Loading...

Top
Help
×

By creating an account you can:

Logo TaxTMI
Call Us / Help / Feedback

Contact Us At :

E-mail: [email protected]

Call / WhatsApp at: +91 99117 96707

For more information, Check Contact Us

FAQs :

To know Frequently Asked Questions, Check FAQs

Most Asked Video Tutorials :

For more tutorials, Check Video Tutorials

Submit Feedback/Suggestion :

Email :
Please provide your email address so we can follow up on your feedback.
Category :
Description :
Min 15 characters 0/2000
Make Most of Text Search
  1. Checkout this video tutorial: How to search effectively on TaxTMI.
  2. Put words in double quotes for exact word search, eg: "income tax"
  3. Avoid noise words such as : 'and, of, the, a'
  4. Sort by Relevance to get the most relevant document.
  5. Press Enter to add multiple terms/multiple phrases, and then click on Search to Search.
  6. Text Search
  7. The system will try to fetch results that contains ALL your words.
  8. Once you add keywords, you'll see a new 'Search In' filter that makes your results even more precise.
  9. Text Search
Add to...
You have not created any category. Kindly create one to bookmark this item!
Create New Category
Hide
Title :
Description :
❮❮ Hide
Default View
Expand ❯❯
Close ✕
🔎 News - Adv. Search
TEXT SEARCH:

Press 'Enter' to add multiple search terms. Rules for Better Search

Search In:
Main Text + AI Text
  • Main Text
  • Main Text + AI Text
  • AI Text
Category: ?
Categorized by AI
---- All Categories ----
  • ---- All Categories ----
  • Income Tax
  • GST
  • Customs, DGFT & SEZ
  • FEMA & RBI
  • Corp. Laws, SEBI & IBC
  • PMLA, Black Money & ED
  • Budget
  • News and Press Release
  • PTI News
Month:
---- All Months ----
  • ---- All Months ----
  • January
  • February
  • March
  • April
  • May
  • June
  • July
  • August
  • September
  • October
  • November
  • December
Year:
---- All Years ----
  • ---- All Years ----
  • 2026
  • 2025
  • 2024
  • 2023
  • 2022
  • 2021
  • 2020
  • 2019
  • 2018
  • 2017
  • 2016
  • 2015
  • 2014
  • 2013
  • 2012
  • 2011
Sort By: ?
In Sort By 'Default', exact matches for text search are shown at the top, followed by the remaining results in their regular order.
Relevance Default Date
    IICA Conducts inaugural session of 11th Batch of its Certified CSR Professional Programme
    Net Profit of Regional Rural Banks (RRBs) Rises to Record ₹10,176 Crore, Total Business Cross ₹13.5 Lakh Crore in FY 2025-26
    UP Cong chief writes to PM Modi on ethanol policy, sugar prices
    Economy shows notable resilience despite global headwinds: RBI bulletin
    Sugar prices rise by nearly Re 1 per kg to about Rs 64
    Trump says he's considering renaming Lake Ontario as 'Lake America' as trade war with escalates
    Flash Report on Central Sector Infrastructure Projects worth ₹150 crore and above
    HP minister warns orchardists against spurious PGRs sold in open market
    NEWS HIGHLIGHTS
    AERA cuts user development fee for domestic, int'l passengers at Hyderabad airport
    Rupee rises 24 paise to close at 95.46 against US dollar
    India pivots to US for LPG, LNG as West Asia crisis disrupts Gulf supplies
    Experts Call for Intelligence-Led Action to Break Cross-Border Illicit Trade Networks at ASIA Security Conference 2026
    How NRIs Can Structure Bank Accounts in India When They Have Both Indian and Overseas Financial Commitments
    Sugar ex-mill prices down 18 pc to Rs 55/kg after import move, curbs on hoarding: Food secretary
    SBI eyes USD 10 bln from NRIs, foreign investors ahead of RBI swap window closure
    Industrial power tariff hike: WBSEDCL says proposed rise capped to DVC area, rates still competitive
    India-Japan Investment Partnership Gains Momentum; Commerce and Industry Minister Shri Piyush Goyal Invites Greater Japanese Institutional Capital
    Commerce and Industry Minister Piyush Goyal addresses Japanese Business Federation in Tokyo
    Third Meeting of India-Cambodia Joint Working Group on Trade and Investment (JWGTI) Held in Phnom Penh, Cambodia
❯❯
Maximize Maximize Maximize
0 / 200
Expand Note
Add to Folder

No Folders have been created

+

Are you sure you want to delete "My most important" ?

