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 Ministry of Corporate Affairs (MCA) has give an opportunity to the defunct companies, for getting their names struck-off from the Register of Companies, the Ministry has decided to introduce a scheme namely, Easy Exit Scheme, 2010 under Section 560 of the Companies Act, 1956. The scheme is operational from 30th May 2010 to 31st August 2010.
In exercise of the powers conferred by sub-section (1) of Section 637 of the Companies Act, 1956, the Central Government hereby delegates its powers under clause (a) of sub-section (1) of Section 240, sub-section (1A) of Section 240, clause (b) of sub-section (2) of Section 240 and sub-section (3) of Section 240 of the Companies Act, 1956, to the Director, Serious Fraud Investigation Office only in respect of those cases wherein the Central Government appoints officers of Serious Fraud Investigation Office as inspectors, to investigate into the affairs of a company under section 235 or section 237 of the Companies Act, 1956.
The Ministry of Corporate Affairs (MCA) has shelved its idea of auditing the books of listed companies by independent auditors.It was part of the joint plan of market regulator Securities and Exchange Board of India (Sebi) and the ministry to conduct peer review of audits, which involves getting the audit reports of a company vetted by another auditor for a second opinion.
A parliamentary panel of experts studying the new Companies Bill is likely to come up with suggestions in this regard, said a corporate affairs ministry official, requesting anonymity. The development assumes significance in the wake of the government’s renewed efforts to quicken the share sales of many state-owned firms that are hamstrung by the lack of a requisite number of independent directors on boards. Market regulator Sebi’s guidelines require that 50% of a company board should be stuffed with independent directors.
There is discretion available to the Company Judge in a creditor’s winding-up petition, both at the time of admission and at the post-advertisement stage; the Company Court may refuse to admit a winding-up petition founded on an ex parte decree if it finds the original claim or cause of action to be substantially mired in doubt.
The Pune ROC has over 21,000 companies registered under it The scheme Company Law Settlement Scheme, 2010, gives an opportunity to the defaulting companies to submit the required documents, get concession in the fine and become a regular compliant in future. On the other hand, the Easy Exit Scheme, 2010, gives an opportunity to the defunct companies to get their names struck off the register under Section 560 of the Companies Act, 1956.
If a petition under section 397/398 of the Companies Act, 1956 is based on a Share Purchase Agreements and its validity, then, despite the pendency of a civil dispute or arbitration proceeding simultaneously, the proceeding under section 397/398 becomes so complicated and dealing with issue is really challenging. I would like to present a case study with typical facts. The analysis and my opinion on the issue follow the presentation of facts.
Amid strong public reaction to the judgement in the Union Carbide case, the government is understood to be looking at legal position to check if Carbide India’s non executive Chairman Keshub Mahindra could be barred from taking directorship in any company.
The new Companies Act promising more shareholder democracy and tighter governance norms for corporates is likely to be enacted this year, Corporate Affairs Secretary R Bandyopadhyay said today. “We are hopeful that the committee (parliamentary standing committee) will be giving its reports very quickly… Maybe in the monsoon session… and the ministry will take another two to three months. By the end of this year hopefully we will have a new Act,” Bandyopadhyay told reporters on the sidelines of a CII event here.
The government today said it may consider changes in recently announced norms for minimum 25 per cent public holding in listed companies, if need arises. “The Ministry of Finance and the Department of Disinvestment are receiving different points of view from public sector enterprises and other stakeholders. So, if there is any need for modification or correction or amendment, that will be done,” Finance Secretary Ashok Chawla told reporters on the sidelines of a CII seminar here.
