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    News
    All› Corp. Laws, SEBI & IBC › Corp. Laws, SEBI & IBC - 2013
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    December 18, 2013
    ‘Ensuring Environmental Sustainability’ Included in the List of Activities for CSR Policies
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    Corporate Social Responsibility obligations expanded to include ensuring environmental sustainability, affecting companies meeting statutory thresholds.
    Companies meeting specified statutory CSR thresholds must constitute a CSR Committee, adopt a CSR policy and commit a mandated proportion of profits to CSR; the provision is not yet in force so no expenditure data exists. Schedule VII expressly lists ensuring environmental sustainability as an eligible CSR activity.
    December 18, 2013
    Easy Exit Scheme for Defunct Companies
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    Easy Exit Scheme enables defunct companies to be struck off the register; fast track exit continues as an expedited option.
    Easy exit mechanisms enable defunct companies to be removed from the Registrar of Companies' register via administrative name-striking provisions. The Ministry implemented Easy Exit Scheme iterations in 2010 and 2011 (the latter closing 30 April 2011) that were used by 35,174 companies, and thereafter launched a continuing Fast Track Exit Mode effective 3 July 2011, which has been availed by 11,623 companies.
    December 18, 2013
    Setting Up of National Company Law Tribunal
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    Company law tribunal constitution progresses; appointments initiated and bench placement to follow based on workload.
    Constitution of a specialized adjudicatory body for corporate law matters will proceed in a phased manner; the process for appointing thirty Members has been set in motion, and allocation of benches will depend on assessed workload at various locations.
    December 18, 2013
    Status of Corporate Performance
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    Investment promotion measures aim to stimulate investment and accelerate project implementation through policy and regulatory reforms.
    A downturn in industrial performance has reduced sales growth and net profit ratios for listed private manufacturing firms. The Government has responded with coordinated measures to boost investment and ease project implementation, including the National Manufacturing Policy, Delhi Mumbai Industrial Corridor, FDI liberalization, an e Biz platform for ease of doing business, Companies Act reforms, a Cabinet Committee on Investment to oversee projects, and a proposed investment allowance; no impact assessment has yet been conducted.
    December 18, 2013
    Transparent Guidelines for the Competition Commission of India
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    Penalty powers under competition law: Commission may levy turnover-based penalties while lesser-penalty regulations allow reduced sanctions in specified cases.
    The Competition Commission of India, a statutory body under the Competition Act, 2002, is empowered to impose turnover-based penalties for abuse of dominant position and anti-competitive agreements, subject to a statutory ceiling. A distinct statutory provision permits imposition of lesser penalties, and the Commission implemented that authority through the Competition Commission of India (Lesser Penalty) Regulations, 2009, creating a mechanism for reduced sanctions.
    December 13, 2013
    Financial and Corporate Disclosures
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    Listing Agreement compliance: failure to furnish mandated disclosures may trigger fines, share freezing and trading suspension.
    Listing Agreement compliance mandates specified disclosures such as financial results, shareholding patterns and corporate governance reports; SEBI directed stock exchanges to apply a Standard Operating Procedure for suspension and revocation of trading, prescribing graduated measures - fines, transfer to separate trading category, freezing of promoter shares and suspension - and to implement frameworks to monitor disclosure adequacy and handle complaints about inaccurate or inadequate disclosures.
    December 13, 2013
    Approval to set up an Alternative Investment Fund Category I and for receiving contributions from international investors
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    Alternative Investment Fund Category I approval permits foreign investor contributions for targeted infrastructure sector investments.
    Approval was granted for establishment of an Alternative Investment Fund Category I, to be registered under the applicable securities regulatory framework, following a recommendation by the designated foreign investment authority. The fund is structured to receive contributions from international investors and to invest primarily in infrastructure-related sectors including energy utilities, transportation, aviation, telecom infrastructure, urban infrastructure and public utilities.
    December 12, 2013
    Enquiring Into Irregularities of Corporates
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    Corporate irregularity inquiries proceed via technical scrutiny, statutory inspection and formal investigation under company law.
    Enquiries into corporate irregularities proceed through a graded regime under the Companies Act: the Registrar of Companies conducts technical scrutiny of balance sheets and documents; statutory inspection of books of account and records follows to examine transactions and compliance; and where deeper concerns emerge, formal investigations into the affairs of companies are authorised to determine scope and responsibility.
    December 12, 2013
    Measures to Prevent and Deal with Occurrence of Frauds
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    Definition of Fraud strengthened; statutory SFIO, stricter governance and forensic audits to deter and detect corporate frauds.
    Allegations investigated include diversion of company funds, manipulation of accounts, pyramidal schemes and misuse of collective investment schemes; the Government has responded by defining Fraud in the Companies Act, strengthening corporate governance, conferring statutory status on the SFIO, amending securities laws to enhance regulatory powers, and increasing use of data mining and forensic audit techniques to detect potential frauds.
    December 12, 2013
    Most Recommendations of The Damodaran Committee Taken Into Account In The Companies Act, 2013
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    Corporate law reform: most Damodaran Committee recommendations incorporated into the national Companies Act, enhancing regulatory and MSME measures.
    The Damodaran Committee's principal recommendations-legal reforms, regulatory architecture, regulatory process efficiency, enabling MSMEs, and addressing state-level implementation-were submitted to the Central Government, published by the Ministry of Corporate Affairs, circulated to relevant Ministries and Departments, and largely taken into account in the Companies Act, 2013, with remaining cross-jurisdictional measures requiring inter-ministerial and state-level follow-up.
    December 12, 2013
