In a rare gesture, Ministry of Corporate Affairs notified two orders for Removal of Difficulty on same date. I have no legal understanding for the requirement of two separate orders, except little drafting hurdle of combined order for its statement of reason or preamble.
Now, we will discuss both orders here.
Posted in Chapter II - CA2013, Chapter IX - CA2013, Companies Act 2013
Tagged the Companies (Auditor’s Report) Order 2015, The Companies (Incorporation) Rules 2014, the Companies (Indian Accounting Standards) Rules 2015, The Companies (Removal of Difficulties) Order 2016, The Companies (Removal of Difficulties) Second Order 2016, The Companies Act 2013
One of the biggest concerns among stakeholders related to incorporation of companies in India was diverse practices across Company Registrar Offices related to documentation. There was a joke that Registrar Offices colour of ink using which documents should be signed, which will otherwise be scanned in black. All this was due to different interpretation of relatively simple laws related to incorporation. It was learned that Institute of Company Secretaries of India initiated for discussion across registrar offices and professionals to bring consensus among registrar offices. Many time Registrar transferred from one offices to another bring their local practise to another jurisdiction or adopt new one, keeping aside own interpretation. Without any doubt, majority of visit to Registrar Offices was related to incorporation only.
This year bring a welcome change. New financial year will be new as far as company incorporation is concern. Even though, I still see opportunity for more reform.
Recently introduced amendment bill to the Companies Act, 2013 propose to reintroduce unlimited liability for members in certain cases. Though, similar provision was there in earlier in the companies Act, 1956; I have no intention to go into history; but to examine this provision in light of justice and equity.
When followers of two major Indian Political parties are using abusive language for mothers and others of opponent, their “leaders united” is working for their brotherhood causes silently, continuously and legally. One of the most popular narrative from both political side on social media claims, media do not show “their” truth. Here, we will discuss one aspect of this year’s budget unreported in conventional media.
We have discussed two year earlier here on 31st March 2014 Foreign Donation to political parties.
Recently, this blog received request form small promoters and investors asking information to receive information about company. Individual investors express fear about own investment in own companies.
Though, I suggest them to get professional help from local company secretary or chartered accountant, if company secretary is not available in their locality. But a simple, Do It Yourself (DIY) may help them.
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In an order dated 17th February 2016 Whole Time Member of Securities and Exchange Board of India, debars an auditor (Chartered Accountant is this case) from issuing any certificate. SEBI held that the Auditors had aided and abetted the Company in committing the alleged fraud.
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On 1st February 2016, Ministry of Corporate Affairs uploaded the report of Companies Law Committee on its website here. In 7th post on this report, we will discuss political surrender and failure to deliberate up to its mandate by the committee. Indian Investors need immediate public discussion and required to make their suggestion to government for better disclosures based regime in political contributions by companies.
On 1st February 2016, Ministry of Corporate Affairs uploaded the report of Companies Law Committee on its website here. In 5th post on this report, we will discuss recommendations of the committee related to Auditors, Directors, Independent Directors, etc.
On 1st February 2016, Ministry of Corporate Affairs uploaded the report of Companies Law Committee on its website here. In 4th post on this report, we will discuss recommendations of the committee related to shares, debentures, general meeting, NFRA, Board Report, CSR etc.
Posted in Companies Act 2013, CorpGov, CSR, Governance and Responsibility, Truth of Our Time
Tagged Board Report, CSR, Debentures, General Meeting, NFRA, Shares
On 1st February 2016, Ministry of Corporate Affairs uploaded the report of Companies Law Committee on its website here. In 3rd post on this report, we will discuss recommendations of the committee related to Incorporation and allotment of capital securities.
On 1st February 2016, Ministry of Corporate Affairs uploaded the report of Companies Law Committee on its website here. In second post on this report, we will discuss recommendations of the committee related to Definitions in the Companies Act, 2013.
On 1st February 2016, Ministry of Corporate Affairs uploaded the report of Companies Law Committee on its website here. In this post, I will discuss recommendations which might affect Company Secretaries.
Before reading further, I would like to disclose that I was part of two groups; Task Force on Companies Law and Research Group on Companies Law constituted by the Institute of Company Secretaries of India. All view here are personal and not of these groups or ICSI.
Posted in Companies Act 2013, Company Secretary, CorpGov, Governance and Responsibility, Institute of Company Secretaries of India - ICSI, Secretarial Audit, Secretarial Standards, Truth of Our Time
Tagged Annual Return, Companies Act 2013, Companies Law Committee, Company Secretary, Key managerial personnel, Secretarial Audit, Secretarial Standards
Investor Education and Protection Fund Authority established under Section 125(5) of the Companies Act, 2013 is an authority to administer for administration of Investor Education and Protection Fund established under Section 125(1) of the Act. Operating provisions of Section 125 are not force, but recently a Notification S.O. 125(E) dated 13th January 2016 notified part of this Section to be effective with effect from 13th January 2016. Consequently, Ministry of Corporate Affairs also put a draft notification for the Investor Education and Protection Fund Authority (Appointment of Chairperson and Members, holding of meetings and provision for offices and officers) Rules, 2016. In this post, we discuss the Notification and these Rules.
Posted in Chapter VIII - CA2013, Companies Act 2013, CorpGov, Governance and Responsibility
Tagged holding of meetings and provision for offices and officers) Rules 2016, India, Investor Education and Protection Fund, Investor Education and Protection Fund Authority, The Companies Act 2013, The Investor Education and Protection Fund Authority (Appointment of Chairperson and Members
Central Registration of companies is under consideration since long and is being considered on different forums. The Central Government silently launched a pilot project for setting of Central Registry for companies in India. This should initiate more actively by all interest groups to avoid any future concern, as happened in case of companies. In this post, we will discuss notification setting the Central Registration Centre and corresponding amendment in the Companies (Incorporation) Rules 2014.
Ministry of corporate Affairs issued a notification dated 14th December 2015 and published here in the Gazette of India dated 15th December 2015 regarding amendment in the Companies (Audit and Auditors) Rules, 2014.
A gazette notification posted here on official website of the Gazette of India and posted on website of Ministry of Corporate Affairs says that Section 13 and Section 14 of the Companies (Amendment) Act, 2015 came into force with effect from 14th December 2015. The official language of notification read, “The Central Government hereby appoints the 14th day of December, 2015 as the date on which the provisions of section 13 and 14 of the said Act shall come into force.”
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