NOTE:

News
Showing Results for :
Reset Filters
Results Found:
Show All Summaries Hide All Summaries
August 25, 2026
Show AI Summary
Corporate social responsibility should prioritise measurable community outcomes, transparency, capable implementing agencies, and strategic integration with sustainability objectives.
Corporate social responsibility should prioritise measurable community outcomes rather than expenditure alone. Effective CSR depends on community-responsive design, capable implementing agencies, rigorous monitoring, social audits, and transparent use of technology and data. Public sector enterprises may use thematic priorities, convergence with government programmes, and institutional collaboration to replace isolated interventions with strategic CSR. CSR capacity building encompasses legal and regulatory frameworks, governance, project planning, impact assessment, reporting, ESG and the Social Stock Exchange.
August 25, 2026
Show AI Summary
Regional rural bank performance highlights improved profitability, asset quality, priority-sector lending, financial inclusion, and digital banking expansion.
Regional Rural Banks achieved prescribed priority-sector lending targets and sub-targets, expanded financial inclusion through new Pradhan Mantri Jan Dhan Yojana accounts, and recorded improvement in profitability, asset quality, and credit-deposit ratio. Digital banking adoption is to be accelerated to improve operational efficiency, customer experience, and banking access in rural and remote areas. Sponsor Banks are expected to strengthen information-technology infrastructure and support increased area-specific credit flows and innovative lending.
August 25, 2026
Show AI Summary
Ethanol-blended fuel policy faces calls for consumer-focused review amid sugar supply pressures and older-vehicle compatibility concerns.
Consumer-focused review of the ethanol-blended fuel policy is sought because higher ethanol diversion may affect domestic sugar availability and prices, potentially requiring sugar imports that could reduce claimed foreign-exchange savings from lower petroleum imports. The review should address ethanol and sugar production, domestic prices, imports, and consumer, environmental and economic concerns. Availability of lower-blend fuel alongside E20 is advocated for owners of older vehicles, with consumer choice between E10 and E20 supporting a comprehensive reassessment.
August 25, 2026
Show AI Summary
Economic resilience remains supported by domestic demand, manufacturing, liquidity and capital inflows despite external trade and geopolitical risks.
Economic resilience is attributed to buoyant domestic demand, sustained manufacturing and services activity, and double-digit merchandise trade growth. Improved southwest monsoon conditions supported kharif sowing and partly reduced agricultural risks, although geopolitical frictions and fresh United States tariffs remained external risks. Supply-side pressures raised consumer price inflation, while stable core inflation indicated limited cost pass-through. Easing liquidity, credit growth, investment activity and rebounding foreign capital inflows supported financial and external-sector conditions.
August 25, 2026
Show AI Summary
Sugar price controls combine raw sugar imports, stockholding limits, and export restrictions to curb retail inflation.
Sugar market intervention combines permitted imports of raw sugar, stockholding limits for dealers and bulk consumers, and an existing export ban to address sharp increases in retail and wholesale prices. Limits on inventories held by trade participants and large industrial consumers are intended to curb speculation and hoarding. Although ex-mill rates declined after the import decision and anti-hoarding measures, the reduction had not yet translated fully into retail prices. The measures seek to supplement domestic availability and restrain practices that may intensify consumer-price increases.
August 25, 2026
Show AI Summary
Tariff escalation drives retaliatory planning, industry protection measures, supply-chain uncertainty, and proposed symbolic geographic renaming amid cross-border trade tensions.
United States-Canada trade tensions have intensified after tariffs were imposed on Canadian goods following unsuccessful bilateral talks. Canada is expected to pursue retaliatory measures, potentially using targeted action to protect workers and businesses rather than matching tariffs directly. Further tariff threats concern vehicles, auto parts and steel. Integrated cross-border supply chains in automotive, energy, agriculture and manufacturing face increased costs and consumer-price uncertainty. Consideration of renaming Lake Ontario as "Lake America" has also been linked to the escalating dispute.
August 25, 2026
Show AI Summary
Central infrastructure monitoring through PAIMANA-PROJ tracks implementation progress, sectoral priorities, completed works, and integration of newly monitored projects.
