ministry of corporate affairs

Views on Enhancing Audit Independence & Accountability

Company Law - In this article author gives his views on the Consultation Paper with Justification to Examine the Existing Provisions of Law and Make Suitable Amendments therein to Enhance Audit Independence and Accountability...

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MCA’s revised framework on Debenture Redemption Reserve: A relaxation or confusion?

Company Law - Precedents of issue of debentures in India The requirement of creation of a Debenture Redemption Reserve is unique to India and is globally unheard of. This was inserted in India around the year 1998 in pursuance of recommendation of Committee formed under the chairmanship of Justice D.R. Dhanuka. Apparently, the very motivation for havin...

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FAQs on Digital Signature Certificate (DSC)

Company Law - With everything going Digital or Online, even signature has got its Digital Version, commonly known as Digital Signature Certificate or DSC. With Ministry of Corporate Affairs (MCA), Income Tax Authorities and Goods and Service Tax (GST) are already accepting online documents, applicant/taxpayer are now mandatorily required to sign docume...

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MCA provides Much Needed relaxation on RUN

Company Law - We all know that after incorporation of RUN Service (Reserve Unique Name), an applicant seeking reservation of name for a proposed Company or an Existing Company seeking to change its name has to apply for reservation through RUN Service only....

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Condonation Of Delay Scheme, 2018- A Breather for disqualified directors

Company Law - Eligibility for Condonation Of Delay Scheme, 2018: Condonation Of Delay Scheme, 2018 is available to all the defaulting companies other than the companies which have been stuck off or whose names have been removed from the register of companies....

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MCA releases Report of Committee on Business Responsibility Reporting

Company Law - Shri Rajesh Verma, Secretary, Ministry of Corporate Affairs (MCA) released the ‘Report of the Committee on Business Responsibility Reporting (BRR)’ here today....

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MCA proposes amendments to enhance Audit Independence & Accountability

Company Law - The concept of Auditor independence requires the auditor to carry out his or her work freely, with integrity and in an objective manner. Though auditor is appointed by the shareholders, effective power of their appointment and dismissal lies with the management....

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Clarification on the usage of MCA Corporate Database

Company Law - Press Information Bureau Government of India Ministry of Statistics & Programme Implementation 30 MAY 2019 4:45PM by PIB Delhi National Accounts Statistics: A clarification on the usage of MCA Corporate Database 1. This press release is being issued to clarify on the recent media reports on the usage of corporate sector database (Mini...

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MCA Releases National Guidelines on Responsible Business Conduct

Company Law - Ministry of Corporate Affairs has revised the National Voluntary Guidelines on Social, Environmental and Economic Responsibilities of Business, 2011 (NVGs) and formulated the National Guidelines on Responsible Business Conduct (NGRBC). These guidelines urge businesses to actualise the principles in letter and spirit. These principles ar...

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MCA to appoint 41 Chartered Accountants (CAs) across India

Company Law -  Ministry of Corporate Affairs (MCA) invites applications from Chartered Accountants (CAs) having 2 to 5 years of post-qualification experience as Consultant in the MCA Offices located all over India. – (19-07-2018) Announcement Ministry of Corporate Affairs (MCA) invites applications from Chartered Accountants (CAs) having 2 to 5 ...

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MCA constitutes Committee to review offences under Companies Act, 2013

F. No. 2/1/2018-CL.V - (13/07/2018) - Ministry of Corporate Affairs (MCA) has constituted a 10 Member Committee, headed by the Secretary of Ministry of Corporate Affairs, for review of the penal provisions in the Companies Act, 2013 may be setup to examine ‘de-criminalisation’ of certain offences....

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Suggestions invited on draft on Cross-Border Insolvency

Insolvency Section File No. 30/27/2018 - (20/06/2018) - The Ministry of Corporate Affairs (MCA), Government of India, invites comments and views from stakeholders on introductory note and draft on Cross-Border Insolvency. The MCA is keen to introduce a globally accepted and well-recognised cross-border insolvency framework, fine-tuned to suit the needs o...

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MCA Revises Document Filing & Company Incorporation fees WEF 26.01.2018

Notification No. G.S.R. 48(E) - (20/01/2018) - In exercise of the powers conferred by sections 396, 398, 399, 403 and 404 read with sub-sections (1) and (2) of section 469 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following rules further to amend the Companies (Registration Offices and Fees) Rules, 2014, na...

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Companies (cost records and audit) Second Amendment Rules, 2017

G.S.R. 1526(E) - (20/12/2017) - 1. These rules may be called the Companies (cost records and audit) Second Amendment Rules, 2017. 2. In the Companies (cost records and audit) Rules, 2014 (hereinafter referred to as the principal rules), in rule 2, for clause (aa) the following clause shall be substituted and shall be deemed to hav...

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Procedure for insertion of New Director Name from back end

ROCH/SEC167(3)/2017 - (17/10/2017) - Request letter signed by the Promoters/shareholders of the company explaining the facts and requesting for insertion of at least one director through back end of the MCA portal with the following attachments. ...

