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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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 ...
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The Corporate Affairs Ministry has termed the Supreme Court verdict disallowing civil servants belonging to the Indian Corporate Law Service (ICLS) from being members of the proposed National Company Law Tribunal (NCLT) as “disappointing.” The Ministry indicated that the matter may go back to a Constitution Bench of the apex court for a review.
Government ordered SFIO investigation into Global Trust Bank case
THE government on Friday introduced a scheme that will facilitate easy exit for unlisted companies willing to wind up their defunct business. A defunct company is one whose business is lying in a dormant state. The new scheme will give such companies an opportunity to get their names struck off from the Register of Companies(RoC).
The Ministry of Corporate Affairs (MCA) has sought time to respond to a public interest litigation (PIL) in Delhi High Court, which alleges that the Registrar of Companies (ROC) discriminates against lawyers by only allowing chartered accounts, company secretaries or cost accountants to certify electronic submissions to the corporate registrar.
With a view of provide an easy exit to the Companies which are desirous of getting the name struck off from the records of the ROC or are defunct companies i.e. such companies which are inoperative since incorporation or have commenced business but are inoperative later on and not filing their due documents timely with the Registrar of Companies, the Ministry has come out with an Easy Exit Scheme, 2010 vide its General Circular No. 2 /2010 dated May 26, 2010.
We can find so many judgments of Constitutional Courts on section 397/398 of the Companies Act, 1956 and the courts have ruled and maintained some principles as to how the provisions of section 397/398 of the Companies Act, 1956 are to be interpreted. I feel that despite the settled legal principles, the facts of each case to be carefully gone into in a petition under section 397/398 of the Companies Act, 1956 and many directions or orders are passed based on facts.
The Ministry of Corporate Affairs (MCA) has decided to relax the norms for companies to maintain minimum paid-up capital. According to the Companies Act 1956, the minimum paid-up capital for a private company is Rs 1 lakh and for a listed company Rs 5 lakh. According to official sources, while a company can be set up with any amount, but within a time-frame of two years it should raise the capital to Rs 1 lakh and Rs 5 lakh for unlisted and listed companies, respectively.
In 2002, the Companies Act, 1956, was amended to provide establishment of company law tribunals to play the role that had hitherto been played by high courts. Specific arrangements and transactions such as mergers, demergers and reduction of capital, and also liquidation and winding up of companies are overseen by high courts having jurisdiction where the registered office of the company is located. The amendment sought to move such jurisdiction to specialised tribunals established for the purpose, with an appellate tribunal adding a layer of appeal.
The ministry of corporate affairs is looking to amend the disgorgement clause under Companies Act, 1956 to strengthen the mechanism for compensating duped investors by recouping funds from wrong-doers and paying them back to investors.
Scope of Work:- The Companies (Second Amendment) Act, 2002 suggested the creation of a national tribunal would look into most corporate matters in the country. It will be responsible for handling all pending matters before the Company Law Board, the Board for Industrial and Financial Reconstruction (BIFR) and the corporate benches of the High Courts, apart from handling new cases.
