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In view of the vastness of the subject, the complications and listening at many of my colleagues, I have decided to present a small brief on Companies to be formed under the provisions of Companies Act, 1956, the difference between Private Limited and Public Limited Companies, the applicable law and also the complications. I know the vastness of the subject and I just want to present a small brief as follows:
he Ministry of Corporate Affairs (MCA) has worked out new parameters for scrutiny of companies. These are based on reports on the Satyam fraud investigation. In instructions to the Registrar of Companies (RoC), MCA has pointed to ‘cash at bank’ as a vital parameter for scrutiny. Till now, the auditor’s certificate was sufficient.
Limited Liability Partnership Act, 2008 (LLP Act) was passed by the Parliament in December, 2008. Some of the sections of the LLP Act were made effective on 1-4-2009. Sections relating to conversion of existing partnership firms and private as well as public unlisted companies into LLP have been brought into force on 31-5-2009. Sections relating to liquidation and winding up of LLP have not yet come into force. LLP Rules, 2009, have also been made and they have now come into force.
The head count in the fraud hit Satyam Computers, which engaged the attention of investigating agencies considerably, is now become the curse for the company’s former directors.A charge common to most of the accused in the complaints filed in a court here by the Serious Fraud Investigation Office (SFIO) is that they approved the company’s balance sheets and the director’s reports about particulars of employees that were never filed with the competent authority.
Vasudevan, who was director investigation and inspection ministry of corporate affairs before joining the CLB three months ago, was looking into high profile cases like the Satyam and the Sesa Goa fraud. “No we don’t need to relook, it is the SFIO that has done the investigation, in the beginning it was done at the level of Regional Director and Registrar of Companies and then it was taken over by the SFIO, so I don’t think we need to worry at all…,” Corporate Affairs Minister Salman Khurshid said.
Foreign companies who are engaged in manufacturing and trading activities outside India are allowed, by Indian law, to set up branch offices in India for the following purposes: Export/Import of goods. Rendering professional or consultancy services. Carrying out research work, in which the parent company is engaged.
Further, it may be noted that since technical scrutiny of balance sheet does not involve attestation function, accordingly any Chartered Accountant not holding certificate of practice is also eligible to apply for the subject panel.
Last Year, The CBEC, had planned a Third Party Information System (TPIS), a third party information model for excise duty. Now CBEC requires to reproduce the trials with service tax. As per board, it is a very effective and non-intrusive set up to obtain all apposite data to trap the tax evaders.
The Ministry of Corporate Affairs (MCA) wants to shed its stern regulatory image and acquire a gentler, corporate-friendly reputation. The new mantra is to be a facilitator in corporate growth instead of just another regulator. The mantra is now being translated into action. For example, to cut out subjectivity in decisions, MCA has decided that field officers will not conduct any scrutiny of company balance sheets or send notices based on personal judgments or external tips.
The Ministry of Corporate Affairs (MCA) has decided to conduct a quarterly scrutiny of the end-use of funds raised through initial public offers (IPO). To this end, the ministry has directed all Registrar of Companies (RoC) to coordinate with the stock exchanges to access the quarterly balance sheets of all companies that have come out with IPOs in the recent past.