PAIMANA-PROJ monitors Central Sector infrastructure projects costing Rs. 150 crore and above across 17 Ministries and Departments. As of July 2026, 1,775 projects with a revised cost of Rs. 37.11 lakh crore were under monitoring, with cumulative expenditure of Rs. 19.26 lakh crore. Transport and Logistics formed the largest monitored sector, followed by Energy. The portfolio included mega and major projects at varying physical and financial completion stages. PAIMANA-CRIP serves as the central infrastructure-project data repository, with most data updated through APIs.
August 25, 2026
Show AI Summary
Plant growth regulator quality controls require farmer awareness, licensed sales, quarantine compliance, and protection against uncertified orchard inputs.
Plant Growth Regulator quality control seeks to protect farmers and orchardists from spurious products sold in the open market. Licensed pesticide and fungicide outlets receive application schedules, while farmer awareness is stressed due to purchases of cheaper PGRs that may not achieve expected results. Rootstock imports require quarantine clearance, and uncertified rootstock purchased from the market is associated with disease spread in orchards. Regulatory measures include direct departmental sale of branded chemicals, promotion of weather-based crop insurance, and demands concerning minimum support pricing and Market Intervention Scheme documentation.
August 25, 2026
Show AI Summary
Anti-conversion compliance prompts voluntary prayer declarations, alongside food-safety oversight and enforcement against demolition, liquor, and cyber-fraud allegations.
Maharashtra's anti-conversion law has commenced, and churches across the Mumbai Metropolitan Region have sought written self-declarations confirming voluntary prayer attendance without pressure. Food-safety oversight requires cleaning of cricket association eateries before a further inspection. Enforcement matters include investigation into unauthorised shop demolitions allegedly involving misuse of a municipal corporation's name, arrests connected with spurious-liquor manufacture, and a cyber-fraud network allegedly using mule accounts to launder proceeds. A retired High Court judge has been appointed as Lokayukta.
August 25, 2026
Show AI Summary
User development fee rationalisation reduces departure charges and links airport cost recovery to commissioned capital projects during the tariff cycle.
Airport tariff regulation for Hyderabad airport fixes reduced User Development Fee for departing domestic and international passengers from 1 September 2026 through 31 March 2031, with rationalised landing charges. The tariff determination applies the incremental Aggregate Revenue Requirement framework, linking airport-charge cost recovery to completion, commissioning and use of identified high-value capital expenditure projects. A variable tariff plan provides landing-charge incentives upon prescribed qualifying conditions, supporting traffic development and route expansion while requiring cost-reflective, transparent and non-discriminatory aeronautical tariffs.
August 25, 2026
Show AI Summary
Rupee appreciation reflects weaker dollar, lower crude prices, positive equities, and foreign-exchange inflows through swap facilities.
Foreign-exchange market conditions supported the rupee's appreciation against the US dollar, driven by positive domestic equity markets, a weaker dollar, and declining crude-oil prices. The USD/INR pair remained within a narrow range, with oil-price movements and potential central-bank intervention identified as near-term determinants. A special USD-INR foreign-exchange swap facility covering FCNR(B) deposits, overseas foreign-currency borrowings and external commercial borrowings had mobilised foreign-exchange inflows relevant to currency liquidity.
August 25, 2026
Show AI Summary
Energy supply diversification reshapes India's LPG, LNG and crude sourcing amid constrained Gulf availability and higher logistics costs.
India's energy-import sourcing has shifted towards supply diversification as disruption in the Strait of Hormuz constrained traditional Gulf supplies. United States cargoes have become particularly important for LPG and LNG, while procurement has also broadened to Atlantic Basin and other non-traditional suppliers. Diversification increases costs through longer voyages, higher freight, insurance expenses, tighter availability and higher commodity prices, reflecting a premium for supply security. Crude sourcing continues to rely principally on Russia, alongside resilient UAE flows and increased Venezuelan heavy crude imports.
August 25, 2026
Show AI Summary
Intelligence-led enforcement against illicit trade requires coordinated data-sharing, risk profiling, digital accountability and disruption of organised supply networks.
Cross-border illicit trade enforcement should move beyond isolated seizures to intelligence-led disruption of organised criminal networks. Risk-based profiling, predictive analytics, container scanning and shipment-data analysis should support targeted action against misdeclaration, port-hopping, concealment and digital distribution. Right holders should share specific intelligence with customs targeting mechanisms, and goods entering Domestic Tariff Areas from warehousing and special economic zones require enhanced examination. Digital enforcement should trace suppliers, financial flows, data trails and small-parcel movements, supported by coordinated feedback between online marketplaces, police and customs.
