The Companies Act, 2013, which received the assent of the President on the 29th August, 2013, is available for download
Regards,
Editor,
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Latest:Date 13-09-2013
Companies Act 2013 Update
General Circular No.15/2013
The Ministry of Corporate Affairs has also notified 98 sections for implementation of the provisions of the Companies Act, 2013 (the "said Act") on 12.09.2013. Certain difficulties have been expressed by the stakeholders in the implementation of following provisions of the said Act. With a view to facilitate the proper administration of the said Act, it is clarified that –
I. Sub-section (68) of section 2:- Registrar of Companies may register those Memorandum and Articles of Association received till 11.09.2013 as per the definition clause of the private company, under the Companies Act, 1956 without referring to the definition of 'private company' under the "said Act".
II. Section 102:- All companies which have issued notices of general meeting on or after 12.09.2013, the statement to be annexed to the notice shall comply with additional requirements as prescribed in section 102 of the "said Act".
III. Section 133:- Till the Standards of Accounting or any addendum thereto are prescribed by Central Government in consultation and recommendation of the National Financial Reporting Authority, the existing Accounting Standards notified under the Companies Act, 1956 shall continue to apply.
IV. Section 180: - In respect of requirements of special resolution under Section 180 of the "said Act" as against ordinary resolution required by the Companies Act 1956, if notice for any such general meeting was issued prior to 12.09.2013, then such resolution may be passed in accordance with the requirement of the Companies Act, 1956.
3. This issues with the approval of competent authority.
Circular Link
https://sites.google.com/site/companiesact2013/upload
Dear Colleague,
Wishing you a Happy, Prosperous and a Wonderful New Year 2013!
The year that has gone by has definitely paved way for better changes and one such most awaited change is The Companies Bill, 2012. The Companies Bill, 2012 was passed by Lok Sabha on the18th of December 2012.
The new avatar of Companies Bill, is said to aim at
In what way is the New Bill proposed to be different from the 56 year old Companies Act, 1956?
The number of companies registered under the Companies Act 1956 have crossed over 8 lakhs, its time that a new enactment came into force embracing the growing requirements of Companies in India.
Please find herewith a small write up on "Overview of Companies Bill, 2012", for quick glance at the Companies Bill, 2012.
As always, kindly send your comments and suggestions at rajkumarradukia@caaa.in or reach me at 09820061049/09323061049.
Click here to download Overview of Companies Bill, 2012
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Attachment(s) from Nandkishore Hegde
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The bill has been passed in the Lok Sabha and there is hectic activity in the capital's power corridors as lobbying picks up ahead of the tabling of the bill in Rajya Sabha. The Upper House is likely to take up the bill for passage in the upcoming Budget session. Statutory audit of top listed companies is dominated by top firms such as KPMG, PricewaterhouseCoopers, Deloitte and Ernst & Young and their affiliates. According to informal estimates, these enjoy a 55% market shares in the audit of listed companies business. One of these entities commonly known as 'Big Four' in audit circles has even written to the ministry saying that capping of number of firms will cause confusion as there are not enough qualified auditors to handle volumes. "They have also been talking to members of parliament, ministers and are expressing their concerns on this move," said an official closely associated with the matter. In a recent conference in Delhi on the companies bill, Price Waterhouse partner Harinderjit Singh also expressed his reservations against the move and its potential impact on quality of audits. "It is not a Big four vs Little four issue. The limited point that is being made is that private limited companies should be excluded from the calculation of 20 companies. The earlier law excluded private limited companies. If you include the private companies, then just putting an arithmetic limit won't work. Then there should be a financial limit," said N Venkatram, partner, Deloitte Haskins & Sells. However, auditors running smaller firms say the move will create more opportunities for chartered accountants and help them earn better fees. "Today, I pay Rs 3,000 for audit of my company. Once the supply gets restricted, price curve shifts upwards. It may become Rs 20,000," said a managing director of a small company. Another issue pointed out by Big four is the fact that several large companies have numerous subsidiaries. For example, if the 20 company rule is applied directly, then a firm may not be even able to cover more than one large company and its subsidiaries. "Say a company has 400 subsidiaries, why does the same audit firm have to audit all of them. 20 different small firms can do the audit for subsidiaries and the big firm can consolidate. I don't see any problem in this," said a managing director of a boutique consultancy. There is enough talent in India to cover the demand several times over. The auditors point out the data on Ministry of Corporate Affairs (MCA) annual report said that there are about 1.06 million companies registered in India. Of these, 705,699 companies were active. If the 20 company rule is applied, over 35000 auditors will be required. Supporters of the bill provisions point out that there are about 98,863 practicing chartered accountants, providing a coverage of 2.8 times to the bill requirements. "We are not talking about sole proprietorships, Do we have enough number of firms who can handle large audits. We may not have more than 300 such firms," Venkatram said. Amarjit Chopra, chartered accountant and former president of ICAI said the changes in company law are in the right direction, "Nowhere in the world there are rules which are against the local practitioners. It is unfortunate that whenever there is a foreign collaborator, they want one of the big four to be the auditor. Such clauses are restrictive." Chopra also points out that even some public financial institutions have started asking for a "Big four" auditor. "How will the local talent grow under such restrictive environment?" he asked. Pavan Kumar Vijay, managing director, Corporate Professionals said, "The new companies bill provisions provide a golden opportunity for Indian chartered accountants. They have to learn the art of building mega firms with specialists to provide different solutions." | ||||||||||||
The Cabinet has issued a Press Release dated 04.10.2012 setting out all the amendments to the Companies Bill, 2011 which have been approved.
