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    News
    All› Corp. Laws, SEBI & IBC › Corp. Laws, SEBI & IBC - 2014
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    December 29, 2014
    Infusion of ₹ 60 crore in IFCI Ltd. to make it a Government Company
    Show AI Summary
    Government company status via infusion and preference share acquisition raising government shareholding above statutory threshold.
    The Cabinet approved infusion of capital by acquisition of preference shares to raise the Government of India's shareholding in IFCI Ltd. to a majority level so that IFCI qualifies as a Government Company under section 2(45) of the Companies Act, 2013; prior to the infusion the Government's holding including preference capital was reported at 47.93 percent.
    December 29, 2014
    Major Initiatives and Achievements of Ministry of Corporate Affairs
    Show AI Summary
    Companies Act amendments and procedural simplifications advanced to ease compliance and strengthen investor protection.
    Ministry initiatives strengthen the regulatory framework under the Companies Act, 2013 through clarificatory circulars, rule amendments and 'remove difficulties' orders to ease implementation; they simplify compliance by discontinuing forms, easing foreign director procedures, reducing small-company fees, integrating name/DIN/incorporation processes, and facilitating transition to IndAS; enforcement measures include SFIO investigations into chit-fund and online frauds and merger action to address regulatory default, while CSR rules were broadened and investor education expanded.
    December 23, 2014
    Employing Differently Abled Persons as Part of CSR Activity
    Show AI Summary
    Corporate Social Responsibility can fund employability initiatives for differently abled persons but does not mandate direct employment.
    Specified companies must allocate mandated CSR resources to activities listed as eligible; while CSR does not impose a duty to provide direct employment to differently abled persons, eligible activities include initiatives to enhance their employability and productivity, enabling companies to fund training and skill development under the statutory CSR framework.
    December 23, 2014
    Complaints Against Online Trading Companies
    Show AI Summary
    Anti-competitive conduct allegations against online retailers prompt regulatory scrutiny and policy concerns over pricing and trade practices.
    Allegations of anti-competitive conduct by several online retail platforms have been received and are under consideration by the Competition Commission of India; a trade association has also represented to central ministries alleging predatory pricing and other unfair trade practices by online retailers, alongside concerns on foreign direct investment and taxation, as noted in a ministerial written reply.
    December 19, 2014
    International Financial Reporting Standards
    Show AI Summary
    Adoption of Indian Accounting Standards: voluntary initial phase followed by mandatory application; banking and insurance sectors deferred to regulators.
    The government announced phased adoption of Indian Accounting Standards (Ind AS), aligned with International Financial Reporting Standards, with an initial voluntary phase followed by mandatory application for Indian companies, while deferring implementation decisions for banks, insurance companies and non-banking financial companies to their respective regulators; preparatory steps to implement this transition are underway.
    December 19, 2014
    Norms of Corporate Fraud Reporting
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    Fraud reporting thresholds: auditors must report frauds above prescribed threshold to Central Government, lesser frauds to audit committee.
    Amendment substitutes sub-section (12) of section 143 to require auditors to report frauds above a prescribed monetary threshold to the Central Government, while frauds below that threshold are to be reported to the Audit Committee or the Board in the prescribed manner, and companies whose auditors report frauds to the Audit Committee or Board but not to the Central Government must disclose details of such frauds in the Board's report as prescribed.
    December 19, 2014
    Certificate Programme in CSR
    Show AI Summary
    CSR capacity building: a government-established institute launched a certificate programme to train professionals for corporate CSR implementation.
    IICA launched the IICA Certificate Programme (ICP) in CSR as a capacity-building course to train professionals to assist corporates in designing, executing and managing CSR projects; the programme is delivered primarily through an online Learning Management System and was announced by a ministry representative in a parliamentary reply.
    December 19, 2014
    Conducting of CA Exams
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    Autonomy of professional institutes: central government not involved in setting pass percentages for CA and cost exams.
