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    Competition Commission of India to Organise Two Day ICN Merger Workshop 2014 on International Cooperation and Remedies in Merger Review;Finance Minist...
    1641 Companies Listed with National Stock Exchange: at Least One Women Director Required on Board Of Directors
    Overhauling of Companies Act
    Pending Cases with Company Law Board
    Expert Committee Constituted to Review E-Forms in order to Simplify Procedures for Stakeholders Under the Companies Act
    Implementation of New Accounting Standards
    Merger of Financial Technology (FTIL) and National Spot Exchange Limited (NSEL)
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    November 29, 2014
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    International cooperation in merger review to emphasise cross-border remedies and exchange of information best practices.
    A two-day workshop focuses on international cooperation and remedies in merger review, covering exchange of information in multijurisdictional filings (including waivers), best practices for international enforcement cooperation, design and implementation of cross-border remedies, and the pros and cons of behavioural remedies, supplemented by outreach, capacity-building sessions and a hypothetical merger case study.
    November 28, 2014
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    Women director requirement: listed companies must appoint at least one woman director under corporate law by the statutory deadline.
    1641 companies listed on the National Stock Exchange must ensure the presence of at least one woman director on their boards pursuant to Section 149 of the Companies Act and Clause 49 of the Equity Listing Agreement, as identified by NSE data and communicated by the securities regulator; compliance is required by the statutory deadline for appointment under those provisions.
    November 28, 2014
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    Companies Act implementation: transitional relief and rule amendments issued; directors' responsibilities are not under review
    Following phased commencement of the Companies Act, 2013, the Ministry received stakeholder concerns and issued circulars, statutory orders and rule amendments to provide transitional relief and clarify practical difficulties; inter ministerial consultations are underway to consider targeted amendments, and there is no proposal to review directors' responsibilities for company decisions.
    November 28, 2014
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    Preferential issue of shares: governed by company law and securities rules; no Company Law Board approval required, no pending cases.
    Preferential issue of shares is governed by the Companies Act framework and the Companies (Share, Capital and Debentures) Rules; listed issuers are regulated by the securities regulator. The statutory provisions do not require Company Law Board approval and the Company Law Board reports no pending cases concerning preferential allotments.
    November 25, 2014
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    E-forms simplification: expert committee to streamline Companies Act filing processes and remove stakeholder compliance difficulties.
    An expert committee was constituted to review notified e-forms under the Companies Act, 2013, propose simplifications to forms and filing processes, and remove difficulties faced by stakeholders in statutory filings, with a requirement to submit a report within a short timeframe for Ministry consideration.
    November 25, 2014
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    New accounting standards adoption: phased voluntary then mandatory application, with later inclusion possible for banks and insurers.
    Implementation of Indian Accounting Standards (Ind AS) will proceed in two phases - voluntary adoption in the first notified year and mandatory adoption in the following year - with finalisation and notification of the classes of companies to be covered. Banks, financial institutions and insurance companies are excluded from the initial application and may be included later; the notification process will specify scope and effective application.
    November 25, 2014
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    Merger under Companies Act: draft order issued in public interest, stakeholders invited to submit objections before finalisation.
    A draft order proposing merger/amalgamation of NSEL with FTIL was issued under the Companies Act in essential public interest, with stakeholders invited to submit objections and suggestions within two months and the final order to follow after consideration of those responses.

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