 Hi All
Whether technology owes an apology to ecology or not, we owe our thanks to Ministry of Corporate Affaris (MCA). Pending passing of the Companies Amendment Bill, the apex body regulating Corporate Affairs in the country has showered a series of circulars / notifications as part of its ‘green initiative’. The most significant one being, on holding Board and Shareholder meetings via video-conferencing subject to certain conditions.Doors are now open to Foreign Direct Investment (FDI) in LLPs even as RBI has relaxed certain norms for Overseas Direct Investment (ODI). For all this and more, do read this issue of Lexspeak.
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Lex Valorem Team |
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| Meetings via video-conferencing |
| MCA has taken a huge green initiative in permitting Board Meetings and Shareholder Meetings of Companies in the electronic mode i.e via video-conferencing, subject to certain compliances / conditions. However the role of the Chairman and Company Secretary in ensuring this assumes great significance. |
Download Circular >
Download Circular > |
| Move over, physical documents from ROC |
| Keeping in tune with modern technology and paperless documentation, ROCs shall henceforth issue all letters and certificates in digital form in a phased manner from 30th June, 2011 onwards. |
| Download Circular > |
| Loans to Public Limited Companies |
| MCA has clarified the circumstances under which its approval is to be sought in cases of loans to public limited companies u/s 295 of the Companies Act, 1956. |
| Download Circular > |
| XBLR reporting relaxed |
| XBLR reporting from 2010-11 onwards is now applicable only to listed companies having a paid up capital of Rs. 5 crore and above or turnover of Rs. 100 crore and above, subject to exclusion of certain class of companies. |
| Download Circular > |
| LLPs of CAs can be appointed as Company auditors |
| To enable appointment of LLPs of CAs as auditors of Companies, MCA has clarified that they would not be treated as ‘body corporate’ u/s 226(3)(a) of the Companies Act, 1956 which otherwise does not permit a body corporate to be an auditor. |
| Download Circular > |
| Form 8, 17, & 23D modified |
| Effective 29th May, 2011, MCA has modified above forms relating to creation and satisfaction of charge and appointment of cost auditor. |
Download Circular >
Download Circular > |
| FDI in LLPs allowed |
| Consolidated FDI Policy has been amended to allow FDI in LLPs subject to certain conditions. |
| Download Circular > |
| Liberalisation / rationalization of ODI |
| Facilitating greater Direct Investment abroad, RBI has liberalized / rationalized the existing ODI provisions relating to guarantees issued by Indian Companies, restructuring of Balance Sheet of overseas entity, disinvestment in JVs/WOSs by Indian Companies etc. |
| Download Circular > |
