MCA asked ROC to review accounts of 5 companies
Feb 9, 2010 Company Law
The Ministry of Corporate Affairs has asked the Registrar of Companies (RoC) to look into alleged accounting discrepancies in five companies, which include Grasim, Adani Exports, Vickers Systems, Gwalior Chemical Industries and Metrochem Industries, CNBC-TV18 reports quoting government sources.
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Tags: Adani Exports, cnbc tv18, grasim, Gwalior Chemical Industries, Metrochem Industries, ministry of corporate affairs, Registrar of Companies, Vickers Systems
New Companies Bill 2009 expected to be enacted by the end of this year: Khurshid
Feb 6, 2010 Company Law
The new Companies Bill with stricter corporate governance norms is expected to be enacted by the end of this year, Corporate Affairs Minister Salman Khurshid said today. Companies Bill 2009, which lapsed with the dissolution of the 14th Lok Sabha, was reintroduced in the Lok Sabha in August last year.
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Press release on Amendment to the Companies Act, Competition Act, LLP, Vanishing Companies, SFIO, Corporate Governance, Investor Education and Protection
Feb 5, 2010 Company Law
Friday February 05, 2010 : The Ministry of Company Affairs is now functioning under a Cabinet Minister, after its up-gradation with effect from January 29, 2006. The Ministry is continuing its initiatives to meet the expectations of the corporate sector and its stakeholders in the changing national and global business environment.
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Tags: ICAI, ICSI, ICWAI, National Accounting Standards
Section 372A – Inter corporate Loan/Investment/Guarantee/ Security
Feb 4, 2010 Company Law
Section 372A of the Companies Act, 1956 (The Act) deals with inter-corporate Loan, Investment, Guarantee and Securities in connection with loan. All the four transactions are frequently taken place in any company and henceforth the section becomes more important and therefore it requires to special heed by virtue of strict penal provisions and because of no much space to play.
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Tags: Free reserve, Inter corporate Loan, Loan, SECTION 372A
MCA issued criteria for identification of a vanishing company
Feb 4, 2010 Company Law
Criteria for identification of a vanishing company:A company would be deemed to be a vanishing company, if it is found to have:
a) Failed to file returns with Registrar of Companies (ROC) for a period of two years;
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Can the provision barring civil court’s jurisdiction in the proposed companies act be effective?
Feb 3, 2010 Company Law
We all aware that there is no express provision barring the Civil Courts to entertain certain company disputes under the Companies Act, 1956. We have been seeing the cases where the Civil Court entertains Company disputes if there is no specific remedial measure before the Company Law Board or the Company Court.
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Government s likely to introduce a fixed time-frame for nomination of independent directors in state-run companies
Feb 3, 2010 Company Law
With the aggressive disinvestment of PSUs being planned for the coming months, the government is likely to introduce a fixed time-frame during which the nomination of independent directors should be completed by state-run companies.
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Tags: CLAUSE 49, independent directors, Listing Agreement, SEBI
Court orders approving amalgamation are covered within the ambit of the definition of ‘conveyance’ and are subject to stamp duty
Jan 28, 2010 Company Law
Delhi High Court has ruled that stamp duty is payable on a court order approving the scheme of arrangement (u/s 394 of the Companies Act, 1956) irrespective of a specific entry in the State’s stamp duty schedule for such orders.
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Tags: amalgamation, Companies Act, conveyance, delhi high court, hindustan lever ltd, merger, parent company, scheme of arrangement, specific instruments, stamp duty, voluntary act