Tag: Companies Act
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Guest Post: MCA Circular on Related Party Transactions
[The following post is contributed by Vinod Kothari and Shampita Das of Vinod Kothari & Co. They can be contacted at vinod@vinodkothari.com and shampita@vinodkothari.com respectively] The Ministry of Corporate Affairs (MCA) drives what corporate India will do, or will not do, or will do with rudders and rigours, under the new Companies Act 2013. It…
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Guest Post – Company Deposits: New Rules Change The Game
[The following post is contributed by Abhishek Bansal and Stuti Bansal, Corporate Professionals, Advisors & Advocates. The authors can be reached at abhishek@indiacp.com and stuti@indiacp.com respectively) This post discusses the concept of deposits as provided under Chapter V of the Companies Act, 2013 (hereinafter the Act of 2013) and the Companies (Acceptance of Deposits) Rules,…
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Guest Post: MCA Finalises Cost Audit Rules
[The following post is contributed by Nivedita Shankar of Vinod Kothari & Company. She can be reached at nivedita@vinodkothari.com] Putting all speculation to rest, the Ministry of Corporate Affairs (MCA) on June 30, 2014 finally came out with the final rules relating to cost audit and cost records. Although, the rules are yet to be…
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Guest Post: MCA’s ‘Deemed’ Clarification on Foreign Subsidiary Status
[The following post builds upon two previous posts, here and here. In this, Esha Chakraborty and Shampita Das of Vinod Kothari & Co. raise some further concerns regarding the recent clarification issued by the Ministry of Corporate Affairs. The authors may be contacted at esha@vinodkothari.com and shampita@vinodkothari.com respectively.] Continuing with the intent of infusing clarity…
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MCA Clarifies on Status of Private Subsidiary of a Foreign Company
Earlier this year, we had raised and discussed a vexed issue under the Companies Act, 2013 (the 2013 Act) regarding “the status of a private company in India that is the subsidiary of a foreign company (being a public company). The specific question relates to whether the Indian private company can continue with its status…
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Shareholder E-Voting Requirements Deferred
India is one of the forerunners in mandating e-voting by shareholders. It was first introduced by SEBI for top listed companies, and then codified in the Companies Act, 2013 (section 108). However, due to operational difficulties and delays, the MCA last week issued a clarification postponing the mandatory nature of the e-voting requirements. It has…
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Proposed Relaxations to Private Companies
One of the difficult tasks for any companies’ legislation is that it must be flexible and dynamic to be in position to deal with varying types of companies. Such companies can range from the one-person company, a private limited company, a public unlisted company to finally a public listed company. Despite widely differing characteristics that…
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Guest Post: MCA notification on Audit Committee
[The following post is co-authored by Yogesh Chande and Manendra Singh. Yogesh is an Associate Partner and Manendra is an Associate with ELP. Views of the authors are personal.] In terms of section 177(1) of the Companies Act, 2013 (Act) read with rule 6 of the Companies (Meetings of Board and its Powers) Rules, 2014…
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Guest Post: Identifying KMPs under Companies Act, 2013
[The following post is contributed by Shampita Das, who is an Associate at Vinod Kothari & Company. She can be contacted at shampita@vinodkothari.com] Amendments from the Ministry of Corporate Affairs (MCA) to the hurriedly introduced Rules (under the Companies Act, 2013) continue to flow. Now, the MCA has come out with an amendment…
