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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It has come to the notice of the Ministry that some companies are making applications for getting prior approval of Central Government when they propose to make any loan to, or give any guarantee or provide any security in connection with a loan made by any other person to a Public Limited Company of which any such Director is a Director or a member even when the proposal does not fall under Section 295(d) and Section 295(e) of the Companies Act, 1956. General Circular No. 24/2011, Dated: – 12th May, 2011
These rules may be called the Companies (Accounting Standards) Amendment Rules, 2011. They shall come into force on the date of their publication in the Official Gazette. In the said rules, in the annexure under the heading B. ACCOUNTING STANDARDS, in the sub-heading “Accounting Standard (AS) 11” relating to The Effects of Changes in Foreign Exchange Rates, in paragraph 46, for the words and figures “46. In respect of accounting periods commencing on or after 7th December, 2006 and ending on or before 31s` March 2011”, the following shall be substituted, namely,‑ 46. In respect of accounting periods commencing on or after 7th December, 2006 and ending on or before 31′ March 2012.
FAQ’s on Appointment of Cost Auditor and Draft of letters as required to be submitted by Cost Auditor in terms of MCA Circular. Q.1 Has the Government prescribed a new procedure for appointment of cost auditor by the companies? Ans. Yes. The procedure has been modified by the Cost Audit Branch of the Ministry of Corporate Affairs vide General Circular No. 15/2011 dated 11th April 2011. The circular shall be effective from the financial year commencing on or after the 1st day of April, 2011.
In exercise of the powers conferred by sub-sections (1),(2),(5) and (8) of section 25 of the Companies Act, 1956 (1 of 1956), the Central Government hereby makes the following regulations further to amend the Companies Regulations, 1956, namely:- 1. (1) These regulations may be called the Companies (Amendment) Regulations, 2011.(2) They shall come into force on the date of their publication in the Official Gazette.2. In the Companies Regulations, 1956 (herein after referred to as the said regulations), in Part B, in regulation 3, 5, 7, 9 and 14, for the word “Regional Director”, the word “Registrar of Companies” shall be substituted.
The new company law will make it mandatory for companies to disclose details of social sector initiatives, called CSR, in addition to money spent, to shareholders in their annual reports. Not just how much, but companies will also have to disclose to their shareholders where they have spent the 2 per cent of net profit earmarked for corporate social responsibility (CSR) initiatives, once the Companies Bill 2009 is passed by Parliament.
S.E. Investment Limited (the Petitioner) was incorporated with an authorized share capital of INR 2 million which was gradually increased to INR 85 million.The Petitioner had paid stamp duty on the increase in the authorized share capital from INR 2 million to INR 85 million.The Petitioner further increased its authorized shares capital from INR 85 million to INR 1250 million and filed Form No. 5 with Registrar of Companies (RoC). The ROC insisted on payment of Stamp duty.The Petitioner sought clarification from the Collector of Stamps, Government of National Capital Territory of Delhi (Stamp duty authority) as to whether any additional stamp duty on increase in authorized share capital was payable in accordance with Article 10 of the Schedule IA of the Indian Stamp (Delhi Amendment) Act, 2007 (Delhi Stamp Act). In response to the application the Petitioner was directed by the Stamp duty authority to pay the stamp duty of INR 1.87 million on increased authorized shares capital of INR 1165 million.The Petitioner filed a writ petition before the Delhi High Court.
The Ministry of Corporate Affairs has clarified that its notification of 31st March, 2011 regarding Companies (Particulars of Employees) Amendment Rules, 2011 raising the limit of employee’s salary to be disclosed in the Directors Reports shall be applicable to all Director’s Reports under Section 217 of the Companies Act, 1956 approved by the Board of Directors on or after April 1st, 2011. It will be irrespective of the accounting year of the annual account, being approved by the Board.
The government has authorised the National Securities Depository Ltd (NSDL) and Central Securities Depository Ltd (CDSL) to facilitate electronic voting by shareholders of companies. Keeping with its ‘Green Initiative for Corporate Governance campaign, the Ministry of Corporate Affairs (MCA) has appointed the two agencies for capturing accurate electronic voting processes.
On 1 April 2011, the Ministry of Corporate Affairs (MCA) in India posted a circular on its website mandating a certain class of companies (Phase 1) to file balance sheets and profit and loss accounts for the year 2010-11 onwards by using eXtensible Business Reporting Language (XBRL). The financial statements required to be filed in XBRL format will be based upon the taxonomy on XBRL developed for the existing Schedule VI and non-converged accounting standards notified under the Companies (Accounting Standards) Rules, 2006 (as amended).
MCA has clarified that the revised limits for disclosure of details of employees drawing remuneration in excess of Rs. 5 lacs per month or Rs. 60 lacs per annum under Section 217(2A) of the Act is applicable to all annual reports approved, published and circulated on or after.
