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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Court finds that the petitioner has followed the required procedure as contemplated under Sections 100 and 101 of the Act for the proposed reduction of capital. The Court also finds that Article 8 of the Articles of Association of the petitioner-Company permits reduction of capital. It also appears that as there was no outlay of funds, the interest of the creditors is not adversely affected, therefore, the procedure as contemplated under Section 101(2) of the Act is not required to be followed.
The Ministry of Corporate Affairs has pressed upon for the need to improve the quality of xBRL (Extensible Business Reporting Language) filings. In a letter sent to the Presidents of ICAI and ICSI the ministry said it is the bounden duty of these institutes to improve the quality of XBRL filing for the financial year (FY) 2011-12 to be undertaken by its members.
Kindly note that all eligible companies may file their financial statements (based upon new Schedule VI) in XBRL till 15th November, 2012 or within 30 days from date of its AGM, whichever is later, without any additional fees. For further details, visit MCA website www.mca.gov.in
The ratio of the judgment in Beejay Engg. (P.) Ltd., In re [1983] 53 Comp. Cas. 918 (Delhi) as also as is evident from the definition of a director under section 2(13) no distinction has been made between a nominated director or any other director. Thus, the first argument propounded by the petitioner that the applicant was only a nominee director will not by itself be a ground to absolve the said person from the liability of complying with the direction contained in section 454(2).
MCA asks institutes to impart training to its professionals to improve quality of XBRL filings. You are aware that XBRL filing of financial statements by a select class of companies for FY 2010-11 was mandated vide Ministry of Corporate Affairs Notification GSR No. 748(E), dated 5-10-2011. T
In continuation to this Ministry vide circular no. 26/2012 dated 23.08.2012 wherein a Committee has been constituted for Reforming the Regulatory Environment for doing business in India.
1. (1) These Regulations may be called the Companies (Amendment) Regulations, 2012. (2) They shall come into force with effect from the 15th October, 2012. 2. In the Companies Regulations, 1956, in regulation 2, in clause (d)- (i) for serial number (v) and the entries relating thereto, the following serial number and entries shall be substituted namely:-
In exercise of the powers conferred by sub- section (1) of section 210A of the Companies Act, 1956 (1 of 1956), the Central Government hereby makes the following amendments in the notification of the Government of India in the Ministry of Corporate Affairs number S.O. 804 (E), dated the 11th April, 2012 published in Part II, Section 3, Sub-section (ii) of the Gazette of India Extra-ordinary dated the 11th April, 2012, namely
GENERAL CIRCULAR NO. 32/2012 In continuation to this Ministry vide circular no. 26/2012, dated 23-8-2012 wherein a Committee has been constituted for Reforming the Regulatory Environment for doing business in India. In this regard, the 1st meeting of the said committee held on 10-10-2012, thereafter it has been decided to include representatives from PSU Banks/from NTPC and BHEL so as to make the Committee more broad based.
XBRL is the acronym for Extensible Business Reporting Language. As the name itself suggests, it is a language for presentation of data which permits easy analysis and interpretation thereby reducing cost, time and effort. It promotes paperless reporting and thus is in line with the green initiatives being promoted world over.
