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    News
    All› Corp. Laws, SEBI & IBC › Corp. Laws, SEBI & IBC - 2012
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    December 31, 2012
    Year End Review 2012 – Major Achievements & Highlights - Competition Commission of India
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    Competition enforcement and merger control: cartel penalties and fast-track combination clearances reinforce market competition domestically.
    The Commission emphasized enforcement under the Competition Act-investigating alleged abuse of dominance and cartel conduct and imposing penalties following Director General inquiries-while operating a streamlined merger control regime under the Combination Regulations with expedited thirty-day clearances and regulatory amendments to reduce compliance burdens for transactions unlikely to harm competition. Complementary advocacy and capacity-building initiatives, including advisory groups, partnerships with law schools, international MOUs, and public awareness campaigns, were advanced to promote compliance and technical capability.
    December 26, 2012
    Disinvestment of 12.5 percent paid up equity capital of Rashtriya Chemicals and Fertilizers Ltd.
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    Disinvestment of public equity approved for sale of a minority stake in a central fertilizer company under SEBI rules.
    Approval of disinvestment of 12.5 percent paid-up equity in Rashtriya Chemicals and Fertilizers Ltd. authorises sale of 6,89,61,012 equity shares from the Government's holding in the domestic market in accordance with SEBI Rules and Regulations, effecting a minority stake sale from the Government's 92.5 percent shareholding and subject to applicable securities market procedures.
    December 21, 2012
    Investor Awareness Programmes Conducted by The Ministry of Corporate Affairs
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    Investor awareness programmes expand education and grievance redressal to investors across urban and smaller towns.
    Investor Awareness Programmes are delivered in partnership with professional institutes to educate investors, including young investors, on investment options and regulatory compliance, with outreach to Tier II and Tier III towns; the initiative also includes grievance redressal activity, combining educational and remedial investor-protection measures.
    December 21, 2012
    Competition Commission of India Enquiry against All India Motor Transport Congress
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    Anti-competitive agreements inquiry: CCI may investigate collusion and abuse of dominance without government approval.
    The Competition Commission is enquiring into allegations that All India Motor Transport Congress engaged in restrictive trade practices and collusive conduct amounting to anti-competitive agreements and possible abuse of dominant position; the Commission is entitled to initiate and pursue such an enquiry without requiring prior government approval under the statutory investigatory framework.
    December 21, 2012
    Central Monitoring Committee and Regional task Forces on Vanishing Companies
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    Monitoring of vanishing companies instituted to check corporate disappearances nationwide; Bihar reports no recent increase.
    Constitution of a Central Monitoring Committee and Regional Task Forces establishes a regulatory oversight mechanism to detect and check instances of vanishing companies, with central and regional monitoring, coordination, and information sharing; the announcement noted that vanishing-company incidence in Bihar has not increased.
    December 21, 2012
    FIRs against all the 87 Vanishing Companies and their Directors
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    FIRs against vanishing companies prompt criminal investigations and regulatory debarment under securities law, and company law prosecutions follow.
    FIRs have been lodged against 87 vanishing companies and their directors to enable criminal investigations and tracing of their whereabouts; prosecutions under company law have been initiated for non filing of statutory returns and for alleged misstatements in prospectuses. Promoters and directors have been debarred from raising public funds under securities law, and details have been published to facilitate investor complaints.
    December 19, 2012
    Salient Features of the Companies Bill 2011
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    Corporate Social Responsibility requirement mandates annual targeted spending; complementary reforms strengthen auditor duties and board governance.
    The Companies Bill, 2011 modernises company law by making Corporate Social Responsibility a mandatory board obligation with preference for local spending and an implement or explain approach, strengthening auditor regulation through clarified criminal and civil liability, limits on audit appointments, partner rotation by member resolution, five year auditor terms subject to annual ratification, and refining key managerial and director governance rules including inclusion of whole time directors and harmonised retirement calculations.
    December 18, 2012
    Compliance with the Requirements of Corporate Governance
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    Corporate governance compliance under Companies Act: registrars of companies oversee adherence and initiate action for failures to comply.
    Registrars of Companies monitor and enforce Companies Act compliance by reviewing corporate governance adherence and initiating action for failures; the Government has not issued a Legal Compliance Manual, but the Indian Institute of Corporate Affairs facilitated a ready reckoner to guide stakeholders on applicable laws including the Companies Act.
    December 18, 2012
    Indian Accounting Standards
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    Indian Accounting Standards publication for familiarisation; implementation deferred pending resolution of tax and related issues.
    Placement of Indian Accounting Standards on the Ministry website follows stakeholder consultation to promote dissemination and familiarisation; formal implementation is deferred and will be considered only after resolution of tax and other related issues.
    December 18, 2012
    Competition Commission of India Action Against Carmakers
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    Competition enforcement action initiated after allegation of anti-competitive practices by car manufacturers under competition law framework.
    The Commission initiated investigative proceedings after receipt of information alleging anti-competitive practices by certain car manufacturers under Section 19(1)(a) of the Competition Act, 2002, a complaint-driven inquiry to examine whether the alleged conduct contravenes competition law; the information was disclosed via a ministerial reply in the legislature.
    December 14, 2012
    Investigating the Frauds Committed by the Companies
