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 has asked the Registrar of Companies (RoC) to look into alleged accounting discrepancies in five companies, which include Grasim, Adani Exports, Vickers Systems, Gwalior Chemical Industries and Metrochem Industries, CNBC-TV18 reports quoting government sources.
The new Companies Bill with stricter corporate governance norms is expected to be enacted by the end of this year, Corporate Affairs Minister Salman Khurshid said today. Companies Bill 2009, which lapsed with the dissolution of the 14th Lok Sabha, was reintroduced in the Lok Sabha in August last year.
The Ministry of Company Affairs is now functioning under a Cabinet Minister, after its up-gradation with effect from January 29, 2006. The Ministry is continuing its initiatives to meet the expectations of the corporate sector and its stakeholders in the changing national and global business environment. The Ministry is constantly working towards improvement in the legislative framework and administrative set up to enable easy incorporation and exit of the companies, convenient compliance of regulations with transparency and accountability in corporate governance.
Section 372A of the Companies Act, 1956 (The Act) deals with inter-corporate Loan, Investment, Guarantee and Securities in connection with loan. All the four transactions are frequently taken place in any company and henceforth the section becomes more important and therefore it requires to special heed by virtue of strict penal provisions and because of no much space to play.
Criteria for identification of a vanishing company:A company would be deemed to be a vanishing company, if it is found to have: a) Failed to file returns with Registrar of Companies (ROC) for a period of two years;
We all aware that there is no express provision barring the Civil Courts to entertain certain company disputes under the Companies Act, 1956. We have been seeing the cases where the Civil Court entertains Company disputes if there is no specific remedial measure before the Company Law Board or the Company Court.
With the aggressive disinvestment of PSUs being planned for the coming months, the government is likely to introduce a fixed time-frame during which the nomination of independent directors should be completed by state-run companies.
To prevent misuse of class action suits, the new Companies Act may specify a minimum number of shareholders or creditors of companies for exercising the right to file such cases, the Corporate Affairs Minister, Mr Salman Khurshid, has said. This is a major change from the current position on class action suits as mentioned in the Companies Bill, 2009, which is now before the Parliamentary Standing Committee on Finance.
The Press Information Officer, Press Information Bureau, Ministry of Information and Broadcasting, with the request that the above mentioned Press Note may be given wide publicity.
We all know about the dispute resolution mechanism under the provisions of Companies Act, 1956. Till 2002 amendments to the Companies Act, 1956, significantly, the dispute resolution mechanism was vested with the Company Court and the Company Law Board. Company Court is nothing but High Court having jurisdiction to entertain certain company matters like winding-up and amalgamation petitions etc.
