Tag Archives: MCA

E – Voting Rules 2015

Posted on March 27, 2015 | 9 comments

Indian E – voting Rules were under criticism from various quarters of corporate world since. Their application has been postponed some point of time. Now, the Rule 20 of the Companies (Management and Administration) Rules 2014 has been substituted by the Companies (Management and administration) amendment Rules, 2015. We have discussed, original Rules related voting through electronic Means earlier here.

These rules will come into force from the date of publication of these rules in official gazette i.e.

Applicability:

The provisions of this rule shall apply in respect of the general meetings for which notices are issued on or after the dale of commencement of this rule. [Rule 20(1)]

Continue reading →

9 Comments

Posted in Chapter VII – CA2013, Companies Act 2013, CorpGov, Governance and Responsibility

Tagged , , , , , , , , ,

Amendment to Meeting of Board Rules

Posted on March 24, 2015 | 1 comment

The Ministry of Corporate Affairs came with amendment to the Companies (Meeting of Board and its Powers) Rules 2014. These amendments shall come into effect from date of their publication in the Official Gazette i.e.

Power of Board:

As we have discussed earlier here, in addition to the powers specified under sub-section (3) of section 179 of the Act, the certain powers shall also be exercised by the Board of Directors only by means of resolutions passed at meetings of the Board.

Through this amendment, ministry of corporate affairs reduced list form total 9 items to only 3 items.

Continue reading →

1 Comment

Posted in Chapter XII - CA2013, Companies Act 2013, CorpGov, Governance and Responsibility

Tagged , , , , , ,

Loan and Advances to Employees

Posted on March 13, 2015 | 2 comments

Ministry of Corporate Affairs on 10th March 2015 came out with a general circular 04/2015 regarding clarification with regard to Section 185 and 186 of the Companies Act 2013 on subject of loan and advances to employees.

The ministry say in circular:

“This Ministry has received a number of references seeking clarification on the applicability of provisions of section 186 of the Companies Act, 2013 relating to grant of loans and advances by Companies to their employees.”

Continue reading →

2 Comments

Posted in Chapter XII - CA2013, Companies Act 2013, CorpGov, Governance and Responsibility

Tagged , , , , , , ,

All resigned No sign

Posted on March 6, 2015 | 3 comments

This is a comical situation under soap opera script but it must have been a practical situation in India. And yes, many dealers of “company retail market” face this situation daily. Sellers want a cut off point beyond which they do not want any liability for any single moment and buyer will take charge on very next moment after the resignation of seller. This cut – off point on time scale is a possible legal defence from all past or future sins. Under Companies Act 1956, dealers has no fine tuned pressure to create such cut – off point because there was no possibility of submission of resignation by resigning directors. Filing a return of resignation of outgoing directors, under earlier law, was duty and responsibility of incumbent directors. They have to appoint at least one new director first (if not legally required two/three, in broad sense) before resigning. During those golden days, dealers usually prepare documents in such a way time to give effect of resignation was mentioned in minutes and seconds in resignation letters. Same was also true for appointment. Thereafter, within legal thirty days, dealers ensure filing of all required documents and forms with registrar of companies. Hence, all laws complied, happy ending.

Continue reading →

3 Comments

Posted in Chapter IX - CA2013, Companies Act 2013, CorpGov, Governance and Responsibility

Tagged , , , , , , ,

Suggestion for MCA website, “Act and Rules” Section

Posted on March 1, 2015 | 2 comments

Dear Sir,
 
I am regular user of portal of Ministry of Company Affairs. This is one government site which update regularly. I have a small suggestion. This is related to “Act and Rules” section. 
 
I find Ministry update it immediately, whenever there is any new Rules, Notification, General Circular or order issued by Ministry and send for publication of Official Gazette of India. As you aware; most of these rules, notifications and orders come into force on the date of publication in the Official Gazette and until publication in Official Gazette, copies of these rules, notifications and orders are just a piece of information, not of Law of land.
 