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Recent Posts in "ministry of corporate affairs"

MCA releases Report of Committee on Business Responsibility Reporting

Shri Rajesh Verma, Secretary, Ministry of Corporate Affairs (MCA) released the ‘Report of the Committee on Business Responsibility Reporting (BRR)’ here today....

Read More
Posted Under: Company Law |

Views on Enhancing Audit Independence & Accountability

In this article author gives his views on the Consultation Paper with Justification to Examine the Existing Provisions of Law and Make Suitable Amendments therein to Enhance Audit Independence and Accountability...

Read More
Posted Under: Company Law |

MCA proposes amendments to enhance Audit Independence & Accountability

The concept of Auditor independence requires the auditor to carry out his or her work freely, with integrity and in an objective manner. Though auditor is appointed by the shareholders, effective power of their appointment and dismissal lies with the management....

Read More
Posted Under: Company Law |

MCA’s revised framework on Debenture Redemption Reserve: A relaxation or confusion?

Precedents of issue of debentures in India The requirement of creation of a Debenture Redemption Reserve is unique to India and is globally unheard of. This was inserted in India around the year 1998 in pursuance of recommendation of Committee formed under the chairmanship of Justice D.R. Dhanuka. Apparently, the very motivation for havin...

Read More
Posted Under: Company Law |

Clarification on the usage of MCA Corporate Database

Press Information Bureau Government of India Ministry of Statistics & Programme Implementation 30 MAY 2019 4:45PM by PIB Delhi National Accounts Statistics: A clarification on the usage of MCA Corporate Database 1. This press release is being issued to clarify on the recent media reports on the usage of corporate sector database (Mini...

Read More
Posted Under: Company Law |

MCA Releases National Guidelines on Responsible Business Conduct

Ministry of Corporate Affairs has revised the National Voluntary Guidelines on Social, Environmental and Economic Responsibilities of Business, 2011 (NVGs) and formulated the National Guidelines on Responsible Business Conduct (NGRBC). These guidelines urge businesses to actualise the principles in letter and spirit. These principles ar...

Read More
Posted Under: Company Law |

FAQs on Digital Signature Certificate (DSC)

With everything going Digital or Online, even signature has got its Digital Version, commonly known as Digital Signature Certificate or DSC. With Ministry of Corporate Affairs (MCA), Income Tax Authorities and Goods and Service Tax (GST) are already accepting online documents, applicant/taxpayer are now mandatorily required to sign docume...

Read More
Posted Under: Company Law |

MCA to appoint 41 Chartered Accountants (CAs) across India

 Ministry of Corporate Affairs (MCA) invites applications from Chartered Accountants (CAs) having 2 to 5 years of post-qualification experience as Consultant in the MCA Offices located all over India. – (19-07-2018) Announcement Ministry of Corporate Affairs (MCA) invites applications from Chartered Accountants (CAs) having 2 to 5 ...

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Posted Under: Company Law |

MCA constitutes Committee to review offences under Companies Act, 2013

F. No. 2/1/2018-CL.V (13/07/2018)

Ministry of Corporate Affairs (MCA) has constituted a 10 Member Committee, headed by the Secretary of Ministry of Corporate Affairs, for review of the penal provisions in the Companies Act, 2013 may be setup to examine ‘de-criminalisation’ of certain offences....

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Mandatory Annual KYC of all Directors of all companies

As part of updating its registry, MCA is conducting KYC of all Directors of all companies annually through a new eform viz. DIR-3 KYC . DIR-3 KYC is been notified vide Companies(Appointment and Qualification of Directors) Fourth Amendment Rules, 2018 dated 5th July 2018 and would be made available shortly for filing purposes. While filing...

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Posted Under: Company Law |

Suggestions invited on draft on Cross-Border Insolvency

Insolvency Section File No. 30/27/2018 (20/06/2018)

The Ministry of Corporate Affairs (MCA), Government of India, invites comments and views from stakeholders on introductory note and draft on Cross-Border Insolvency. The MCA is keen to introduce a globally accepted and well-recognised cross-border insolvency framework, fine-tuned to suit the needs of aspirational Indian economy. The Gover...

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MCA provides Much Needed relaxation on RUN

We all know that after incorporation of RUN Service (Reserve Unique Name), an applicant seeking reservation of name for a proposed Company or an Existing Company seeking to change its name has to apply for reservation through RUN Service only....

Read More
Posted Under: Company Law |

MCA Revises Document Filing & Company Incorporation fees WEF 26.01.2018

Notification No. G.S.R. 48(E) (20/01/2018)

In exercise of the powers conferred by sections 396, 398, 399, 403 and 404 read with sub-sections (1) and (2) of section 469 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following rules further to amend the Companies (Registration Offices and Fees) Rules, 2014, namely...

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Condonation Of Delay Scheme, 2018- A Breather for disqualified directors

Eligibility for Condonation Of Delay Scheme, 2018: Condonation Of Delay Scheme, 2018 is available to all the defaulting companies other than the companies which have been stuck off or whose names have been removed from the register of companies....

