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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.
in continuation to the Circular no. 37/2011 dated 07.06.2011, the further information is given as under: — (i) Besides signing by signatories as specified u/s 215 of the Companies Act, 1956, the Statutory Auditor has to certify the financial statements prepared in XBRL mode for filing on MCA-21 portal. (ii) Phase-1 class of companies as per Circular 9/2011 dated 31.03.2011 and later exempted from XBRL filing (under Power sector, Insurance sector, NBFC and Banking sector) who are unable to file their financial statements would be exempted from additional fee due to delay in filing up to 30.09.2011.
It has been noticed that certain Courts have not allowed fees to be paid to the Chartered Accountants from Common Pool Fund in cases where petitions are filed in respect of companies under liquidation having no assets. The matter has been considered and it has been decided that in all such cases following steps be taken :
These rules may be called the Limited Liability Partnership Rules, 2009 (Amendment) Rules, 2011. Designated Partnership Identification Number (DPIN) means an identification number which the Central Government may allot to any individual, intending to be appointed as designated partner of a Limited Liability Partnership for the purpose of his identification as such, and includes Directors Identification Number (DIN) issued under sections 266A, 266B and 266E of the Companies Act, 1956 and rules made thereunder.
The Official Liquidators have reported that they are facing problems in e-filing of Income Tax Returns in compliance as they are required to mention PAN No. of the person who files the return, representing the company in liquidation. In the Regional Directors Conference held on 16-6-2011 also, the Official Liquidators brought to the notice of the Ministry that they are not able to file Income Tax Returns since the verification part of the report require them to mention their personal PAN Card No. even when they file the Return as a representative assesee of the company (in liquidation). It was suggested that a PAN Card should be issued in the name of the office i.e. OL
These rules may be called the Companies Director Identification Number (Third Amendment) Rules, 2011. They shall come into three with effect from 9th July, 2011. Director Identification Number (DIN) means an identification number which the Central Government may allot to any individual, intending to be appointed as director or to any existing directors of a company, for the purpose of his Identification as such and includes Designated Partnership Identification Number (DPIN) issued under section 7 of the Limited Liability Partnership Act, 2008 and rules made thereunder.
F. No. 52/26/CAB-2010 In exercise of the powers conferred by sub-section (1) of section 233B of the Companies Act, 1956 (1 of 1956), the Central Government, being of the opinion that it is necessary to do so, hereby directs that all companies to which the Companies (Cost Accounting Records) Rules, 2011 apply, and which are engaged in the production, processing, manufacturing or mining of the following products/activities, including intermediate products and articles or allied products thereof, and wherein the aggregate value of the turnover made by the company from sale or supply of all products or activities during the immediately preceding financial year exceeds hundred crores of rupees; or wherein the company’s equity or debt securities are listed or are in the process of listing on any stock exchange, whether in India or outside India, shall get its cost accounting records, in respect of each of its financial year commencing on or after the 1st day of April, 2011, audited by a cost auditor who shall be, either a cost accountant or a firm of cost accountants, holding valid certificate of practice under the provisions of Cost and Works Accountants Act, 1959 (23 of 1959).
Proposed guidelines for conversion of section 25 company (non profit company) to an ordinary company under Companies Act, 1956. – The Ministry has been receiving representation from various stakeholders to develop a procedure under Companies Act, 1956 for conversion of section 25 company (non-profit company) to an ordinary company because there are a number of section 25 companies which have not done any activity after obtaining license under section 25 or have stopped such activities, and now want to convert themselves as an ordinary company.
