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It has been observed by the Ministry of Corporate Affairs that a large number of companies are not filing their due documents timely with the Registrar of Companies. Due to this, the records available in the electronic registry are not updated and thereby are not available to the stakeholders for inspection. Further, due to non-filing of the documents on time, companies are burdened with additional fee and facing the prosecutions also.
The International Financial Reporting Standards (IFRS), which several large companies in India will need to follow from April 1, will be flexible enough to suit Indian companies, the Union Minister for Corporate Affairs, Mr Salman Khurshid, has said.
Shri Salman Khurshid, Minister of Corporate Affairs, today launched the Telugu version of the Investor Education and Protection Fund Website at Hyderabad. He also released Beginner’s Guide to the Capital Market in Telugu language at a function organized by the Federation of Andhra Pradesh Chambers of Commerce and Industry (FAPCCI) in partnership with the Institute of Company Secretaries of India (ICSI) as part of India Investor Week (IIW) 2010.
BHEL bags 7 awards while LG electronics wins the first award in Private Manufacturing (Large) Category-Shri Salman Khurshid, Minister of Corporate Affairs, here today presented the 7th National Award for Excellence in Cost Management- 2009. BHEL bagged 7 awards in different Categories while LG Electronics won the First Award in Private Manufacturing (Large) category. Shri R. Bandyopadhyay, Secretary, Ministry of Corporate Affairs also graced the occasion as Guest of Honour.
In a move that will make it difficult for large companies to have a pyramid-like holding structure, the Ministry of Corporate Affairs plans to prohibit a subsidiary company from floating a 100 per cent owned company of its own.In a string of new changes proposed to the Companies Bill, 2009, the Ministry has told the Parliamentary Standing Committee on Finance that a company would be permitted to have only one investment company.
India Inc has reason to cheer with the Ministry of Corporate Affairs making it mandatory for the competition regulator, the Competition Commission of India, to clear M&A (mergers and acquisitions) proposals in just 180 days compared with 210 days specified earlier.
The Institute is pleased to inform that the Certified Filing Scheme of the Ministry of Corporate Affairs for practicing Company Secretaries will be officially opened from the 1st of July, 2010. To facilitate the registration process, the Company Secretaries in Practice who are interested in associating themselves with this scheme may make an online submission through the relevant link on our portal http://www.icsi.edu .
Ministry of Corporate Affairs (MCA), Government of India has on 26 May 2010 introduced Easy Exit Scheme, 2010 (EES) under the Companies Act, 1956 (the Act) to provide a fast track exit for “defunct companies” to get their names struck off from the records of the Register of Companies (ROC). The salient features of the scheme are as under:
The Ministry of Corporate Affairs (MCA) has give an opportunity to the defunct companies, for getting their names struck-off from the Register of Companies, the Ministry has decided to introduce a scheme namely, Easy Exit Scheme, 2010 under Section 560 of the Companies Act, 1956. The scheme is operational from 30th May 2010 to 31st August 2010.
The Ministry of Corporate Affairs (MCA) has shelved its idea of auditing the books of listed companies by independent auditors.It was part of the joint plan of market regulator Securities and Exchange Board of India (Sebi) and the ministry to conduct peer review of audits, which involves getting the audit reports of a company vetted by another auditor for a second opinion.
