Company Law : Summary: The Directors’ Report is a crucial document required by the Companies Act, 2013, which mandates that every company&...
Company Law : In-depth understanding of the Director's Report under the Companies Act, 2013. Know what it includes, its importance, mandatory as...
Company Law : All of us have started experiencing the heat towards the compliance mechanisms being put up by the statutory/regulatory authoritie...
Company Law : The board of Directors is the supreme authority having the management and control of the affairs of a company. They have a fiducia...
SEBI : Key Takeaways of SEBI (Listing Obligations and Disclosure Requirements) (Third Amendment) Regulations, 2021 (LODR) SEBI vide its ...
SEBI : The requirement of appointment of woman director emanates from Section 149 of Companies Act, 2013. SEBI has mandated that listed ...
Company Law : The concept of Independent Director has been proposed in the Companies Bill, 2009. Clause 147 of the Bill, provides for duties of ...
Company Law : The Government has said that the Department of Public Enterprises has so far not issued any guidelines regarding the assessment of...
Company Law : The role of independent directors (IDs) on the board of Indian companies will be clarified in the new Companies Bill and their res...
Company Law : A parliamentary panel of experts studying the new Companies Bill is likely to come up with suggestions in this regard, said a corp...
Company Law : Sandeep Ahuja Vs Union of India & Ors. (Delhi High Court) The Petitioner is a Director in five companies. Due to non-filing of...
Company Law : Delhi HC sets aside director disqualification in Anjali Bhargava vs Union of India case. Reactivation of DIN and DSC ordered for C...
Company Law : The issue under consideration is whether the ROC is correct and empowered to deactivate the Director Identification Number (DIN) o...
Company Law : Companies Fresh Start Scheme, 2020 provides an opportunity for active companies who may have defaulted in filing of documents, to ...
Corporate Law : These 18 appeals, by special leave, are directed against he common judgment and order dated September 6, 2007 passed by Calcutta H...
Company Law : It is hereby clarified that non-compliance of minimum residency in India for a period of at least 182 days in a year, by at least ...
Company Law : AOC-4 certification by the Chartered Accountant or the Company Secretary or as the case may be by the Cost Accountant, in whole- t...
Service Tax : Payments termed as ‘commission’ made to a Managing Director/ Directors, whether whole-time or independent, would not be ‘com...
The government is examining a proposal seeking to split the compensation package of independent directors into fixed and variable components to ensure they play an active role in the affairs of companies. The variable component will be linked to the attendance at the board meetings, an official with the minsitry of corporate affairs told to a leading newspaper.
The maximum number of listed companies in which an individual can serve as a director should not be more than seven, proposed the Institute of Company Secretaries of India (ICSI) to the ministry of corporate affairs (MCA). The proposal came in the light of ICSI view that a director needs to spend enough time to understand a company if he is to be involved in the decision-making process. At present, a person can hold the directorship of 15 listed companies.
The Corporate Affairs Ministry wants to introduce a new concept called the ‘knowledge test’ to find out if directors had previous knowledge of a company’s wrongful acts. As a first step, it would be ensured that the board processes are totally transparent. If it is found that the board papers had a mention of any wrongful act, and a director to whom the papers were circulated did not get his objections recorded in the minutes of the meeting, then he would be deemed to have colluded to commit that wrongful act.
The Corporate Affairs Minister, Mr Salman Khurshid, on Wednesday said that the Companies Bill, 2009 will also have provisions for Class Action suits that will allow investors to seek compensations from companies. At a workshop to discuss the Bill, Mr Khurshid said, “Compensation cases in India are a long-drawn-out process, with few success stories. Within the current framework of the company law there is no provision for compensation for shareholders in the event of negligence or fraud being committed by company directors.
Payments termed as ‘commission’ made to a Managing Director/ Directors, whether whole-time or independent, would not be ‘commission’ as envisaged under the Service Tax category of Business Auxiliary Services. Hence, payments of commission made to the Managing Director/ Directors would not be subject to Service Tax.
Uttam Prakash Agarwal, president of Institute of Chartered Accountants of India (ICAI), has been in focus lately, handling queries on the role of auditors in the Satyam Computer fiasco. Agarwal, who is also chairing the six-member high-level committee set up by ICAI to look into the Satyam scandal, talked to Vivek Seal of DNA on […]
More than seven of 10 independent directors sitting on the boards of listed companies to improve corporate governance are “home” members, while only few women make it to such positions, says a study.”Nearly 75 per cent of all independent directors are ‘home’ members who are natural allies of the promoters are not independent in any […]
Independent directors of Satyam were not involved in the multi-crore accounting fraud in the IT company and were kept in the dark by founder-chairman B Ramalinga Raju, the Serious Fraud Investigation Office has concluded. The over 14,000-page report submitted to the government, marking the end of three month-long investigation, the probe agency of the Corporate […]
In the case of one third of every mid cap company in India, the roles of the chairman and managing director or CEO were played by the same person. A majority of such companies (66%) do not have a policy for rotation for the members of their audit committees.
The government is set to empower ordinary shareholders of the eight lakh domestic companies by encouraging them to critically examine the decisions of the companies, and if they feel something amiss, complain to the government.
