Company Law : The scheme provides a last opportunity for defaulting companies to file pending returns and financial statements with reduced pena...
Company Law : This guide explains the mandatory conditions, documentation, and procedural steps for converting a partnership into a company. It ...
Company Law : The case examined whether extending redemption timelines amounts to reissuance. The Tribunal held that extensions within statutory...
Company Law : MCA has confirmed that extension of annual filing timelines till 31st December 2025 does not extend statutory deadline for holding...
Company Law : A guide to issuing bonus shares for private companies under the Companies Act, 2013, covering legal frameworks, procedural steps, ...
Company Law : The initiative addresses inefficiencies in the current filing system and proposes consolidation and automation. It highlights a sh...
Company Law : NFRA found major deficiencies in audit documentation and archival practices. The report highlights the need for stronger controls ...
Company Law : The inspection report highlights deficiencies in audit documentation, independence monitoring and compliance with auditing standar...
Company Law : The regulator found that the audit firm lacked an effective monitoring mechanism to ensure firmwide independence policies were pro...
Company Law : NFRAs inspection found gaps in audit documentation, revenue testing, and risk assessment practices, stressing the need for stronge...
Company Law : Penalty imposed on Sh. Laxit Awla under Section 165 of Companies Act, 2013, for exceeding directorship limits. Details on violatio...
Corporate Law : That the period of lockdown ordered by the Central Government and the State Governments including the period as may be extended ei...
Company Law : ROC Mumbai imposed penalty for possessing duplicate Director Identification Numbers in violation of Section 155. The ruling highli...
Company Law : ROC Delhi held that failure to regularize an Additional Director at the next AGM violated Section 161(1) of the Companies Act. Sin...
Company Law : The ROC found that the company failed to timely record cessation of an Additional Director whose office had automatically vacated ...
Company Law : ROC Mumbai held that even clerical mistakes in DIR-12 can attract penalty under Section 450 when incorrect information is certifie...
Company Law : The ROC imposed penalties after a company extended its rights issue offer period following requests from promoter shareholders. Th...
Section 560 of the Companies Act, 1956 – Power of Registrar to strike defunct company off register – Easy Exit Scheme, 2011 – Monitoring of Compliance Report with regard to action taken for filing of prosecution against defaulting companies through MCA 21
The company required to get its cost records audited under section 233B (1) of the Companies Act, 1956 shall appoint a cost auditor who is a cost accountant as defined in clause (b) of sub-section (1) of section 2 of the Cost and Works Accountants Act, 1959 (23 of 1959) and who holds a valid certificate of practice under sub-section (1) of section 6 of that Act and includes a firm of cost accountants.
In exercise of the powers conferred by sub-section of section 620A read with sub-section (1) of section 637A of the Companies Act, 1956 (1 of 1956), the Central Government hereby makes the following amendments in the Notification of the Government of India, the erstwhile Ministry of Commerce and Industry (Department of Company Law Administration) No. G.S.R. 978 dated 28th May, 1963 and published in the Gazette of India, in Part II, section 3, sub-section (i) dated 28th May, 1963 as amended by No. G.S.R. 84(E), dated 23rd February, 1988 and No. G.S.R. 517(E), dated 31st August, 2006.
Certification of e-forms under the Companies Act, 1956 by the Practicing professionals – Ministry of Corporate Affairs has entrusted practicing professionals registered as Members of the professional bodies namely, ICAI, ICSI & ICWAI with the responsibility of ensuring integrity of documents filed by them with MCA in electronic mode. Professionals are now to be responsible for submitting /certifying documents (to be signed digitally by them) and system would accept most of these documents online without approval by Registrar of Companies or other officers of the Ministry.
Ministry has received certain proposals for simplification in the procedures of Easy Exit Scheme (EES), 2011. The proposals have been examined in the Ministry and the revised simplified procedures for dealing with applications under Easy Exit Scheme (EES), 2011 are enclosed herewith.
PAN Mandatory for obtaining DIN, Those Already having too need to Submit PAN by 31st May, 2011. The Ministry of Corporate Affairs has already simplified the process for obtaining DIN online, if the DIN-1 eform has been digitally signed by the practicing Chartered Accountant, Company Secretary or Cost Accountant, verifying the particulars of the applicants given in the application. However, in other cases, where the DIN form is digitally singed by the applicant only, the applications are being disposed off with in one or two days after examination by the Central Government.
In the Companies Regulations, 1956, in regulation 2, for clause (d), the following clause shall be substituted, namely:- “(d) ” Regional Director” means the person appointed by the Central Government in the Ministry of Corporate Affairs as a Regional Director for the respective regions as under:-
In the Director’s Relatives (Office or Place of Profit) Rules, 2003, (hereinafter referred to as the said rules), in rule 3, for the figures “50,000”, the figures “2,50,000” shall be substituted. 3. In the said rules, for the figures “50,000”, the figures “2,50,000” shall be substituted. 4. In the said rules, for rule 7, the following rule shall be substituted, namely:— The selection and appointment of a relative of a director holding office or place of profit in the company shall be approved by adopting the same procedure applicable to non-relatives :
The Acts governing the three professional Institutes define in Section 2 members who are deemed to be in practice. In all the three Acts, there is a provision for a member to be in practice when he is in partnership with certain others. In the case of Chartered Accountants and Cost & Works Accountants, such persons must be member of the same Institute, while in the case of Company Secretaries, it is provided that the partnership could also be with members of such other recognised professions as may be prescribed.
General Circular No. 09/2011, Dated the 31.03.2011- It has been decided by the Ministry of Corporate Affairs to mandate certain class of companies to file balance sheets and profit and loss account for the year 2010-11 onwards by using XBRL taxonomy. The Financial Statements required to be filed in XBRL format would be based upon the Taxonomy on XBRL developed for the existing Schedule VI, as per the existing, (non converged) Accounting Standards notified under the Companies (Accounting Standards) Rules, 2006. The said Taxonomy is being hosted on the website of the Ministry at www.mca.gov.in shortly. The Frequently Asked Questions ( FAQs ) about XBRL have been framed by the Ministry and they are being annexed as Annexure I with this circular for the information and easy understanding of the stakeholders.