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Posted Under: Company Law |

Condonation of delay scheme, 2018: Process, Documents & Impact

ondonation of Delay Scheme 2018 is available for: Companies whose status is Active on MCA Portal. Condonation of Delay Scheme 2018 Scheme is not available for: Companies who are struck off or whose ame has been removed from the ROC u/s 285(5)...

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Posted Under: Company Law |

Registered Valuers : New Opportunity for CAs / CMAs / CS

Ministry of Corporate Affairs (MCA) has notified the provisions governing valuation by registered valuers [section 247 of the Companies Act, 2013 and the Companies (Registered Valuers and Valuation) Rules, 2017 (the Rules), both to come into effect from 18 October, 2017....

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Posted Under: Company Law |

Condonation of delay scheme, 2018 for defaulting companies and directors

1. Condonation of Delay Scheme 2018 is applicable to all the Annual returns forms and Form ADT-1. 2. Condonation of Delay Scheme 2018 shall come into force with effect from January 01, 2018 and shall remain in force up to March 31, 2018 i.e. for a period of three months....

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Posted Under: Company Law |

Companies (cost records and audit) Second Amendment Rules, 2017

G.S.R. 1526(E) (20/12/2017)

1. These rules may be called the Companies (cost records and audit) Second Amendment Rules, 2017. 2. In the Companies (cost records and audit) Rules, 2014 (hereinafter referred to as the principal rules), in rule 2, for clause (aa) the following clause shall be substituted and shall be deemed to have been substituted with effect from the ...

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No need to file PAN-TAN application in Form 49A/49B after filing SPICe e-forms: MCA

With effect from 6PM of 4th November 2017, stakeholders will NOT be required to upload signed 49A/49B using Submit application for PAN/TAN service, in respect of any fresh SPICe submission or Resubmission cases. PAN and TAN will continue to be issued as before based on the details submitted in the SPICe form itself. ...

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Posted Under: Company Law |

Procedure for insertion of New Director Name from back end

ROCH/SEC167(3)/2017 (17/10/2017)

Request letter signed by the Promoters/shareholders of the company explaining the facts and requesting for insertion of at least one director through back end of the MCA portal with the following attachments. ...

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Remedial Measures for Removal of Disqualification of Directors

The purpose of this Article is to enlighten upon the remedial measures for the removal of disqualification of Directors by the Ministry of Corporate Affairs (MCA). The MCA has displayed lists of directors, who are disqualified for a period of 5 years with effect from 01.11.16 until 31.10.21, on the MCA Portal on the basis of RoC jurisdict...

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Posted Under: Company Law |

MCA liberalizes acceptance of deposits from members

Ministry of Corporate Affairs has yet again revised the provisions relating to acceptance of deposits under the Act, 2013 with its notification dated September 19, 2017. The Companies (Acceptance of Deposits) Second Amendment Rules, 2017 substitutes the proviso to sub-rule (3) of rule 3 relating to acceptance of deposits by members and br...

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Posted Under: Company Law |

‘Task Force on Shell Companies’ for effectively tackling malpractices

With a view to have consolidated relevant information at one place and based upon inputs from all law enforcement agencies, the Serious Fraud Investigation Office under the Ministry of Corporate Affairs has undertaken the exercise of preparing comprehensive digital database of shell companies and their associates that were identified by v...

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Posted Under: Company Law |

ICAI invites feedback and improvement ideas to improve MCA Services

ICAI Request to give feedback and improvement ideas in the present service delivery of the Ministry of Corporate Affairs as desired by National Productivity Council (NPC). ...

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Posted Under: Company Law |

MCA releases Induction material corrected up to 31.03.2017

The Department of Company Affairs was first constituted in 1950s. It remained either a Department or a part of Ministry of Law, Ministry of Finance or Ministry of Commerce till 2004. It became a Ministry in 2004 and acquired its present name in May 2007...

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Posted Under: Company Law |

MCA passes resolutions to increase use of Hindi Language

Resolution No. 20012/1/2017-O.L.(Policy) (07/04/2017)

20012/01/2017-0L(Policy) : The Committee of Parliament on Official Language was constituted in 1976 under the Section 4(1) of the Official Languages Act, 1963. The Committee submitted ninth part of its Report -Lathe President on 02.06.2011 relating to Ministry-wise/Region-wise assessment of the use of Hindi...

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Govt traces 161 vanishing companies out of 238 identified

Out of the 238 listed companies identified as Vanishing Companies, due to the efforts of the Ministry and law enforcement agencies, 161 such companies have been traced and 77 more companies are still in the list of Vanishing Companies....

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Posted Under: Company Law |

9 Major policy initiatives and achievements of MCA in 2016

Major policy initiatives and achievements of the Ministry of Corporate Affairs (MCA); MCA entrusted with the responsibility to administer the Insolvency and Bankruptcy Code, 2016 (Code);The Insolvency and Bankruptcy Board of India (IBBI) established; Stabilization of the Cost Records and Audit Rules...

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Posted Under: Company Law |

Actions taken by govt against NSEL and its promoters

Ministry of Corporate Affairs has taken following actions against NSEL and its promoters and the defaulting companies under various provisions of Companies Act, 1956:...

