8 October, 2016
The Ministry of Corporate Affairs vide its Notification dated 9 September, 2016 has notified the Companies (Mediation and Conciliation) Rules, 2016 (“Rules”). Section 442 of the Companies Act, 2013 authorizes the Central Government to set up a panel of experts for mediation and conciliation between parties to t...
20 August 2016
The Ministry of Corporate Affairs (“MCA”) has, by way of Notification dated 19-7-2016 amended the Companies (Share Capital and Debenture) Rules, 2014 (“Capital and Debenture Rules”).
Differential voting rights
Hitherto, companies could not issu...
19 March, 2015
The Ministry of Corporate Affairs has clarified that loans or advances made by the companies to their employees, other than to the managing or whole time directors (which is governed by Section 185) are not governed by the requirements of Section 186 of the Companies Act, 2013. Earlier, the provisions of Section 186 were applicable to loans to ‘any person’ or other body corpora...
19 June, 2014
Voting through electronic means i.e. e-voting as contained in Section 108 of the Companies Act, 2013 read with Rule 20 of the Companies (Management and Administration) Rules, 2014 is not mandatory till 31st of December, 2014. The Ministry of Corporate Affairs has, on 17th June, clarified certain aspects of these provisions on e-voting.
According to General Circular No. 20/201...
17 June, 2014
Ministry of Corporate Affairs has clarified that transactions like availing telecom services, courier services, etc., between a company and its independent director that are on par with products or services that are provided by the company to any member of the general public including price, will not create ‘pecuniary relationship’ with the said company as contemplated under Sec...
18 March, 2014
Section 135 of Companies Act, 2013 (Act) and Schedule VII demarcating Corporate Social Responsibilities (CSR) of companies in India shall come into force from 1-4-2014. Along with notification relating to effective date for Section 135, Ministry of Corporate Affairs (MCA) has also issued, on 27-2-2014, notification relating to amendment to Schedule VII of the Act.
By Dinesh Babu Eedi
On 2nd December, 2014, the Union Cabinet, approved the Companies (Amendment) Bill, 2014 (‘Amendment Bill’) for introduction in Parliament (Lok Sabha) to make certain amendments in the Companies Act, 2013 (‘2013 Act’). The 2013 Act was brought into force partly on 12th September, 2013, and on 1st April, 2014, of 470 Sections of the 2013 Act, 283 Sections and 22 s...
31st January, 2012
Shareholders' meeting through video conferencing will not be mandatory after 2011-12 also. It will continue to be optional for listed companies as per Circular No. 72/2011, dated 27-12-2011 issued by the Ministry of Corporate Affairs.
In its June, 2011 circular, the MCA had asked listed companies to mandatorily conduct shareholders' meeting electronically after 2011-12. ...
31st January, 2012
Refund of statutory fees paid for certain services will be available as per latest press release of the Ministry of Corporate Affairs. Refund of MCA21 fees will be available in cases of multiple payments (Form 1 & Form 5), incorrect payments and excess payments.
The release notes that earlier, there was no process in MCA21 for refund of fees wrongly paid by the stakeholde...
SEBI has recently replaced its Consent Scheme with a more transparent one. Article in this issue of "Corporate Amicus" discusses the salient features of this new scheme. Ministry of Corporate Affairs has also introduced new guidelines for declaration of financial institutions as Public Financial Institutions, while also clarifying on auditing of cost accounting records. "Ratio decidendi" portio...
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