विज्ञप्तियां उर्दू विज्ञप्तियां फोटो निमंत्रण लेख प्रत्यायन फीडबैक विज्ञप्तियां मंगाएं Search उन्नत खोज
RSS RSS
Quick Search
home Home
Releases Urdu Releases Photos Invitations Features Accreditation Feedback Subscribe Releases Advance Search
home  Printer friendly Page home  Email this page
English Release 21-November 2014
Date Month Year
  • President's Secretariat
  • Speech by the President of India, Shri Pranab Mukherjee at the First Convocation of National Institute of Technology, Arunachal Pradesh
  • President of India attends the First Convocation of NIT, Arunachal Pradesh
  • Speech by the president of India, Shri Pranab Mukherjee at the president’s standard presentation to 115 helicopter unit and 26 squadron
  • President of India awards Standards to 115 Helicopter Unit and 26 Squadron
  • Vice President's Secretariat
  • COMPREHENSIVE & ADVOCACY OF CIVIL RIGHTS HAS UNDERGONE QUANTITATIVE & QUALITATIVE CHANGES IN PAST FOUR DECADES – VICE PRESIDENT
  • VICE PRESIDENT DELIVERS EIGHTH V.M. TARKUNDE MEMORIAL LECTURE ON ‘CITIZENS AND STATE CONDUCT’
  • Prime Minister's Office
  • PM Invites President Obama to be Chief Guest at Republic Day
  • PM Blogs on his visit to Myanmar, Australia and Fiji
  • Election Commission
  • FACTS AT A GLANCE: Jammu & Kashmir
  • Min of Agriculture
  • Coop Model Best For Employment And Social Equality : Radha Mohan Singh
  • Rabi Area Coverage Shows Improvement
  • Government to Launch Blue Revolution
  • NDDB Sanctioned 42 Dairy Projects for 12 States Worth about Rs. 221 crore
  • Min of Defence
  • Chief of the Air Staff to Visit Indonesia
  • Press Release for Media Interaction by CAS on 21 Nov 2014 President Awards Standards To 115 Helicopter Unit and 26 Son of IAF
  • Press Release for Media Interaction by CAS on 21 Nov 2014
  • Min of Environment and Forests
  • Text of the Speech delivered by Minister for Environment, Forest and Climate Change, Shri Prakash Javadekar at High Level Segment of 26th Meeting of the Montreal Protocol, 20 Nov 201
  • Ministry of Finance
  • Japan’s Official Development Loan Assistance to India for an Amount of YEN 15.620 Billion for the Guwahati Sewerage Project
  • Min of Health and Family Welfare
  • India to host 11th International Inter-Ministerial Conference on Population and Development
  • Min of Home Affairs
  • Panthawada Village selected under SAGY
  • Min of Human Resource Development
  • Consultative Committee Meeting of the Ministry of HRD Held
  • Min of Information & Broadcasting
  • World Film Posters Exhibition of Krzysztof Kieslowski Opens at 45th IFFI
  • Director of ‘the Gods of Water’ Pablo Cesar Meets Press at 45th IFFI
  • Indian Panorama Jury Meets Media at 45th IFFI
  • Country Focus- China Opens with Screening of ‘Finding Mr. Right’
  • Film Posters Exhibition Opens at 45th IFFI
  • Indian Panorama Opens with Screening of ‘The Last Adieu’ and ‘Elizabeth Ekadashi
  • Min of Mines
  • Mineral Production during September 2014
  • Mines Ministry Seeks Suggestions to Amend Mines & Minerals (Development and Regulation) Act, 1957
  • Min of Minority Affairs
  • Regional Office of National Minorities Development & Finance Cooperation to be Inaugurated in Chennai by Dr. Najma Heptulla
  • Min of Petroleum & Natural Gas
  • Production Performance of Oil & Natural Gas Sector for the month of October, 2014
  • Global crude oil price of Indian Basket was US$ 75.81 per bbl on 20.11.201
  • Ministry of Railways
  • Suersh Prabhu Calls Upon to Undertake a Comprehensive and Structured Energy Audit in Indian Railways
  • Min of Urban Development
  • Shri M.Venkaiah Naidu asks states to tone up urban governance

Previous Date

 
Ministry of Corporate Affairs19-December, 2012 15:22 IST
Salient Features of the Companies Bill 2011

The Companies Bill, 2011, which was passed by the Lok Sabha yesterday, on its enactment will allow the country to have a modern legislation for growth and regulation of corporate sector in India. The existing statute for regulation of companies in the country, viz. the Companies Act, 1956 had been under consideration for quite long for comprehensive revision in view of the changing economic and commercial environment nationally as well as internationally. In view of various reformatory and contemporary provisions proposed in the Companies Bill, 2011, together with omission of existing unwanted and obsolete compliance requirements, the companies in the country will be able to comply with the requirements of the proposed Companies Act in a better and more effective manner.

