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    December 30, 2015
    Exposure Draft Guidance Note on Cost Accounting Standard on Capacity Determination CAS-2 (Revised 2015)
    December 29, 2015
    First meeting of the Governing Council of the National Investment and Infrastructure Fund (NIIF); Selection Process for Appointment of CEO, NIIF initi...
    December 18, 2015
    Year End Review : Highlights of the Achievements of Ministry of Corporate Affairs
    December 14, 2015
    Ministry of Corporate Affairs – initiatives and salient achievements in the last six months
    December 12, 2015
    Government Approves Seven (07) Proposals of Foreign Direct Investment (FDI) Amounting to ₹ 5240.35 Crore Approximately
    December 12, 2015
    High Level Committee constituted by the Government to suggest measures for monitoring the progress of implementation of Corporate Social Responsibilit...
    December 12, 2015
    Serious Fraud Investigation Office (SFIO)
    December 12, 2015
    National Company Law Tribunal (NCLT) and National Company Law Appellate Tribunal (NCLAT)
    December 11, 2015
    Time taken for registration of a company cut by 50% as a part of ‘ease-of-doing business’ effort by the Ministry of Corporate Affairs; Ministry to...
    December 11, 2015
    Enrolment of Foreign Companies with the Registrar of Companies
    December 11, 2015
    Amendment to Companies Act
    December 9, 2015
    Deliberations Between ICAI, ICSI and ICoAI on Multi-Disciplinary Partnership (MDP) Firms
    December 8, 2015
    High Level Committee on Corporate Social Responsibility (CSR)
    December 8, 2015
    Improving The Process of E-Filing of Documents
    December 5, 2015
    Appointment of Independent Director in the Company Including Public Sector Undertakings (PSUs)
    December 4, 2015
    Registered Companies with ROC
    December 4, 2015
    Participation of CCI in the Conference
    December 4, 2015
    CSR for War Widows and War Veterans
    December 3, 2015
    Independent Directors in PSUs
    December 3, 2015
    Judicious use of CSR Resources
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    News
    All› Corp. Laws, SEBI & IBC › Corp. Laws, SEBI & IBC - 2015
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    December 30, 2015
    Exposure Draft Guidance Note on Cost Accounting Standard on Capacity Determination CAS-2 (Revised 2015)
    Show AI Summary
    Capacity determination standards require measurement of installed, normal and actual capacity to guide cost statements and disclosures.
    CAS 2 (Revised 2015) requires entities to determine capacity-measured as installed capacity, adjusted to normal capacity, and tracked as actual capacity utilization-using output quantities, machine/man hours or standard mixes, reassessing installed capacity on changes, and reporting these figures in cost statements with material disclosures on basis, changes, outsourced capacity, reasons for low utilization and abnormal costs.
    December 29, 2015
    First meeting of the Governing Council of the National Investment and Infrastructure Fund (NIIF); Selection Process for Appointment of CEO, NIIF initiated
    Show AI Summary
    Registration as Category II Alternative Investment Fund enables NIIF to attract domestic and international investment for infrastructure projects.
    Institutional structuring and regulatory authorisation of the National Investment and Infrastructure Fund included formation of trustee and corporate entities, registration of the trust under the Indian Trust Act, appointment of India Infrastructure Finance Company Ltd and IDBI Capital Market Services Ltd as advisors on initial mandates, and SEBI registration of NIIF as a Category II Alternative Investment Fund. A Search cum Selection Committee has been constituted and publicly advertised the CEO position, including planned foreign recruitment outreach, while the Governing Council reviewed prospective greenfield, brownfield and stalled projects and international investor engagement.
    December 18, 2015
    Year End Review : Highlights of the Achievements of Ministry of Corporate Affairs
    Show AI Summary
    Companies amendment implementation spurred rule notifications, a companies law committee, section 462 exemptions and CSR oversight.
    The Ministry published and brought into force the Companies (Amendment) Act, 2015 (except sections 13 and 14) effective 29 May 2015 and notified consequential amendments to five rule-sets. It constituted a Companies Law Committee with six groups to examine implementation and related recommendations. Final notifications under section 462 grant exemptions to Private Companies, Government Companies, Section 8 companies and Nidhis. A High Level Committee on Corporate Social Responsibility submitted a monitoring report placed on the Ministry's website.
    December 14, 2015
    Ministry of Corporate Affairs – initiatives and salient achievements in the last six months
    Show AI Summary
    Companies Act reform eases compliance and strengthens enforcement, simplifying procedures and clarifying related party and CSR rules.
    Enhancements to the Companies Act, 2013 include forty circular clarifications, fifteen rule amendments, and seven 'remove difficulties' orders to ease implementation; CSR rules were expanded. Lok Sabha approved amendments streamline related party approvals, address minimum capital and company seal practices, set explicit penalties for deposit non compliance, retain strict bail for serious fraud, and rationalize audit fraud procedures. Administrative simplification discontinues forms, substitutes declarations for affidavits, eases foreign director procedures, integrates incorporation services with a unified portal, reduces small company fees, and enables IndAS adoption. Enforcement actions include SFIO investigations into chit fund entities, steps to merge a defaulting exchange with its parent, and completed online fraud probes.
