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The Name Availability Guidelines, 2011 and revised e-form 1A shall be implemented with effect from 24th July, 2011. A fee of Rs. 1,000/- shall be charged w.e.f. 24th July, 2011 for making an application for availability of name in revised e-form 1A as provided under Companies (Central Government’s) General Rules and Forms (Amendment) Rules, 2011 dated 14.07.2011.
Provided further that approval of Central Government is not required for a subsidiary of a listed company, if — i. the Remuneration Committee and Board of Directors of the holding company give their consent for the amount of such remuneration of the applicant and for the said amount to be deemed remuneration by the holding company for the purpose of section 198 of the Companies Act, 1956 and; ii. a special resolution has been passed at the general meeting of the company for payment of remuneration of the applicant and; iii the remuneration of the applicant is deemed to be remuneration paid by holding company and; iv. all members of the subsidiary are bodies corporate.
General Circular No.47/2011 I am directed to refer to this Ministry’s General Circular No. 08/2011 dated 25.03.2011 on the subject cited above and to state that the nominee director on behalf of Public Financial Institutions, Financial Institutions and banks on the board of companies should also be treated in the same manner as provided in the para 2 of the said Circular.
Pursuant to this amendment, no approval of Central Government will be required by the listed companies and their subsidiary companies, which are not having profits or having inadequate profits for payment of remunerations exceeding Rs. 4 lakh p.m., if the managerial person:- (a) is not having any direct or indirect interest in the capital of the company or its holding company or through any other statutory structures at any time during last two years before or on the date of appointment and
(1) These rules may be called the Companies (Central Government’s) General Rules and Forms (Amendment) Rules, 2011. (2) They shall come into force with effect from 24th July, 2011.
To simplify the procedure for converting debentures or loans into shares, MCA is considering to revise the Public Companies (Terms of Issue of debenture and of raising of loans with option to convert such debentures or loans into shares) Rules, 1977 and has issued draft of the revised rules. The draft rules are open for comment till 29 July 2011. We are reproducing the notification regarding the same.
Method of recruitment, age-Iimit, educational qualifications, etc.—The method of recruitment to the said post, age-limit, educational qualifications and other matters relating thereto shall be as specified in columns (5) to (14) of the said.
In supercession of all the previous circulars and instructions issued by Ministry of Corporate Affairs from time to time regarding name availability, the applicants and Registrar of Companies are advised to adhere following guidelines while applying or approving a name: As per provisions contained in Section 20 of the Companies Act, 1956, no company is to be registered with undesirable name. A proposed name is considered to be undesirable if it is identical with or too nearly resembling with:
The Ministry of Corporate Affairs has been issuing two separate identification numbers as DIN to an individual for becoming a director of a company under Companies Act, 1956 and DPIN for a designated partner in a Limited Liability Partnership under Limited Liability Partnership (LLP) Act, 2008. 2. To avoid this duplicity and to give ease to the stakeholders, the Ministry has decided to issue only one identification number to an individual for both the purpose.
The Central Government vide its powers confirmed under section 642 of the Companies Act , 1956 has raised the total monthly remuneration for the purpose of Clause (b) of sub section (1) of section 314, Rs.10,000 limit u/s 314(1)(b) of Companies Act raised to Rs.50,000 & Rs.20,000 limit u/s 314(1B)) raised to Rs.2,50,000. Section 314 of The Companies Act, 1956 states that a Director etc., is not to hold office or place of profit except with the consent of the company accorded by a special resolution and at remuneration as may be prescribed by the Central Government.
