Company Law India: Read latest Company law news & updates, acts, circular, notifications & articles issued by MCA amendment in companies Act 2013. Article on Loans Company formation XBRL, Schedule VI IFRS.
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In order to ensure corporate governance and proper compliances of provisions of Companies Act, 1956, the Ministry of Corporate Affairs has decided vide General Circular No33/2011, Dated 01.06.2011 that from 3rd July, 2011 all the Companies will have to file their updated Balance Sheet and Profit & Loss Accounts and Annual Return with the Registrar of Companies before recording any event based information / changes made and no request, whether oral, in writing or through e-forms will be accepted in this regard.
These rules may be called the Companies Director Identification Number (Second Amendment) Rules, 2011. (2) They shall come into force with effect from 12th June, 2011. 2. In rule 3,‑ (i) In sub-rule (3), para (b), the word ‘can’ after the words ‘the form’, shall be substituted by the word ‘shall’: (ii) In sub-rule (3), para (b), the words ‘or by the Managing Director or Director of the company in which the applicant intends to be a Director’ after the words ‘full time employment of the company’ to be deleted;
In order to ensure corporate governance and proper compliances of provisions of Companies Act, 1956, it has been decided that no request, whether oral, in writing or through e-forms, for recording any event based information / changes shall be accepted by the Registrar of Companies from such defaulting companies, unless they file their updated Balance Sheet and Profit & Loss Accounts and Annual Return with the Registrar of Companies.
General Circular No. 38 /2011 TMCA has blocked filing of various forms by companies who have failed to file annual accounts and return for any financial year from 2006-07 to 2009-10. The only forms permitted are Annual Accounts, Annual Return, Compliance Certificate, DIN-3, Form 32 for change in directors, Form 21 for Court / Tribunal / CLB orders, IEPF forms. ROC has been directed not to accept any forms (except those mentioned above) in respect of other companies where the Directors of the defaulting company are directors.Company Secretaries and Auditors are not permitted to file forms for these companies as well.Necessary action would be taken against the defaulting directors and officers. This would take effect from 3 July 2011
THE Ministry of Corporate Affairs has decided that with effect from 12th June, 2011, all DIN-1 & DIN-4 applications have to be digitally signed by the practicing Chartered Accountants, Company Secretaries or Cost Accountants who shall also verify the particulars of the applicant given in the applications. All these applications will be approved online.
It has been noticed that despite having clear provision in section 616 (C) of the Companies Act, 1956, the companies engaged in the generation or supply of electricity are approaching Ministry of Corporate Affairs for fixing rate of depreciation in individual cases. The Ministry has, considered the whole matter and it is hereby clarified that Section 616 (C) the Companies Act, 1956 provides that the same shall apply to companies engaged in the generation or supply of electricity, except in so far as the said provision is inconsistent with the provisions of the Indian Electricity Act, 1910 or the Electricity Supply Act, 1948 as repealed by enactment of the Electricity Act, 2003.
MCA has replaced the Postal Ballot rules by incorporating the green initiatives in the Postal Ballot mechanism. Sending of Notice and voting by shareholder through electronic mode has been recognized. However, there is no option to the Company to adopt both, manual as well as electronic mechanism. (Notification [GSR 419(E)] dated 30 May 2011)
Consider the enormity of the data-over 8 and a half lac companies, over hundred online services offered to them, over sixty e-forms. hundreds of data fields and crores of pages of pdf attachments. If this speaks about something. it is the challenge before the Regulator, the Ministry of Corporate Affairs (MCA), which is humongous. While MCA is responsible for providing convenient and transparent registry and e-filing services to one set of stakeholders, which is the corporate and the professionals, it is also expected to protect the interest of millions of investors from every single instance of attempted fraud or financial irregularity by firms.
Technological advancements in recent decades have given us a digital platform for financial information. However, ‘digital’ does not mean ‘compatible’ because each software application generates the financial document in different format (pdf, xls, html, doc. etc), which unfortunately cannot be read directly by another software application. Such challenges have resulted in inconsistencies in the financial data as well as inordinate delay in discharging the regulatory roles of the Ministry.
The Ministry of Corporate Affairs has instructed that from Monday next, i.e. May 29th, 2011 the payment of less than Rs. 50,000/- through electronic mode will be permissible in the “Investor Education and Protection Fund” through Pay Misc. Fee functionality. This facility will also be admissible for user having category as“Official Liquidator office, and the user having category as MCA employee.