August 25, 2026
Show AI Summary
NRI banking account segregation aligns overseas earnings, domestic income, foreign-currency savings, remittances, and borrowing with cross-border commitments.
NRI banking arrangements require segregation of overseas earnings, India-sourced income, savings, remittances and expenditure after residential status changes. An NRE account holds overseas income remitted to India, with interest exempt from income tax in India. An NRO account is intended for Indian income, including rent, dividends and pension, while FCNR deposits retain funds in a chosen foreign currency. A structured arrangement can align these accounts with domestic obligations, overseas spending, remittances, investments and compliant digital banking access.
August 25, 2026
Show AI Summary
Sugar import authorisation and anti-hoarding controls aim to moderate ex-mill prices amid adequate domestic stocks.
Raw sugar imports were permitted, while stock limits were imposed on bulk consumers. States were directed to strengthen inspections, and nationwide flying squads were deployed to identify hoarding and speculative conduct. These measures target sugar availability and distribution across wholesale and retail channels. Ex-mill prices declined following the measures, although wholesale and retail prices had not yet reflected the reduction.
August 25, 2026
Show AI Summary
Foreign-currency swap window closure focuses non-resident deposit mobilisation, while ECB hedging support continues for public-sector borrowers.
RBI's concessional Foreign Currency Non-Resident Bank deposit swap window closes on August 31, replacing the previous September 30 cut-off. Separately, the special US dollar-rupee foreign-exchange swap window remains available until December 31, 2026, providing concessional currency-hedging support to public sector undertakings raising external commercial borrowings. SBI expects to mobilise predominantly through deposits from non-resident Indians and foreign investors, with external commercial borrowings also visible.
August 25, 2026
Show AI Summary
Industrial power tariff revision applies only within the shared distribution area, while steel producers seek rollback and fuel supply support.
Industrial electricity tariff revision is proposed from 1 September for 33 KV and 11 KV consumers within the Damodar Valley Corporation command area. The increase is confined to the shared distribution-licence area, while a separate and higher tariff structure applies outside it. Steel and sponge-iron industry associations oppose the revision on the basis that it will raise energy costs and affect investment conditions. They seek withdrawal of the increase and request continuing supplies of high-grade coal and iron ore for sponge-iron production.
August 25, 2026
Show AI Summary
Institutional capital facilitation prioritises repatriation, market access, regulatory predictability, and cross-border partnerships supporting technology-led long-term investment.
India-Japan investment engagement focuses on increasing long-term Japanese institutional capital flows through an enabling business environment, intellectual property protection, policy reforms and integration with global value chains. Facilitation measures include simpler profit repatriation processes, improved access to Indian capital markets, greater regulatory predictability and a seamless cross-border investment environment. GIFT City is explored as a gateway for international capital and Japan-India investment flows.
August 25, 2026
Show AI Summary
Strategic investment partnership prioritises semiconductor manufacturing, resilient supply chains and advanced industrial collaboration between Indian and Japanese businesses.
India-Japan economic cooperation is directed toward deeper trade, investment, technology and business-to-business linkages, including economic security, supply-chain resilience, clean energy and innovation. Collaboration is focused on capital goods, machinery, automotive and advanced manufacturing, with stronger connections between Japanese enterprises and India's Tier-II and Tier-III suppliers, including Micro, Small and Medium Enterprises. Semiconductor manufacturing is identified as a significant investment area. The India-Japan Special Strategic and Global Partnership supports expanded engagement with manufacturing ecosystems, global value chains and resilient supply chains.
August 25, 2026
Show AI Summary
Bilateral trade and investment cooperation advances through customs alignment, digital payment integration, market access discussions and investment treaty completion.
India-Cambodia trade and investment cooperation addressed trade diversification, market access, customs alignment, digital payments and investment facilitation. Discussions covered traditional medicine, e-governance, recognition of the Indian pharmacopeia, trade statistics, agricultural cooperation, banking and insurance. The parties agreed on an MoU on Customs Cooperation to promote uniform customs procedures and considered early completion and signature of the Bilateral Investment Treaty. UPI-KHQR payment integration, investment promotion, priority-sector cooperation and a private-sector feedback mechanism were also discussed.

