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SEBI & Corporate Laws

This category contains 11 posts

SEBI audit flags discrepancies at warehouses

Mumbai: A Securities and Exchange Board of India (Sebi) audit of warehouses accredited by commodity exchanges has found discrepancies in both the quantity and quality of stock they hold, said two people familiar with the matter. Current Sebi norms allow commodity exchanges to outsource warehousing of stocks to third-party warehouse service providers that are accredited [...]

Amount received by private companies from their members, directors or their relatives before 1st April, 2014 not to be treated as ‘deposits’

The Ministry of Company Affairs has issued the following clarification that Amount received by private companies from their members, directors or their relatives before 1st April, 2014 not to be treated as ‘deposits’ under the Companies Act, 2013 and Companies (Acceptance of Deposits) Rules, 2014. General Circular No.05/2015 dtd. 30-Mar-2015 F.No.1/8/2013-CL-V Government of India Ministry [...]

FATCA is a `fatka’ for NRIs

US may soon get a leash on Indian financial institutions Imagine this: Having moved to the US on a work visa, you have become a taxpayer there. But you have not closed your savings account with State Bank of India and a demat account with its subsidiary. Both you and your bank/broker would soon be [...]

Highlights of Companies Bill, 2012

[By Anish Shah (CS), A. Shah & Associates] On 18th December, 2012 the Companies Bill, 2011 had been passed by the Lok Sabha. However, it was passed with certain modifications as recommended by the Parliamentary Standing Committee on Finance. The Bill seeks to consolidate and amend the law relating to the companies and intends to [...]

Corporate Laws: Recent News Snippets

MCA plans system in 2 months to detect fraud in early stages According to an official of the ministry of corporate affairs, who did not wish to be identified, a seven-member internal committee headed by an additional secretary of the ministry of corporate affairs (MCA) has been working to evolve a mechanism of early detection [...]

Clarity on LLP tax issue only next year

Corporate Affairs Minister Salman Khursheed has said, contrary to expectation, the Budget will not address the taxation issue related to limited liability partnerships (LLPs). The issue will be clarified only next year, he added. “It is too short a time for us to sort out the issue, but it is flagged,” Khursheed told Business Standard. [...]

FAQ on AS 11 by MCA

Relaxations were given in Accounting Standard 11 (AS-11) on “The Effects of Changes in Foreign Exchange Rates” given to Corporates vide Companies (Accounting Standards) Amendment Rules, 2009 [G.S.R. 225 (E) dtd. 31-Mar-09] issued by Ministry of Corporate Affairs. Herewith attached is the ASB Guidance in the form of FAQs to illustrate and to assist in [...]

Accounting norm changes help major companies boost earnings

Benefit of option to capitalise/amortise differences in forex rates. Walking stick Profits of Tata Motors, M&M and Sterlite Industries would have been lower but for the amendment JSW Steel, Bharat Forge and Ashok Leyland may have slipped into losses in FY-09 if the new option had not been exercised Relaxations in AS 11, the Accounting [...]

Limited Liability Partnership Act, 2008

Limited Liability Partnership Bill has received the accent of Honourable President of India on 7-Jan-2009 and has now become a legislation and is to be called as ‘Limited Liability Partnership Act, 2008′ vide Notification in the Official Gazette on 9-Jan-2009.

The impact of IFRS on corporate governance

Come 2011, and audit committees and board members of Indian companies will have to deal with convergence of Indian GAAP (generally accepted accounting principles) with International Financial Reporting Standards (IFRS), which will have a key impact on their functioning, roles and responsibilities. The audit committees and board members will have to handle this challenge in [...]