Category Archives: Prank

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Tracking of Directors

Posted on April 1, 2018 | 1 comment

After numerous many leakages of sensitive information on faulty governance and unearthing of scam, Government is facing firework from ruling party and its parent organisations. The friendly government of corporate houses with allegedly better relationship with corny – capitalists business organisations, once again looking towards corporate jungle for next round of its killing hunt. As per primary level media reports, Ministry of Corporate Affairs preparing for additional information from directors to nab them at first sounding of the alarm bell. This is in public domain now; government is going to ask passport information of directors who are a citizen of India. This news is bigger than it appears in earlier newspaper reports.
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Posted in Chapter XI - CA2013, Companies Act 2013, Prank

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Redefining role of Professional Bodies

Posted on April 1, 2016 | 6 comments

A policy document, copy of which is available, say that Ministry of Corporate Affairs is planning to reorganise role of three corporate bodies namely; Institute of Chartered Accountants of India (ICSI), Institute of Company Secretaries of India (ICSI) and Institute of Cost Accountants of India (ICAI). After introduction of National Financial Regulatory Authority (NFRA) under the Companies Act, 2013, there was long-standing speculation about the role of these three professional bodies. This policy document, which is in nascent stage, say all policies and standard making powers shall vast in either in the National Financial Regulatory Authority (NFRA) or some other body with broader mandate. Regulatory role of these three bodies is also under public discussion after concerns raised by parliamentarians and top foreign investors.

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Posted in Company Secretary, Governance and Responsibility, Institute of Company Secretaries of India - ICSI, Prank, Truth of Our Time

MCA introduces Limited Purpose Independent Director in private companies

Posted on April 1, 2015 | 7 comments

An amendment rules notified by MCA introduces concept of limited purpose independent director in private companies. Government is amending existing Companies (Corporate Social Responsibility Policy) Rules, 2014. These rules are being criticised by various eminent jurist for trying to undermine authority of Section 135 of the Companies Act, 2013. Sub – Section (1) of Section 135 mandate for at least one independent director in every company whether it is private or public company. Existing Rule 5 of CSR rules tries to undermine this provision of Section 135 by saying “an unlisted public company or a private company covered under sub-section (1) of section 135 which is not required to appoint an independent director pursuant to sub-section (4) of section 149 of the Act, shall have its CSR Committee without such director”. A rule being subordinate legislation has no constitutional authority to change a provision of the Act.

Amended Clause (i) of Sub – Rule (1) of Rule 5 reads, “an unlisted public company or a private company covered under sub-section (1) of section 135 shall have an independent director for being member of its CSR Committee and such independent director shall have no other duty, obligation and responsibility under the Act.” Consequently, Clause (i) of Sub – Rule (1) of Rule 5 also been deleted.

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Posted in Chapter XI - CA2013, Companies Act 2013, CSR, Governance and Responsibility, Prank

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