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    News
    All› Corp. Laws, SEBI & IBC › Corp. Laws, SEBI & IBC - 2009
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    September 11, 2009
    Shri Salman Khurshid says the Cost and Management Accounting professionals to play a major role in ensuring reasonable pricing of essential goods and services
    Show AI Summary
    Regulatory empowerment of cost accountants urged to strengthen pricing oversight and expanded statutory audit and certification roles
    Request for expanded statutory roles for cost and management accounting professionals to support price stabilization and strengthen enterprise governance by implementing Expert Group recommendations. Key proposals include redrafting cost accounting and audit provisions to remove anomalies with company law, permitting cost accountants to attest and certify statements under Revised Schedule VI, inclusion of cost accountants in LLP audits and within the definition of "Accountants" under the Direct Tax Code, representation in the IFRS Expert Group, addition of the cost accountant designation to MCA-21 Form I, and renaming the institute for global alignment.
    September 10, 2009
    Government approves formation of a Non-Profit Company ‘Invest India’ for Promotion of FDI
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    Formation of Non Profit Investment Promotion Company approved to centralize and facilitate foreign direct investment promotion.
    Approval creates Invest India as a Section 25 non profit joint venture to promote and facilitate FDI, with a Board equally representing the Department of Industrial Policy and Promotion and the industry partner, a DIPP non executive Chair, an appointed Managing Director, and administrative support from the private partner. Initial equity and funding arrangements provide majority private participation with phased reduction of the Central share and equity induction by State Governments; DIPP's contribution will be funded from its investment promotion scheme.
    September 8, 2009
    9 FDI Proposals approved
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    Foreign direct investment approvals noted alongside deferrals, rejections, automatic route advices and an escalation for higher approval.
    Nine foreign investment proposals were approved to permit foreign equity participation, ex post facto regularisation, establishment of wholly owned subsidiaries, increases in foreign equity caps, and issuance of securities, with specific proposals identified for compliance with existing press note guidance. Concurrently, thirteen proposals were deferred for further scrutiny, five were rejected, three withdrawn, six advised for the automatic route, and one escalated for higher level consideration.
    July 16, 2009
    Indian Institute of Corporate Affairs
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    Societies registration enables establishment of a corporate affairs institute to provide capacity building and regulatory support.
    The Indian Institute of Corporate Affairs is constituted as an institutional vehicle to support corporate governance, reform and regulation and is registered under the Societies Registration Act, 1860, providing the legal basis for advisory, capacity building and service delivery activities; it functions as a holistic think tank focused on knowledge management, global partnerships and real-time solutions and is operating from Paryavaran Bhawan, CGO Complex, New Delhi.
    July 14, 2009
    Setting up of Institute of Valuation Professionals
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    Regulation of valuation professionals proposed via autonomous institute to standardize business valuation, certification and disciplinary oversight.
    Recommendation to establish an autonomous Institute of Valuation Professionals to regulate and professionalise valuation through a Council, independent disciplinary and quality review, a common certifying examination, uniform technical standards, and statutory emphasis on business valuation with integration of specialists for physical assets.
    May 4, 2009
    Trade Mark – Forms and Fees
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    Trade mark fees and form framework defining application, renewal, opposition and expedited filing procedures and charges.
    Schedule prescribes the fee and form framework for trade mark filings, prosecutions, renewals, restorations, special mark registrations, oppositions and ancillary services. It distinguishes single-class and multi-class filings, sets per-mark and per-class charges for series, collective, certification and textile marks, and lists fees for oppositions, counterstatements, extensions, transfers, registration of users, searches, certified copies, expedited services and agent registration, mapping each payable instance to a specific form.
    February 20, 2009
    Inspection of Companies
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    Inspection powers under the Companies Act enable government inspections and public electronic disclosure of audited company accounts.
    Government uses inspection powers under section 209A of the Companies Act, 1956 to inspect company books on complaint or other information of non compliance, with suitable legal action taken for violations; 263 companies were inspected between 1.4.2003 and 31.1.2009. An electronic registry publishes filed and audited accounts; auditors are appointed by statute and regulated under the Chartered Accountants Act, 1949, while company secretary certification and regulation apply for listed companies under the Company Secretaries Act, 1980. Amendments in 2006 strengthened disciplinary mechanisms and Accounting Standards were notified; the Companies Bill, 2008 was introduced to further strengthen checks against irregularities.
    February 19, 2009
    Measures to prevent recurrence of financial scams
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    Corporate disclosure integrity strengthened through auditor peer review and event based disclosures to curb financial reporting misstatements.
    Investigations were initiated into material misstatements in a listed company's financial accounts, with regulators inspecting auditors' documents, company records and promoters' statements, while the securities regulator mandated a panel-led peer review of auditors' working papers and amended rules requiring event-based and periodic disclosures on promoters' share pledging to strengthen auditor oversight and transparency.
    February 14, 2009
    Irregularities in Satyam Computer Services being investigated
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    Company disclosure obligations trigger investigation and statutory enforcement including document requisition and management remedies.
    Allegations of falsified financial statements at Satyam led the Government to order SFIO investigations under Section 235 and to empower Inspectors under Section 240(1A) and 240(2)(b) to obtain documents and examine on oath entities including Maytas Properties, Maytas Infra and 356 connected persons; the action proceeds within the statutory framework requiring true and fair disclosures, independent statutory audits, company secretary certification for listed entities, and governmental inspection and remedial powers under the Companies Act, subject to Company Law Board approvals.

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      Corp. Laws, SEBI & IBC

      Measures to prevent recurrence of financial scams

      February 19, 2009

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      Rajya Sabha

      The irregularities in the accounts of Satyam Computer Services Ltd. were brought out in the email sent on January 7, 2009 by Shri B. Ramalinga Raju, erstwhile Chairman of the company to certain stock exchanges and others disclosing information that the statements of accounts of the company provided to stock exchanges were not true and fair.

      The above mentioned e-mail claimed that for the quarter ending September 30, 2008, the company had an actual operating margin of Rs.61 crore against the earlier reported figure of Rs.649 crore.

      Various agencies including Serious Fraud Investigation Office, Securities and Exchange Board of India, Andhra Pradesh state CID, etc. are investigating into possible violation of various Acts, Rules and Regulations administered by the respective agencies. In particular, SEBI is investigating possible violations of SEBI Act 1992, SEBI (Prohibition of Fraudulent & Unfair Trade Practices) Regulations, 2003 and SEBI (Prohibition of Insider Trading) Regulations, 1992 among others. SEBI has also ordered inspection of the documents available with the Auditors. Besides, books, records and documents of the company are being examined. SEBI has completed examining and recording statements of both Raju brothers (promoters).

      Based on the recommendations of the Advisory Committee on Disclosures and Accounting Standards (SCODA) on January 9, 2009, SEBI had asked market participants to undertake peer review of the working papers (relating to financial statements of listed entities) of auditors in respect of the companies constituting the NSE - Nifty 50, the BSE Sensex and some listed companies outside the Sensex and Nifty chosen on a random basis. The peer review will be undertaken by a SEBI prepared panel of auditors. Further SEBI has issued necessary amendments to provide for "event based" as well as "periodic disclosures" about pledging of shares by promoters.

      This information was given by Minister of State for Finance, Shri Pawan Kumar Bansal in reply to a question raised by Shri Motilal Vora in Rajya Sabha today.

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