NEWS UPDATES-11 December, 2012
Changes in the Companies Bill 2011
The Parliamentary Standing Committee on Finance made many recommendations in its report to the Parliament, and it has been decided to move official amendments to the Companies Bill, 2011in the current session of Parliament to incorporate such recommendations in the Bill.
Corporate Social Responsibility Provision in the New Companies Bill
Clause 135 of the proposed Companies Bill, 2011 provides for the specified companies spend at least 2% of the average net profits (of the last 3 years) in pursuance of the company’s Corporate Social Responsibilities (CSR) policy. Failure to spend needs disclosures in the Board’s Report and in case the disclosure about such reasons in the Board’s report is not made, the specified class of companies shall be liable for action under the provisions of the Companies Bill, 2011
Introduction of MCA 21 has yielded remarkable results. In terms of efficiency, the project achieved speedy delivery of services and regulation of corporate compliances through the use of modern information technology. The project has been well appreciated for end-to-end electronic service delivery and authenticated electronic online filing using Digital Certificate based authorization. The existing contract with the operator for running this Project is concluding on 16.1.2013. The Ministry of Corporate Affairs has selected a replacement operator to continue the MCA21 services and implement the next version of the MCA21 with improved business processes, application enhancements and additional infrastructure (network connectivity) along with coverage of additional offices like Official Liquidators
Investigation into the Affairs of Certain ‘Multilevel Marketing’ Companies
The Serious Fraud Investigation Office has undertaken an investigation into the affairs of certain companies undertaking business in the ‘Multilevel Marketing’ (MLM) mode.
National Competition Policy
With a view to make the ‘culture of Competition’ an intrinsic part of governance at each tier of administration- Centre, State or local body, the Government is considering bringing out a National Competition Policy. The Government has also invited comments and initiated consultations thereon with various sections of the society such as Stakeholders, Industry, Law Firms, Researchers, Economists etc. and incorporated their responses suitably in the Policy.
Default in Repayment by the Non-Banking Financial Companies
During the last three financial years, twelve applications were received from the depositors in the Regional Benches of the Company Law Board for default in getting repayment of deposits on due dates from NBFCs
Unregistered Companies
Four Companies have been found to be operating without registration or incorporation under the Companies Act, 1956 during the last three years
Excise Duty Exemption Provided for Renewable Energy Equipment Including Solar
The Government has announced a National Manufacturing Policy which recognizes the need to launch programs to build national capabilities in sectors of strategic significance that include solar energy.
The Government has taken various measures to increase the share of solar power in the Power Grids.
Retrenchment of Contract Workers
The Government has not proposed to regularise the skilled and experienced contract workers in a phased manner. However, the issues pertaining to Contract Labour are dealt in terms of the provisions of the Contract Labour (Regulation & Abolition) Act, 1970. Regularization of contract labour is not envisaged under the Act
Misleading Advertisements
There are a number of legislations that have provisions to deal with misleading claims and advertisements made by companies regarding their products
Policy Document on Corporate Governance
The Ministry of Corporate Affairs had constituted a committee to formulate a Policy document on Corporate Governance under the Chairmanship of Shri Adi Godrej on 07.03.2012. The Committee has since submitted its report to the Central Government suggesting adoption of certain ‘guiding principles of Corporate Governance
Exit Scheme for Companies
The Ministry of Corporate Affairs has already formulated guidelines vide circular number 36/2011 dated 03.07.2011 for striking off the names of defunct companies under Section 560 of the Companies Act.
National Population Register
The Government has approved Rs. 6,649.05 crore for creation of NPR in the country and Rs. 8962.06 crore for the Aadhaar project.
Attempt to Suicide
The Law Commission of India in its 210th Report has recommended to omit section 309 of Indian Penal Code, 1860.
Investigation into Foreign Funding
The National Investigation Agency (NIA) has registered cases against Babbar Khalsa International (BKI) activists under the Unlawful Activities (Prevention) Act vide crime No.RC-05/2012/NIA/DLI on allegations that certain persons based abroad are sending money to certain intermediaries based in Punjab for transferring them to jailed terrorist and their families as well as for revival of terrorism in Punjab.
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