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Posted Under: Company Law |

MCA achievements for the month of November, 2016

The Ministry, vide notification no. S.R. 1049(E) dated 07.11.2016, has amended Companies (Registration Offices and Fees) Rules, 2014, allowing certification of AOC-4 by Company Secretaries and Cost Accountants also in addition to Chartered Accountants....

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Posted Under: Company Law |

Major Achievements of MCA for the Month of October, 2016

Ministry extended last date for filing of financial statements and annual returns using e-forms, AOC-4, AOC-4 (XBRL), AOC4 (CBS), or MGT-7...

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Posted Under: Company Law |

Peak Filing Preparation 2016- MCA 21

ANNOUNCEMENT Sub: Peak Filing Preparation 2016- MCA 21 As you are aware it is time of peak filing of Balance Sheet & Annual Return under the Companies Act. To avoid last minute rush and system congestion on the MCA 21 portal on account of annual filings during October / November 2016, we are quite sure […]...

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Posted Under: Company Law |

Analysis of SEBI / MCA Circular on Financial Results & Ind-AS

Ministry of Corporate Affairs (MCA) vide notification no. G.S.R. 111(E) dated February 16, 2015 had issued the Companies (Indian Accounting Standards) Rules, 2015. Pursuant to this Rules, the Company and their Statutory Auditor(s) shall comply with the Indian Accounting Standards (Ind AS) in preparation of their Financial Statements an...

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Posted Under: Company Law |

Changes in Company e-Forms wef 27.03.2016

Form 23AC, 23AC-XBRL, 23ACA, 23ACA-XBRL, Form 20B, Form 66, Form 21A and Form 23B eForms should be filed as attachments with GNL-2 from the date of notification (to be notified later....

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Posted Under: Company Law | ,

3.90 Lakh Companies Not filed Annual Return for 2015

However, several companies have not submitted their annual report/return, audited report, balance sheet and details of profit/loss. As per data generated from MCA 21 System, following are the details of companies who have not filed their Balance Sheets and Annual Returns:- ...

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Posted Under: Company Law |

13581 Companies Companies sharing address with at least 19 more Companies; 2627 Persons Director in More than 20 Companies

(i) There are 2627 persons holding Directorship in more than 20 Companies in violation of Section 165 of the Companies Act, 2013. It may be mentioned this is also in violation of s. 275 of the erstwhile Companies Act, 1956. The total number of Companies involved is 77696....

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Posted Under: Company Law |

MCA initiatives and salient achievements in the last six months

Ministry of Corporate Affairs initiatives and salient achievements in the last six months- Dated- July 28, 2015 The mandate of the Ministry of Corporate Affairs primarily concerns administration of the legal framework within which companies registered in India are to operate along with some other connected matters. Within this mandate rap...

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Posted Under: Company Law |

Changes in Stamp Duty Rates for MOA & increase in authorized share capital

  Stamp duty in the State of Rajasthan for change in authorized share capital of a company is changed vide Notification ‘F.4 (15)/FD/Tax/2014-60’ dated 14th July 2014 by the Finance (Taxation) Department of the Government of Rajasthan amending the Article 11 part-I of the Schedule of the Rajasthan Stamp Act, 1998. Stamp d...

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Posted Under: Company Law |

Form No. GNL-4 for filing addendum for rectification of defects or incompleteness notified

Earlier the Ministry of Corporate Affairs (‘MCA’) had released various e-Forms by the Companies (Registration Offices and Fees) Amendment Rules, 2014 vide Notification No. G.S.R. 297(E) dated 28 April 2014 with effect from 28 April 2014. The MCA has made further amendment in Rule 10 by the Companies (Registration Offices and Fees) Ame...

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Posted Under: Company Law |

List of companies investigated by govt. in last 3 Years

The details of companies investigated by the Ministry during the last three years and current year (till date) are enclosed as Annexure-I. Chit Funds are registered by State Governments under the Chit Funds Act, 1982 – an Act administered by the Ministry of Finance but with responsibilities of implementation resting with the States....

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Posted Under: Company Law |

MCA issuing notices to Companies not filed Annual Statement for FY 2012-13

(04/01/2014)

The companies are required to file their Balance Sheet and Profit & Loss Account and other documents in Form 23AC/ACA as required u/s 220 of the Companies Act, 1956 (‘Act’) read with Rule 7B of the Companies (Central Govt.’s) General Rules & Forms, 1956 (‘Rules’) with the jurisdictional Registrar of Companies (RoC) within 30 day...

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Posted Under: Company Law |

MCA 21 Portal Crosses Milestone of 1 Lakh Filings on One Single Day

The MCA 21 portal of the Ministry of Corporate Affairs crossed a significant milestone of 1,00,000 filings on one single day on 26th October 2013, surpassing the previous best of 88,119 filings last year (on 21/11/2012)....

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Posted Under: Company Law |

BSE to Develop India’s First CSR Index

Indian Institution of Corporate Affairs (IICA) and BSE Ltd. today signed an MoU in Mumbai to work collaboratively to develop a Corporate Social Responsibility (CSR) index, take up capacity building on CSR,...

