...coporateCompanies Act, 2013 Key highlights and analysis Significant changes and implications Companies Act, 2013 1 Contents 04 | Introduction 06 | Key definitions and concepts 10 | Setting up of a company 16 | Management and administration 18 | Directors 24 | Accounts and audit 30 | Dividend 32 | Compromises, arrangements and amalgamations 34 | Revival and rehabilitation of sick companies 36 | Corporate social responsibility 38 | Implications on private companies 40 | Other areas 44 | Sections notified till date and circulars or orders issued Foreword The long-awaited Companies Bill 2013 got its assent in the Lok Sabha on 18 December 2012 and in the Rajya Sabha on 8 August 2013. After having obtained the assent of the President of India on 29 August 2013, it has now become the much awaited Companies Act, 2013 (2013 Act). An attempt has been made to reduce the content of the substantive portion of the related law in the Companies Act, 2013 as compared to the Companies Act, 1956 (1956 Act). In the process, much of the aforesaid content has been left, ‘to be prescribed’, in the Rules (340+) which are yet to be finalised and notified. As of the date of this publication, 99 sections have been notified and a few circulars have been issued clarifying the applicability of these. We are pleased to bring you our new publication, Companies Act, 2013: Key highlights and analysis. This publication brings out the significant changes proposed by the 2013 Act as compared to the 1956 Act and...
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...BSE’s Certification for Stock Markets (BCSM) Examination MODEL TEST PAPER FOR BCSM Q. Id Question Option 1 Option 2 Option 3 Option 4 1 Indian Securities market is one among top______ securities markets of the world. Four Eight Three Six 2 The Bombay Stock Exchange was established in ______ 1875 1873 1874 1872 3 The Bombay Stock Exchange was established as a ___________ Limited Liability Firm A partnership firm A company Voluntary non-profit organization 4 As of December 31, 2009 the Bombay Stock Exchange was among the top_____ of global exchanges in terms of market capitalization of its listed companies Six Eight Ten nine 5 As of December 31, 2009 the Bombay Stock Exchange was the world’s number _____ exchange in the world in terms of listed companies One Two Five Three 6 The first exchange in India to get ISO 9001:2000 certification was _____ The Multi Commodity Exchange The Bombay Stock Exchange The OTCEI The National Stock Exchange 7 Bombay Stock Exchange was the __________ in the world to obtain the ISO 9001:2000 certifications First Second Fifth Third 8 Exchange traded fund (ETF) on SENSEX are listed on BSE and Exchange in ________ UK USA Hong Kong Japan 9 The debt market in India covers all, except Letters of Credit External Commercial Borrowings State Govt. debts ...
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...Companies Act, 1956 Sec 226 - Qualifications and disqualifications of Auditors. (1) A person shall not be qualified for appointment as auditor of a company unless he is a chartered accountant within the meaning of the Chartered Accountants Act, 1949 (38 of 1949) : Provided that a firm whereof all the partners practicing in India are qualified for appointment as aforesaid may be appointed by its firm name to be auditor of a company, in which case any partner so practicing may act in the name of the firm. (2) (a) Notwithstanding anything contained in sub-section (1), but subject to the provisions of any rules made under clause (b), the holder of a certificate granted under a law in force in the whole or any portion of a Part B State immediately before the commencement of the Part B States (Laws) Act, 1951 (3 of 1951) or of the Jammu and Kashmir (Extension of Laws) Act, 1956, (62 of 1956), as the case may be, entitling him to act as an auditor of companies in the territories which, immediately before the 1st November, 1956, were comprised in that State or any portion thereof, shall be entitled to be appointed to act as an auditor of companies registered anywhere in India. (b) The Central Government may, by notification in the Official Gazette, make rules providing for the grant, renewal, suspension or cancellation of auditors' certificates to persons in the territories which, immediately before the 1st November, 1956, were comprised in Part B States for the purposes...