    December 12, 2015
    Government Approves Seven (07) Proposals of Foreign Direct Investment (FDI) Amounting to ₹ 5240.35 Crore Approximately
    Show AI Summary
    Foreign direct investment approvals granted for multiple funds and equity investments; several proposals deferred or rejected thereafter.
    Government approved seven FDI proposals, permitting AIFs to accept non-resident contributions and issue units under the FDI route, authorising investments in Indian companies where FDI is allowed and distribution of income to offshore investors under the automatic route; also approved equity subscriptions and warrant issuances in a financial holding company, acquisition of shares in a core investment company, and foreign investment into an Indian subsidiary for digital education publishing. Several proposals were deferred, five were rejected, and one was determined not to lie before the Board.
    December 12, 2015
    High Level Committee constituted by the Government to suggest measures for monitoring the progress of implementation of Corporate Social Responsibility (CSR)
    Show AI Summary
    Corporate Social Responsibility obligations clarified; committee recommends monitoring framework and no uniform tax exemption for eligible activities.
    A High Level Committee reported recommendations for a CSR monitoring framework and noted the Government does not propose uniform tax exemptions for all eligible CSR activities. Companies are required to adopt CSR policies under the statutory CSR obligation and applicable CSR rules, and the Companies Law Committee is reviewing potential amendments to company law and rules to reflect these issues.
    December 12, 2015
    Serious Fraud Investigation Office (SFIO)
    Show AI Summary
    Fraud recognition as a substantive offence strengthens investigatory powers and promotes data driven corporate fraud detection.
    SFIO has an active caseload with multiple company investigations in progress and has secured convictions through courts and disciplinary bodies. MRAU analyses public and external inputs to generate fraud alerts, corroborated by examination of books and records, and is assisted by a forensic lab despite lacking separate funding. Legislative measures include recognising fraud as a substantive offence and granting statutory status to SFIO under the Companies Act, 2013, alongside tighter corporate governance norms and increased use of technology and forensic tools for early fraud identification.
    December 12, 2015
    National Company Law Tribunal (NCLT) and National Company Law Appellate Tribunal (NCLAT)
    Show AI Summary
    Tribunal constitution under Companies Act initiated; implementation process announced following judicial decision; operations expected soon
    Provisions of the Companies Act, 2013 establishing a specialised company tribunal regime were judicially challenged and decided by the Supreme Court; the executive has initiated constitution steps and, per the corporate affairs minister's parliamentary reply, the tribunals are likely to become functional from the next financial year.
    December 11, 2015
    Time taken for registration of a company cut by 50% as a part of ‘ease-of-doing business’ effort by the Ministry of Corporate Affairs; Ministry to soon introduce a new version of Form INC29 incorporating suggestions received from the stakeholders allowing up to 5 directors to be appointed and greater flexibility in proposing a name for a company
    Show AI Summary
    Company incorporation processing time reduced; new Form INC29 to permit multiple directors and greater flexibility in name proposals.
    The Ministry has streamlined incorporation procedures by adopting an integrated mechanism and tighter Registrar monitoring, and will issue a revised Form INC29 to permit appointment of multiple directors and greater flexibility in company name proposals, alongside simplified name reservation rules and a centralized time-bound approval process.
    December 11, 2015
    Enrolment of Foreign Companies with the Registrar of Companies
    Show AI Summary
    Foreign company registration must be completed within thirty days of establishing a place of business in India to ensure compliance.
    Foreign companies that establish a place of business in India, including by electronic means, must enrol with the Registrar of Companies within the specified short timeframe after establishment, creating a mandatory registration and ongoing compliance duty under the Companies Act.
    December 11, 2015
    Amendment to Companies Act
    Show AI Summary
    Corporate Social Responsibility requirement: companies must adopt CSR policies and allocate prescribed profit proportion to eligible Schedule VII activities.
    Section 135 requires qualifying companies to adopt a Corporate Social Responsibility Policy and to allocate a prescribed proportion of average net profits to CSR activities. Schedule VII defines eligible activities, expressly including relief and welfare of Scheduled Castes, Scheduled Tribes, other backward classes, minorities and women. The Companies CSR Policy Rules and the Ministry circular provide guidance on policy formulation and implementation, and the company board decides allocation of CSR funds across Schedule VII items.
    December 9, 2015
    Deliberations Between ICAI, ICSI and ICoAI on Multi-Disciplinary Partnership (MDP) Firms
    Show AI Summary
    Multi-Disciplinary Partnership firms under deliberation by major professional institutes; councils yet to finalise modalities for members.
