new Companies Bill

There is no separate activity code to identify Multi Level Marketing (MLM) companies. Therefore, these companies cannot be separately identified from the list of companies registered under the Companies Act, 1956. Also, there are no separate guidelines for MLM companies. Hence information on action and tax collection is not available. Full Article

Companies Bill, 2011 provides for more detailed requirements in the form disclosures/declarations to be made by companies, and their promoters/first directors at the time of Incorporation. Detailed disclosure requirements on continuous basis have also been provided. Additionally, the Bill seeks enhancement of accountability through various clauses of the Bill viz appointment and accountability of Key Managerial Personnel, defining role of independent directors and enhanc.. Full Article

The government is likely to retain various contentious provisions in the new Companies Bill, like fixed term for independent directors and rotation of auditors every five years, despite concerns raised by industry. In the final draft of Companies Bill 2011, the Corporate Affairs Ministry is learnt to have fixed the term for independent directors to [...] Full Article

The Cabinet today approved the Companies Bill 2011 which, once approved by Parliament, will replace half-a-century-old Act.Companies Bill, 2011 is likely to be tabled (for consideration and passage) in the ongoing Winter Session. The Bill, which has already been vetted by the Parliamentary Standing Committee of Finance and also by different ministries, seeks to update the company law in line with the best global practices. Full Article

The ministry of corporate affairs (MCA) does not plan to push for an ordinance to ensure India meets the deadline on conforming to International Financial Reporting Standards (IFRS), reversing its earlier stance, according to two officials at the min Full Article

The new Companies Bill, which is likely to be tabled in the Winter Session of Parliament, will contain provisions to rule out a recurrence of the Satyam episode which shattered the confidence of India Inc, Minister of State for Corporate Affairs Salm Full Article

The new companies Bill, pending approval of the Parliamentary standing committee, is expected to be tabled in Parliament by this year-end, corporate affairs secretary R Bandyopadhyay said here today. "The committee will submit its report soon. The corporate affairs ministry will take some time (two-three months to study it) and we are hopeful that we will have a new Act by the year-end," Bandyopadhyay told reporters on the sidelines of an event here. Full Article

The role of independent directors (IDs) on the board of Indian companies will be clarified in the new Companies Bill and their responsibilities will be made finite in terms of what they are answerable for, said Union Corporate Affairs Minister Salman Khurshid. Full Article