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...GUIDANCE NOTE ON THE REVISED SCHEDULE VI TO THE COMPANIES ACT, 1956 The Institute of Chartered Accountants of India (Set up by an Act of Parliament) New Delhi © THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form, or by any means, electronic mechanical, photocopying, recording, or otherwise, without prior permission, in writing, from the publisher. Edition Committee/Department Email Website Price ISBN Published by : : : : : : : December, 2011 Corporate Laws & Corporate Governance clcgc@icai.org www.icai.org ` 200/978-81-8441-499-8 The Publication Department on behalf of the Institute of Chartered Accountants of India, ICAI Bhawan, Post Box No. 7100, Indraprastha Marg, New Delhi - 110 002. Sahitya Bhawan Publications, Hospital Road, Agra 282 003 December/2011/5,000 Copies Printed by : Foreword The Ministry of Corporate Affairs of the Government of India has been taking many initiatives for overhauling the Companies Act, 1956 through major amendments, circulars and notifications. To make Indian business and companies competitive and globally recognisable, a need was felt that format of Financial Statements of Indian corporates should be comparable with international format. Since most of the Indian Accounting Standards are being made at par with the international Accounting Standards, the changes to format of Financial Statements to align with...
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...Benefits of Good Corporate Governance to a Corporation: Culture within the organization and industry improves, Shareholder confidence improves, Companies that are seen as well governed get a premium for their stocks, Creation and enhancement of a corporation’s competitive advantage, Enabling a corporation perform efficiently by preventing fraud and malpractices, Providing protection to shareholders’ interest, Creates additional shareholder value over time, Enhancing the valuation of an enterprise, Ensuring compliance of laws and regulations Good Corporate Governance: National Interest, Political Non-alignment, Legal Compliances, Rule of Law, Honest and Ethical Conduct, Corporate Citizenship, Ethical Behavior, Social Concerns, Corporate Social Responsibility The Treadway Report: published in 1987 highlighted the need for a proper control environment, independent audit committees and an objective internal audit function and called for published reports on the effectiveness of internal control. Cadbury Committee on Corporate Governance, 1992: to help raise the standards of corporate governance and the level of confidence in financial reporting and auditing by setting out clearly what it sees as the respective responsibilities of those involved and what it believes is expected of them. The Cadbury Code of Best Practices had 19 recommendations Relating to the board of directors, non executive directors, reporting and controls The Greenbury Committee, 1995: to identify good practices...
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...Public Company into a Private company: Under the Companies Act (Section31), all public companies, whether originally incorporated as a public limited company or at any time converted into a public limited company (under section 44 of the Act), may be converted into a private limited company, if the members so desire. The essential conditions for such a conversion are:- * The company must not be listed on any recognised stock exchange. In case of a listed company,it will have to wait for atleast one year after its delisting. * Shareholders' approval by special resolution for alteration of Articles of Association for incorporation of the definition of a private company. The Articles shall be suitably amended to include the basic restrictions applicable on a private company and other provisions necessary thereto. * No resolution amending the Articles, which has the effect of converting a public company into a private company, shall be effective unless it has been approved by the Central Government. * After the alteration has been approved, a printed copy of the Article shall be filed with the Registrar of Companies within one month of the date of receipt of the order of approval. * The name of the company shall be amended to include the word 'private' on all its documents. The Companies Act contains the following procedure for the conversion:- * Convene a Board meeting for consideration of the proposal of conversion of the company into a private company. ...
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...Times| More |Log In|Join| Stocks ------------------------------------------------- Top of Form NewsStock Quote Bottom of Form ------------------------------------------------- Top of Form | | Bottom of Form | | Home News Markets IPO Personal Finance Mutual Funds Tech Jobs Opinion Features Blogs Slideshows ET PortfolioET SpeedET NOW Stocks Market Live Regulation Global Markets Forex IPOs/FPOs/Rights issues Bonds Money Markets Commodities Real Estate Analysis Market NewsStocks in NewsViews/RecommendationsStock QuotesMarket Calendar You are here: ET Home » Markets » Stocks » Stock Quotes » KCP Sugar & Industries Corporation Ltd. » Directors report * Summary * Prices * Financials * Reports * Company Info * News * Competitors * ET Buzz Tracker New Directors ReportChairman's SpeechFinished Products KCP Sugar & Industries Corporation Ltd. BSE: 533192NSE: KCPSUGINDEQ58888: kcpsi IND: SugarISIN code: INE790B01024SECT: Sugar BSELIVE03:40 PM | 26 Apr 2013 18.00 Change: -0.25(-1.37%)Volume: 4,357 Open: 18.35Prv. Close: 18.25 Today: 17.95 52-Wk: 14.50 18.35 26.00 Bid: 0.00(0) Offer: 0.00(0) NSELIVE03:31 PM | 26 Apr 2013 18.05 Change:-0.25(-1.37%)Volume: 17,561 Open: 18.25Prv. Close: 18.30 Today 17.80 52-Wk 14.70 18.50 26.05 Bid: 0.00(0) Offer: 0.00(0) You can view full text of the Director's Report for KCP Sugar & Industries Corporation Ltd. Director Report Mar2011 Mar...
