TaxTMI 
TaxTMI 
FINANCIAL MEMORANDUM
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....rnment shall constitute an Authority with such members but not exceeding seven, as the Central Government may appoint, to administer the Fund. This clause is similar to section 205C of the Companies Act, 1956 (hereinafter referred to as the existing Act). Clause 132 provides for constitution of National Financial Reporting Authority (NFRA) to advise the Central Government on matters relating to f....
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....nces are to be initially defrayed by the Central Government out of the moneys provided by the Parliament and are ultimately recoverable from the persons concerned. Clause 206 empowers the Registrars and the officers/authorities authorised by the Central Government to inspect the books of account of companies. These clauses are similar to the provisions of section 235, 242 and 209A of the existing ....
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.... Official Liquidators who are to be the whole time officers of the Central Government, i.e., whose salary shall be paid by Central Government. Clause 359 is similar to the provisions of section 448 of the existing Act. Clause 396 of the Bill empowers the Central Government to establish registration offices to appoint Registrars, Additional, Joint, Deputy and Assistant Registrars and to prescribe ....
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....cial set up to try on offences under the proposed Bill. Clause 443 of the Bill empowers the Central Government to appoint Company Prosecutors for the conduct of prosecutions arising out of the proposed legislation. The Company Prosecutors already appointed under the existing Act will continue to function under the proposed legislation. Clause 454 of the Bill provides for appointment of adjudicat....