Regards,
Editor,
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Latest:Whether s. 43B & s. 14A disallowance can be made under Article 7(3) of the India-Mauritius DTAA
http://www.indiantaxhome.com/2011/11/registration-under-s-80g.html
CIT v Gaur Brahmin Vidya Pracharini Sabha
High Court of Punjab and Haryana
ITA No.759 of 2010(O&M)
Hemant Gupta and G S Sandhawalia, JJ
For the reasons mentioned in the applications, delay in refiling as well in filing the appeal is
condoned. The Civil Misc. Applications are allowed.
ITA No.759 of 2010
http://www.indiantaxhome.com/2011/11/penalty-under-s-2711c.html
In the absence of any evidence to show that the omission to offer additional income on account of gift received by assessee was attributable to any intention or desire on the part of assessee to hide or conceal income, no penalty can be levied under s 271(1)(c), more so when assessee has surrendered amount after receipt of questionnaire from AO to buy peace — as held by DelHC in CIT v Harnarain — In favour of: The assessee.
http://www.indiantaxhome.com/2011/11/industry-seeks-14-duty-on-power.html
In a move that may spell trouble for private sector utilities and Chinese makers of power generation equipment, heavy industries minister Praful Patel has called a meeting today to discuss and push for the imposition of customs duties on imports of such equipment.
http://www.indiantaxhome.com/2011/11/gst-may-bring-down-supply-chain-costs.html
Industrial and trading houses were advised by experts to start aligning their operations, especially in the area of supply chain management, in tune with the new Goods and Service Tax (GST) regime that is likely to be in place by October 2012 or April 2013.
http://www.indiantaxhome.com/2011/11/rbi-allows-fiis-to-invest-up-to-25.html
The Reserve Bank of India (RBI) today allowed foreign institutional investors (FIIs) to invest up to USD 25 billion, up from existing limit of USD 5 billion, in bonds and debentures of Indian infrastructure companies.
http://www.indiantaxhome.com/2011/11/insider-trading-rules-will-now-apply-to.html
Rules on insider trading will apply to employee trusts which administer employee stock option plan (ESOPS) and they will have to make disclosures when their holding changes, SEBI said in an informal guidance to an IT company on Tuesday.
http://www.indiantaxhome.com/2011/11/hc-upholds-income-tax-departments-view.html
An old tax case has come back to haunt Infosys, the country's second-largest software company. In a ruling that backs the Income-Tax Department's claim of Rs 100 crore, the Karnataka High Court has upheld the view of tax authorities that the work carried out by Infosys for clients overseas, from 1992-93 to 1996-97, is in the nature of 'technical services'.
http://www.indiantaxhome.com/2011/11/rbi-eases-rules-for-share-transfer.html
The Reserve Bank of India has reduced the number of approvals for transfer of shares between resident and non-residents, including investments made in the financial sector, with an aim to encourage overseas inflows.
http://www.indiantaxhome.com/2011/11/rbi-to-look-into-loan-rate-hikes.html
Reserve Bank of India (RBI) deputy governor KC Chakrabarty said on Friday that the central bank would look into why banks were raising loan rates by such hefty amounts when their costs were not going up in the same proportion.
http://www.indiantaxhome.com/2011/11/groupon-raises-700m-with-ipo-at-20-per.html
Daily deals pioneer Groupon raised about $700 million with an initial public offering of stock priced well above expectations. The IPO was set late Thursday at $20 per share, above the anticipated range of $16 to $18.
The Central Government has, by notification, issued a general exemption whereby the Public Financial Institutions will be exempted from disclosing Investments as required under paragraph (1) of Note (1) of Part-I of Schedule VI in their balance sheet subject to fulfillment of certain conditions.
