Ministry of Corporate Affairs
M&As will soon get cleared in 180 days
By admin at 6 July, 2010, 5:37 pm
India Inc has reason to cheer with the Ministry of Corporate Affairs making it mandatory for the competition regulator, the Competition Commission of India, to clear M&A (mergers and acquisitions) proposals in just 180 days compared with 210 days specified earlier.
Finalising Sections 5 and 6 of the Competitions Act, 2002, that deal with M&As, the [...]
Cos Bill to ban pyramid holding structure
By admin at 6 July, 2010, 5:35 pm
In a move that will make it difficult for large companies to have a pyramid-like holding structure, the Ministry of Corporate Affairs plans to prohibit a subsidiary company from floating a 100 per cent owned company of its own.
In a string of new changes proposed to the Companies Bill, 2009, the Ministry has told the [...]
MCA proposes strict action against defunct firms
By admin at 3 July, 2010, 10:53 am
The Ministry of Corporate Affairs (MCA) proposes stringent measures against defunct companies that do not opt for the Easy Exit Scheme-2010, or EES-2010.
The move comes in the wake of poor response to the scheme, which came into effect on May 30 and remains in force till August 30, under which out of a total of [...]
Khurshid for 33% reservation for women in CA profession
By admin at 2 July, 2010, 10:57 am
The Corporate Affairs Minister, Mr Salman Khurshid, has called for higher representation of women in the chartered accountancy profession, similar to the 33 per cent reservation for women in Parliament.
“If there can be 33 per cent representation for women in Parliament, then why not something like that in the chartered accountancy profession too?,” Mr Khurshid [...]
Independent director selection may get easier
By admin at 19 June, 2010, 10:26 am
The government is planning to reform rules guiding the selection and appointment of independent directors in state-owned companies, a move aimed at instilling greater transparency and haste into a ponderous process.
A parliamentary panel of experts studying the new Companies Bill is likely to come up with suggestions in this regard, said a corporate affairs ministry [...]
MCA works on new exit scheme for listed firms
By admin at 28 May, 2010, 11:35 am
The Ministry of Corporate Affairs (MCA) proposes to facilitate the winding up of listed companies which wish to discontinue their business, with an exit scheme tailored for them.
It is in consultation with the Securities and Exchange Board of India (Sebi) on the details, since listed companies would have to complete various formalities before opting for [...]
MCA to ease paid-up capital norms for firms
By admin at 28 May, 2010, 11:33 am
The Ministry of Corporate Affairs (MCA) has decided to relax the norms for companies to maintain minimum paid-up capital. According to the Companies Act 1956, the minimum paid-up capital for a private company is Rs 1 lakh and for a listed company Rs 5 lakh. According to official sources, while a company can be set [...]
Read More >>PwC to meet Khurshid on surrogate practices
By admin at 21 May, 2010, 10:28 am
Under pressure from the government to reveal the surrogate nature of its practices in India, senior officials from PricewaterhouseCoopers have sought a meeting with the corporate affairs minister Salman Khurshid next week to clarify its position.
Following the Satyam scam, the accounting regulator Institute of Chartered Accountants of India had voiced its concerns over the opaque [...]
Exit route for defunct firms
By admin at 7 May, 2010, 12:03 pm
The ministry of corporate affairs has upped its ante to weed out defunct companies.
Firms that are no longer in operation but are still on the rolls of the registrar of companies (RoC) are identified as defunct.
The plan is to come out with an amnesty scheme under which firms that have failed to file their annual [...]
Exit scheme for sick firms to ready in less than a year
By admin at 7 May, 2010, 12:02 pm
The government plans to create a mechanism to facilitate coordination among various regulatory authorities and courts to speed up liquidation of sick companies.
The ministry of corporate affairs looks to set up a special purpose vehicle (SPV) that will allow all authorities involved in the liquidation process to pool in data to a central repository, reducing [...]