Monday, August 15

Tag: AMENDMENT

Cabinet to consider amendment in the Companies Act, 44 out of 66 offences to be decriminalised
Uncategorized

Cabinet to consider amendment in the Companies Act, 44 out of 66 offences to be decriminalised

In what may be termed as a move towards alleviating the complexities in running businesses, the cabinet will apparently consider an amendment in the Companies Act. As per reports, the proposed changes have been pulled from the CLC (Company Law Committee) report headed by Injeti Srinivas, secretary of corporate affairs.  According to reliable sources, the amendment in the Act will reportedly decriminalise approximately 44 out of 66 offences. The list of infringements includes CSR (corporate social responsibility) violations and non-filing of returns.  The proposed changes in the Act are also said to consider easing norms related to remuneration for loss-making companies to enable higher salary structure for key managerial personnel, including non-executive directors in these fir...
MCA Mandates Appointment of Whole-time Company Secretary to All Private Companies that have 10 Crore & More
MCA, Regulatory

MCA Mandates Appointment of Whole-time Company Secretary to All Private Companies that have 10 Crore & More

In the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2O14 (hereinafter referred to as said rules), for rule 8, it was stated that, "Every listed company and every other public company having a paid-up share capital of ten crore rupees or more to have a whole-time key managerial personnel." Vide Notification Dated 3 Jan 2020 Ministry of Corporate Affairs as made it mandatory to have a whole-time company secretary for every Private Limited Company that has a paid-up capital of Rs 10 Crore or more. This rule is effective from 1st Apr 2020. Infographic: No of Companies with paid-up capital of 10 Crore and above As per data from InstaFinancials, count of companies that have paid-up capital of 10 Crore and above 25,859 - All Companies 13,813 - Private...
Companies (appointment and managerial personnel) Amdt Rules 2020 | MCA Notification
MCA, Regulatory

Companies (appointment and managerial personnel) Amdt Rules 2020 | MCA Notification

[To be published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-Section (i)] MINITRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, 3rd January, 2O2O G.S.R. .- ln exercise of the powers conferred by sub-section (1) of section 203 of the companies Act, 2Ol3 (18 of 2013) read with section 469 of the said Act, the Central Government hereby makes the following rules further to amend the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2O14, namely:- (1) These rules may be called the Companies (Appointment and Remuneration of Managerial Personnel) Amendment Rules, 2020. (2) They shall be applicable in respect of financial years commencing on or after 1st April, 2020.ln the Companies (Appointment and Remuneration of Managerial Personnel) Rul...