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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The Director Identification Number, which has to be obtained by all directors on the boards of listed as well as unlisted companies, will now be available online immediately as the government has simplified the process of getting DIN.
The government said it is planning to make it mandatory for corporates to file balance sheets with it in data form, using XBRL (eXtensible business reporting language) technology, from next fiscal. Currently companies file their annual returns and balance sheets with the Ministry of Corporate Affairs (MCA) by filing up an e-form.
Parliament is likely to take up the new Companies Bill , which seeks to replace a half-a-century-old Act, in the next session. Sources in the Ministry of Corporate Affairs said that the Companies Bill, 2009, will be brought for passage before Parliament in the next session. The draft Bill will be sent to Cabinet in the first week of May, sources said.
Simplification of issuing Director Identification Number (DIN) process: As per section 253 of the Companies Act, 1956, no person can be appointed as Director of the Company unless he has been allotted a DIN from the Government on his application. At present it takes about 2 to 5 days in this process of filing applications, its examination and allotment of DIN.
Ministry of Corporate Affairs [MCA], Government of India, had on 3 March 2011, hosted on its website, the revised Schedule VI to the Companies Act, 1956 which deals with the Form of Balance sheet, Profit & Loss Account and disclosures to be made therein. The revised Schedule VI has been framed as per the existing non-converged Indian Accounting Standards notified under the Companies (Accounting Standards), Rules, 2006 and has no connection with the converged Indian Accounting Standards. It was then mentioned that the revised Schedule VI will apply to all the companies uniformly for the financial statements to be prepared for the financial year 2010-11 and onwards. The text of the revised Schedule VI is available at http://www.mca.gov.in/
GOVERNMENT OF INDIA MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, the 26th March, 2011 G.S.R. 259(E). – In exercise of the powers conferred by sub-section (1) of section 642 read with section 610E of the Companies Act, 1956 (1 of 1956), the Central Government hereby makes the following rules further to amend the Companies (Central […]
The Central Government, upon being satisfied, through verification of such changed particulars from the enclosed proofs, shall incorporate the said changes and inform the director by way of a letter issued electronically or in any other mode confirming the effect of such change in the electronic database maintained by the Ministry.
As you are aware, the Ministry of Corporate Affairs (MCA) had earlier announced on its website that the revised Schedule VI is applicable from the financial year 2010-11 onwards. On 25 March 2011, the MCA has changed this note on the website to state that the revised Schedule VI will apply from 1 April 2011. […]
Penal actions for defaults committed under the Companies Act, 1956 are either to be taken against an “officer in default” or a “director(s)” or “persons” as provided in the relevant penal provisions of the Act. Section 5 of the Companies Act, 1956, defines officer in default and the Directors are also liable for compliance of various provisions of the Act.
