The Accounting Standards Board (ASB) of the ICAI has constituted ‘Ind AS Transition Facilitation Group’ (ITFG)1 for providing clarifications on timely basis on various issues related to the applicability and /or implementation of Ind AS under the Companies (Indian Accounting Standards) Rules, 2015, raised by preparers, users and other stakeholders. 1 Announcement on the Constitution… Read More »
Ministry of Corporate Affairs For Form No. GNL-1 and Form No. GNL-4, following forms shall respectively be substituted, namely:-
SECTION 125 OF THE COMPANIES ACT, 2013 NOTIFICATION NO. SO 1647(E) [F.NO.5/27/2013-IEPF (PART-1)], DATED 2-5-2016 In exercise of the powers conferred by sub-sections (5) and (6) of section 125 of the Companies Act, 2013 read with rules 5 and 7 of the Investor Education and Protection Fund Authority (Appointment of Chairperson and Members, holding meetings… Read More »
IT Assesment of CSR Spending Section 135 (1) of the Companies Act, 2013 mandates every company with a turnover of Rs. 1000 crores or more; or a networth of Rs. 500 crores or more; or a net profit of Rs. 5 crore or more to spend at least two per cent of their average net… Read More »
Adoption of Suggestions of Panel on Review of Companies Act The report of Companies Law Committee (CLC) was submitted on 01/02/2016 vide which the Committee had suggested changes in 78 sections of Companies Act, 2013 not including the consequential amendments in other sections of the Act. The Government has accepted most of the recommendation of… Read More »
Carry Forward of Unspent CSR Obligations The Ministry of Corporate Affairs, in its circular dated 12th January 2016, has clarified that, the Board of the Company is free to decide whether any unspent amount from out of the minimum required CSR expenditure is to be carried forward to the next year. This provision is uniformly… Read More »
Compliance of SEBI Directive on Women Director The requirement of appointment of woman director emanates from Section 149 of Companies Act, 2013. SEBI has mandated that listed companies to appoint one woman director on its board. Companies can appoint any woman as director who is not otherwise disqualified for appointment as a director in terms… Read More »
COMPANIES (CORPORATE SOCIAL RESPONSIBILITY POLICY) RULES, 2014 NOTIFICATION [FILE NO.1/18/2013-CL.V], DATED 27-2-2014 In exercise of the powers conferred under section 135 and sub-sections (1) and (2) of section 469 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following rules, namely:— Short title and commencement 1. (1)These rules may be… Read More »
Section – 197 Companies Act, 2013 (Enforced with effect from 1-4-2014.) Overall maximum managerial remuneration and managerial remuneration in case of absence or inadequacy of profits. 197. 1(1) The total managerial remuneration payable by a public company, to its directors, including managing director and whole-time director, and its manager in respect of any financial year shall… Read More »
RULES FRAMED UNDER COMPANIES ACT, 2013 Companies (Appointment and Qualification of Directors) Rules, 2014 Number of independent directors (rule 4) 4. The following class or classes of companies shall have at least two directors as independent directors (i) the Public Companies having paid up share capital of ten crore rupees or more; or (ii) the… Read More »