    Deliberations concern establishment modalities for Multi-Disciplinary Partnership firms among the Institute of Chartered Accountants of India, the Institute of Company Secretaries of India, and the Institute of Cost Accountants of India. The respective councils have not taken a final decision, and the position was stated in a written parliamentary reply that MDPs are not limited to these three institutes.
    December 8, 2015
    High Level Committee on Corporate Social Responsibility (CSR)
    Show AI Summary
    Corporate Social Responsibility monitoring recommended; committee proposes methodologies, company evaluation and public reporting of compliance and effectiveness.
    The High Level Committee recommended methodologies for monitoring compliance with Section 135 and measures for companies to systematically monitor and evaluate CSR initiatives, including independent evaluation by expert agencies and consideration of distinct mechanisms for Government Companies; its report and recommendations have been placed in the public domain.
    December 8, 2015
    Improving The Process of E-Filing of Documents
    Show AI Summary
    Digital signature authentication required for electronic filings; procedural and support measures ensure access and system reliability.
    Electronic filing requires authentication of electronic documents by authorized signatories using digital signatures under the prescribed rules governing manner and conditions of filing; these requirements are maintained to preserve data integrity and there is no proposal to relax them.
    December 5, 2015
    Appointment of Independent Director in the Company Including Public Sector Undertakings (PSUs)
    Show AI Summary
    Independent Director requirements reinforce board composition and qualification standards, extending appointment criteria and limits for PSU non-official directors.
    Statutory and regulatory rules mandate minimum independent director representation for listed companies and threshold-based requirements for unlisted public companies, with these provisions extending to PSUs. Qualification and eligibility for independent directors are prescribed by company law and rules and are supplemented for CPSEs by Department of Public Enterprises criteria that set experience, educational, age, reappointment, simultaneous appointment, and private directorship limits for non official directors.
    December 4, 2015
    Registered Companies with ROC
    Show AI Summary
    Company striking-off procedures clarified as exit schemes and verification reforms enable removal of defunct firms.
    Section 560 of the Companies Act, 1956 (corresponding to Section 248 of the 2013 Act, not yet notified) permits striking off names of companies not carrying on business after prescribed procedure; the Ministry continues Easy Exit and Fast Track Exit schemes to facilitate removal of defunct companies. Registration reforms require Director Identification Numbers for directors, verification of registered office addresses with supporting documents, and in person certification by specified professionals, with detailed rules in the Companies (Incorporation) Rules, 2014.
    December 4, 2015
    Participation of CCI in the Conference
    Show AI Summary
    Competition advocacy under section 49: CCI restricts participation to stakeholder conferences and avoids commercial sponsorship ties.
    Under the mandate of section 49 of the Competition Act, 2002, the Competition Commission of India conducts competition advocacy by participating in stakeholder-organized conferences, seminars and workshops while maintaining a policy of not taking part in commercial events; invitations come from associations and the Commission does not engage with individual sponsors.
    December 4, 2015
    CSR for War Widows and War Veterans
    Show AI Summary
    CSR eligibility for armed forces beneficiaries: companies may fund veterans and war widows subject to board allocation under the Act.
    Schedule VII of the Companies Act, 2013 recognises CSR activities for armed forces veterans, war widows and their dependents as eligible; allocation of CSR funds among Schedule VII items is determined by the company's board under the Act.
    December 3, 2015
    Independent Directors in PSUs
    Show AI Summary
    Independent director appointment requirement: administrative ministries must implement Search Committee recommendations to fill PSU board vacancies promptly.
    The appointment of non-official independent directors for CPSEs follows a DPE-facilitated process: administrative Ministries initiate proposals, DPE processes them and places candidates before the Search Committee, the Committee's recommendations are returned to the Ministries, and appointments are made by Ministries with competent authority approval; non-official directors serve a three-year tenure and vacancy filling is ongoing under prescribed timelines.
    December 3, 2015
    Judicious use of CSR Resources
    Show AI Summary
    CSR obligations broadened: permissible activities and administrative costs now allowed, enabling companies to pool resources for implementation.
    Implementation of Corporate Social Responsibility is mandatory for companies above statutory thresholds; Schedule VII has been amended to broaden permissible CSR activities and a clarificatory circular advocates liberal interpretation. Amendments to the CSR Rules permit expenditure on administrative overheads as eligible CSR spending and allow pooling of resources by companies to undertake CSR activities, aiming to facilitate effective compliance and judicious use of corporate resources for societal benefit.

