Board Meetings Through Video Conferencing – Requirements and Procedure
In general parlance, meeting refers to formal or informal deliberative assembly of individuals called to debate certain issues and problems, and to take decisions. Formal meetings are held at definite times, at a definite place, and usually for a definite duration to follow an agreed upon agenda. Meeting can be understood as a meeting of minds, rather than a physical gathering of individuals at a common place, to discuss a common issue. With… Read More
Corporate Ethics and Corporate Governance – Who will guard the guards?
(Speech delivered by Dr. (Smt) Deepali Pant Joshi, Executive Director, Reserve Bank of India at the National Institute of Securities Markets, Kolkata on 11th December, 2013) Introduction At the outset, let me congratulate the organisers for this topical choice of subject, one which concerns us all. I thank Director, National Institute of Securities Markets, Dr.Sandip Ghose… Read More
Registered Valuers Under Companies Act, 2013
Registered Valuer is one among the many new concepts introduced by the Companies Act, 2013 to provide for a proper mechanism for valuation of the various assets and liabilities related to a company and to standardize the procedure thereof. This will not only help in eliminating doubts relating to arbitrary valuation and window dressing but… Read More
Provisions for Enquiring Into Irregularities of Corporates
No instance of Satyam Computers like corporate fraud and malfeasance has so for come to light. Giving this information in written reply to a question in the Lok Sabha today, Shri Sachin Pilot, Minister for Corporate Affairs, said that alleged irregularities are enquired into through the following measures: ¢ Conducting technical scrutiny of the Balance… Read More
MCA Measures to Prevent and Deal with Occurrence of Frauds
During the last three years and the current year (till date), the Ministry of Corporate Affairs has ordered investigations under section 235 and section 237 of the Companies Act, 1956 in 139 cases of alleged corporate frauds through the Serious Fraud Investigation Office (SFIO) of the Ministry. Giving this information in written reply to a question… Read More
Exemption from Competition Act
The Government, vide notification dated 08.01.2013 has already exempted a banking company in respect of which a notification under section 45 of the Banking Regulation Act, 1949 has been issued for its amalgamation with any other banking institution, from the provisions of section 5 and 6 of the Competition Act, 2002. Giving this information in… Read More
Most Recommendations of The Damodaran Committee Taken Into Account In The Companies Act, 2013
A Committee under the Chairmanship of Shri M. Damodaran was constituted to suggest measures for a roadmap for improving business climate in India. Giving this information in written reply to a question in the Lok Sabha today, Shri Sachin Pilot, Minister for Corporate Affairs, said that the Committee has since submitted its report to the… Read More
Amount Credited to the Investor Education and Protection Fund
Under Section 205C of the Companies Act, 1956, companies are required to transfer such amounts as have remained unclaimed and unpaid with them on account of dividends, matured deposits and debentures, for a period of seven years from the date that they became due for payment, to Investor Education and Protection Fund (IEPF). Giving this… Read More
SEBI International Advisory Board discusses Insider Trading, REIT, Cyber Security and other major issues
The third meeting of the International Advisory Board (IAB) of the Securities and Exchange Board of India (SEBI) was held on December 9 & 10, 2013 at Bangalore. Major issues discussed during the meeting are: i. Insider Trading: Global best practices and lessons for India IAB deliberated on insider trading prohibition frameworks in various jurisdictions and… Read More
Raghuram Rajan on Financial Sector Reforms
(Talk by Dr. Raghuram G. Rajan, Governor, Reserve Bank of India at the Delhi Economics Conclave 2013 at Delhi on December 11, 2013) The economy is stabilizing, but there is no room for complacency. Some part of improvement in the CAD has happened due to suppressing gold imports. Not all the measures to reduce fiscal… Read More
Compliance of Secretarial Standards – Whether mandatory requirement for all companies?
Compliance of Secretarial Standards Whether mandatory requirement for all companies? PREAMBLE In accordance with the requirement of the Section 118(10) of the Companies Act, 2013 (˜the Act™), every company shall observe secretarial standards (˜SS™) with respect to general and Board meetings specified by the Institute of Company Secretaries of India (˜ICSI™). Insertion of this requirement… Read More
Justice Sodhi Committee Report on SEBI (Prohibition Of Insider Trading) Regulations, 1992
The High Level Committee to Review the SEBI (Prohibition of Insider Trading) Regulations, 1992 constituted under the Chairmanship of Justice (Shri.) N.K. Sodhi, former chief justice of Karnataka and Kerala High Courts and former presiding officer of the Securities Appellate Tribunal, submitted its report to SEBI Chairman, Shri U.K. Sinha, on December 7, 2013 at… Read More
CCI Issues Order against CIL and its Subsidiaries, Imposes Penalty
The Competition Commission of India (CCI) has imposed a penalty of Rs. 1773.05 crores on Coal India Limited for abusing its dominant position. The final order was passed on 09.12.2013 on a batch of informations filed by Maharashtra State Power Generation Company Ltd. and Gujarat State Electricity Corporation Limited against Coal India Ltd. and its… Read More
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