The RBI vide a recent circular, dated May 27, 2011 has made certain changes to the prevailing ODI Regulations. The objective is to provide operational flexibility to Indian Corporates having investment abroad. Some of the changes brought about are with respect to: Performance Guarantees issued by the Indian Party. Restructuring of the balance sheet of …
Overseas Direct Investment, Liberalization/Rationalization Read More »
As per the MCAs notification dated 23rd May, 2011, the Central Government has specified, the Limited Liability Partnership, a body corporate, incorporated under clause (1) of section 3 of Limited Liability Partnership Act, 2008, for the limited purpose of clause (a) of section (3) of section 226 of the Companies Act, 1956.
The Ministry of Corporate Affairs vide its notification no. 09th May 2011 has amended the Companies Regulations, 1956 and these regulations are called Companies (Amendment) Regulations, 2011. In the Companies Regulation, 1956 in Part B, in regulation 3,5,7,9 and 14 for the word “Regional Director” the word “Registrar of Companies” shall be substituted. In the …
The Ministry of Corporate Affairs had notified Companies (Particular of Employees)Amendment Rules, 2011 vide GSR 289 (E) dated 31.03.2011 raising the limit of employee’s salary to be disclosed in the Directors Report from Rs. 24 Lakhs per annum or Rs. 2 lakhs per month to Rs. 60 Lakhs per annum or Rs. 5 Lakhs per …
The Ministry of Corporate Affairs has noticed that companies are making applications for getting prior approval of Central Government when they propose to make any loan to, or give any guarantee or provide any security in connection with a loan made by any other person to a Public Limited Company of which any such director …
Loan to Public Limited Companies under Section 295 of the Companies Act, 1956 Read More »
The Ministry of Corporate Affairs had issued a Circular bearing No 09/2010 dated 31.03.2010 as per which it had mandated certain class of companies to file balance sheets and profit and loss account for the year 2010-11 onwards by using XBRL taxonomy. MCA has now issued a Corrigendum vide circular No. 25/2011 dated 12th May, …
The MCA had as per its circular bearing No. 14/2011 dated 8th April, 2011 entrusted practicing professionals registered as Members of the professional bodies namely, ICAI, ICSI & ICWAI with the responsibility of ensuring integrity of documents filed by them with MCA in electronic mode and the system would accept these documents online without the …
Certification of e-Forms under the Companies Act, 1956 by Practicing Professionals Read More »
Green Initiative in the Corporate Governance-Issue of Certificate by Digital Signature: The Ministry of Corporate Affairs vide its General Circular No. 29/2011 dated 20.05.2011 has taken another step towards “Green Initiative” and decided that all certificates and standard letters issued by the Registrar of Companies will now be issued electronically under the Digital Signature of …
Section 108A to 108I of the Companies Act, 1956 were inserted through Monopolies and Restrictive Trade Practices (Amendment) Act, 1991. As the MRTP Act, 1969 stands repealed the provisions of Section 108A to 108I of the Companies Act, 1956 have become redundant and will have no legal force This was notified by MCA as per …
The MCA received representation from ICAI stating that under Section 226(30(a) of the Companies Act, 1956, a body corporate is disqualified from appointment as auditor of the company. Since LLP is a body corporate under section 3(1) of the LLP Act, 2008, LLP among other chartered accountants will not be qualified for appointment as auditor …
Don’t miss our future updates! Get Subscribed Today!