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      Corp. Laws, SEBI & IBC

      Government Approves Seven (07) Proposals of Foreign Direct Investment (FDI) Amounting to ₹ 5240.35 Crore Approximately

      December 12, 2015

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      Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its 227th meeting held on 9th November 2015, the Government has approved Seven (07) proposals of Foreign Direct Investment (FDI) amounting to ₹ 5240.35 crore.   

      The following Seven (07) proposals have been approved:

      S. No.

      Item No

      Name of the applicant

      Gist of the proposal

      Sector

      FDI (in Rs. Crore)

      1

      2

      M/s India Advantage S4 I

      M/s India Advantage Fund S4 I, a SEBI registered AIF, has sought approval to (i) accept contributions up to a limit of ` 2,950 crores from offshore investors into the Fund subject to AIF Regulations under the FDI route and to issue class B units and class E units and such other relevant units in the Fund to offshore investors, (ii) permit the Fund to make investments in securities of the Indian companies in which FDI is permitted, (iii) permit the Fund to distribute income realized on its investment to the offshore investors under the automatic route

      AIF

      2950

      2

      8

      M/s Menterra Venture Advisors Private Limited

      Approval has been sought by M/s Menterra Venture Advisors Private Limited for 100% foreign investment in Menterra Social Impact Fund (or such other name as SEBI may approve) which is a contributory and determinate trust organized under the Indian Trusts Act, 1882 and in the process of being registered with SEBI as a Category I Alternative Investment Fund - Social Venture Fund

      AIF

      21.2

      3

      10

      M/s Agio Image Limited

      Approval has been sought by Agio Image Ltd., Mauritius, for acquisition of equity shares of
      Dr. Naresh Trehan and Associates Health Services Private Limited (NTAHS) from RJ Corp, an Indian owned and controlled company

      Core Investment Company

      75

      4

      12

      M/s L&T Finance Holdings Limited

      Approval has been sought by BC Investments VI Limited and BC Asia Growth Investments in L&T Finance Holdings Limited (LTFH), by way of (i) BC Investments VI Limited subscribing to 3,18,36,971 equity shares, constituting 1.75% of the post issue equity share capital of LTFH on a fully diluted basis and (ii) BC Asia Growth Investments subscribing to 6,38,20,990 warrants, with each convertible into one equity share within a period of 18 months from the date of allotment of warrants, constituting 3.51% of the post issue equity share capital of LTFH on a fully diluted basis

      Financial Services

      707

      5

      13

      M/s Paragon Partners Growth Fund

      Approval has been sought by M/s Paragon Partners Growth Fund for accepting contributions amounting to 80% of the Fund corpus from non-resident investors in Paragon Partners Growth Fund, a Category II Alternate Investment Fund.