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...1 Auditor’s Report 5 Balance Sheet 8 Profit & Loss Account 9 Schedules 10 Accounting Policies & Notes to Accounts 14 Statement of Cash Flow 18 DABUR NEPAL PVT. LIMITED 20 ANNUAL REPORT 2005-06 DIRECTORS’ REPORT To The Members of Dabur Nepal Pvt. Limited, This report presented by your Directors in respect of Financial year ended on 31.03.2006 has been made out for the limited purpose in terms of section 212 (2) (b) of Indian Companies Act,1956 . Pursuant to section 212(2)(a) and section 212(2) (b) of Indian Companies Act, the Balance Sheet of Dabur Nepal Pvt. Limited as on 31st March ,2006 and the Profit & loss Account for the year ended on that date dealt with by this report have also been made out in accordance with the requirement of Indian Companies Act 1956,which have been certified by an Indian firm of Chartered Accountants thereby making out the audit report thereof in accordance with the requirements of Indian Companies Act,1956. FINANCIAL RESULTS The Financial results of drawn in accordance with Indian Companies Act are as follows: (Rs in lacs) Particulars articulars Sales (incl. Other income) Profit before Tax 2005-06 19481.78 590.24 Less: Provision for Tax-current 2004-05 18638.84 941.23 105.54 165.33 Net profit after tax Balance brought forward 484.69 4090.08 775.90 3664.59 Profit available for appropriation 4694.21 4402.69 0 35.33 62.50 199.63 50.48 62.50 4596.38 4090.08 Appropriation/allocation: Interim Dividend Transferred to employees...
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...bank in the United States failed in the following 3 years. To reform the banking system and the United States economy, several acts passed including Banking Act of 1933 and 1935, Bank Holding Company Act of 1956, International Banking and Financial Institutions Regulatory, Financial Institutions Regulatory and Interest Rate Control Act and Right to Financial Privacy Act of 1978 between 1930’s and 1970’s as part of Depression era banking legislation. Each Act has its unique impact on the United States banking system and the economy. Also known as the Glass- Steagall Act, the Banking Act of 1933 main purpose was established Federal Deposit insurance Corporation (FDIC) as a temporary agency, separated commercial and investment banking as different lines of commerce and founded the Federal Deposit Insurance Corporation for insuring bank deposits. The Act has a significant impact on the U.S. banking system. The establish of the FDIC required all federally chartered banks and all state banks that were part of the Federal Reserve system to join and regulate by it. Moreover, the Act also permitted the Fed to allocate the currency. The FDIC insured bank deposits separated commercial banks from investment banks. Commercial banks were insured and allowed to accept deposits, but it couldn't underwrite or own any stock. Restrictions were placed by the Act on the assets of the bank that it can only approved safe securities and loans. In contrast, investment banks could not accept...
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...Wiped out Industrial Companies (Special Provisions) Act, 1985 (SICA) and [IDRA] The two Acts i.e.; the [IDRA] and SICA work in diverse fields however they would give off an impression of being covering. The [IDRA] was sanctioned for the improvement and the regulation of specific commercial ventures. The [IDRA] applies to businesses specified in the calendar to the Act and the SICA is material to those exceptionally organizations having commercial ventures as said in the timetable to the [IDRA]. I.2 Sick Industrial Companies Act...
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...were utilised in their origin. With the advent of British rule in India commercial activities increased to a great extent. The growing demands for money could not be met be mere supply of coins; and the instrument of credit took the function of money which they represented. Before the enactment of the Negotiable Instrument Act, 1881, the law of negotiable instruments as prevalent in England was applied by the Courts in India when any question relating to such instruments arose between Europeans. When then parties were Hindu or Mohammedans, their personal law was held to apply. Though neither the law books of Hindu nor those of Mohammedans contain any reference to negotiable instruments as such, the customs prevailing among the merchants of the respective community were recognised by the courts and applied to the transactions among them. During the course of time there had developed in the country a strong body of usage relating to “hundis”, which even the Legislature could not without hardship to Indian bankers and merchants ignore. In fact, the Legislature felt the strength of such local usages and though fit to exempt them from the operation of the Act with a proviso that such usage may be excluded altogether by appropriate words. In the absence of any such customary law, the principles derived from English law were applied to the Indians as rules of equity justice and good conscience. The history of the...