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Posted Under: Company Law |

Corporate Social Responsibility and Sustainability Provision for Central Public Sector Enterprises

The Department of Public Enterprises (DPE) has issued guidelines on Corporate Social Responsibility (CSR) and Sustainability for Central Public Sector Enterprises (CPSEs) in April, 2013 wherein each CPSE shall, with the approval of its Board of Directors, make a budgetary allocation for CSR and Sustainability activities/projects for the y...

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Posted Under: Company Law |

Steps to Protect the Interests of Investors by Ministry of Corporate Affairs

The Ministry of Corporate Affairs has initiated several steps to protect the interests of investors through programmes of investors’ awareness and education. Giving this information in written reply to a question in the Rajya Sabha today, Shri Sachin Pilot, Minister of Corporate Affairs, said that important among such steps are :...

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Posted Under: Company Law |

Corporate Governance and Corporate Social Responsibility

Shrutika Kohli A systematic process which enables an organization to operate in a manner that meets with the business, legal and ethical expectations. It is a internal system encompassing policies, processes and people which serves the needs of all stakeholders by structuring, operating, directing and controlling management activities wit...

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Posted Under: Company Law |

Corporate Social Responsibility In India

Business scandals involving high profile organizations such as Enron and WorldCom have rocked the corporate world and be-come front-page news. This has shaken consumer confidence in both business leaders and the economy, creating concern about business ethics and governance. As a result, corporate social responsibility (CSR) has become in...

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Posted Under: Company Law |

Penal Action Against Fraudulent Companies

During last five years i.e. from 2008-09 to 2012-13 a total of 782 inspection reports in respect of companies were received in the Ministry of Corporate Affairs. Based on the findings in the inspection reports, penal actions have been taken against the companies and their directors/officers in default for violation of various provisions o...

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Posted Under: Company Law |

Companies Need to Look Beyond Shareholder Value – Sachin Pilot

Companies Need to Look Beyond Shareholder Value And Make Sustainability a Core Driver of their Strategy – Sachin Pilot Corporate Affairs Minister Inaugurates ‘CSIA International Corporate Governance Conference’ Shri Sachin Pilot, Minister of Corporate Affairs, inaugurated the two-day 2nd CSIA (Corporate Secretaries International Ass...

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Posted Under: Company Law |

Infosys takeover MCA21 project from TCS

Stakeholders - this is to inform you that Tata Consultancy Services (TCS) would be completing the tenure of the contract as the BOOT (Build Own Operate & Transfer) Operator for MCA21 on 16th January 2013. From 17th January 2013 Infosys Technologies Limited (Infosys) would be taking over as the BOOT Operator. MCA21 will continue to provide...

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Posted Under: Company Law |

Achievements of Ministry of Corporate Affairs during 2012

Passage of the new Companies Bill by Lok Sabha and introduction of the Competition Commission of India (Amendment) Bill 2012 in the Parliament are the highlights of the achievements of the Ministry of Corporate Affairs during 2012...

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Posted Under: Company Law |

Companies Bill approved by Lok Sabha with mandate on CSR spending

Lok Sabha today passed the Companies Bill , with the government saying the aim is to protect interest of employees and small investors while encouraging firms to undertake social welfare voluntarily instead of imposing that through inspector raj. Replying to a debate before the bill was passed by a voice vote, Corporate Affairs Minister S...

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Posted Under: Company Law | ,

A Round Table on Corporate Regulation

Deliberating upon various contours of corporate regulation, experts at a High Level Round Table here today agreed that new age corporate regulation has to be growth oriented, transparent and inclusive. The Round Table, organised by the Indian Institute of Corporate Affairs (IICA, under the aegis of the Ministry of Corporate Affairs) and G...

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Posted Under: Company Law |

Four Companies found to be operating without Registration

Complaints have been received in respect of the following four Companies, which have been found to be operating without registration or incorporation under the Companies Act, 1956 during the last three years: ...

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Posted Under: Company Law |

Soon Companies to spend at least 2% of average net profits (of last 3 years) on CSR

Clause 135 of the Companies Bill, 2011 inter alia, provides for the specified companies to spend at least 2% of the average net profits (of last 3 years) in pursuance of the company’s Corporate Social Responsibilities (CSR) policy and in case of failure, to specify the reasons for not spending such amount in the Board’s Report. ...

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Posted Under: Company Law |

MCA 21 Project – Achievements and Continuation

Shri Pilot said that the introduction of MCA 21 has yielded remarkable results. In terms of efficiency, the project achieved speedy delivery of services and regulation of corporate compliances through the use of modern information technology. ...

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Posted Under: Company Law |

Various aspects of Corporate Social Responsibility; a Quintessence of Business Activity

Wealth Creation has been a predominant culture of the businesses traditionally. But the formation of transnational corporations has given this view point a new and wider dimension. And that is the social responsibility of the business entities. Creating values should be the prime focus of the corporations rather than creating money only....

