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.
Company Law : Learn about CARO, 2020 guidelines for reporting loans, guarantees, security, and investments by companies to ensure compliance and...
Company Law : Ensure compliance with updated Reporting on Audit Trail under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014 for 202...
Company Law : Explore various threshold limits under the Companies Act, 2013, with detailed compliance requirements for listed, public, and priv...
Company Law : Understand the latest changes in DIR-3 KYC, including rules for updating email IDs and mobile numbers, fees, and filing details. L...
Company Law : Understand the nuances of signing board reports and financial statements under Companies Act and SEBI (LODR). Learn who must sign ...
Company Law : Explore ICMAI detailed analysis of the Govt. committee report on enhancing cost audit effectiveness. Read insights & recommendatio...
Company Law : Discover the challenges faced by the Institute of Company Secretaries of India in filing Form DPT-3 for FY 2023-24. Learn about te...
Company Law : Explore the challenges faced by newly incorporated companies regarding mandatory ESI and EPF registrations in India, with proposed...
Company Law : Delve into the NFRA order controversy with detailed analysis on penalty imposition, opinion disparities, and key issues. Gain insi...
Company Law : Explore the issues and challenges in processing MCA forms at CPC. Learn about the proposed solutions for timely approval and the i...
Company Law : It is not the scope & objective of IBC to include Banks Financial Institutions who advanced loans to Home Buyers to be considered ...
Company Law : Explore the Calcutta High Court's decision in Uphealth Holdings, INC. Vs Dr. Syed Sabahat Azim & Ors. regarding the applicability ...
Company Law : Read the full NCLT judgment where Zee Entertainment Enterprises Limited sought to withdraw its merger with Sony Groups, impacting ...
Company Law : Explore the implications of issuing duplicate debenture certificates under the Companies Act, 2013. Learn about legal remedies, as...
Company Law : Explore the detailed judgment in the Grand Developers Pvt. Ltd. vs. Nitin Batra & Ors. case by NCLAT Delhi, including key argument...
Company Law : Discover the key changes in the Nidhi (Amendment) Rules, 2024. Learn how the new rules impact Nidhi companies and their naming con...
Company Law : General Circular No- 07/2024: Forms IEPF-3 merges with IEPF-4 and IEPF-7 with IEPF-1 in MCA Version 3. Simplifying compliance for ...
Company Law : Circular No. 06/2024 MCA has waived the additional fee for filing various IEPF e-forms (IEPF-1, IEPF-1A, IEPF-2, IEPF-4) and e-ver...
Company Law : IEPF Authority (Accounting, Audit, Transfer and Refund) Amendment Rules, 2024: Streamlining online transfers and updated forms. Re...
Company Law : Check out the latest Companies (Incorporation) Amendment Rules 2024 issued by Ministry of Corporate Affairs, omitting word Nidhi f...
The fiduciary capacity within which directors have to act enjoins duty upon them to act on behalf of the company with utmost care and skill and due diligence and in the interest of the company. More so, in a family company where even directorial complaints can be looked into. Directors have a duty to make full and honest disclosures to shareholders regarding all important matters relating to the company. In the present case a clear case of oppression has been made out, even a single act can cause continuous oppression.
The Government has not made it compulsory for every company to have a policy for Corporate Social Responsibility (CSR). However, the Department of Public Enterprises has issued comprehensive CSR guidelines for Central Public Sector Enterprises in April, 2010 wherein these enterprises, except those making a loss, have to create mandatorily, through a board resolution, a CSR budget as a specified percentage of net profit of the previous year.
One case of M/s. Speak-Asia Online Pte, a foreign company, has come to the notice of Ministry of Corporate Affairs. It is a multi-level marketing company. As per preliminary enquiry, it is found that the company is not registered under the Companies Act, 1956. Besides, the company has also not registered its place of business with the Registrar of Companies,
As we all know This year MCA has issued around 60 General Circulars, 38 Notifications, One Master Circular and three New Rules. Which relates to Easy Exit Scheme, Prosecution of Directors, DIN issue Simplification, Company Law Settlement Scheme, new name Availability Rules, Online Payment of MCA Fees, Filing of Balance Sheet and Profit and Loss Account in eXtensible Business Reporting Language (XBRL) mode, Green Initiative in the Corporate Governance , Guidelines for Fast Track Exit mode, Online Incorporation of Companies Within 24 Hours and various other issues. Author has made an effort to summaries all the Circulars issued by MCA from 01st January 2011 to 31st August 2011.
General Circular No. 62/2011, Ministry has clarified that the presentation of Financial Statements for the limited purpose of IPO/FPO during the Financial Year 2011-12 may be made in the format of the pre-revised Schedule VI under the Companies Act, 1956. However, for period beyond 31′ March 2012, they would prepare only in the new format as prescribed by the present Schedule VI of the Companies Act, 1956. Also the companies would ensure that it will prepare and file the Annual Accounts for the Financial Year 2011-12 as per revised Schedule VI of the Companies Act, 1956.
It is decided that since now companies are being incorporated with in 24-48 hours, on-line approval of incorporation forms i.e. STP mode of approval of e-forms 1, 18 and 32 on the basis of certification and declarations given by the practicing professional is not going to be implemented yet.
I would like to know, whether the XBRL software has to be purchased from separate vendors and then install in our computers or MCA itself will provide us with the software. Which agency should I approach to get the XBRL software? XBRL instance document creation software has to be purchased from the software vendors in the market. This software is used to create XBRL instance documents that would be uploaded on the MCA portal. MCA21 system shall provide a facility for validation of the instance document and filing of the same. MCA is not recommending any specific XBRL software.
Keeping in view the recommendations made by Vepa Kamesam committee, it is proposed to give statutory recognition to SFIO. Besides, powers such as treating its investigation report as a report filed by a Police Officer, giving SFIO power to issue letter of requests (letter Rogatory) in cases involving companies having business/interest outside the country and definition of the term ‘fraud’ alongwith its punishment are also proposed to be included, subject to due approvals, in the revised Companies Bill for strengthening its enforcement framework.
The concept of Independent Director has been proposed in the Companies Bill, 2009. Clause 147 of the Bill, provides for duties of directors which include the duty to act in good faith in best interest of company, to act with due and reasonable care, skill and diligence, to avoid any conflict of interest, to desist from achieving any undue gain or advantage. These duties would also be applicable for independent directors.
Representations from stakeholders on accounting and technical aspects of the Taxonomy to be used for XBRL filings of financial statements by the companies were received by the Ministry of Corporate Affairs. These suggestions/comments were referred to ICAI for modification and improvements in the Taxonomy.