News

Back

All News

Showing Results for :
Reset Filters
No Records Found

News

Back

All News

Showing Results for : Reset Filters

Dr. M.Veerappa Moily releases Compendium to High Light the Achievements of the Ministry of Corporate Affairs.

June 11, 2012

Contents
Summary
Note

Note

-

Bookmark

Print

Print

Press Information Bureau

Government of India

Ministry of Corporate Affairs

11-June-2012 17:26 IST

Dr. M.Veerappa Moily releases Compendium to High Light the Achievements of the Ministry of Corporate Affairs

Says create an Environment that would enable the Corporate Community Meet the Multifarious Global Challenges while Enhancing their Competitiveness

            Union Corporate Affairs Minister Dr. . M. Veerappa Moily has emphasized upon creating an environment that would enable the corporate community meet the multifarious global challenges while enhancing their competitiveness. Dr. Moily was addressing a Press Conference to highlight the achievements of his Ministry here in New Delhi today. The minister said a systematic plan has been chalked out to increase engagement with the industry associations and chambers in crucial issues of corporate administration and governace. On this occasion He also released a the compendium entitled, “ Innovative March to New Horizons of Corporate Growth”.

            Dr. Moily said his ministry is not in the business of policing the companies; our mandate is to let the corporates do business efficiently and responsibly. He said  the  major agenda of ministry reform is in the form of the Companies Act as the Bill as introduced in the Lok Sabha in a revised form in late 2011 is still with the Parliamentary Committee on Finance. He said I would not like to speculate as to how long it will take us to present our proposal in the light of the second report of the Committee as this will depend on the kind of recommendations made; If these are not of a wide ranging nature it should not take long, otherwise we need to have an elaborate consultative process with stakeholders like the Ministry of Finance, SEBI, RBI and such other Ministries as may appear to be affected by the reports.

            The minister referred to the  Eurozone crisis which has had a deleterious effect on our exports and the escalating import bill largely on account of the ever increasing demand for petrol and petroleum products. He however, expressed the hope that   our corporate sector has  the resilience and expertise to come on top of the situation. He said  as friends of the corporates his  ministry is alive to their concerns and anxieties and we have taken care to ensure that the regulatory requirements for them do not become any more onerous. We have introduced the practice of ‘abridged statement of accounts’ we have also taken steps like excluding the Employees Share Option Plan or ESOPS from the purview of ‘interest in capital’ for the purpose of deciding managerial remuneration. I am making a mention of these two randomly selected measures only to emphasise that my Ministry believes that even seemingly small steps have the effect of going towards engendering a sense of well being among the corporates.

            The minister informed that   the Committee appointed under the chairmanship of Shri Adi Godrej to formulate the National Policy Guidelines on Corporate Governance is making good progress and it should be possible to have the draft policy framework ready for public discussion and debate by the end of next month or early August. We have already put the business responsibility reporting framework proposed by Bharat Wakhlu Committee in the public domain. In particular, the CII is taking interest in further improving the efficacy of the proposed framework. We have also finalised the proposed amendments in the Competition Act and the proposed national policy on competition – these initiatives are being fine tuned by a Group of Ministers so as to ensure harmony between the competition regulators and other regulators.

            Dr. Moily also spoke about the inauguration of the new campus of Indian Institute of Corporate Affairs (IICA) at Manesar, Gurgaon by Prime Minister Dr. Manmohan Singh  on April 13 this year. He said  the Institute is in the process of finalizing the recruitment of faculty so as to serve as a think tank on all issues of corporate governance and to act as a bridge between the Government and the corporate sector in initiating policy formulation. The Institute will soon as an important capacity building platform in all aspects of corporate law and governance.

The Minister referred to the electronic platform called the MCA 21. This is the most comprehensive e-governance solution within the governmental system. All aspects of corporate regulation and reporting involving over 8 lakh companies are now on line. It is possible to get a company incorporated within 48 hours where there is no confusion about availability of name and to view on line all the filings of the companies – what better examples can one think of when talking of increasing transparency and efficiency in corporate regulation sector. XbRL filing for select companies is a further milestone in corporate governance as it is enabling the regulators to look more deeply in the financial affairs of the corporates and to watch against early signs of emerging problems.