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Posted Under: Company Law |

MCA 21 2nd Cycle to Benefit Companies / LLPS Registered in India

The MCA21 is considered as one of the most successful mission mode project (MMP) having implemented many innovations viz. internet payments, credit card payment, electronic issuance of stamp paper (e-stamp), use of adobe e-forms, end-to-end electronic work flow and digital signature (DSC) based electronic filing. ...

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Posted Under: Company Law |

Main reasons for non-compliance with Legal Provisions

There have been several times in the last two decades when the ethical behavior of organisation has been the center of attention. This may be due to lack of knowledge on the issues related to compliance. ...

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Posted Under: Company Law |

Companies need Central Govt approval to pay over 10% of net profit to directors

Registered companies in India can't pay more than 10% of net profit as remuneration to board-level directors overall without the government's approval, the Ministry of Corporate Affairs said today....

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Posted Under: Company Law | ,

Auditors to pay fees for Filing of Form 23B wef 22.07.2012

Ministry of Corporate affairs has vide its General Circular No. 14/2012, dated 21-6-2012 imposed fees on various forms which were free of cost. One such form was E-form-23B which in an Intimation to ROC by statutory auditors regarding their appointment. So now fee shall be payable based on Authorised Capital of the Company. Additional fe...

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Posted Under: Company Law | ,

Moily releases Compendium highlighting Achievements of Ministry of Corporate Affairs

Union Corporate Affairs Minister Dr. . M. Veerappa Moily has emphasized upon creating an environment that would enable the corporate community meet the multifarious global challenges while enhancing their competitiveness. Dr. Moily was addressing a Press Conference to highlight the achievements of his Ministry here in New Delhi today. The...

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Posted Under: Company Law |

Interests of Investers Needs Protection-Dr. M.Veerappa Moily

Union Corporate affairs Minister Dr. M. Veerappa Moily today held a meeting here in New Delhi with the representatives of leading trade & business chambers, professional institutes under the Ministry of Corporate Affairs, SEBI and RBI to workout the modalities of implementation of conclusions emerging from the deliberations conducted by t...

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Posted Under: Company Law |

Constitution of Committee to frame National Corporate Governance Policy

The Ministry of Corporate Affairs has constituted a Committee under the Chairmanship of Shri. Adi Godrej for framing a ‘National Corporate Governance Policy’ to suggest a comprehensive policy frame work to enable corporate governance of highest quality in all classes of companies without impinging on their internal autonomy to order t...

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Posted Under: Company Law |

Clarification Regarding Filing of Conflicting Returns by Contesting Parties

The Ministry of Corporate Affairs has clarified that Circular No. 19 and 20 of 2011 issued on 02.05.2011 that were issued for laying down certain procedure to regulate cases wherein filing of conflicting returns with regard to appointment of Directors or change of Director/Directors have now been superseded. This has been done in the ligh...

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Posted Under: Company Law |

Ministry of Corporate Affairs to Organize India Corporate and Investor Meet in February 2012

The Ministry of Corporate Affairs will organize a week long India Corporate and Investor Meet from February 6 to 12, 2012 in the five metro cities, namely, Kolkata, Chennai, Mumbai, Bangalore and Delhi. A decision to this effect was taken in a meeting chaired by Dr. M. Veerappa Moily, Union Minister for Corporate Affairs yesterday. The se...

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Posted Under: Company Law |

Comprehensive Competition Reforms at Centre State and Sub-State Levels will be Defining Moment in India – Moily

The time has come for all the stakeholders in the growth of Indian economy to come forward and launch a national movement to build a culture of competition so as to promote innovation, entrepreneurship and inclusive growth and to be part in ushering second generation of reforms. This was stated by the Minister for Corporate Affairs, Dr M ...

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Posted Under: Company Law |

Infosys launches XBRL filing solution to help companies file financial statements

Country's second largest software exporter Infosys today announced the launch of XBRL filing solution to help companies file their financial statements in the format mandated by the Ministry of Corporate Affairs. ...

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Posted Under: Company Law |

Netherlands Delegation Calls on Shri R.P.N. Singh; Issues of Bilateral Interest Discussed during the Meeting

Dr.Henk Bleker, Minister for Agriculture and Foreign Trade, Kingdom of Netherlands along with his delegation, had a meeting with Shri R.P.N.Singh, Minister of State for Corporate Affairs here in New Delhi today. Mr.Bob Hiensch, Ambassador of the Kingdom of the Netherlands to India, and Shri Naved Masood, Secretary, Ministry of Corporate A...

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Posted Under: Company Law |

ICAI accuses state and central governments, and PSUs of deliberately favouring CA companies having affiliations with multinational audit firms

Accounting regulator ICAI has accused state and central governments, and PSUs, of deliberately favouring chartered accountant companies having affiliations with multinational audit firms. ICAi accused that In certain cases, public sector undertakings, the government departments, central and state governments advertise for various profess...

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Posted Under: Company Law |

ICAI – Appointment of Shri Manoj Kumar, Jt. Secy, MCA as member on Committees/Boards of the Institute

The President, in terms of the authority given to him by the Council at its 303rd meeting held on 10th, 11th and 12th February, 2011, has appointed Shri Manoj Kumar, Joint Secretary, Ministry of Corporate Affairs, the newly nominated member on the 21st Council in place of Dr. T.V. Somanathan, on the following Committees/Boards of the Ins...

