The matter is referred to Government for guidance as to whether the Supreme Court judgement be enforced for transactions effected prior to the date of the Supreme Court judgement i.e 26.4.2011.
The banking industry in India has a huge canvas of history, which covers the traditional banking practices from the time of Britishers to the reforms period, nationalization to privatization of banks and now increasing numbers of foreign banks in India. Therefore, the banking industry in India has been through a long journey and has also […]
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The Council is extremely pained at the provisions in rules notified under the Companies Act, 2013. It shares the concerns of the members and students fully. The rules are substantially different from the draft rules. The draft rules provided for applicability of certain critical provisions of the Companies Act, 2013 to all companies, private or public. The notified rules have excluded private companies from application of those provisions of the Act.
On a review, it has been decided to delegate further powers to the Regional Offices of Reserve Bank of India. Accordingly, the powers to compound the following contraventions will now be vested with the Regional Offices:
Restriction on granting of loan to its directors by a company and other entities in which directors are interested has been one of the most touching issues in the Companies Act, 2013, since 12th September 2013, when Ministry of Corporate Affairs notified 98 Sections of the Companies Act, 2013 to become effective and applicable from that date.
Effective Date for CSR Applicability – Section 135 of the Companies Act 2013, Schedule VII and the relevant rules, namely Companies (Corporate Social Responsibility Policy) Rules, 2014 have been notified to become effective from 01st April 2014 vide MCA notification dated 27.02.2014.
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283 sections of the Companies Act 2013 have been made effective now. Private Companies have also been brought under the purview of the compliances of Companies Act 2013. Earlier private companies were allowed to take loans from relatives and shareholders which were the major sources of funds for most of the private companies apart from banks.
Ministry of Finance, Government of India has pronounced the DTC, 2013 along with DTC Bill, 2010 is placed on http://incometaxindia.gov.in, inviting public comments. A write-up on the significant changes in the proposed DTC, 2013 is also placed on the website. The report of the Standing Committee on Finance is available at the http://loksabha.nic.in.
