On 5th June 2015, Ministry of Corporate Affairs posted here a draft notification to be published in Official Gazette announcing some exemption to Not for profit Companies.
As there is no effective date is announced in the Notification, this notification shall come into effect on the date of its publication in the Official Gazette.
[UPDATE 19th June 2015: MCA uploaded copy of Official Gazette dated 5th June 2015, in which this Notification is published. Meaning that; These exemption came into force from that date]
The Notification is issued in exercise of power conferred by Clauses (a) and (b) of Sub – section (1) and sub – section (2) of 462 of the Companies Act, 2013. A copy of this notification has been laid in draft before both Houses of Parliament as required by sub-section (2) of section 462 of the Companies Act, 2013.
Paragraph 2 of the Notification cast a condition on the Government Companies:
Indian Government as promoters considered as worst while complying corporate law and governance. What procedure government follows while appointing an additional director?
GOVERNMENT COMPANIES (Companies Act, 2013)
As per definition given in the Act “Government company” means any company in which not less than fifty – one per cent of the paid-up share capital is held by the Central Government, or by any State Government or Governments, or partly by the Central Government and partly by one or more State Governments, and includes a company which is a subsidiary company of such a Government company.
Posted in Chapter XXIII - CA2013, Companies Act 2013, CorpGov, Governance and Responsibility
Tagged CAG, Companies Act 2013, Companies Bill 2012, Comptroller and Auditor General of India, CorpGov, CorpLaw, Corporate Governance, Corporate Law, Government Company, India, Legal Reforms, Ministry of corporate affairs, Reforms
UPDATE: on 30th August 2013: Companies Bill 2012 became the Companies Act, 2013 (Act 18 of 2013).
This is my first post after passing of the Companies Bill, 2012 by Rajya Sabha on 8th August 2013. Lok Sabha have already passed this Bill, earlier on 18th December 2012. The Bill is just one signature away from being an Act or two-three step away from come to be in forced by Notification.
Here, I try to study briefly some definitions related to companies under present Bill [Now the Companies Act, 2013]. Readers may please add their inputs in comment section of this post.
Posted in Chapter I - CA2013, Companies Act 2013, Governance and Responsibility
Tagged Associate Company, Banking Company, Body Corporate, Companies Bill 2012, Companies with Special Provisions, Company, Company incorporated outside India, Company Limited by Guarantee, Company Limited by Shares, CorpLaw, Corporate Law, Corporation, Dormant Company, Financial Institution, Government Company, Holding Company, Joint Venture Company, Listed Company, Ministry of corporate affairs, Nidhi Company, Non - Profit Company, One Person Company, Private Company, Producer Company, Public Company, Small Company, Subsidiary Company