Companies Act

M/s Sesa Goa Ltd (SGL) was ordered to be investigated by the SFIO on 23.10.2009 u/s 235 of the Companies Act, 1956. Based on the recommendations made by the SFIO in its investigation report prosecutions under Sections 147 and 395 of the Companies Act, 1956 have been filed in Court while prosecution for the violation u/s 211 is being filed. Further a reference is being made to the Institute of Chartered Accountants of India to initiate disciplinary action against the stat.. Full Article

Conversion of Firm under Part IX of the Companies Act, 1956 :- The firm may be converted into a company by following the provisions of Part IX of the Companies Act, 1956. Sections 565 to 581 deal with conversion of firms into a company under the Companies Act, 1956. Full Article

Registration of Companies The Minister of State in the Ministry of Corporate Affairs Shri R.P.N. Singh today informed the Rajya Sabha that Under the Companies Act, 1956, there is no specific provision for mandatory registration of foreign companies engaged in on-line business practices. However, keeping in view the present scenario which has been witnessing a large number of business transactions through electronic mode, the Government has proposed to modify the definiti.. Full Article

Section 205 of the Companies Act, 1956, prescribes the methods of charging depreciation. We are producing below the Rates of depreciation under the Companies Act as mentioned in Schedule XIV Full Article

Corporate Affairs Minister Veerappa Moily today said the Companies Bill is expected to be cleared in the forthcoming Budget Session despite its withdrawl after being tabled in the winter session. Full Article

Background of Companies Bill, 2011 - The Ministry of Corporate Affairs took up a comprehensive revision of the Companies Act, 1956 (the Act) in 2004 keeping in view that not only had the number of companies in India expanded from about 30,000 in 1956 to nearly 7 lakhs, Indian companies were also mobilizing resources at a scale unimaginable even a decade ago, continuously entering into and bringing new activities into the fold of the Indian economy. In doing so, they were.. Full Article

CA Amendment Bill Passed by Both Houses of Parliament -The Chartered Accountants Amendment Bill has been passed by both the Lok Sabha as well as the Rajya Sabha, thus, paving the way for limited liability partnerships (LLPs) and multidisciplinary partnerships subject to notification of the relevant provisions, after the assent of the President of India and issue of guidelines for multidisciplinary partnerships by the Council. The Bill, moved by the Hon’ble Corporate Af.. Full Article

(iv) Company Law Settlement Scheme [CLSS]: This was introduced in August 2011 to give a chance to companies who have failed to file the balance sheets and annual returns earlier, to complete their filings to avoid prosecution. This measure has elicited a good response and so far about 1.25 lakh documents have been filed, yielding a revenue of Rs.15.37 crore. The Scheme is now valid till January 15, 2012. Full Article