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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It has been observed by the Ministry of Corporate Affairs that certain companies have been registered under the Companies Act, 1956, but due to various reasons some of them are inoperative since incorporation or commenced business but became inoperative later on and are not filing their due documents timely with the Registrar of Companies. These companies may be defunct and are desirous of getting their names struck off from the Register of Companies.
It has been observed by the Ministry of Corporate Affairs that a large number of companies are not filing their due documents timely with the Registrar of Companies. Due to this, the records available in the electronic registry are not updated and thereby are not available to the stakeholders for inspection. Further, due to non-filing of the documents on time, companies are burdened with additional fee and facing the prosecutions also.
The procedure prescribed in Company Law Board regulations is not too technical like the provisions of Civil Procedure Code, and the procedure is based on the logic and reason. I did personally feel that even the Company Law Board normally do not rely on technicalities and I personally feel that substance is to be looked into over technicalities by the Company Law Board in a petition under section 397/398 of the Companies Act, 1956.
The Corporate Sector has reason to celebrate the launch of two Schemes by the Ministry of Corporate Affairs in the last week of May 2010. The Company Law Settlement Scheme (CLSS) 2010 is intended for those companies who desire to continue after clearing their track record. Whereas, Easy Exit Scheme (EES) 2010 is intended for those companies who desire to exit at no cost.
It is known that section 397/398 of Companies Act, 1956 substantially provide relief to the minority shareholders/shareholders against the oppression/mismanagement by the Company or the Majority Shareholders in the Company.
Indian Companies may not get any tax sops for spending more as part of their corporate social responsibility (CSR) initiatives, an official in the government said on Thursday. The ministry of corporate affairs is unlikely to recommend any tax concessions for adoption of CSR initiatives for India Inc.
The two schemes recently launched by the Ministry of Corporate Affairs, viz., ‘Company Law Settlement Scheme, 2010’ (CLSS 2010) and ‘Easy Exit Scheme, 2010’ (EES 2010) are drawing positive response from the corporate sector. The two Schemes were launched on 30.5.2010 and will be available till 31.08.2010. An electronic workflow has been established in the system to process the cases received under the two Schemes in a time bound manner.
Shri Salman Khurshid, Minister of Corporate Affairs, today launched the Kanada version of the Investor Education and Protection Fund Website at Bangalore. He also released Beginner’s Guide on Capital Markets in Kanada language at a function organized by Associated Chambers of Commerce and Industry (ASSOCHAM) in partnership with the Institute of Cost and Works Accountants of India (ICWAI), the MCX Stock Exchange and the Karnataka Federation of Chamber of Commerce and Industry (KFCCI) as part of India Investor Week (IIW) 2010.
Shri Salman Khurshid, Minister of Corporate Affairs, today launched the Telugu version of the Investor Education and Protection Fund Website at Hyderabad. He also released Beginner’s Guide to the Capital Market in Telugu language at a function organized by the Federation of Andhra Pradesh Chambers of Commerce and Industry (FAPCCI) in partnership with the Institute of Company Secretaries of India (ICSI) as part of India Investor Week (IIW) 2010.
In exercise of the powers conferred by sub-section (1) of Section 294AA of the Companies Act, 1956 (1 of 1956), the Central Government, being of the opinion that the demand for the category of goods specified in the Table below is substantially in excess of the production or supply of such goods and that the services of the sole selling agents will not be necessary to create a market for such goods,
