Delegation of powers and functions to Regional Directors: The Ministry of Corporate Affairs vide Notification dated 17th March, 2010 has delegated the powers and functions of Central Government under Section 22, 224, 297, 394A, 400, 439, 496, 508, 551, 555, 610 and 627 of the Companies Act, 1956 to the Regional Directors situated at Mumbai, Kolkata, Chennai, Noida and Ahmedabad. Delegation …
Ministry of Corporate Affairs on 16th March 2011 on its website, has notified the Companies (Name Availability) Rules, 2011. The Salient feature is while applying for name availability, the applicant has to submit the search report that the desired name does not resemble with Companies and LLPs already registered or the names already approved. Search Report has to …
Ministry of Corporate Affairs vide Circular dated 9th March, 2011 has made mandatory for the stakeholders to make the payment of the filings fess through electronic mode. Payments upto Rs. 50,000/- = Mandatory via electronic mode w.e.f. 27th March 2011.Payments above Rs. 50,000/- = electronic mode / challan payment till 30th September, 2011 (Mandatory via electronic mode w.e.f. 01st October 2011).
Ministry of Corporate Affairs vide General Circular No. 6/2011 dated 8th March, 2011 has simplified the procedure for the Incorporation of the Companies. With effect of this Circular, only the application in Form 1 will be approved by the ROC office and other incorporation forms such as notice of situation of registered office (Form 18) and particulars of appointment …
Ministry of Corporate Affairs vide General Circular No. 4/2011 dated 4th March, 2011, decided that a company shall not require approval of the Central Government for making payment of remuneration by way of commission to its Non- Whole Time Director(s) in addition to the sitting fee if the total commission to be paid to all those Non-Whole Time Directors does …
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Ministry of Corporate Affairs vide General Circular No. 5/2011 dated 4th March, 2011 has simplified the process of obtaining DIN. The salient feature will be that DIN application has to be filed electronically no physical submission is required. Also that if DIN 1 is verified by the professional, the DIN will be approved by the system immediately online. In other cases, the …
Ministry of Corporate Affairs on 3rd March 2011 has Revised Schedule VI to the Companies Act, 1956 which deals with the Format and Content of Balance Sheet, Profit & Loss Account and disclosures, as per the existing non-converged Indian Accounting Standards notified under the Companies (Accounting Standards), Rules, 2006 and will apply to all companies uniformly for the financial statements to …
The Ministry of Corporate Affairs has notified convergence of 35 Indian Accounting Standards with International Financial Reporting Standards (henceforth called IND AS) on February 25, 2011.
General Exemption Under Section 212 of the Companies Act, 1956: Ministry of Corporate Affairs vide General Circular No.2/2011 dated 8th February, 2011 has granted a General Exemption under Section 212 (8) of the Companies Act, 1956 from attaching the Balance Sheet, Profit & Loss Accounts etc., of each of its subsidiary Companies to the Balance Sheet of Holding Companies on certain …
The Ministry of Corporate Affairs issued a notification dated 8th February, 2011 giving exemption to Unlisted Companies (which are not subsidiaries of listed companies) from Central Government approval for payment of Managerial Remuneration in case of no profits/inadequate profits subject to the conditions stipulated in the schedule.
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