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The ministry of corporate affairs (MCA) has started a round of consultations with the law ministry on the feasibility of setting up a National Company Law Tribunal (NCLT) in the next one year.
Shri Salman Khurshid, Minister of Corporate Affairs, has said that in order to increase awareness in investors , an ‘India Investor Week’ will be organized in the 2nd week of July, 2010. Presiding over the meeting of the Governing Council of the National Foundation for Corporate Governance (NFCG), Shri Khurshid said that during that Week, 5 major events in the metros, regional events in the states and a large number of investor awareness camps will be organized all over the country.
The Institute of Chartered Accountants of India (ICAI) has recommended strict penal action, including imprisonment, for auditors who are found associated with serious accounting frauds. It also wants the Ministry of Corporate Affairs to frame a code of conduct for financial analysts and investment bankers for better scrutiny of firms that may indulge in such illegal affairs.
To set up a Company Law Tribunal without further delay, the Ministry of Corporate Affairs has begun consultations to make the necessary amendments in the Companies Act. The move comes in the backdrop of the Supreme Court judgment recommending changes in the existing Act to accommodate the tribunal within the constitutional framework.
The Corporate Affairs Ministry today said it may initiate further probe into the IPL franchisees caught in the middle of a controversy over ownership pattern and bidding process. The Ministry is analysing the reports submitted by the Registrar of Companies (RoCs) on 10 IPL franchisees. The reports include details on the bidding process, sweat equity, memoranda of association and also franchise agreements.
The expert group constituted by the Ministry of Corporate Affairs has specifically highlighted the need to develop cost accounting standards on the basis of generally accepted cost accounting principles. The cost accounting standards board is working to address the issue.
The Ministry of Company Affairs (MCA) has sent notices to all IPL franchisees, both old and new, asking them to furnish detailed company-related information. “We have sent notices to all the IPL franchisees to gather all corporate details and we are waiting for them to reply,” MCA secretary R Bandyopadhyay said here today on the sidelines of an interactive session with members of Bengal National Chamber of Commerce and Industry.
The ministry of corporate affairs has upped its ante to weed out defunct companies. Firms that are no longer in operation but are still on the rolls of the registrar of companies (RoC) are identified as defunct. The plan is to come out with an amnesty scheme under which firms that have failed to file their annual returns and balance sheets with the RoC for the last two years will be allowed to do so and carry on with their business.
The ministry of corporate affairs, or MCA, is drawing up an amnesty scheme for companies that haven’t been able to file their annual returns and balance sheets in the 2008-09 fiscal and before that with the Registrar of Companies (RoC) and liable to penalties for missing the deadline.
Serious Fraud Investigation Office (SFIO), functioning under the Ministry of Corporate Affairs, has handled 61 cases for investigation during 2004-05 to 2008-09. Giving this information in reply to a question in the Rajya Sabha, the Minsiter for Corporate Affairs, Shri Salman Khurshid told the House that SFIO has filed prosecutions in the matter of 32 companies against 632 accused (which includes individuals as well as companies) during the last five financial years. He said that as the SFIO is an investigating agency and not a revenue earning organization, hence the benefits on account of an investigating agency cannot be quantified in terms of revenue.