      AIF

      985

      6

      14

      M/s Strugence Debt Fund

      Approval from the Foreign Investment Promotion Board for accepting contributions up to INR 99 crores from Non Residents, Non-Resident Indians, Non Resident Entities and Foreign owned entities over a period of time in Class A units of Strugence Debt Fund I which is a scheme of Strugence Debt Fund, a Category II Alternate Investment Fund registered with Securities and Exchange Board of India. The Strugence Debt Fund 1 is targeting to raise a corpus of INR 200 crores

      Financial Services

      99

      7

      16

      M/s Extramarks Education India Private Limited

      Approval for investing in its 100% subsidiary Indian company Extramarks Education India Private Limited for undertaking digital publishing of education content and distribution to schools and students through smart classes, test centres and digital medium such as internet subscription, SD cards, Tablets etc.

      Publication

      403.15

                  The following Four (04) proposals have been deferred:

      S. No.

      Item No.

      Name of the applicant

      Gist of the proposal

      Sector

      1

      4

      M/s Sharekhan Limited

      Acquisition of up to 100% of the share capital of Sharekhan Limited other than the shares held in Sharekhan Limited by Human Value Developers Private Limited by BNP Paribas SA France and/or one or more of BNPs French subsidiaries. II. Acquisition of 100% capital of Human Value Developers Private Limited by BNP and/ or one or more of BNPs French subsidiaries.

       

      NBFC

      2

      5

      M/s P C Ghadiali and Co LLP

      P C Ghadiali and Co LLP, a CA firm has been appointed by Mazav Management LLC, USA to apply on their behalf to FIPB for the acquisition of 24% shareholding in Nexus Flight Operation Services India Pvt. Ltd, held by Sovika Aviation Services Private Limited.

       

      Ground Handling Services

      3

      9

      M/s SunE Solar BV

      Approval is sought by SunE Solar B.V. to set up a LLP in India along with SunEdison Energy India Private Limited and SunEdison Solar Power India Private Limited

       

      LLP

      4

      15

      M/s Software is Correct, Inc

      Approval sought for infusing fresh funds of upto US$ 15 million in its wholly owned Indian subsidiary

      IT/ITES

                  The following Five (05) proposals have been rejected:

      S. No.

      Item No.

      Name of the applicant

      Gist of the proposal

      Sector

      1

      3

      M/s Images Franchising Management Pvt Ltd

      Images Franchising Management Private Limited, a WoS of Images Multimedia Private Limited has sought approval to convert into a LLP.

       

      LLP

      2

      6

      M/s Marvel Data Services LLP

      Approval has been sought for receiving USD 1,00,000 from Marvel Data Tech LLC, for 15% profit share.

       

      LLP

      3

      7

      M/s Limpkin Telecom Pvt Ltd

      Approval for issuing fresh investment for 100% equity by Ms. Jorden Elizabeth, a UK citizen for an aggregate consideration of
      Rs. 3.00  crore

       

      Telecom

      4

      11

      M/s Euronet Services India Pvt Ltd

      Approval for amendment of the approval granted whereby it was stated that the activity of operating a payment system by issuance of Prepaid Payment Instrument falls within the 18 activities listed for NBFC and hence, approval from FIPB is not required as the same falls within the automatic route. Accordingly, Euronet India needs to comply with the minimum capitalisation requirement of USD 50 Million.  

       

      NBFC

      5

      17

      M/s Rocktec Sands LLP

      Approval has been sought for receiving foreign investment from foreign partners of the LLP

      LLP

                  The following one (01) proposal does not lie before FIPB:

      S. No.

      Item No.

      Name of the applicant

      Gist of the proposal

      Sector

      1

      1

      Verifone India Pvt Ltd

      Approval has been sought for conversion of outstanding interest due on ECB loan 1(USD 60,554) and ECB Loan 2(USD 365,606) into equity shares to be issued to VeriFone Inc, USA, parent company.

       

      IT/ITES

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