    All activities related to conducting chartered accountancy and cost accountancy examinations - including paper setting, valuation, determination of pass percentage and declaration of results - are undertaken by the respective Institutes themselves, and the Central Government does not participate in or determine pass percentages for these examinations.
    December 17, 2014
    Lok Sabha passes the Companies (Amendment) Bill, 2014
    Show AI Summary
    Companies Amendment changes company capital, common seal, board resolution confidentiality, fraud reporting thresholds, and related party approvals.
    The Bill removes minimum paid up capital requirements, makes the common seal optional with alternative execution authorisations, prohibits public inspection of board resolutions, requires set off of prior losses and depreciation before dividend declaration, creates a penal provision for contravention of deposit rules with specified fines and imprisonment, prescribes auditor fraud reporting thresholds to the Central Government with lower value reports to the audit committee and Board plus Board report disclosure, permits omnibus audit committee approval and exempts wholly owned subsidiary transactions from non related shareholder approval.
    December 16, 2014
    Low Ranking of Indian Corporate in Global Philanthropy Index
    Show AI Summary
    Companies Act CSR provisions clarify domestic eligibility and reporting; global philanthropy indices lie outside its statutory scope.
    The Companies Act 2013 CSR provisions became operative from 1 April 2014, requiring companies to make mandatory disclosures of CSR spending after the first reporting period; disclosures will provide consolidated data on funds spent and make premature estimates of first year CSR expenditure inadvisable. Swachh Bharat Abhiyan and Clean Ganga Mission were added to Schedule VII as eligible CSR activities. The Global Philanthropy Index, which measures cross border giving, is distinct from and does not fall within the domestic scope of the Act's CSR obligations.
    December 16, 2014
    Effective Implementation of CSR Policy
    Show AI Summary
    Corporate Social Responsibility provisions require companies to implement CSR with mandated disclosures and regulatory clarifications guiding implementation.
    The Corporate Social Responsibility provisions under the Companies Act 2013 aim to involve the corporate sector in inclusive growth by addressing social development gaps; the CSR framework and rules commenced from 01.04.2014, companies must make mandatory disclosures of CSR expenditure due after September 2015, and the Act does not envisage signing MoUs while the Ministry of Corporate Affairs has issued clarifications to facilitate implementation.
    December 16, 2014
    CSR Contribution for Swachh Bharat Abhiyan and Clean Ganga Mission
    Show AI Summary
    Corporate Social Responsibility under the Companies Act permits contributions to Swachh Bharat and Clean Ganga; disclosures follow.
    The Companies Act CSR regime became operative from 1 April 2014, activating Section 135, Schedule VII and the CSR Rules, 2014; mandatory company disclosures of CSR expenditure and activities will follow after the first year. Schedule VII was amended to include Swachh Bharat Abhiyan and Clean Ganga Mission as qualifying CSR activities, and contributions to those missions must be reported in the statutorily required CSR disclosures.
    December 16, 2014
    Recovery of Penalties Imposed by CCI
    Show AI Summary
    Recovery of penalties: CCI enforces penalty collection under regulations despite some judicial stays and unpaid demands.
    The Competition Commission of India has imposed monetary penalties on 322 entities and uses the CCI (Manner of Recovery of Monetary Penalty) Regulations, 2011 to recover assessed amounts. Some recovery efforts have been affected by judicial intervention-certain recoveries were stayed or dismissed and other amounts remain unpaid or not yet due-while the Commission continues to pursue recovery as provided by law.
    December 16, 2014
    Promotion of MDP Firms
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    Multi-Disciplinary Partnerships remain premature as professional institutes' deliberations on a regulatory framework were inconclusive for adoption.
    Deliberations among the three national professional institutes on permitting Multi-Disciplinary Partnerships are inconclusive, and active promotion of MDPs is premature pending consensus on a regulatory framework, eligibility, scope and governance mechanisms; this position was communicated by the minister in response to a parliamentary question.
    December 15, 2014
    Chartered Accountants Should act as Catalyst for Evolving Transparent Processes, says Minister Smt Nirmala Sitharaman: calls for Cutting “Huge Undergrowth of Laws and Regulations” to Carry forth the Economy: Attends 46th Regional Conference of the ICAI in Madurai
    Show AI Summary
    Transparent processes urged: chartered accountants asked to simplify regulatory complexity and promote accountability in governance.
