CA, CS, CMA : Analysis of legal and ethical limits on an Independent Director becoming Statutory Auditor, focusing on cooling-off restrictions u...
Corporate Law : This piece explains that Independent Directors are not automatically liable, but face risk where knowledge, consent, or neglect is...
Company Law : Learn the role of Independent Directors (IDs) under the Companies Act, 2013, and SEBI LODR in ensuring good corporate governance....
Company Law : Erroneous MCA data classifying Independent Directors as 'Directors' leads to legal issues, prompting a systemic correction to prot...
Company Law : Resignations of Independent Directors raise concerns over their autonomy in promoter-led firms. A legal and governance review expl...
Company Law : 86% of Independent Director positions in CPSEs remain vacant. Govt follows a structured process for appointments through ministrie...
Company Law : ICSI requests amendments to Sections 204 & 149(6)(e)(ii)(A) of Companies Act,, to enable Company Secretaries in practice to be Ind...
Company Law : ICAI releases Technical Guide on the provisions of Independent Directors from Corporate Governance perspective Good Corporate Go...
Company Law : MCA on 28.09.2020, vide various circulars and notification extended the date of various schemes to 31.12.2020 which were launched ...
Company Law : Companies which do not have any of their Directors/Signatory details registered in the MCA2 1 system and who are desirous of filin...
Company Law : Delhi High Court orders MCA to review independent director's request for designation correction in official records to prevent und...
Fema / RBI : Madras High Court overturns wilful defaulter tag on former IAS officer, citing lack of evidence linking him to company's financial...
SEBI : Regulation 17(1A) is not applicable for the purpose of filling up a casual vacancy under Section 161(4) of the Companies Act. Reg...
Corporate Law : Sunita Palta & Ors. Vs. Kit Marketing Pvt. Ltd. (Madras High Court) Non-Executive Directors are, therefore, persons who are no...
Company Law : The company delayed appointment of independent directors despite crossing the threshold. The authority held that prolonged non-com...
Company Law : The issue involved non-compliance with Section 150(1) due to improper appointment of an independent director. The authority held t...
Company Law : The ROC penalized the company for not appointing an Independent Director from the IICA databank. The ruling highlights strict comp...
Company Law : The issue involved failure to appoint independent directors within the prescribed timeline. The authority held that delay constitu...
Company Law : ROC Ahmedabad imposed penalties after finding prolonged non-compliance with mandatory Independent Director requirements. The rulin...
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 Institute of Chartered Accountants of India (ICAI), the regulatory body for the accounting profession, plans to scrutinise books of companies that have seen independent directors resign in the last two months, after the role of such directors came under intense scrutiny in the wake of the major financial fraud at Satyam Computer Services. Some […]
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.
The Parliamentary standing committee on Finance, headed by BJP member of parliament Ananth Kumar, has convened a meeting on Wednesday to examine the crisis sparked by the fraud in Satyam Computer Services. This could lead to changes in company law to strengthen regulation and governance.
The statutory auditor of Satyam Computer, Price Waterhouse, has said that it found no “significant risks and exposures” during its audit of the scam- hit IT firm.