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Posted Under: Company Law |

Provisions Related to Corporate Governance

The Companies (Amendment) Act, 2000 has inducted good corporate governance [CG] leading to more transparent, ethical and fair business practice to be adopted by corporates at large. The following are the provisions which have brought good CG: Section 217(2AA) dealing with Directors’ Responsibility Statement [DRS] to be included in t...

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Posted Under: Company Law |

No company with Baba Ramdev as Director

The Minister of State in the Ministry of Corporate Affairs Shri R.P.N. Singh today informed the Lok Sabha that as per latest information available, no company with Baba Ramdev as Director is registered in the country. However, 34 companies are registered in the country with Acharya Balkrishna as Director. ...

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Posted Under: Company Law |

Important message on XBRL Taxonomy and Validation Tool

Representations from stakeholders on accounting and technical aspects of the Taxonomy to be used for XBRL filings of financial statements by the companies were received by the Ministry of Corporate Affairs. These suggestions/comments were referred to ICAI for modification and improvements in the Taxonomy. ...

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Posted Under: Company Law |

Companies Bill 2011 under finalization and will enable shareholders to file ‘class action suits’ in case of fraud

The Minister of State in the Ministry of Corporate Affairs today informed the Rajya Sabha that the Companies Bill 2011 is under finalization based on recommendations of the Parliamentary Standing Committee on Finance and inputs received from all relevant interest groups. ...

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Posted Under: Company Law |

Investor can now file their complain on MCAs website

Complainant is free to file fresh complaints on the Ministry’s website - www.mca.gov.in/MCA21/, in respect of the unresolved complaints filed earlier on the website- www.investorhelpline.in. Further, the members of the public are informed that henceforth they may file their grievances online on the Ministry’s website – www.mca.gov....

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Posted Under: Company Law |

Naved Masood takes over as new Secretary, Ministry of Corporate Affairs

Sh. Naved Masood, IAS (UP:77) has taken over as new Secretary in the Ministry of Corporate Affairs here today. Prior to it he was Special Secretary and Financial Advisor, Department of Health and Family Welfare in the Ministry of Health and Family Welfare. Sh. Masood replaces Sh. D.K.Mittal IAS (UP:77) who has been appointed as Secretary ...

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Posted Under: Company Law |

Dr. M.Virappa Moily gives away ICWAI 8th National Awards for excellence in Cost Management 2010

Union Minister of Corporate Affairs Dr. M. Virappa Moily today presented the ICWAI 8th National Awards for excellence in Cost Management 2010 to the representatives of leading industrial organisations both in the public sector as well as the private sector at Vigyan Bhawan, New Delhi. Speeking on the occasion the minister said Cost leader...

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Posted Under: Company Law |

Circulation of Audited Accounts for the Year ended 2010-11 and Report of the Council

As a part of the Green Initiative in Corporate Governance taken by the Ministry of Corporate Affairs by allowing paperless compliances by the companies, the Council of the Institute has decided to send the Audited Accounts and Report of the Council for the Financial Year ending 31st March, 2011 to the members of the Institute pursuant to ...

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Posted Under: Company Law |

80,000 companies in Northern India are 'defaulters' – MCA

Asserting that Companies that have not filed annual returns and balance sheet to Ministry of Corporate Affairs (MCA) for past five years have been put on notice, a senior official of MCA today said there were 80,000 such companies in Northern India. ...

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Posted Under: Company Law |

ROC – Information to stakeholders for cleaning the pending work

All the stakeholders are hereby informed that Ministry of Corporate Affairs has opened all the work items filed prior to coming into force the amended Regulation 17 of The Companies Regulation, 1956 i.e. 15.02.2009 and are pending for user clarification / re-submission / under regulation 17(6). All ROCs have been directed to disposed off...

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Posted Under: Company Law |

Regulators should interact more frequently – Ministry of Corporate Affairs

The Ministry of Corporate Affairs today said efforts were on to create a platform where different regulators could sit together with an aim to align regulatory overlaps for the benefit of corporates. When we have multiple regulators there has to be some way that they interact with each other so that the procedures are in line with each ot...

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Posted Under: Company Law |

New Initiatives of Ministry of Corporate Affairs for Corporate Governance (Must Read)

In order to reduce cost of posting and speedy delivery of documents, service of documents through electronic mode has been permitted under section 53 of the Companies Act, 1956 in place of service of document under certificate of posting. Similarly, to reduce the consumption of papers and speedy secure delivery, service of copies of Ba...

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Posted Under: Company Law | ,

Govt to discuss new rules governing stock exchanges

The government will begin tomorrow its consultations with various stakeholders regarding a new set of rules on how stock exchanges should be owned and run, proposed by a Sebi-appointed committee last year. Besides the exchanges, new ownership and governance rules have also been proposed by the committee, chaired by former RBI Governor Bim...

