 Hi All
Someone said ~ The drop of rain maketh a
hole in the stone, not by violence, but by oft
falling. It seems to be true with our most active
regulator Ministry of Corporate Affairs often issuing ‘edicts’
on corporate governance, green initiatives, e-meetings,
business language reporting etc. as businesses move towards
self-regulation and voluntary disclosures. Invariably this
calls for good systems and processes by corporates as also
greater diligence and integrity on the part of professionals
who play an integral role. As the regulator turns an
‘integrator’ and ‘facilitator’, the onus on the professionals
to be vigilant and muster courage not to toe the line of
errant clients is all the more. Slowly but surely these
continuous changes are bound to make a positive dent in the
business environment that we are operating in.You can
find all the earlier issues of Lexspeak under Resource Centre
in our website sharadasc.comTo
read the earlier issues and articles Click Here
Sincerely
Lex Valorem Team |
| Online incorporation of companies within 24 hours |
| Singapore – like clean roads may seem a distant possibility. However, come 11th August, 2011, Singapore – like incorporation of a company within 24 hrs will be a reality……!!!! In a land mark development MCA has simplified the procedure of incorporation of a company by providing an option of processing the documents electronically, subject to certification by Practicing Professionals regarding the correctness of the information and declarations given by the subscribers. Make sure to approach good professionals, lest the “Birth Certificate” of the company be revoked 🙂 |
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Circular > |
| Online approval of Central Government under Section 297 of the Companies Act, 1956 |
| As another step towards simplification of procedures, w.e.f. 24th September, 2011, Ministry will issue online approval for Related Party Contracts under Section 297 of the Companies Act, 1956, provided Board and Shareholders have approved the same and a practicing professional has certified w.r.t. correctness of the information in the e-form. |
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Circular > |
| Shifting of Registered Office from one state to another state & Rectification of Register of Charges – delegation of power to ROC |
| Be it Shifting of Registered Office from one State to Another State or Rectification of Register of Charges, trips to Company Law Boards (CLBs) are out. In yet another simplification measure, powers for approving the same have been shifted from CLBs to ROCs under whose jurisdiction the registered office of the Company is situated. Do expect a flurry of e-forms for implementation by 24th September, 2011. |
| Download Circular 1 > |
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Circular 2 > |
| Certain relaxation in Schedule XIII – Managerial Remuneration |
| W.e.f. 14th July, 2011, in terms of Schedule XIII of the Companies Act, 1956, no approval of Central Government is required by the listed companies and their subsidiaries, which do not have profits or have inadequate profits for payment of remuneration to Professional Managerial Personnel exceeding Rs. 4 lakh pm subject to certain conditions. |
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Circular > |
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Notification > |
| Name Reservation comes at a higher cost |
| Simplification proves to be an expensive affair���.!!. Rules relating to reservation of name for companies have been amended. Filing fee for new e-form 1A has been doubled from Rs.500 to Rs.1000, effective 24th July, 2011. |
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Notification > |
| Company exit process expedited |
| In a bid to strengthen and expedite the winding up process of companies, MCA has issued circulars aimed at greater co-ordination between Registrar of Birth (ROC) and Registrar of Death (Official Liquidator)…….!!. |
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Circular 1 > |
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Circular 2 > |
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Circular 3 > |
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