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    News
    All› Corp. Laws, SEBI & IBC › Corp. Laws, SEBI & IBC - 2011
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    December 19, 2011
    Enforcement Mechanism Against Corporate Frauds.
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    Corporate fraud enforcement strengthened through expanded inspection, investigation powers and heightened managerial and board accountability.
    The Companies Bill 2011 proposes to strengthen inspection, inquiry and investigation powers to take more effective action against companies and officers for fraudulent conduct and non compliance, increase accountability of Key Managerial Personnel, board committees, Independent Directors and auditors, and revise the definition of officer in default; related IPC offences including falsification of financial statements, diversion of funds, over/under invoicing, criminal breach of trust and misappropriation have been reported by SFIO and are being prosecuted under relevant statutes.
    December 19, 2011
    New Companies Bill.
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    Companies Bill 2011 introduced after cabinet approval and now tabled in Parliament following industry consultation.
    The Ministry of Corporate Affairs prepared the New Companies Bill incorporating industry inputs; the Cabinet approved the Bill on 24-11-2011 and it was introduced and tabled in the Lok Sabha on 14-12-2011, as stated by the Union Corporate Affairs Minister in a written reply.
    December 16, 2011
    Ministry of Corporate Affairs to Organize India Corporate and Investor Meet in February 2012
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    Corporate Governance and investor awareness drive convenes nationwide corporate and investor meet with industry partners and national analysis
    The Ministry of Corporate Affairs will conduct a week-long India Corporate and Investor Meet across five metropolitan cities with full-day sessions focused on investor issues, corporate governance and CSR, each led by designated trade or professional partners, culminating in a national event to consolidate Analysis Reports into a document to inform a roadmap for future corporate and economic progress.
    December 16, 2011
    Date for Claims Under Company Law Settlement Scheme, 2011 Extended
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    Company Law Settlement Scheme extension limited; deadline extended but no further extensions; prior terms remain unchanged.
    The Company Law Settlement Scheme, 2011 filing window for specified claims is extended to 15 January 2012, the extension is final and will not be further prolonged, and all operative conditions of General Circulars No. 59/2011 and No. 60/2011 remain unchanged.
    December 16, 2011
    Last Date for Allotment of Director’s Identification Number (DIN) Under Companies Act, 1956 Further Extended
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    Director's Identification Number filing deadline extended; PAN submission and digital signature requirements apply for DIN applications.
    The ministry extended the deadline for furnishing PAN via Form DIN-4 for allotment of Director's Identification Number (DIN), instructed professional bodies to publicize the extension, and informed existing DIN holders to file DIN-4 to update PAN to avoid penal action. It also restated that from 12 June 2011 all DIN-1 and DIN-4 applications must be digitally signed by specified practicing professionals who verify applicant particulars, and that applications will be approved online.
    December 12, 2011
    Inactive Companies
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    Dormant companies designation applies where firms fail to file mandated annual returns and balance sheets; government records counts.
    Companies are classified as dormant companies where they fail to file annual returns and balance sheets for three consecutive years; the Ministry of Corporate Affairs identifies such companies under its present policy, publishes aggregate counts, and has stated it does not plan to restrict company registrations to those professing a long-term vision.
    December 12, 2011
    Blacklisting of Companies
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    Bid rigging and cartelization: companies may be penalized under competition law following regulatory adjudication process.
    Companies alleged to have engaged in bid rigging and cartelization are subject to the Competition Act's adjudicatory framework, which empowers regulatory determination of anti competitive conduct and imposition of penalties. The Government indicated that enforcement will proceed within that statutory regime and that no separate handover to external investigative agencies is being pursued in the related Safdarjung Hospital matter.
    December 12, 2011
    Reservation in Promotions
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    Reservation in promotion implemented under constitutional amendment; Ministry reports category-wise promotion data for General, SC and ST.
    The press release states that reservation in promotion is strictly implemented in the Ministry of Corporate Affairs pursuant to constitutional amendment measures, and discloses category-wise promotional counts for General, Scheduled Castes and Scheduled Tribes over a five-year period, with the information provided by the Minister of State in a written parliamentary reply.
    December 12, 2011
    Fraudulent Companies
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    Regulation of company fund collection leads to inspections to detect possible Companies Act violations and protect investors.
    Inspections have been ordered under Section 209A of the Companies Act, 1956 to examine companies that, after obtaining only a registration number, solicit money under various schemes by false promises-particularly in rural areas-to detect possible violations of company law and determine whether company formalities are being used to facilitate deceptive fundraising.
    December 12, 2011
    Merger of Sugar Mills
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    Listing agreement compliance required stock exchange notice before scheme filing; objections permitted at second motion stage.
    The Transferor complied with Listing Agreement obligations by notifying the stock exchange before filing a scheme; a complaint was permitted by the Court to be filed as an objection at the second motion stage and was directed to be forwarded to the Regional Registrar/Director for consideration when replying at that stage. Separately, the Directorate reported it does not maintain records of sugar stocks kept by mills with banks.
    December 12, 2011
    Dues on EPF Contribution
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    Priority of EPF dues affirmed over other creditors' claims on company assets in liquidation as binding precedent
    The judgment confirms that contributions and dues under the Employees' Provident Funds & Miscellaneous Provisions Act are priority claims on a company's assets in liquidation, prevailing over other claims including those of secured creditors; the ruling is binding, aligns with Section 11(2) of the Act, and has been circulated to EPFO field offices for compliance.
    December 10, 2011