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Posted Under: Company Law |

Procedure under the Companies Act, 1956 for holding general meeting through electronic mode

The Ministry of Corporate Affairs has clarified that that a shareholder of the company may participate in a general meeting under the provisions of Companies Act, 1956 through electronic mode. The Clarification is a sequel to the representations being received by the Ministry from various Industry bodies to recognize participation by sha...

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Posted Under: Company Law |

ROC to probe market research agency Speak Asia

The Ministry of Corporate Affairs (MCA) has ordered a probe into market research agency Speak Asia after media reports unearthed shady workings of the firm. Speak Asia has been under the scanner for alleged using false high profile client names to benefit itself....

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Posted Under: Company Law | ,

Clarification on Loan to Public Limited Companies Under Section 295 of the Companies Act

The Ministry of Corporate Affairs has issued clarification on loan to Public Limited Companies under Section 295 of the Companies Act. A circular issued by the Ministry in this regard says that it has come to the notice of the Ministry that some Companies are making applications for getting prior approval of Central Government when they p...

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Posted Under: Company Law | ,

ICSI – Six Month Training at Registrar of Companies/ Official Liquidator/Regional Directors

06 Months Training at Registrar of Companies/ Official Liquidator/Regional Directors - Ministry of Corporate Affairs has agreed to provide part of training( 6 Months ) of 15 Months training in its various offices RD/ROC/OL at the stipend of Rs. 10000/ and Rs. 7000/- per month for Professional Pass and Executive Pass students respectivel...

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Posted Under: Company Law |

Key considerations and action points for Indian corporate entities

On 1 April 2011, the Ministry of Corporate Affairs (MCA) in India posted a circular on its website mandating a certain class of companies (Phase 1) to file balance sheets and profit and loss accounts for the year 2010-11 onwards by using eXtensible Business Reporting Language (XBRL). The financial statements required to be filed in XBRL f...

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Posted Under: Company Law |

2G Spectrum case- No suo-moto investigation by Ministry of Corporate Affairs

No suo-moto investigation is being carried out by the Ministry of Corporate Affairs into telecom companies involved in 2G Spectrum case within the Provisions of the Companies Act 1956. However, clarification and/or information are provided as and whe...

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Posted Under: Company Law |

ICWAI – President's Communique – February 2011

You may have come across a headline in one of the National newspapers on the sixty first Republic Day this year which I quote “There is a limit how much RBI can do”. It is in response to the strategy RBI is likely to adopt to tackle rising inflation ...

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Posted Under: Company Law |

Directions Under Section 212 of Companies Act 1956 Amended by Ministry of Corporate Affairs

Section 212 of the Companies Act, 1956 requires holding companies to attach with their balance sheet a copy of the balance sheet, profit and loss account etc of each of its subsidiaries. In recent years, with the globalization of the Indian economy,...

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Posted Under: Company Law |

MCA may inspect books of 39 cos barred by Sebi

Thirty-nine entities, barred from stock markets by Sebi last week for circular trading, may also face inspection by the Ministry of Corporate Affairs (MCA) for possible anomalies in their balance sheets....

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Posted Under: Company Law |

D K Mittal appointed Corporate Affairs Secretary

D K Mittal, a 1977 batch IAS officer of UP cadre, has been appointed as the Secretary of the Ministry of Corporate Affairs today. Mittal will replace R Bandyopadhyay who retired today. At present, Mittal is the Additional Secretary in the Departmen...

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Posted Under: Company Law |

Shri R. P. N. Singh Assumes the Charge of Minister of State for Corporate Affairs

Shri R. P. N. Singh assumed the charge of the Minister of State for Corporate Affairs here today at Shastri Bhawan. Secretary of the Ministry, Shri R. Bandyopadhyaya, and other senior officers of the Ministry of Corporate Affairs were present on the ...

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Posted Under: Company Law |

Corporate Affairs Minister unveils sweeping plans to meet IFRS deadline

Last year, the Prime Minister's Office had asked the Ministry of Corporate Affairs for further consultations. "PMO had desired that we do further consultations (with the industry). The additional consultations which we were called for are over and we...

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Posted Under: Company Law |

ICAI press release on International Conference 2010-11

Our sincere thanks to Shri Pranab Mukherjee, Hon’ble Finance Minister of India for Inaugurating the International Conference, Guests of Honour, Shri Salman Khurshid, Hon’ble Union Minister of State (I/C) for Corporate Affairs, CA. K. Rahman Khan, Hon...

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Posted Under: Company Law |

Shri A. N. Raman of ICWAI takes over as President of South Asian Federation of Accountants

Shri A. N. Raman, a Central Council Member of The Institute of Cost and Works Accountants of India (ICWAI), functioning under the aegis of the Ministry of Corporate Affairs, has taken over as the President, South Asian Federation of Accountants (SAFA...

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Posted Under: Company Law |

ICAI Organizes International Conference on Accountancy Profession

The Institute of Chartered Accountants of India (ICAI), working under the aegis of the Ministry of Corporate Affairs, is organizing a three-day International Conference on Accountancy Profession: Catalyst to Sustained Economic Growth, here from today...

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Posted Under: Company Law |

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