Companies act 2013
However, Section relating to merger or amalgamation of a company with a foreign company was pending.
However, according to a 26 March notification from the ministry of corporate affairs, section of the Act along with many other provisions came into force from 1 Aprili. Discover these vital duties, for highly efficient and impeccable corporate management and governance.
Thus CSR is not charity or mere donations.
Till date, we have trained over 1,30, youth in skills that will enhance their earning potential. The 1 November date is relevant because norms say that companies have to conduct their annual general meeting of shareholders by September and file their returns within another month.
Such spends may be included as part of its prescribed CSR spend only if such organizations have an established track record of at least three years in carrying on activities in related areas.
The earlier Indian Companies Act of had no explicit provisions for the independent directors, and only the Old Clause 49 of the Listing Agreement of SEBI contained prescriptions for induction of independent directors to the listed companies.
The government also has to distinguish between wilful offences and administrative defaults and others, they said.
Companies act 2013 amendments 2017
The new CA can be seen as offering a landmark piece of legislation in this regard, which duly and explicitly clarifies, redefines, and enlarges the ambit of duties and responsibilities of the directors. Its intent is to improve accountability and responsibility of companies when it comes to business conduct. According to experts, there are about 50 provisions in the Companies Act, , which are hurting corporate India. CSR is a way of conducting business, by which corporate entities visibly contribute to the social good. CSR Policy of the company should provide that surplus arising out of the CSR activity will not be part of business profits of a company. Further, it has been clarified that no amendment to Rule 25A will be made without consulting the RBI. Additionally, companies should also consider and evaluate the tax impact as per the Income-tax Act, of merger with a foreign company. Achieving the Vision set out by WBCSD, a world in which 9 billion people live well and within the boundaries of the planet by mid-century, requires the active engagement and insight of the Indian business community. However, according to a 26 March notification from the ministry of corporate affairs, section of the Act along with many other provisions came into force from 1 April , i. The CSR Committee constituted under sec. The 1 November date is relevant because norms say that companies have to conduct their annual general meeting of shareholders by September and file their returns within another month. Valuation conducted by valuers as per international standards: The transferee company would need to ensure that valuation is conducted by valuers who are members of a recognised professional body in the jurisdiction of the transferee company and further that such valuation is in accordance with internationally accepted principles on accounting and valuation.
The new Indian Companies Act of dictates that every listed company must contain at least one-third of the total magnitude of its directors, as the independent directors; and it also empowers the Government of India to include other categories of companies within the scope of this provision or requirement Section of the CA In line with our greener India commitment, we are making environmental sustainability a key part of the manufacturing process and value chain across our businesses.
based on 94 review