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MCA has permitted use of video conference facility for Board / Committee meetings subject to following conditions: 1. The facility shall be capable of allowing all participants to communicate concurrently with each other without any intermediary; Every director must attend at least one Board / Committee meeting personally in each financial year; 2. Notice of Meeting should provide for the availability of the facility and necessary information to access the same;
MCA has permitted the use of video conference facility for shareholders’ meeting subject to following conditions: The facility shall be capable of allowing all participants to communicate concurrently with each other without any intermediary; Notice of Meeting should provide for the availability of the facility and necessary information to access the same; The requirement of Chairman and members being personally present would continue; Chairman and Secretary are responsible for integrity, proper functioning of the meeting and ensure participation by the shareholder himself / proxy (i.e. no other person except shareholder / proxy can attend such meeting);
The undersigned is to draw the attention on the Circular No. 14/2011 dated 08.04.2011 of this Ministry on the subject cited above. The following errata has been noticed which is rectified as under:- In the said circular in line 4 (Four) of Paragraph 2, the words should be inserted “including filing of Financial Statements in the Extensible Business Reporting Language (XBRL) mode from the year 2011-12 onwards” after the words “MCA in electronic mode”.
Corrigendum to Circular no. 09/2011 dated 31.03.2011 In the said circular for clauses (i) and (ii) of paragraph 2 under the Heading Coverage in Phase I, the following shall be substituted and read as : (i) All companies listed in India and their subsidiaries, having paid up capital of Rs. 5 Crore and above or a turnover of Rs. 100 crore or above, excluding banking companies, insurance companies, power companies, Non Banking Financial Companies (NBFCs) and overseas subsidiaries of these companies.
In order to ensure compliance of the provisions of the Companies Act, 1956 and Rules made thereunder, it is observed that the majority companies are only filing their event based information through MCA-21 to the Registrar of Companies, however the statutory compliance related to Annual filings are not complied with. Therefore, it has been decided that the companies who have not filed their statutory Annual Reports (i.e. Balance Sheets, Profit and Loss Accounts and Annual Reports) with the Registrar of Companies, they should not to be allowed to file their other Forms except the following Forms till the companies has filed its updated Statutory Annual Accounts/ Annual Report in MCA-21 system:-
It has come to the notice of the Ministry that some companies are making applications for getting prior approval of Central Government when they propose to make any loan to, or give any guarantee or provide any security in connection with a loan made by any other person to a Public Limited Company of which any such Director is a Director or a member even when the proposal does not fall under Section 295(d) and Section 295(e) of the Companies Act, 1956. General Circular No. 24/2011, Dated: – 12th May, 2011
These rules may be called the Companies (Accounting Standards) Amendment Rules, 2011. They shall come into force on the date of their publication in the Official Gazette. In the said rules, in the annexure under the heading B. ACCOUNTING STANDARDS, in the sub-heading “Accounting Standard (AS) 11” relating to The Effects of Changes in Foreign Exchange Rates, in paragraph 46, for the words and figures “46. In respect of accounting periods commencing on or after 7th December, 2006 and ending on or before 31s` March 2011”, the following shall be substituted, namely,‑ 46. In respect of accounting periods commencing on or after 7th December, 2006 and ending on or before 31′ March 2012.
In exercise of the powers conferred by sub-sections (1),(2),(5) and (8) of section 25 of the Companies Act, 1956 (1 of 1956), the Central Government hereby makes the following regulations further to amend the Companies Regulations, 1956, namely:- 1. (1) These regulations may be called the Companies (Amendment) Regulations, 2011.(2) They shall come into force on the date of their publication in the Official Gazette.2. In the Companies Regulations, 1956 (herein after referred to as the said regulations), in Part B, in regulation 3, 5, 7, 9 and 14, for the word “Regional Director”, the word “Registrar of Companies” shall be substituted.
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 any of the following rules apply, and wherein, the aggregate value of net worth as on the last date of the immediately preceding financial year exceeds five crores of rupees; or 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 twenty 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 lst 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).
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 any of the following rules apply, 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).
