Company Law Articles, Notification and Circular

Even as the Centre has launched a damage control exercise over the Satyam Computer Services scandal, in a startling disclosure, India’s stock exchanges have revealed that as many as 1,317 listed companies have not filed their corporate governance report for the quarter ended September 30, 2008. Full Article

The ICAI’s proposal to restrain foreign firms from joining hands with Indian auditing companies has brought some relief to local chartered accountants. They observe that this proposal will put an  end to the monopoly of the big four (Ernst and Young, Pricewaterhouse, KPMG and Deloitte) which has been a matter of concern to them for [...] Full Article

PR No.58/2009 SEBI Board Meeting SEBI makes it mandatory to disclose details of shares pledged by the promoters To enhance the disclosure requirements, SEBI Board, in its meeting held today, decided to make it mandatory on the part of promoters (including promoter group) to disclose the details of pledge of shares held by them in [...] Full Article

Concerned over the increasing instances of financial wrongdoings by corporate, the government on Sunday said those who are guilty would not be let off just by payment of some fine. “We are making stiff provisions under the new Companies Bill, 2008. The number of crimes for which provisions of compounding are available under the present [...] Full Article

The RoC’s findings ? which it said will be made final after all documents are made available ? suggest that in approving the acquisition of 100 per cent in Maytas Properties and 51 per cent in Maytas Infrastructure, Satyam’s board had violated Section 372A of the Companies Act. Sub-section 1 of Section 372A stipulates that [...] Full Article

The minimum authorised capital for Private Limited Company – Rs.1,00,000/-For Public Limited Company -Rs.5,00,000/- For the use of some key words as part of name, the minimum authorised capital is given  below: 1. Corporation : 5 Crores 2. International, Globe, Universal, Continental, Inter-Continental, Asiatic, Asia, being the first word of the name :-1 Crore 3. [...] Full Article

Notification of change in COMPANIES (APPOINTMENT AND QUALIFICATIONS OF SECRETARY) RULES to increase the present limit of paid-up capital of Rs.2 Crore to Rs. 5 Crore for appointment of full time Company Secretary w.e.f.15/03/ 2009. Full Article

The fraud admitted by the promoter of Satyam Computer Services demonstrates the ineffectiveness of the present Company Law in ensuring corporate governance. Facts about how the board approval was obtained for Satyam’s ‘investment’ in Maytas are not yet in the public domain. Company chairman Ramalinga Raju now says the aborted acquisition deal was “the last [...] Full Article

The global economic meltdown may bring in a major change in the final layout of the new company law, which is now being considered by a Parliamentary Standing Committee. The Companies Bill 2008, which aimed to reduce government intervention in Internal affairs of the companies and substitute it with disclosures and their self- regulation, may now be reworked. Full Article

he application should be addressed to The Secretary, Department Of Company Affairs, of the Jurisdiction in which you are falling. Application should be submitted along with the prescribed fee by demand draft drawn in favour of Pay & Accounts Officer, Department of Company Affairs, of the Jurisdiction in which you are falling in the manner provided by GSR No.501 (E) dated 6.7.1999. Full Article