Page 6 - Companies Act

India Inc worried over three-year jail provision for violation of CSR norms

According to new CSR norms, a company has to earmark a part of its profit towards social activities and transfer all unspent amount into an escrow account (if it is an ongoing project)

Companies Act amended to include penal provisions for CSR norm violations

Under the Act, certain class of profitable companies are required to shell out at least two per cent of their three-year annual average net profit towards CSR activities

Number of companies without a single independent director on the rise again

Several of these companies have gone bankrupt and are under the resolution process

BCCI formally recognises Indian Cricketers Association for ex-players

Former India cricketers Kapil Dev, Ajit Agarkar and Shantha Rangaswamy are the directors at ICA

Ministry seeks legal reform to ease transferring shares from firms to govt

The amendment, the officials said, would centralise and smoothen the process of share transfer, besides addressing the problem of unclaimed dividends, which currently stand at Rs 2,000 crore

Mallya's defiance prompts Sebi to seek amendment in Companies Act

Sebi has now proposed that the Companies Act should also clearly mention that a person should vacate the office of a director if it orders his or her disqualification

Govt re-promulgates ordinance to amend companies law for helping businesses

To amend the Companies Act, the government had first issued the ordinance in November and the same would have ceased to be operational from January 21

NCLT removes auditor for the first time under new Companies Act

The NCLT has removed the statutory auditor of Zen Shaving and allowed the Ministry of Corporate Affairs to appoint an independent director in his place

Govt plans to amend norms pertaining to incorporation of companies

Suggestions along with justification have to be submitted by December 31, according to a communication

Tamil Nadu regards M&A property deals as conveyance, imposes stamp duty

State joins many others that already have this provision; move will increase transaction cost of acquisition considerably, say sources

Ordinance decriminalising minor offences by companies gets President's nod

A total of 16 types of corporate offences have been shifted from the special courts to in-house adjudication increasing the scope of in-house assessment from 18 to 34 Sections of the Act

Cabinet approves an ordinance to alter Companies Act to declog NCLTs

This move was recommended so as to bring down the NCLT's load

Govt to promulgate an ordinance to bring 'urgent' changes to Companies Act

The government plans to put in place a stricter disclosure framework for independent directors

Opportunity lost, but embrace what's in

The recommendations of a committee reviewing provisions of the Companies Act, 2013, present the low-hanging fruit for reform

Amending companies Act: Panel lists 83 offences for decriminalisation

At present, remuneration to those in managerial positions is conditional. Penal provisions relating to these conditions are likely to be modified

Why the Big 4 continue to gain in audit industry

Restrictive provisions in the Companies Act might prove to be a windfall for the Big 4 auditors in India

Pressing ahead for change

The Kotak Committee has made wide-ranging recommendations and sees the boards and auditors as the two critical gatekeepers

Corporates can have only two layers of subsidiaries under the companies law

Layering restriction on investment subsidiaries was incorporated in the Companies Act, 2013

Class Action: A stillborn Section of company law

The company law has many Sections, which have the words 'as may be prescribed'

Companies (Amendment) Bill, 2017: Why layering restrictions remain

Govt has stepped up efforts to curb the use of shell firms for money laundering & diverting funds