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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

The government is consider reviewing the structure of the apex chartered accountants body in the country, the Institute of Chartered Accountants of India (ICAI), that may result in the separation of its academic and regulatory functions. 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

The Corporate Affairs Minister, Mr Salman Khurshid, on Wednesday said that the Companies Bill, 2009 will also have provisions for Class Action suits that will allow investors to seek compensations from companies. At a workshop to discuss the Bill, Mr Khurshid said, “Compensation cases in India are a long-drawn-out process, with few success stories. Within the current framework of the company law there is no provision for compensation for shareholders in the event of ne.. Full Article

Corporate Affairs Minister Salman Khurshid has said he would exert pressure on the Institute of Chartered Accountants of India for a final report on the multi-crore Satyam  fraud, although the accounting regulator said it has submitted one in July. “I don’t know why it (ICAI report) is not coming. I am not able to understand [...] Full Article

The Minister for Corporate Affairs, Mr Salman Khurshid, Yesterday introduced the Companies Bill, 2009 in the Lok Sabha. The main objectives of the Companies Bill, 2009 are as follows -(a) to revise and modify the Companies Act, 1956 in consonance with the changes in the national and international economy;(b) to bring about compactness by deleting [...] Full Article