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Coinciding with International Women’s Day , the Corporate Affairs Ministry on Tuesday said it would make it mandatory for companies having five or more independent directors to have at least one female independent director.
The government today said it would come out with the guidelines on independent directors to improve the quality of representation on the boards of the state-run companies. Heavy Industries and Public Sector Enterprises Minister Praful Patel said the quality of independent directors in the PSU boards “needs to be upgraded”.
Ministry has reviewed the processes involved in delivery of important services to stakeholders, with a view to identify and improve the components causing delay in disposal of applications. Payment confirmation is found to be a major bottleneck in delivery of services in respect of offline payment made by physical challans .
with following objects of Reducing the time taken by the Registrar of Companies in Incorporation of Companies and Speeding up and simplifying the process of incorporation and establishment of principal place of business in India by Foreign Companies. Main advantage of the circular is that it aims to reduce Average time taken to incorporate a Company to 1 day.
In the notification of the Government of India Ministry of Corporate Affairs, published in the Gazette of India, vide No. G.S.R. 112(E), dated the 25th February, 2011, in page 2, in line 14, for “in clause 7, the second proviso”, read “in rule 7, clause (ii).
The short facts leading to the filing of the appeal put forth by the appellant, are set out hereunder:-(a) The second respondent is a private company incorporated on October 23, 1980. Late G. Kandaswamy was in charge of the second respondent-company and other group companies until his demise. The appellant could not involve in the day-to-day affairs of the second respondent-company and other companies as he had to travel to the United Kingdom often for his treatment. During the life time of the said G. Kandaswamy, respondents Nos. 3 and 5 have been actively involved in the day-to-day affairs of the company and running the same. The appellant is entitled to about 28.29 per cent. of the shares in the second respondent-company pursuant to the demise of his father. After the demise of his father, respondents Nos. 3 and 5 were running the second respondent-company as if it was their proprietary concern and the appellant was kept in isolation as regards the affairs of the company.
An individual who is to be appointed as a director of an Indian Company is required to obtain a Director Identification Number (DIN) from Ministry of Corporate Affairs (MCA), Government of India in compliance with the Companies Act, 1956 (the Act) read with Companies (Directors Identification Number) Rules, 2006 (DIN Rules). The objective of DIN is to establish with MCA the existence/residence of a person, who intends to become a director of a company. The DIN Rules provides detailed procedure for obtaining DIN. General Circular No.5/2011
It has now been decided that a company shall not require approval of the Central Government for making payment of remuneration by way of commission to its Non- Whole Time Director(s) in addition to the sitting fee if the total commission to be paid to all those Non-Whole Time Directors does not exceed 1% of the net profit of the company if it has a Whole Time Director(s) or 3% of the net profit of the company if does not have a Managing Director or Whole Time Director(s).
Minister of State for Corporate Affairs, Mr. R.P.N. Singh has said that the Government regulates the remuneration of managing directors / whole-time directors / managers (board level positions) in accordance with provisions of Schedule XIII of the Companies Act, 1956. Listed Companies and subsidiaries of Listed Companies in India which are loss making / have inadequate profits require Government approval for paying remuneration in excess of ceiling stipulated therein.
The Union Minister of State for Corporate Affairs Mr. R.P.N. Singh has stated that since inception, the Serious Fraud Investigation Officers have Investigated 61 Companies u/s 235 /237 of the Companies Act, 1956. Replying to a question in Lok Sabha recently, he said there is no criteria classifying Companies as big or otherwise under the Companies Act, 1956. The time taken in completion of the investigations depends upon the seriousness and complexities of the issues involved in each case.
