. A number of instances have been observed where the users make multiple payments or incorrect payment or excess payment while using these services. In order to allow the stakeholders to claim refund of such payments, refund process has… Read More

It pays to promote CEOs from within

A study of S&P 500 non-financial companies over 20 years (1988-2007) shows that businesses that exclusively promote CEOs from within the organisation outperform companies that recruit CEOs from outside the organisation. In the international study, 36 companies with CEOs promoted within the company outperformed others across seven measurable metrics: return on assets, equity and investment,… Read More

Centre Seeks Views of State Governments and Political Parties on Lokpal

The Centre has sought the views of State Governments and Political Parties on certain issues related to drafting of Lokpal Bill. The text of the letter written by the Chairman of the Drafting Committee, Shri PranabMukherjee is as follows: The issue of setting up of a Lokpal to curb corruption in high places has been under the consideration of the… Read More

Minister of Corporate Affairs -Murli Deora’s Msg on XBRL – Its rationale and benefits

May, 2011 Message from the Minster of Corporate Affairs, Shri Murli Deora on XBRL Consider the enormity of the data-over 8 and a half lac companies, over hundred online services offered to them, over sixty e-forms.hundreds of data fields and crores of pages of pdf attachments. If this speaks about something, it is the challenge before the Regulator,… Read More

LLP Firms cannot act as Statutory Auditors

In a sweeping circular by MCA, LLPs have been defined as Body Corporate for the limited purpose of clause (a) of sub- section 3) of section 226 of the Companies Act, 1956. Section 226 of the Companies specifies Qualifications and disqualifications of auditors. As per Sec 226, a person shall not be qualified for appointment as auditor… Read More

MCA hopes better future with its Green Initiatives in Corporate Governance

In order to save trees and environment by cutting down the consumption of costly paper habits, the Ministry of Corporate Affairs has taken a Green Initiative in the Corporate Governance by allowing paperless compliances by the companies under the provisions of the Companies Act, 1956. Gving details of the initiatives to the media persons here… Read More

Legal security of business transactions and financial instruments-New Challenges

Following is the text of the Speech of Dr. M.Veerappa Moily, Union Minster for Law and Justice, while addressing the Round Table on Legal security of business transactions, investments and financial instruments-New Challenges of the Global Crisis in St.Petersburg today :- ˜Globalization™ refers to the process of integration and convergence of economic financial, cultural and… Read More

Improving Justice Delivery through e-Courts – Dream Project underway

Meeting of Consultative Committee on Law & Justice - Discussions on E-Courts, Justice Delivery System, Law Commission Report The Parliamentary Consultative Committee meeting of Ministry of Law and Justice was held under the chairmanship of Shri M Veerappa Moily, Minister for Law and Justice on 16 May 2011 in New Delhi. The meeting was attended by Members of… Read More