    Amount Credited to the Investor Education and Protection Fund
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    Unclaimed corporate dividends and matured debt must be transferred to Investor Education and Protection Fund after seven years.
    Companies must transfer amounts unclaimed and unpaid on account of dividends, matured deposits and debentures, after seven years from their due date, to the Investor Education and Protection Fund, which is part of the Consolidated Fund. Reported aggregate credits to the Fund over the relevant period are substantial, and no instances have been observed of companies transferring such unclaimed amounts to their own balance sheets.
    December 12, 2013
    “Lok Adalat” Commences in Company Law Board
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    Lok Adalat in company law expedites settlements and compounding by consent, enabling repayment schedules and composition fees.
    A Lok Adalat at the Company Law Board, Mumbai Bench used alternative dispute resolution to secure consensual repayment schedules for small deposit claims, resolving 203 matters, and concluded 61 of 81 compounding applications by obtaining companies' consent to deposit composition fees, while assisting parties to negotiate settlements in oppression and mismanagement disputes.
    December 10, 2013
    Government Approves one Proposal of Foreign Direct Investment (FDI) Amounting to About Rs. 31.92 Crore
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    Foreign direct investment approval for conversion of a wholly foreign-owned company into an LLP enabling capital infusion for industrial production.
    Approval granted for conversion of a wholly foreign-owned Indian company into a limited liability partnership to manufacture industrial products using cashew nutshell liquid technology, with permission for subsequent infusion of foreign capital to support the LLP's business activities; this constitutes governmental clearance for the corporate reorganisation and associated inward FDI.
    December 9, 2013
    Women Directors on Boards of Corporate Companies
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    Women director requirement: prescribed companies must include a woman on their board as rulemaking proceeds for implementation.
    Section 149 of the Companies Act, 2013 mandates that prescribed classes of companies include at least one woman director on their boards; draft rules specifying the classes of companies covered have been published for public consultation prior to finalisation.
    December 9, 2013
    Use of Unclaimed Funds Lying With Companies
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    Unclaimed corporate funds transfer to Investor Education and Protection Fund required, reinforcing investor protection and consolidated public ownership.
    Under Section 205C, companies must transfer unclaimed and unpaid amounts in respect of dividends, matured deposits and debentures to the Investor Education and Protection Fund after seven years from the due date; such transfers are credited to the Fund, which forms part of the Consolidated Fund of India.
    December 9, 2013
    Penalties Imposed by the Competition Commission of India
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    Competition enforcement: CCI imposed penalties on multiple parties and legislative amendments propose to strengthen its powers.
    Imposition of penalties by the Competition Commission of India: the Commission imposed penalties on 154 parties with a total penalty amount reported, and a portion recovered and deposited in the Government account from 58 parties. The Competition (Amendment) Bill, 2012 is proposed to further strengthen the Competition Commission of India and is under consideration by the Parliamentary Standing Committee on Finance.
    December 9, 2013
    Amendment of Accounting Standards
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    Accounting standards: currently no amendments being considered; regulatory review continues and stakeholders were provided a ready reckoner.
    Examination and potential amendment of Accounting Standards under the Companies Act, 2013 is ongoing; amendments are made as required but none are currently being considered. A ready reckoner was released to acquaint stakeholders with corporate laws pursuant to a memorandum of understanding.
    December 6, 2013
    Statutory Status to the Serious Fraud Investigation Office
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    Statutory status for investigative agency strengthens investigatory powers, ministry monitoring, and operational support.
    The Serious Fraud Investigation Office has been conferred statutory status under the Companies Act, 2013, strengthening its investigatory role through provisions that enhance investigative mechanisms and powers; the Ministry of Corporate Affairs monitors investigations and provides instructions and assistance, while technology and skilled manpower are being inducted to improve operational capacity.
    December 6, 2013
    Spending Under Corporate Social Responsibility
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    Corporate Social Responsibility spending required: companies must allocate a prescribed percentage of average net profit, with rules pending.
    Section 135 establishes a statutory Corporate Social Responsibility spending obligation requiring covered companies to allocate at least two percent of the average net profit of the three immediately preceding financial years to activities set out in their CSR policy; the corporate sector has raised no objections to the percentage and the Ministry is finalising Rules under the Act.
    December 6, 2013
    Policy for Corporate Governance
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    Corporate governance reforms expand electronic incorporation and self-regulation, enabling one-person companies and streamlined tribunal approvals.
    The Companies Act, 2013 creates corporate governance reforms enabling electronic incorporation via MCA-21, permitted maintenance of records and meetings through e-governance, and a disclosure-led model of self-regulation with transparency. It recognises One Person Company and Small Company categories, streamlines mergers including short-form and cross-border mergers, provides time-bound processes through the National Company Law Tribunal, and establishes a summary liquidation procedure for certain companies.

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      Spending Under Corporate Social Responsibility

      December 6, 2013

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      Section 135 of the Companies Act, 2013 dealing with Corporate Social Responsibility (CSR) requires companies under its purview to spend at least two percent of its average net profit made in the three immediately preceding financial years to be spent on its CSR policy. Giving this information in written reply to a question in the Lok Sabha, Minister Of Corporate Affairs, Shri Sachin Pilot, said that the corporate sector has not expressed any reservations/ objections for spending towards CSR and as such there is no proposal to change this percentage. He also informed the House that Rules concerning CSR are being finalized under the Act.

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