The Salient features of the Companies Bill 2011 are as follows:

1. (Amendment in Clause 135): In the Section on Corporate Social Responsibility (Section135), which is being introduced as a statutory provision for the first time, the words ‘make every endeavour to’ have been omitted from its Sub-clause (5). So that the first para of Sub-clause (5) of Clause 135 now reads as follows: “The Board of every company referred to in sub-section (1), shall ensure that the company spends in every financial year, at least two per cent of the average net profits of the company made during the three immediately preceding financial years, in pursuance of its Corporate Social Responsibility Policy.”

Such clause is also amended to provide that the company shall give preference to local areas where it operates, for spending amount earmarked for Corporate Social Responsibility (CSR) activities. The approach to ‘implement or cite reasons for non implementation’ retained.

2. (Amendment in Clause 36): To help in curbing a major source of corporate delinquency, Clause 36 (c) amended, to also include punishment for falsely inducing a person to enter into any agreement with bank or financial institution, with a view to obtaining credit facilities.

3. (Amendment in Clause 143): Provisions relating to audit of Government Companies by Comptroller and Auditor General of India (C&AG) modified to enable C&AG to perform such audit more effectively.

4. (Amendment in Clause 186): Clause 186 amended to provide that the rate of interest on inter corporate loans will be the prevailing rate of interest on dated Government Securities.

5. (Amendment in Clause 144): Provisions relating to restrictions on non audit services modified to provide that such restrictions shall not apply to associate companies and further to provide for transitional period for complying with such provisions.

6. (Amendment in Clause 203): Provisions relating to separation of office of Chairman and Managing Director (MD) modified to allow, in certain cases, a class of companies having multiple business and separate divisional MDs to appoint same person as chairman as well as MD.

7. (Amendments in Clause 147 and 245): Provisions relating to extent of criminal liability of auditors - particularly in case of partners of an audit firm - reviewed to bring clarity. Further, to ensure that the liability in respect of damages paid by auditor, as per the order of the Court, (in case of conviction under Clause 147) is promptly used for payment to affected parties including tax authorities, Central Government has been empowered to specify any statutory body/authority for such purpose.

8. (Amendment in Clause 141): The limit in respect of maximum number of companies in which a person may be appointed as auditor has been proposed as twenty companies.

9. (Amendment in Clause 139): Appointment of auditors for five years shall be subject to ratification by members at every Annual General Meeting.

10. (Amendment in Clause 139): Provisions relating to voluntary rotation of auditing partner (in case of an audit firm) modified to provide that members may rotate the partner ‘at such interval as may be resolved by members’ instead of ‘every year’ proposed in the clause earlier.

11. (Amendment in Clause 2): ‘Whole-time director’ has been included in the definition of the term ‘key managerial personnel’.

12. (Amendment in Clause 42): The term ‘private placement’ has been defined to bring clarity.

13. (Amendment in Clause 61): Approval of the Tribunal shall be required for consolidation and division of share capital only if the voting percentage of shareholders changes consequent on such consolidation.

14. (Amendment in Clause 152): Clarification included in the Bill to provide that ‘Independent Directors’ shall be excluded for the purpose of computing ‘one third of retiring Directors’. This would bring harmonisation between provisions of Clause 149(12) and rotational norms provided in Clause 152.

15. (Amendment in Clause 470): Provisions in respect of removal of difficulty modified to provide that the power to remove difficulties may be exercised by the Central Government up to ‘five years’ (after enactment of the legislation) instead of earlier up to ‘three years’. This is considered necessary to avoid serious hardship and dislocation since many provisions of the Bill involve transition from pre-existing arrangements to new systems.

------------------------


KKP
(Release ID :90936)

Web Ratana This site is winner of Platinum Icon for 'Outstanding Web Content' Web Ratna Award'09 presented in April 2010
Site is designed and hosted by National Informatics Centre (NIC),Information is provided and updated by Press Information Bureau
"A" - Wing, Shastri Bhawan, Dr. Rajendra Prasad Road, New Delhi - 110 001 Phone 23389338
Go Top Top

उपयोग संबंधी शर्तें स्वोत्वाधिकार नीति गोपनीयता संबंधी नीति हाइपरलिंकिंग नीति Terms of Use Copyright Policy Privacy Policy Hyperlinking Policy