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    Serious fraud investigation: proposals to grant statutory recognition and strengthen powers to curb corporate fundraising abuses.
    The Serious Fraud Investigation Office (SFIO) has been constituted to investigate frauds by companies, with numerous company inquiries ordered; proposed legislative reform in the Companies Bill aims to grant statutory recognition to SFIO, expand its powers, and introduce stricter provisions to ensure transparent and accountable corporate fundraising to curb fraud.
    December 14, 2012
    Checking the Cartelisation by Companies
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    Competition enforcement: authority established to prevent cartelisation and other anti competitive corporate conduct.
    A competition authority has been established under the Competition Act and is fully functional to address practices with an adverse effect on competition, including detecting and eliminating cartelisation by companies, thereby enforcing competition norms and corporate compliance.
    December 14, 2012
    Market Research and Analysis unit of Serious Fraud Investigation Office
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    Statutory recognition for investigative agency proposed to strengthen SFIO's powers and market surveillance and coordination.
    A multi-disciplinary investigating agency has established a Market Research and Analysis Unit to support capacity building, inter-agency coordination, and market surveillance. The Minister indicated proposed companies legislation will provide statutory recognition and additional powers to formalise and strengthen the agency's investigative and market oversight functions.
    December 14, 2012
    The Concept and the Feasibility of Developing A Business Index
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    Business Index development: pilot study to define measurable business-climate parameters, with government control of the process.
    The Ministry of Corporate Affairs initiated a pilot study to assess the feasibility of a Business Index, carrying out a literature review and identifying variables from primary and secondary sources to measure macroeconomic and micro/business aspects of corporate performance. A concept paper setting out findings and the proposed basket of identifiable, measurable parameters is under preparation, and the study will be shared with concerned ministries and departments; no private agency has been assigned any part of the pilot study.
    December 14, 2012
    Investigation by SFIO in Company Liquidations
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    Serious fraud investigations in company liquidations continue, with most referred cases completed while some remain under inquiry.
    Over a five-year period, 27 companies under liquidation were referred to the Serious Fraud Investigation Office for investigation; SFIO completed investigations in 24 cases and three cases remain under progress.
    December 14, 2012
    Publishing the Names of Questionable Multi-Level Marketing Companies
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    Publication of questionable MLM companies under consideration; public access to company filings available online for a nominal fee.
    Decision to publish names of multi-level marketing companies that come to adverse notice is under consideration, while members of the public may inspect the register of companies and documents filed by any company through the MCA-21 portal on payment of a nominal access fee.
    December 14, 2012
    De-Registration of Companies
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    Fast Track Exit mode enables striking off of defunct companies while prosecutions proceed under company law provisions.
    Registrars initiate prosecutions under the Companies Act against companies that do not file Balance Sheets and Annual Returns, while the Ministry of Corporate Affairs has issued guidelines for a Fast Track Exit mode to enable striking off of defunct companies from the register through an expedited administrative procedure.
    December 11, 2012
    India’s Rank in the Global Competitive Index
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    Regulatory reform: Committee formed to improve business climate after Global Competitiveness Index showed modest score improvement.
    India's Global Competitiveness Index position and composite score reflect assessment across three weighted components and twelve pillars; the 2012-13 computation used 113 indicators and shows an incremental improvement across each component. The Ministry of Corporate Affairs has constituted a Committee for Reforming the Regulatory Environment for Doing Business in India to study the regulatory framework and produce a road map to improve the business climate and enhance competitiveness.
    December 11, 2012
    Incorporation of the Corporate Social Responsibility Provision in the New Companies Bill
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    Corporate social responsibility obligation requires specified companies to allocate mandated profit share and disclose reasons for any shortfall.
    Clause 135 requires specified companies to allocate a fixed proportion of average net profits to activities under Schedule VII and to formulate a CSR policy; if the prescribed expenditure is not made, companies must disclose reasons for the shortfall in the Board's Report, and failure to make that disclosure attracts liability under the Companies Bill's disclosure provisions.
    December 11, 2012
    Changes in the Companies Bill 2011
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    Companies Bill amendments to incorporate parliamentary committee recommendations will be tabled in the current parliamentary session.
    Official amendments to the Companies Bill, 2011 will be moved to incorporate most recommendations of the Parliamentary Standing Committee on Finance; this decision, reached after examination of the Committee's report, was communicated in a ministerial written reply and reflects the Government's intention to table amendment measures in the current parliamentary session to align the Bill with the Committee's suggestions.

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      Corp. Laws, SEBI & IBC

      De-Registration of Companies

      December 14, 2012

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      Press Information Bureau

      Government of India

      Ministry of Corporate Affairs

      13-December-2012 19:40 IST

      During the year 2010-11, 2,53,277 companies have not filed their Balance Sheets and Annual Returns. Giving this information in written reply to a question in the Lok Sabha today Shri Sachin Pilot, Minister of Corporate Affairs, said that as per the provisions of Section 220/162 of the Companies Act, 1956 prosecutions are launched by the respective Registrar of Companies against the erring companies. The Ministry of Corporate Affairs has issued guidelines for “Fast Track Exit mode” for defunct companies on 07.06.2011 to enable the striking off of the names of such companies under section 560 of the Companies Act, 1956.

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