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...
We all know the role of the Directors in any Company and Board is collectively involved in the day-to-day affairs of the Company. Through segregation and delegation depending upon the size of the Company, the plan, the regulations in the Articles, the directors in-fact run the Company subject to the provisions of the Companies Act, 1956 and excepting few decisions which should only be taken by the shareholders at the Annual General Body Meeting (AGM) or Extraordinary General Body Meeting (EAGM). Subject to the limitations in the provisions of the Companies Act, 1956, the regulations in the Articles of the Company and the SEBI guidelines and regulations, normally, a Director either holds substantial number of shares in the Company or he represents a group of shareholders and the practice is also referred to as “Corporate Democracy”.
There were many judgements on the role of directors and the responsibility of directors/Board of Directors in any Company. In Private Limited Companies or the Public Companies, the role and responsibility of the Directors or the Board of Directors depend upon the regulations in the Articles of the Company and the provisions of the Companies Act, 1956. When it comes listed Public Companies, other provisions like the SEBI guidelines, regulations, provisions in the listing agreement etc. deserve consideration.
In exercise of the powers conferred by sub-section (1) of section 621 of the Companies Act, 1956 (1 of 1956), the Central Government hereby authorizes the following officers in the Serious Fraud Investigation Office, Ministry of Corporate Affairs, for the purposes of filing and conducting prosecution under the Companies Act, 1956, namely.
Companies (Amendment) Regulations, 2010 – Amendment in regulation 2. NOTIFICATION NO. G.S.R. 866(E), DATED 29-10-2010, ISSUED BY MINISTRY OF CORPORATE AFFAIRS. In exercise of the powers conferred by sub-sections (1), (2), (5) and (8) of section 25 and sub-section (2) of section 609 of the Companies Act, 1956 (1 of 1956), the Central Government hereby makes the following regulations further to amend the Companies Regulations, 1956, namely:—
I had to concentrate on an interesting legal issue in the recent past on section 397/398 of the Companies Act, 1956. Though, section 397/398 of the Companies Act, 1956 is basically meant to protect the rights of the minority shareholders in the Company against the oppression and mismanagement by the majority, the rights of the third parties can not be ignored. The Company Law Board can pass any order under section 397/398 of the Companies Act, 1956 and under section 402 of the Act in order to put an end to the matters complained of or in order to regulate the affairs of the Company.
It is known that resolving the disputes between or among the shareholders in a closely held company is very difficult in the absence of any settlement between or among the parties. Now a day, based on the practice of entertaining petitions under section 397/398 of the Companies Act, 1956 without looking into sheer technicalities, a shareholder/s who is qualified to approach Company Law Board under section 399 of the Companies Act, 1956 and who has a grievance with the other shareholders prefers to file a Petition under section 397/398 of the Companies Act, 1956. It is known that as adjudicating a company dispute requires specialization and also a traditional Civil Court may not speedily dispose a Company dispute and may not go beyond the brief. In view of the difficulties in approaching the traditional Civil Court though a Civil Court can be approached at times in respect of the grievances in the Company, many prefer to approach the Company Law Board.
Settling or putting an end to the disputes among shareholders by the Company Law Board under section 397/398 of the Companies Act, 1956 is a complicated job. When where exist serious difference of opinion among the minority and majority shareholders in a Private Limited Company, it would really be difficult for the Company Law Board to put an end to the matters complained of or to regularize the affairs of the Company.
India Inc may heave a sigh of relief with the corporate affairs ministry unlikely to make it compulsory for companies to spend 2 per cent of their net profits towards corporate social responsibility as recommended by the Parliamentary standing commit
The Companies Bill 2009 has dealt with independent directors quite extensively. The Standing Committee has spent significant time on issues relating to independent directors as evident from the report of the Committee. This shows the criticality of the effectiveness of independent directors in corporate governance.
It is also confirmed that the appointed director (s) whose particulars are given above, has given a declaration to the company that he/she has not been declared as proclaimed offender by any Economic Offence Court or Judicial Magistrate Court or High Court or any other Court.