Referring to the Reebok case Dr. Moily said the Serious Fraud Investigation Office (SFIO) has already started its investigations and in touch with other agencies involved in the investigation. It is committed to take a dispassionate view and carry out an objective investigation to get to the bottom of the truth. Also, SFIO has reported full cooperation from the management of Reebok India and others in possession of relevant information.

The Minister gave brief detail of his ministries achievement which is as under:

Corporate Growth: There are 8 lakh active companies and 9520 LLPs at present.  There has been a tremendous growth in incorporation of new companies viz. 68,088 during 2009-10,   92,080 in 2010-11  and 1,00,242 in 2011-12.   Ministry is taking all possible steps to improve the existing MCA21 platform to enable hassle free incorporation.

Companies Bill:- The Companies Bill, 2011 stands  referred to the Parliamentary  Standing Committee on Finance for examination and report. The evidence of the Ministry on the Bill was taken on 20.4.2012. In the last oral hearing,  an indication was given to the officials of the Ministry that the report will be tabled within the Budget Session.  This did not transpire and now it is expected that this will be done in the early part of the Monsoon Session.

MCA21:          

(a)                  e-Stamping:       e-Stamping for MCA services has been extended to cover all States and Union Territories. With these, companies registered in all States and UTs can avail of the facility. The Ministry had already added a new  payment gateway through Union Bank of India  in addition to existing  ICICI payment gateway for credit card and net banking payments.

(b)                E-Banking:   Corporates availing of entire range of regulatory services through the electronic platform of the Ministry (MCA21) can now make electronic payments through any bank, making life much simpler for the companies.

(c)        Integration of LLP with MCA21:            A decision has been to integrate LLP e-Governance programme with MCA21 to enable registration of LLP by ROCs. The work of software development has been done by TCS.   To ensure seamless transition, a number of changes were necessary and have been carried out. The system is being made live today viz. 11th June.

(d)        OL e-Governance:        In an attempt to improve the functioning of Official Liquidators (OL), the Ministry intends to extend the application of e-Governance to liquidation and winding up of companies. We are planning to do this on existing MCA21 platform for e-auction, HR and accounting functions of OLs.

XBRL:     Implementation of XBRL by select class of companies last year was one of the most significant achievements of the Ministry. The first year implementation have been widely appreciated. Till the end of May, 2012, 26,815 companies have filed their financial statements in XBRL format. The Ministry has already conducted  technical analysis of these filings. The XBRL taxonomy for this year  has already been exposed for comments on MCA and ICAI Portal.

 MCA21 v2:         The MCA 21 v2 is essentially a continuation of the existing MCA21 Project. The project is to be implemented through an open bid process for the selection of a service provider . The RFP v2 has already been issued on 1st May, 2012.

IEPF:  As part of the investor protection initiative, the Ministry has introduced a functionality in its website for the company to file details of unpaid and unclaimed amounts of dividends and deposits  for the last 7 years. To inform investors about such amounts lying with companies,  this functionality will be very useful.

Competition:

(a) Competition Policy:   The draft of the National Competition Policy is likely to be submitted to the Cabinet for its approval very shortly.  The proposed Competition Policy envisages the Cabinet Committee on Competition to provide necessary directions and guidelines to various Ministries and Departments of Government of India on steps to be taken to engender the ‘Competition Culture’.

(b)  Mr. Justice (Retd.) V. S. Sirpurkar, former Judge of Supreme Court of India has joined as Chairperson, Competition Appellate Tribunal on 22.05.2012, following the retirement of Justice Dr. Arijit Pasayat.

(c)Competition (Amendment) Bill :   In its meeting held on 20.4.2012, seeking approval of the Cabinet to introduce Competition (Amendment) Bill, 2012 ,  the Cabinet  has decided to  refer the pertinent issues for consideration by Group of Ministers.

Corporate Governance: To prepare a formal policy document on corporate governance based    on wide consultations with all stakeholders, a High Powered Committee has been constituted on      7th March, 2012 with Shri  Adi Godrej as Chairman, Dr. Kiran Majumdar Shah , CMD, Biocon, Ms      Zia Mody, Lawyer, etc.  as Members.   The Committee has been asked to give its report within 6    months.    

