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English Release 18-December 2014
Date Month Year
  • President's Secretariat
  • President of India congratulates ISRO for the successful launch of GSLV-MARK III
  • Prime Minister's Office
  • PM greets the citizens of Qatar on their National Day
  • Prime Minister Congratulates scientists for successful launch of GSLV Mk-III.
  • Department of Space
  • First Experimental Flight of India’s Next Generation Launch Vehicle GSLV MK-III Successful
  • Election Commission
  • Facts at a Glance: Jammu & Kashmir
  • Min for Develop. of North-East Region
  • Separate Time Zone for Ner
  • Min of Chemicals and Fertilizers
  • Government Asserts that Prices of Life Saving Drugs have been Reduced

  • Min of Coal
  • Mines under CIL
  • Steps Proposed by the Government to Reduce Such Huge Imports of Coal
  • Clean Energy Tax
  • Min of Earth Science
  • Cyclone Centres in Various Coastal States
  • Ministry of Finance
  • Amended Exchange Rate of Foreign Currency Relating to Imported and Export Goods Notified
  • Government of India Signs Agreements with Germany worth Euro 625 Million for Financial Cooperation to Support “Green Energy Corridors (GEC)” Project under Indo German Bilateral Development Cooperation
  • Min of Food Processing Industries
  • Harsimrat Badal Launches ‘Fruits and Vegetable Availability Maps of India’ Report
  • Min of Home Affairs
  • PRESS NOTE

  • Union Home Minister hopes for cancellation of bail granted to Zaki ur-Rehman Lakhvi
  • Member of U.S. House of Representatives calls on Union Home Minister
  • Min of Labour & Employment
  • Shri Bandaru Dattatreya Chairs Parliamentary Consultative Committee Meeting
  • Min of Micro,Small & Medium Enterprises
  • Use of E-Charkha and E-handloom in production of Khadi
  • Scheme for promoting the MSME sector
  • Steps taken to promote export of Khadi products
  • Loans from Khadi Board and PMEGP
  • Budget for MSME Sector
  • Min of Mines
  • Mineral Production during October 2014
  • Min of New and Renewable Energy
  • Promotion of Solar Energy
  • Renewable Energy Policy
  • Energy Deficiency Issues
  • Electricity from Paddy Husk
  • Biomass Based Power Generation
  • Min of Parliamentary Affairs
  • Shri M. Venkaiah Naidu congratulates ISRO scientists on successful launch of GSLV Mk-III
  • Min of Personnel, Public Grievances & Pensions
  • ACC Appointment
  • Views invited for proposals on Civil Services Examination
  • No reduction in retirement age
  • Officers belonging to SC/ST/OBC in All India Services
  • ACC Appointments
  • Min of Petroleum & Natural Gas
  • Video conferences for review of DBTL in Punjab & Haryana
  • Global crude oil price of Indian Basket was US$ 57.29 per bbl on 17.12.2014
  • Min of Power
  • Upgradation of Delhi’s Power Infrastructure to Begin Tomorrow
  • Components of DDUGJY
  • Energy Efficiency
  • PLF in Thermal Power Sector
  • Investment in Power Sector
  • Government sets up an Independent Government Company-POSOCO for Reforms in Power Sector
  • Ministry of Railways
  • Railway Minister Flags Off New Shatabdi Express Between New Delhi and Bhatinda
  • Min of Road Transport & Highways
  • E- rickshaws a Great Help to Poor People: Shri Nitin Gadkari
  • SUTP Expected to be Complete by November 2015
  • New Transport Application to be Launched on a Common Portal
  • Min of Shipping
  • Process Improvements in Shipping Sector
  • Min of Skill Development and Entrepreneurship
  • Skill Development Centres
  • Suitable Skills for Labour Market
  • Schemes for Women Entrepreneurs
  • Empowering Institutes for Skill Development
  • Report of National Skill Development Corporation
  • Courses for Skill Development
  • Min of Social Justice & Empowerment
  • De-Addiction Centres in Kerala
  • Higher Learning for Deaf Children in Tamil Nadu
  • Welfare Scheme for Differently Abled People
  • Research and development activities for differently-abled people
  • Reservation in Private Sector
  • Encouragement for enrolment of disabled children
  • Abuse of Elderly People
  • Min of Steel
  • Mines & Steel Minister Shri Narendra Singh Tomar Chairs Consultative Committee on Steel
  • Min of Textiles
  • Prices of Cotton
  • Setting up of Technical Training Institutions
  • Promotion of Chanderi Textile Industry
  • Trade Facilitation Centre
  • Min of Urban Development
  • Shri M.Venkaiah Naidu stresses on proper exhibition, showcasing and marketing of renowned brands of India
  • Process of regularization of unauthorized colonies in Delhi extended upto 31.03.2015
  • Swachh Bharat Mission
  • Solid waste management one of the admissible components under Swachh Bharat Mission
  • Status of extension of Metro line to NOIDA Sector 62
  • Ministry of Water Resources
  • Survey on Ground Water
  • Water Quality
  • Construction of Dams along Borders
  • Min of Women and Child Development
  • Measures by Government to protect Child Rights
  • Targeted Interventions to deal with Malnutrition
  • Community based Management Programme for Women & Children
  • Planning Commission
  • AADHAAR ecosystem has provisions to ensure data security
  • Governments’ programmes to ensure inclusive growth

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.

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KKP
(Release ID :90936)

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