Recent News

(1) During last 3 – 4 months there are various notifications issued by the Ministry of Corporate Affairs (MCA) relaxing some of the provisions/ restrictions under the Companies Act, 1956. These are listed below:

  1. The limits of disclosure of salary paid to employees to be published in the Annual Accounts by way of Annexure to Directors Report has been increased.
  2. If an employee is paid Rs. 5 Lacs or more per month or is paid Rs.  60 Lacs or more in a year then disclosure under section 217(2A) is required.
  3. The limit of payment of salary in a Company to the relative of the Director, without Central Government approval,  has been increased from present Rs. 50,000/- per month to Rs. 2,50,000/- (Rupee Two Lac Fifty Thousound Only) per month. This requires passing of a Special Resolution in the Shareholders meeting.
  4. For the Financial Year commencing from 1st April 2011, a new format for the Balance Sheet and the Profit & Loss Account has been prescribed. The new format is available on the website at http://www.mca21.gov.in.
  5. About DIN – Now Directors Identification number (DIN) is linked with PAN.
  6. With effect from 27th March, 2011 all the payments which are below Rs. 50,000/- and are to be made for various compliances to the Ministry of Corporate Affairs, are being accepted only in electronic mode. W.e.f. 1st October, 2011 all such payments which are above Rs. 50,000/- will also be through electronic mode only.
  7. Service of notice / documents by E-mode – By giving an advance opportunity to every shareholder / member of the company to register their e-mail addresses and changes thereto from time to time, with the company, the servicing of documents and notices can be done through electronic mode.
  8. Payment of salary / remuneration to Working Directors in case of Public Limited Companies having inadequate profits - Provisions in Schedule XIII of the Companies Act, 1956 has been relaxed.  Text of all these notifications is available on http://www.mca21.gov.in.

(2) Now in the first calendar quarter of F. Y. 2011-12 (April 2011 to June 2011), Board of Directors to meet and Board may transact the following businesses –

  1. Review of business.
  2. Deciding and Approving remuneration to directors for F Y 2011-12.
  3. Deciding about remuneration to employees who are  the relatives of directors keeping in view the limits prescribed by the Companies Act.
  4. Noting about disclosure from all the directors of the Company regarding their other directorships, partnerships, proprietary concerns.
  5. Approval of contracts and sale / purchase transactions with related parties.

Downloads

Takeover of a Private Company
Causes and methods of takeover of a Private Limited Company.

Business Tool for Restructuring
Case Studies on implementation of Sections 391 To 394 of the Companies Act on Restructuring of companies.

News

During last 3 – 4 months there are various notifications issued by the Ministry of Corporate Affairs (MCA) relaxing some of the provisions/ restrictions under the Companies Act, 1956.
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In the first calendar quarter of F. Y. 2011-12 (April 2011 to June 2011), Board of Directors can meet to transact various businesses.
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