CSR:       The concept of Corporate Social Responsibility (CSR) is proposed to be introduced within the legislative framework and for the first time anywhere in the world a responsibility will be  cast for corporates falling in specified category to spend 2% of their net profit on socially productive activities. Provisions for mandatory reporting along with reasons in case of failure to meet the prescribed target has also been included.

IICA:        A state of the art institute, namely Indian Institute of Corporate Affairs (IICA) has been set up at Manesar, Gurgaon, Haryana. This was inaugurated by the Hon’ble Prime Minister on 13th April, 2012. The Institute is expected to act as a think tank for  academics, training, research and to foster inclusive growth and entrepreneurial excellence with ethical business practices. To advocate and promote CSR, National Foundation for Corporate Social Responsibility has been established within IICA. This is expected to create a National Platform for Corporate Sector to work in partnership with Government, Non-governmental and Civil Society Organisations leading to inclusive growth and sustainable development.

Follow up of  India Corporate and Investor Meet:

The Ministry had organized India Corporate and Investor Meet events in the month of February, 2012 with the support of  industry chambers.  Based on the deliberations in these events, a Committee has been constituted under the chairmanship of Shri Jaydeep N. Shah, President, ICAI to prepare a roadmap for investor related issues comprising of financial literacy, investor grievance redressal, channelizing household savings into the corporate sector, and  recognition to corporates for investor friendliness.  The Committee has been asked to give its report by 2nd week of August, 2012.

Way Forward

As you can see in the publication released today, we have briefly outlined our vision and plans for the way forward to make the corporate administration effective, transparent, accountable and responsive so that we are able to provide an ambient environment for corporate growth in the country. The details are provided in the publication, however, I would briefly touch upon some of the important issues:

MCA 21 Version-2

As stated earlier, the Ministry of Corporate Affairs has done pioneering work in the e-Governance arena. The MCA-21 V-2 is under process of implementation and the same will come in force before 16.01.2013.

MCA21 v2 is essentially a continuation of the existing MCA21 project with much enhanced and transparent framework:

Ø                   Enhanced experience to the end-users through modifications/upgrade of software and improvement of some of the current interfaces like enabling mobile devices, tablets etc.

Ø                   Replacement of outdated client side infrastructure;

Ø                   Enhanced network connectivity for the offices of MCA;

Ø                   Enhancing the applications to meet the requirements of the New Companies Bill, 2011 as and when it is passed;

Ø                   Integration into the national infrastructure being planned and implemented by DIT, Govt. of India.

Capacity Building

Apart from strengthening the IICA to make it a world class institute and think tank for corporate governance in the country, special emphasis will be given to training ICLS officers and other Group A officers on the issue of corporate management and finance. It has been envisaged to conduct specialised training module for the CFOs and other senior finance executives working with Banks and financial institutions. Capacity building programmes are also being worked out for the senior and middle level corporate managers and the senior executives of the public sector units.

Furthering the interests of investors

(i)Preparation of the road Map

The Ministry is actively engaged to prepare roadmaps on the basis of the suggestions / recommendations received during the five investor’s meet held in February. The Ministry plans to take up this in a big way and in time bound manner.

In the context of the crucial issue of financial literacy and creating awareness among the investors in order to build up vibrant capital market, efforts are being made for preparation of a blue-print in consultation with Ministries of Finance and HRD, NCERT, different State education boards and CBSE. I have already written to the Minister, HRD and the Chief Ministers of all the States to suggest steps to be taken for inclusion of suitable module on capital market in school curriculum.

(ii)Sub-site on unpaid and unclaimed amounts lying with the companies

The Ministry is launching a sub-site on the Ministry’s website htp:/www.mca.gov.in ,  where companies are required to file their investor-wise details of unpaid and unclaimed amounts of investors lying with them. This website will enable the investors, specially the small investors and investors from remote areas, to search and locate the information on such amount. At present these amounts are being transferred to Investor Education and Protection Fund (IEPF) after the expiry of seven years and there is no provision of returning the money to them. This website will help investors to find out such amount due to them and file their claim with the respective companies.

Business Responsibility Reporting Framework

Based on the recommendations of a Committee of various stakeholders formed by the Ministry, a framework for Annual Business Responsibility Report is being finalised shortly. This will be implemented in consultation with SEBI and other stakeholders. 

