khurshid

To prevent misuse of class action suits, the new Companies Act may specify a minimum number of shareholders or creditors of companies for exercising the right to file such cases, the Corporate Affairs Minister, Mr Salman Khurshid, has said. This is a major change from the current position on class action suits as mentioned in the Companies Bill, 2009, which is now before the Parliamentary Standing Committee on Finance. Full Article

Following the Satyam revelations in January 2009, an urgent need was felt to analyze the regulatory provisions that exist. Accordingly, the Council of the Institute of Company secretaries of India constituted a Core Group to look into the issues and to, inter alia, make suitable recommendations for policy and regulatory changes in the legal framework. Full Article

Institute of Cost and Works Accounts of India (ICWAI), an apex body to regulate the profession of cost and management accountancy in India, in association with the other Cost and Management Accounting (CMA) bodies of the SAARC region, organized an international seminar on Role of Cost and Management Accountants in Regional Economic Development here. Mr. Salman Khurshid, Union Minister for Corporate Affairs (MCA), inaugurated the seminar. Full Article

The government on Thursday said cost accounting body ICWAI can change its name to Institute of Cost and Management Accountants of India . "We have in-principle allowed ICWAI to change its name to Institute of Cost and Management Accountants of India (ICMAI). Some statutory changes will be required. We are working on it. Hopefully in the near future it will be done," Corporate Affairs Minister Salman Khurshid said. Full Article

Vasudevan, who was director investigation and inspection ministry of corporate affairs before joining the CLB three months ago, was looking into high profile cases like the Satyam and the Sesa Goa fraud. "No we don't need to relook, it is the SFIO that has done the investigation, in the beginning it was done at the level of Regional Director and Registrar of Companies and then it was taken over by the SFIO, so I don't think we need to worry at all...," Corporate Affairs.. Full Article

We take the pleasure in announcing that CDSL Ventures Ltd., a wholly owned subsidiary of Central Depository Services (India) Limited (CDSL), has designed an electronic voting system as an alternative to the paper-based postal ballot process, to facilitate voting on company resolutions. This system was inaugurated on November 17, 2009 by Hon’ble Minister Shri Salman Khurshid, Ministry of Corporate Affairs. Full Article

In reply to an unstarred question in the Lok Sabha today, Minister of Corporate Affairs, Shri Salman Khurshid said that generally, the cases referred to the SFIO for investigation are characterized by having substantial involvement of public interest either in terms of monetary misappropriation or in terms of persons affected, and are complex and having inter-departmental and multi-disciplinary ramifications. However, the exact amount of funds in each investigation has .. Full Article

The government said on Monday its serious fraud probe arm SFIO will start prosecution proceedings against Satyam founder B Ramalinga Raju and others this month, as there was sufficient evidence of their involvement in the over Rs 10,000-crore (Rs 100-billion) scam in the IT firm. Full Article