    ICSI Foundation Day Celebrations Vision of Professional Body Like The ICSI and its Members Should Capture Expectations of its Various Stakeholders-RPN Singh
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    Corporate governance reform: Companies Bill to mandate CSR and criminalise insider trading while strengthening director norms.
    The press release emphasises the proposed Companies Bill as a key reform aligning company law with global practices by introducing obligations such as Corporate Social Responsibility, class actions, fixed tenure for independent directors, tighter public fundraising controls and criminalisation of insider trading; it underscores parallel governance shifts from alternative corporate forms, e governance initiatives and the enhanced advisory and compliance role expected of Company Secretaries.
    December 8, 2011
    Fraud Companies
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    Corporate fraud prevention measures strengthened under proposed repeal and rationalisation of the Companies Act framework.
    Proposed repeal and replacement of the Companies Act, 1956 targets corporate fraud and vanishing companies by preserving and enhancing stringent penal provisions. An expert committee reviewed and recommended rationalisation of the statute to modernise enforcement, compliance obligations and corporate governance while maintaining strong sanctions for fraud and company disappearance.
    December 8, 2011
    Companies Act
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    Competition law enforcement powers remain limited; no expansion to include search and seizure while amendments are reviewed.
    A government committee has been constituted to propose amendments to the Competition Act, 2002 and its enforcement framework; the committee's work is ongoing. There is currently no proposal to expand investigative powers to permit search, seizure and raids for competition investigators, and existing enforcement powers remain unchanged.
    December 8, 2011
    Performance of CCI
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    Competition enforcement: CCI investigates anti competitive practices and consumer price hikes and disposes of cases under competition law.
    The Competition Commission enforces the Competition Act to eliminate anti competitive practices, protect consumer interests and ensure freedom of trade by receiving, investigating and disposing of complaints (including legacy transfers), conducting inquiries into market price hikes, and proceeding in a quasi judicial manner to resolve cartel, dominance and related matters.
    December 8, 2011
    Societies Registration Act
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    Societies Registration Act review to study legislative and regulatory framework for NGO transparency and potential mandatory e filing.
    An Expert Group chaired by Shri K.N. Chaturvedi has been constituted to study the legislative and regulatory architecture of the Societies Registration Act; the Group's report is pending while the Government has framed potential reform objectives including enhancing NGO transparency and exploring mandatory e-filing of societies' statements.
    December 8, 2011
    New Law for Societies Registration Act
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    Transparency and accountability for societies derive from registration laws and state administration of disclosure duties.
    Non-corporate entities and societies are governed by their registration statutes, which typically include provisions on disclosure and accountability; the Societies Registration Act, 1860 is a central enactment administered and enforced by the respective State Governments, so oversight and enforcement occur at the state level rather than through a single central regulatory code.
    December 8, 2011
    Early Warning System
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    Early Warning System detects corporate anomalies and triggers regulatory scrutiny based on financial and governance indicators.
    The Ministry's Early Warning System screens listed and specified unlisted companies through an initial six-parameter financial filter-covering related party transactions, large profitability changes, high cash balances, sizable investments relative to capital and reserves, loans and advances concentration, and large unsecured borrowings-and then subjects flagged companies to a five-parameter governance and reporting filter including audit qualifications, accounting period changes, auditor changes, director turnover, and significant promoter share reductions, with prioritisation for public interest cases like unpaid deposits, public fund-raising, and non-filing after secured borrowing.
    December 7, 2011
    National Competition Policy
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    National Competition Policy under formulation: committee report submitted and stakeholder consultations underway, comments awaited delaying finalisation.
    The Government constituted a committee to draft the National Competition Policy to advance sustainable growth, entrepreneurship, employment, economic rights, inclusive development, economic democracy and good governance; the committee has submitted its report, two national consultations have been held and stakeholder comments (including from State Governments) have been invited and remain awaited, leaving the policy in consultation stage with no date fixed for finalisation.
    December 7, 2011
    Statutory Status for SFIO
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    Statutory status for Serious Fraud Investigation Office proposed to formalise its role under the revised Companies Bill.
    Provision to confer statutory status on the Serious Fraud Investigation Office has been proposed in the revised Companies Bill, reflecting a legislative initiative to formalise the Office's institutional basis and enforcement role; this proposal was communicated to Parliament via a ministerial written reply.

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      Corp. Laws, SEBI & IBC

      National Competition Policy

      December 7, 2011

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      Press Information Bureau

      Government of India

      Ministry of Corporate Affairs

      07-December-2011 17:38 IST

      Government has constituted a Committee for drafting the National Competition Policy with a view to achieve highest sustainable levels of economic growth, entrepreneurship, employment, higher standards of living for citizens, protect economic rights for just, equitable, inclusive and sustainable economic and social development, promote economic democracy and support good governance by restricting rent seeking practices. The Committee has since given its report.

      Two national level consultations were held and comments have also been invited form various stakeholders, including the State Governments, on the recommendations of the Committee, which are awaited.

      Since the matter is still in consultation stage, no date can be specified for the finalization of the policy.

      The Minister of State for Ministry of Corporate Affairs Shri R.P.N. Singh gave this information in a written reply in Rajya Sabha today.

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