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The Government has informed Lok Sabha that the Government has adopted the approach of convergence of Accounting Standards issued under the Companies Act, 1956 with the International Financial Reporting Standards (IFRS), keeping in view the requirements relevant to Indian conditions and to enable Indian companies and concerned regulatory bodies to transform to the new standards smoothly.
The Companies Bill, 2009 has not proposed any upper cap on the number of independent directors, but, sub-clause (3) of clause 132 of the Companies Bill, 2009 provides that at least one-third of total directors shall be independent directors to be appointed in every listed company having certain amount of paid up capital to be prescribed by the Central Government.
The government has found financial irregularities in 160 companies — a whopping 30 of them owned by it — thanks to the early warning system (EWS) put in place last year. After the nearly Rs 10,000-crore Satyam fraud last year, the Ministry of Corporate Affairs (MCA) in September had developed an EWS to detect corporate frauds. The software-based fraud detecting system scans companies based on 10 financial parameters set by the ministry.
Shri Salman Khirshid, Minister for Corporate Affairs, has reiterated the idea of making Corporate Social Responsibility (CSR) quantifiable and urged corporates to debate the possibility of establishing a CSR exchange to deal in CSR credits. Launching the FICCI-Aditya Birla CSR Centre for Excellence here today at Federation House, Shri Khurshid said that through the CSR exchange mechanism, companies would be able to trade in CSR credits, akin to trading in carbon credits. He said that we would be doing justice to the next generation by trading in CSR credits if we are able to find a way of quantifying CSR.
The Union government on Monday indicated it was hopeful of a favourable reply from the US Securities and Exchange Commission to a request for being lenient on scam-hit Satyam Computers, thereby allowing it to remain on the rehabilitation track.
The ministry of corporate affairs has asked the Registrar of Companies (RoC) to submit a detailed report under Section 234 of the Companies Act seeking an explanation from Adani Exports (now known as Adani Enterprises) for its financial statements for the year 2004-05.
Shri Salman Khurshid, Minister of Corporate Affairs, launched the electronic File Tracking System (FTS) in his Ministry here today. He electronically generated the first File No. under this system, which has been developed and maintained by National Informatics Centre (NIC).
The Ministry of Corporate Affairs has asked the Registrar of Companies (RoC) to look into alleged accounting discrepancies in five companies, which include Grasim, Adani Exports, Vickers Systems, Gwalior Chemical Industries and Metrochem Industries, CNBC-TV18 reports quoting government sources.
The Ministry of Company Affairs is now functioning under a Cabinet Minister, after its up-gradation with effect from January 29, 2006. The Ministry is continuing its initiatives to meet the expectations of the corporate sector and its stakeholders in the changing national and global business environment. The Ministry is constantly working towards improvement in the legislative framework and administrative set up to enable easy incorporation and exit of the companies, convenient compliance of regulations with transparency and accountability in corporate governance.
Criteria for identification of a vanishing company:A company would be deemed to be a vanishing company, if it is found to have: a) Failed to file returns with Registrar of Companies (ROC) for a period of two years;