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...Section 620A of the Companies Act, 1956 – Power to Modify Act in its application to Nidhis etc. - Amendment in Notification No. GSR 978(E) dated 31 -8-2006 NOTIFICATION NO. GSR 517(E), DATED 31-8-2006 In exercise of the powers conferred by sub-section (2) of section 620A read with subsection (1) of section 637A of the Companies Act, 1956 (1 of 1956), the Central Government hereby makes the following amendments in the Notification of the Government of India, the erstwhile Ministry of Commerce and Industry (Department of Company Law Administrations) No. GSR 978 dated 28th May, 1963, and published in the Gazette of India, in Part II, Section 3, sub-section (i) dated 28th May, 1963, namely:— In the said notification, for Schedule III, the following Schedule s hall be substituted, namely :— “SCHEDULE III Provisions of Act (1) Extent of Application (2) Section 53(1) Shall apply subject to the modification that in the case of a Nidhi or Mutual Benefit Society a document may be served only on members who hold more than one thousand rupees in face value or more than one per cent of the total paid-up capital of the Nidhi company whichever is less. For other shareholders, document may be served by a public notice in newspaper circulated in the district where the Registered Office of a Nidhi Company is situated; and publication on the notice board of the Nidhi or Mutual Benefit Society. Section proviso 67(3) Shall not apply. Section 77(1) Shall...
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...PRELIMINARY 1. Short title and extent (1) This Act may be called the Prevention of Corruption Act, 1988. (2) It extends to the whole of India except the State of Jammu and Kashmir and it applies also to all citizens of India outside India. 2. Definitions In this Act, unless the context otherwise requires,- (a) "election" means any election, by whatever means held under any law for the purpose of selecting members of Parliament or of any Legislature, local authority or other public authority; (b) "public duty" means a duty in the discharge of which the State, the public or the community at large has an interest; Explanation.-In this clause "State" includes a corporation established by or under a Central, Provincial or State Act, or an authority or a body owned or controlled or aided by the Government or a Government company as defined in section 617 of the Companies Act, 1956. (c) "public servant" means- (i) any person in the service or pay of the Government or remunerated by the Government by fees or commission for the performance of any public duty; (ii) any person in the service or pay of a local authority ; (iii) any person in the service or pay of a corporation established by or under a Central, Provincial or State Act, or an authority or a body owned or controlled or aided by the Government or a Government company as defined in section 617 of the Companies Act, 1956; (iv) any Judge, including any person empowered...
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...Corporation of India was established in 1956 when the Parliament of India passed the Life Insurance of India Act that nationalized the private protection industry in India. More than 245 insurance agencies and provident social orders were converged to make the state possessed Life Insurance Corporation. Brief History of Insurance The narrative of protection is likely as old as the tale of humanity. The same nature that prompts present day agents today to secure themselves against loss and disaster existed in primitive men too. They excessively looked for, making it impossible to turn away the underhanded results of flood and loss and death toll and were willing to make some kind of penance so as to accomplish security. In...
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...contract for a deferred annuity, not being an annuity plan referred to in clause (xii), on the life of persons specified in sub-section (4): Provided that such contract does not contain a provision for the exercise by the insured of an option to receive a cash payment in lieu of the payment of the annuity; (iii) by way of deduction from the salary payable by or on behalf of the Government to any individual being a sum deducted in accordance with the conditions of his service, for the purpose of securing to him a deferred annuity or making provision for his spouse or children, in so far as the sum so deducted does not exceed one-fifth of the salary; (iv) as a contribution by an individual to any provident fund to which the Provident Funds Act, 1925 (19 of 1925) applies; (v) as a contribution to any provident fund set up by the Central Government and notified by it in this behalf in the Official Gazette, where such contribution is to an account standing in the name of any person specified in sub-section (4); (vi) as a contribution by an employee to a recognised provident fund; (vii) as a contribution...
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