I would like to suggest you, when these rules, notification and order published in Official gazette, Ministry may please replace its pre – publication copies with copies published in Official Gazette. This will help stakeholders to know date of publication in official gazette as well as date from which these rules, notification and orders.
 
I understand, this may increase workload a little bit but help stakeholders a lot and improve image of Ministry also.

2 Comments

Posted in Chapter I - CA2013, Companies Act 2013, CorpGov, Governance and Responsibility, Truth of Our Time

Tagged ,

Powerless Circulars

Posted on July 5, 2014 | Leave a comment

In an interesting read Pratik Datta point out working of MCA under the Companies Act 2013. Please read:

Within the Central Government, the administration of the Companies Act, 1956, had been entrusted with the MCA through the Government of India (Allocation of Business) Rules, 1961. Interestingly, these Rules have not yet been updated to include administration of Companies Act, 2013 under the purview of MCA.

Continue reading →

Leave a comment

Posted in Chapter XXVIII - CA2013, Companies Act 2013, Governance and Responsibility, Truth of Our Time

Tagged , , , ,

INFORMATION AND STATISTICS (Companies Act, 2013)

Posted on January 21, 2014 | Leave a comment

POWER OF CENTRAL GOVERNMENT TO DIRECT COMPANIES TO FURNISH INFORMATION OR STATISTICS (SECTION 405):

The Central Government may by order companies generally or any company or class of company to furnish any information or statistic with regard to constitution or working of the company within a time specified in the order.

Continue reading →

Leave a comment

Posted in CHAPTER XXV - CA2013, Companies Act 2013, CorpGov, Governance and Responsibility

Tagged , , , , , , , , , , , , , , ,

RTI Reply on Working of MCA21 Portal in 2012 – 13

Posted on June 11, 2013 | 3 comments

I filed an application for Information of period from 1st April 2012 to 31st March 2013 about working of MCA21 portal. My question was:

Description of the information required:

1. Current User Capacity of MCA21 Portal,

2. Number of Month – wise Log – in on MCA21 portal from 1st April 2012 to 31st March    2013

3. Total Month – wise time – period, during 1st April 2012 to 31st March 2013, when MCA21 Portal was not working due to Maintenance, Updating, Production release, upgrades, switchovers, switchback drills or other official Reasons; and details thereof,

4. Total month – wise time period, during 1st April 2012 to 31st March 2013, when MCA21 Portal put notice like “Large numbers of users are logged in MCA21 portal. Kindly try after some time.”

 

I received this reply from Ministry of Corporate Affairs, which is also embedded here. Please read and share your views on comment section of this blog post.

3 Comments

Posted in Chapter XXIV - CA2013, Companies Act 2013, CorpGov, Governance and Responsibility

Tagged , , , , , , , , , , ,

MCA’s Voluntary Guidelines for Companies for providing information on websites

Posted on November 10, 2012 | 1 comment

This guideline is voluntarily applicable for a company having paid up capital not less than Rs. 10 crore (Rs.10,00,00,000/- or more) or having more than 100 members. (Though, I could not understand, why MCA selected a class of company for this voluntary guideline. Whether, they will prosecute other companies if they want to follow these guidelines. In my views, the class of companies mentioned in these guidelines should be under “Comply or Explain” and other companies need no explanation, if they choose not to follow these guidelines.)

[UPDATE: There is nothing to suggest that these guideline are in force after the Companies Act, 2013 and Rules made there under. The Act, otherwise, has own list of compliances for providing information on websites.]

Continue reading →

1 Comment

Posted in CorpGov, Governance and Responsibility

Tagged , , ,

Introducing: AishMGhrana Governance Professional

Posted on May 25, 2012 | Leave a comment

The Institute of Company Secretaries of India has its Continuing willingness to present itself as a world leader as professional body of Corporate Governance professionals. This is a welcome transformation of Company Secretary from a mere clerk to Corporate Governance professional. The ICSI said as a member of CSIA it will ask the World Trade Organization (WTO) to include corporate governance and related areas in its mode of business classification.

Continue reading →

Leave a comment

Posted in Governance and Responsibility, Truth of Our Time

Tagged , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,