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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Company Law : Summary of NFRA's audit quality inspection of Lodha & Co., highlighting key deficiencies in audit documentation, independence poli...
Company Law : NFRA's 2023 inspection of M/s BSR & Co. LLP highlighted improvements in audit practices, independence policies, and documentation ...
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Company Law : NCLAT Delhi held that CoC decision to liquidate the Corporate Debtor is acceptable as corporate debtor has no assets and thus CIRP...
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Company Law : The view that NCLT had no jurisdiction to entertain Section 95 Application filed by the Financial Creditor and the Application oug...
Company Law : NCLAT Delhi held that as per expressed provisions of section 101(1) of the Insolvency and Bankruptcy Code, 2016 moratorium period ...
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Company Law : Godrej Tyson Foods Ltd. penalized for failing to appoint a woman director under Section 149(1) of the Companies Act. Penalty inclu...
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Shri Salman Khurshid, Minister of Corporate Affairs, has said that under the Companies Act,1956, it is mandatory for all companies to submit annual return, balance-sheet, etc. to the Government. Giving this information in written reply to a question in the Rajya Sabha, Shri Khurshid informed the House that during last 3 years (2006-07, 2007-08 and 2008-09) the number of companies that have not filed their Balance Sheet
The Minister of Corporate Affairs has informed the Lok Sabha that the number of companies that have not filed their Annual Return consecutively during the last three years – 2006-07, 2007-08 and 2008-09, is 2,13,185. Of these the maximum number of 67,858 companies are from the Western Region; 66,345 companies are from the Southern Region; 63,802 companies from the Northern Region and 15,180 companies are from the Eastern Region. Giving this information in written reply to a question in the Lok Sabha today on the ‘Easy Exit Scheme- 2010’ and the ‘Company Law Settlement Scheme, 2010’,
The Government has said that preliminary information/reports have indicated non-compliance of certain provisions of the Companies Act, 1956 by owners of some Indian Premier League (IPL) cricket teams. Giving this information in written reply to a question in the Rajya Sabha today Shri Salman Khurshid,
The Government has said that a number of steps have been taken to make the ‘Easy Exit Scheme- 2010’ effective. Giving this information in written reply to a question in the Rajya Sabha, Shri Salman Khurshid, Minister of Corporate Affairs, said that the steps include conducting seminars and workshops involving all stakeholders, to sensitize the scheme and advertisements in newspapers, banners, etc.
The Government has said that steps have been taken to enumerate or identify such registered companies which are inactive, dormant and have been in such mode for at least last ten years. Stating this in written reply to a question in the Rajya Sabha, Shri Salman Khurshid, Minister of Corporate Affairs, said that many promoters want to de-register these inactive companies to save themselves from perennial troubles.
As you are aware the last date for filing of your company’s annual return & balance sheet for the current year is round the corner. These documents have to be filed in electronic form online into the MCA21 portal. Since the size of each document is huge (2MB or more), the last minute rush creates a congestion in the system which is then unable to process pending requests fast.
It has been observed by the Ministry of Corporate Affairs that certain companies have been registered under the Companies Act, 1956, but due to various reasons some of them are inoperative since incorporation or commenced business but became inoperative later on and are not filing their due documents timely with the Registrar of Companies. These companies may be defunct and are desirous of getting their names struck off from the Register of Companies.
It has been observed by the Ministry of Corporate Affairs that a large number of companies are not filing their due documents timely with the Registrar of Companies. Due to this, the records available in the electronic registry are not updated and thereby are not available to the stakeholders for inspection. Further, due to non-filing of the documents on time, companies are burdened with additional fee and facing the prosecutions also.
The procedure prescribed in Company Law Board regulations is not too technical like the provisions of Civil Procedure Code, and the procedure is based on the logic and reason. I did personally feel that even the Company Law Board normally do not rely on technicalities and I personally feel that substance is to be looked into over technicalities by the Company Law Board in a petition under section 397/398 of the Companies Act, 1956.
The Corporate Sector has reason to celebrate the launch of two Schemes by the Ministry of Corporate Affairs in the last week of May 2010. The Company Law Settlement Scheme (CLSS) 2010 is intended for those companies who desire to continue after clearing their track record. Whereas, Easy Exit Scheme (EES) 2010 is intended for those companies who desire to exit at no cost.
