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February 27, 2015
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Tribunal constitution challenge suspends formation and bench establishment until litigation on composition and constitution is resolved.
Formation of the National Company Law Tribunal is in abeyance because of a legal challenge to the constitution and composition provisions of the Companies Act, 2013; establishment of NCLT Benches in various States is therefore dependent on resolution of that litigation.
February 27, 2015
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Managerial remuneration limits restrict directors' pay; excess requires company approval and Central Government consent.
The statutory regime limits managerial remuneration payable by a listed company and its subsidiaries to directors to a prescribed proportion of net profits for a financial year; any excess requires authorisation by the company in a general meeting and approval of the Central Government. Salaries of other personnel are not governed by this cap.
February 27, 2015
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Corporate fraud detection and enforcement strengthened by statutory SFIO powers and new fraud definition under Companies Act.
Corporate fraud detection relies on analysis of company statements, returns and complaints, with the Ministry directing the Serious Fraud Investigation Office (SFIO) to investigate companies and produce reports that support prosecutions and inter-agency sharing. The Companies Act, 2013 strengthened enforcement by introducing a statutory definition and punishment for Fraud, granting SFIO statutory powers, mandating enhanced disclosure norms, and providing for attachment and disgorgement of assets.
February 24, 2015
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Director Identification Number requirement remains mandatory; blacklisting in tenders does not lead to DIN cancellation and is agency-controlled.
Possession of a Director Identification Number is a mandatory prerequisite for being a director and there is no provision requiring cancellation of a DIN due to a company being blacklisted; blacklisting in tender processes is implemented by the agencies calling tenders and is not within the Companies Act or recorded by the Registrar of Companies.
February 24, 2015
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CSR activities listed in Schedule VII; eligibility specified, implementation data not yet available for first-year assessment
Schedule VII identifies activities qualifying as permissible Corporate Social Responsibility expenditure, including construction of schools, thereby delineating the statutory scope of eligible CSR projects; company disclosures evidencing compliance will only be available at the end of the initial reporting year, so current assessment of implementation is premature.
February 24, 2015
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Corporate Social Responsibility rules notified with clarificatory circulars; scope and expenditure estimates premature in initial implementation year.
Implementation of Corporate Social Responsibility obligations is in the initial year and it is premature to determine the number of companies covered or total CSR spending; the Companies (Corporate Social Responsibility Policy) Rules, 2014 and clarificatory circulars have been issued to provide procedural guidance and address queries for eligible companies.
February 24, 2015
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Anticompetitive conduct scrutiny in real estate leads to inquiries, cease and desist orders and regulatory penalties.
Regulatory scrutiny under the Competition Act, 2002 addresses alleged unfair business practices and abuse of dominance in the real estate sector. The Commission conducts preliminary screening, may refer matters to the Director General for detailed inquiry, and applies procedural dispositions including closure at prima facie stage, issuance of cease and desist orders, and, in some matters, imposition of monetary penalty together with orders.
February 24, 2015
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Memorandum of Understanding establishes industry academia collaboration for joint education, training and responsible management initiatives.
A Memorandum of Understanding establishes a collaborative relationship between the Indian Institute of Corporate Affairs and IILM Institute for Higher Education to jointly pursue industry academia collaboration, responsible management education, faculty development, shared programme delivery, training for public sector and corporate stakeholders, and collaborative research and capacity building, leveraging each institution's complementary strengths and infrastructure.
February 20, 2015
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Constitution of Hindi advisory committee for corporate affairs establishes composition, functions and tenure for progressive use of Hindi.
Constitution of the Hindi Salahkar Samiti for the Ministry of Corporate Affairs establishes an advisory body to render advice on implementation and progressive use of Official Language Hindi, specifying a multi category composition including parliamentary members, non official and nominated members, and ex officio officers; it sets functions focused on implementing constitutional and statutory language provisions and fixes ordinary tenure at three years with specified exceptions and vacancy rules, and locates headquarters in New Delhi while permitting meetings elsewhere.
February 11, 2015
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Authorised share capital increase enables expanded fund disbursement and revised shareholding to boost minority development outreach.
The Cabinet approved increasing the Authorised Share Capital of NMDFC and revising its shareholding pattern to raise the Centre's stake, enabling release of earmarked central contribution and larger disbursements. The restructuring of NMDFC's business model aims to expand outreach and fund coverage, implementing schemes through State Channelizing Agencies and tying up with nodal banks; the Corporation's target for the year is to cover 97,000 beneficiaries. NMDFC is a non profit company under Section 25 that provides concessional loans to eligible minority communities within prescribed family income ceilings.

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Acts Income Tax