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Mooting greater transparency regarding donations by corporate houses to political parties, the Corporate Affairs Minister, Mr Salman Khurshid, said on Wednesday that his Ministry has already recommended the inclusion of norms for disclosure of the details of such funding in the new Companies Bill.
With more than 26,000 companies vanishing from the radar of the Registrar of Companies (RoC) in Andhra Pradesh, the ministry of company affairs (MCA) has come up with a scheme to help defunct companies complete formalities for a proper closure.
The Government has said that it proposes to modernize corporate Governance through simpler, accountability obligated, transparent and democratic company law. Stating this intention of the Government in written reply to a question in the Rajya Sabha, Shri Salman Khurshid, Minister of Corporate Affairs, enumerated the steps taken in this regard and said that the Companies Bill, 2009, has already been introduced in the Lok Sabha.
In continuation to this Ministry’s earlier circular no. 2/2010 dated 26.05.2010 on the subject cited above, it has been decided that in the case of 100% Government companies, if no Board is in existence, an officer not below the rank of Deputy Secretary of the concerned administrative Ministry may be authorized to enter his name and other details in Form EES, 2010 and in Annexure A, B and C in place of name and other details of the directors and also to sign the said documents before filing.
It is known to the corporate professionals that there are so many complications in getting the disputes resolved among shareholders in the Company. The disputes among the shareholders or the groups tend to come in closely held companies as the largely held Public Limited Companies should follow SEBI (DIP) regulations while allotting shares and as SEBI and the Stock Exchange monitors various issues in respect of Listed Public Companies.
The National Company Law Tribunal (NCLT) was expected to take over the role of the High Court (in dealing with company law matters such as sanctioning of schemes of arrangement, ordering winding up of companies, dealing with petitions for oppression and mismanagement and the like), the Company Law Board (CLB) and the Board of Industrial and Financial Reconstruction (BIFR) for speedy disposal of aforesaid matters and avoid multiplicity of litigation before various fora.
The Ministry of Corporate Affairs, Government of India released CORPORATE GOVERNANCE VOLUNTARY GUIDELINES 2009 on December 21, 2009. The preamble to Guidelines states that These guidelines provide for a set of good practices which may be voluntarily adopted by the Public companies. Private companies, particularly the bigger ones, may also like to adopt these guidelines.
The party if it feels that such recording of statement of fact is wrongly recorded it is incumbent on its part to approach the said judge promptly and without any delay or before the same feeds the memory and to invite the attention of the said judge that there is an error.
The Government has said that it proposes to set up a ‘National Company Law Tribunal’ to consolidate the powers and jurisdiction presently being exercised by various bodies namely, Company Law Board, Board for Industrial and Financial Reconstruction, High Courts and entrust it to the Tribunal. Stating this in written reply to a question in the Lok Sabha today Shri Salman Khurshid, Minister of Corporate Affairs,
Shri Salman Khurshid, Minister of Corporate Affairs, said that under the ‘Easy Exit Scheme- 2010’ (EES) defunct companies can get their names struck off the Register of Companies under section 560 of the Companies Act, 1956, by filing an application in the form EES, 2010, with indemnity bond, affidavit verifying correctness of the application and defunctness of the company and up to date statement of accounts. The Minister further informed the House that under ‘Company Law Settlement Scheme- 2010’ on payment of 25% of the actual additional fees payable for filing belated documents delay gets condoned and immunity from prosecution is granted.
