Company Law news

Summary of changes as per Draft Companies (Cost Records and Audit) Amendment Rules, 2017

Pursuant to implementation of IndAS, the Companies (Cost Records and Audit) Rules, 2014 are to be amended to bring parity between financial records and cost records. Accordingly, the Draft Companies (Cost Records and Audit) Amendment Rules, 2017 have been placed on the Ministry’s website www.mca.gov.in for suggestions/ comments....

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Posted Under: Company Law |

Draft Companies (cost records and audit) Amendment Rules, 2017

F.No. 1/40/2013 - CL - V

1. Material Costs-(a) Proper records shall be maintained showing separately all receipts, issues and balances both in quantities and cost of each item of raw material required for the production of goods or rendering of services under reference....

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Posted Under: Company Law |

Companies (Amendment) Bill, 2017 as passed by Lok Sabha

Companies (Amendment Bill 2017) is passed by Lok Sabha on 27.07.2017 and will be presented in Rajya Sabha for Further Approval. The bill has total 93 Clauses by which 92 Amendments been carried out in Companies Act, 2013, which includes Amendment of Existing Sections, Insertion of New Sections, Substitution of Existing Section with New Se...

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‘Task Force on Shell Companies’ for effectively tackling malpractices

With a view to have consolidated relevant information at one place and based upon inputs from all law enforcement agencies, the Serious Fraud Investigation Office under the Ministry of Corporate Affairs has undertaken the exercise of preparing comprehensive digital database of shell companies and their associates that were identified by v...

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Salient features of system of issuing e-patent certificates

The Government has launched the system of issuing e-patent certificates after grant of patent, by issuing a public notice on 3-7-2017.The salient features are enumerated below:-...

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Monthly Summary of Ministry of Corporate Affairs for May, 2017

This Ministry vide Circular no. 04/2017 dated 16.05.2017 has issued a clarification that applications rejected by the Regional Director under Section 22(1) (ii) (b) of Companies Act, 1956 on the ground of expiry of limitation period cannot be reconsidered on a fresh application made under Section 16(1)(a) of the Companies Act, 2013....

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Draft Companies (Registered Valuers and Valuation) Rules, 2017

The draft Companies (Registered Valuers and Valuation) Rules, 2017 have been placed on the Ministry’s website www.mca.gov.in for suggestions/ comments....

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Posted Under: Company Law |

Amendment in Guidance Note on Audit of Consolidated Financial Statements

Important Clarification on Amendment to Paragraph 17 of Revised Guidance Note on Audit of Consolidated Financial Statements issued by ICAI...

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CSR is getting mainstreamed through Companies Act 2013

The Minister of State (MoS) for Finance and Corporate Affairs, Shri Arjun Ram Meghwal, says Corporate Social Responsibility (CSR) is getting mainstreamed through the Companies Act 2013. This landmark legislation has brought the issue of CSR from back rooms of corporates to their Board rooms ...

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Withdrawal of FAQs on Revised Schedule VI to Companies Act, 1956

CL&CGC/ 20/ 2017-2018 (25/04/2017)

ICAI withdraws Frequently Asked Questions on the Revised Schedule VI to the Companies Act, 1956 as issued by the Corporate Laws & Corporate Governance Committee in May, 2012....

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