    Chartered accountants are urged to promote transparent processes and strengthen accountability by engaging with government and stakeholders to simplify compliance burdens, sustain professional quality, and advise on scalable best practices; they are called upon to help cut the "huge undergrowth of laws and regulations" and advance governance-focused reforms that facilitate transparency and effective compliance.
    December 9, 2014
    Decline in Registration of Companies
    Show AI Summary
    Companies Act compliance reforms linked to reduced registrations; e form rollout review aims to simplify filings and address stakeholder issues.
    Reported company incorporations fell markedly versus the prior period; the decline is attributed to introduced safeguards against floating shell companies, the rollout of new electronic filing formats, and time taken by professionals to adapt. An Expert Committee has been constituted to review and propose simplifications to the notified e forms and to address stakeholder difficulties while the legislative framework retains enhanced corporate governance requirements.
    December 9, 2014
    Legal Backing for CSR Compliance
    Show AI Summary
    Corporate social responsibility mandate requires covered companies to adopt and disclose CSR policy, with statutory penalty for noncompliance.
    Section 135 establishes a statutory obligation requiring companies meeting prescribed thresholds to implement Corporate Social Responsibility (CSR) measures and to disclose the contents of their CSR policy in the Board's Report; the CSR compliance framework carries the force of law and non-compliance is subject to a penalty mechanism under Section 134(8).
    December 9, 2014
    Duping of Investors by Dubious Firms
    Show AI Summary
    Fraud prevention through mandatory Director Identification and enforcement enhancing traceability and investor protection.
    Authorities identified numerous public-issue companies as vanishing companies for ceasing statutory filings and being untraceable, leading to FIRs and prosecutions for non-filing of returns and mis-statements in prospectuses; enforcement invokes Companies Act penal provisions including fraud and residual penalties. Preventive measures include mandatory Director Identification Number with identity and residence verification, professional verification of registered premises on incorporation or address change, Registrar scrutiny of balance sheets and fund utilization, and investor awareness programmes.
    December 5, 2014
    Cases of Serious Fraud
    Show AI Summary
    Corporate fraud investigation strengthened by statutory SFIO powers and enhanced disclosure and asset-disgorgement framework
    Investigation of corporate frauds is channelled primarily through complaints-based probes and the Serious Fraud Investigation Office (SFIO), now statutorily empowered under the Companies Act, 2013. The Ministry has ordered SFIO investigations and conducted inspections of exchange entities under section 209A. Reforms include enhanced disclosure, a statutory definition of fraud, provisions for attachment and disgorgement of assets, and strengthened auditor accountability and independence to improve detection, investor information, and enforcement.
    December 5, 2014
    Fly by Night Companies
    Show AI Summary
    Vanishing companies enforcement: prosecutions and FIRs pursued alongside monitoring and investor awareness initiatives.
    Identification and regulatory response to Vanishing Companies: entities that raised funds through public issues but ceased filing statutory documents or became untraceable have been listed, monitored, or placed in liquidation. Enforcement includes FIRs and prosecutions against companies and directors for non filing and alleged misstatements in offer documents. A coordinating monitoring committee oversees tracking. Preventive measures include investor education and rural outreach programmes conducted with professional institutes to enhance investor protection.

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      Corp. Laws, SEBI & IBC

      Complaints Against Online Trading Companies

      December 23, 2014

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      The Competition Commission of India has received information alleging anti-competitive conduct by online retailers, Flipkart India Pvt. Ltd., Jasper Infotech Pvt. Ltd., Xerion Retails Pvt. Ltd., Amazon Seller Services Pvt. Ltd., and Vector e-commerce Pvt. Ltd., etc. The information is under consideration of the Commission.

      A Representation from the Confederation of All India Traders has been received in Ministry of Commerce & Industry and Ministry of Micro, Small and Medium Enterprises alleging unfair trade practices such as predatory pricing and other issues like FDI, taxation etc. by online retailers.

      This was stated by Shri Arun Jaitley, Minister of Corporate Affairs in written reply to a question in the Rajya Sabha today.

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