Institutional Arrangement for Dispute Resolution

            Company Law Board

The Company Law Board functions with 4 Regional Benches at Mumbai, Kolkata, New Delhi and Chennai (Principal Bench at New Delhi).  The Board has a sanctioned strength of nine Members including the Chairman & Vice-Chairman.  With the recent appointment of three Members, the Board shall function with full sanctioned strength for the first time.  With this, it is expected that the pendency of cases will reduce further.

With the enactment of the Companies Bill, the CLB shall cease to exist and its function shall be discharged by the proposed National Company Law Tribunal. 

Business Confidence Index (BCI)

The concept of “Business Confidence Index” is a useful tool to indicate the sense of well being among the role players in the corporate sector vis-a-vis their own organisation and its linkages with the large world. The Ministry is seeking to actively explore the possibility of introducing their performance indicator in the overall corporate governance paradigm. Certain professional institutions have already started work in this direction.

 Fostering Competition

(i)         National Competition Policy

            The Ministry has constituted a Committee to draft the National Competition Policy. After detailed deliberations, the draft is ready and necessary steps are afoot for submission of the note to Cabinet.

            The National Competition Policy aims 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.

Model Law on Societies

The Societies Registration Act, 1860 provides for the registration of literature, scientific and charitable societies. ‘Society’ being the State subject, the law has been adopted with some amendments by twelve States whereas many other states have enacted their own law on this subject. While the original Act was remarkably clear in not introducing any form of State interference into the affair of such institutions except routine matters of filling annual statements, many of State legislations went for widespread governmental control to deal with abuses, malfeasance and nonfeasance of societies. In nutshell, diversity of laws across the states has given rise to emergence of non-uniform practices in the management of the societies. Therefore, the Ministry feels that there is a need for enactment of a model law, to be adopted by state legislatures.

In this backdrop, the Ministry has constituted an Expert Group to identify the regulatory gaps and oversight mechanism in governance of Societies across the States with a view to formulate a Model law on the Subject. While doing so such laws in other countries like U.K, USA, China, Brazil, South Africa and Nordic countries are also being examined.

   Convergence with International Financial Reporting Standard

The Ministry of Corporate Affairs prepared a roadmap for IFRS implementation in India and application of Converged Indian Standards by Companies. It was decided that the converged accounting Standards (Ind-AS) will be applicable for both stand alone and consolidated financial statements.

Adoption or convergence with IFRS helps the economy at large, investors as well as the industry. It benefits the economy by increasing growth of its international business. As far as investors are concerned, they want the information that is more relevant, reliable, timely and comparable across jurisdictions.

Implementation of the Ind-As shall be notifies immediately with the passage of the Company Bill.

 CSR a tool for Nation building

The Ministry has planned number of steps to try and develop Corporate Social Responsibility (CSR) as an important tool for nation building. We believe that in the new economic environment, private sector must collaborate with the government in dealing with welfare of the weaker section of society.

Through the National Foundation for CSR established within the IICA, the mission is to help in creating a national platform for the Corporate Sector to work in partnership with Government, Non-Governmental and Civil Society Organisations to advocate and capture issues that lead to inclusive growth and sustainable development.

Institution Building

As mentioned earlier the Institute of Corporate Affairs has been established by the Ministry for capacity building and knowledge transfer in matters related to corporate governance and regulation.

The IICA shall operate through a network of six schools   - the Centers of Excellence and Forums which will pertain to the areas of Corporate Law, Competition Law, Corporate Finance, Business Environment, Corporate Governance and the ICLS Academy.

It has been visualised that the Institute shall introduce international standard Degree / Post Degree programmes on these subjects very soon comparable to such programmes in some of the leading universities of the world.

Partnering with the Corporate World

Government and industry/corporate need to work together to consider the cumulative and inter-related impacts of regulatory regimes and reforms to ensure that regulatory structures and processes that are relevant and robust, transparent, accountable and forward-looking. This will help achieve the goal of regulatory reform to improve the national economy and enhance the ability to adapt to change.

Keeping this objective in mind the MCA work with the Industry in creating an environment that would enable the corporate community meet the multifarious global challenges while enhancing their competitiveness. A systematic plan has been chalked out to increase engagement with the industry associations and chambers in crucial issues of corporate administration and governace.

*****

ST/-

Topics

Acts Income Tax