NFCG Newsletter: October

E-NEWSLETTER on Corporate Governance Issue-III (October – December 2008)


		CORPORATE LAWS UPDATES The Investor Education and Protection Fund (Awareness and Protection of Investors) (Amendment) Rules, 2008 (Notification GSR 787(E) dated 14.11.2008) In exercise of the powers conferred by sub- section (1) of section 642 read with section 610B of the companies Act, 1956 (1 of 1956), and sub- section (3) of section 205C of the companies Act, 1956, (1 of 1956) the Central Government hereby made the following rules to amend the Investor Education and protection Fund (Awareness and Protection of Investors) Rules 2001 namely: These rules may be called the Investor Education and Protection Fund (Awareness and Protection of Investors) (Amendment) Rules, 2008 The rules shall come into force from 7^th December 2008. The Form 1, prescribed under the Rule 3 of the Investor Education and Protection Fund (Awareness and Protection of Investors) Rules 2001 has been substituted via the aforesaid Amendment Rules, 2008. For more details please refer to: click here.... The Companies (Central Governments) General Rules and Forms (Second Amendment) Rules, 2008. (Notification GSR 788(E) dated 14.11.2008) In exercise of the powers conferred by sub section (1) of section 642 read with section 610B of the companies Act 1956(1 of 1956) the Central Government hereby makes the following rules to amend the Companies (Central Government’s) General Rules and Forms 1956 namely:- These rules may be called the Companies (Central Government's) General Rules and Forms (Second Amendment) Rules, 2008 The rules shall come into force from 7^th December 2008. The Form IB, 4, 4C, 18, 22 and 32 prescribed under the Companies (Central Government's) General Rules and Forms 1956 have been revised via the aforesaid Amendment Rules, 2008. For more details please refer to: click here.... The Competition Commission of India (Return on Measures for the promotion of competition Advocacy Awareness and Training on competition issues) Rules 2008 (Notification GSR 727(E) dated 10.11.2008) In exercise of the powers conferred by clause (I) of sub section (2) of the section 63 read with sub section (1) of section 53 of the Competition Act 2002 (Act 12 0f 2003) the Central Government hereby makes the following rules namely: - Short title and commencement. These Rules may be called the Competition Commission of India (Return on Measures for the promotion of Competition Advocacy Awareness and Training on Competition issues) Rules, 2008. These rules shall come into force from the date of their publication in the official Gazette. Explanatory Memorandum Review of Schedule VI to the Companies Act, 1956 for Suggestions and Comments. In pursuance of the policy adopted by the Government to enable convergence with IFRS, the Govt. notified the Companies (Accounting Standards) Rules, 2006 under the Companies Act, 1956. It was now felt the need to harmonize and synchronize the general disclosure requirements under the Schedule VI with those prescribed in the Accounting Standards. As such the concepts for revision of schedule VI, the method adopted in determining the form of balance sheet, profit and loss account and cash flow statement, the draft revised Schedule VI (for Companies other the Small and Medium Companies) and new Saral Schedule VI (for Small and Medium Companies) along with concepts and methodology, etc. have been prepared and hosted in the Ministry's website for public suggestions/ comments. For more details please refer to: click here.... LLP Concept Rules and Forms for Suggestions and Comments In order to enable the comprehensive framework for regulation of LLPs to be viewed by stakeholder, the Concept Rules and Forms have been drafted. This would also help the Government to finalizes the relevant subordinate legislation expeditiously. The LLP concept rules and forms i.e. Limited Liability Partnership Rules and Forms 2008, have been hosted in the Ministry’s website for public suggestions/ comments. For more details please refer to: click here.... The Companies (Central Government's) General Rules and Forms (Third Amendment) Rules, 2008 (Notification GSR 824(E) dated 28.11.2008) In exercise of the powers conferred by sub- section (1) of section 643 read with section 610B of the Companies Act 19556 (1 of 1956) the Central government hereby makes the following rules to amend the Companies (Central Government's) General Rules and Forms, 1956 namely:- These rules may be called the companies (Central Government's) General Rules and Forms (Third Amendment) Rules, 2008. These rules shall come into force from 11^th January, 2009. The Form 23B prescribed under the Companies (Central Government's) General Rules and Forms 1956 has been revised via the aforesaid Amendment Rules, 2008. For more details please refer to: click here.... The Companies (Central Government's) General Rules and Forms (Fourth Amendment) Rules, 2008. (Notification GSR 835(E) dated 04.12.2008) In exercise of the powers conferred by clauses (2) and (b) of sub section (1) of section 642 of the Companies Act 1956 (1 of1956), the Central Government hereby makes the following rules to amend the Companies (Central Government's) General Rules and forms, 1956 namely: These rules may be called the companies (Central Governments) General Rules and Forms (Fourth Amendment Rules 2008. They shall come into force a on the date of their publication in the official Gazette. The amendment is in form of insertion to Rule 16 (1) (5) of the Companies (Central Government's) General Rules and Forms 1956. For more details please refer to: click here.... Authorization of Officer in SIFO for certain Acts (Notification GSR 833(E) dated 04.12.2008) In exercise of the powers conferred by sub-section (1) of section 621 of the companies Act 1956(1 of 1956) the Central Government hereby authorizes Smt. Sunita V Langstieh, Senior Asst. Director of the Serious Fraud Investigation Officer (SFIO) Ministry of Corporate Affairs to file and conduct prosecution under the Companies Act 1956. Authorization of Officer in SIFO for certain Acts (Notification GSR 834(E) dated 04.12.2008) In exercise of the powers conferred by sub-section (1) of section 621 of the companies Act 1956(1 of 1956) the Central Government hereby authorizes Shri Sonjoy Banerjee, Assistant Director and Shri N K Chaudhary, Assistant Director of the Serious Fraud Investigation Officer Ministry of Corporate Affairs for the purpose of that sub section in respect of offences punishable under the said Act. The Competition Commission of India (Form and Time of Preparation of Annual Report) Rules 2008 (Notification GSR 808(E) dated 21.11.2008) In exercise of the powers conferred by clauses (m) of sub-section (2) of section 63 read with sub-section (2) of section 53 of the Competition Act 2002 (12 of 2003) the Central Government hereby makes the following rules namely:- 1.Short title and commencement These rules may be called the competition commission of India (Form and Time of preparation of Annual Report) Rules, 2008. They shall come into force from the date of their publication in the official Gazette. The Companies (Central Government's) General Rules and Forms (Fifth Amendment) Rules, 2008. (Notification GSR 868(E) dated 22.12.2008) In exercise of the powers conferred by sub section (1) of section 642 read with section 610B of the companies Act 1956(1 of 1956) the Central Government hereby makes the following rules to amend the Companies (Central Government's) General Rules and Forms 1956 namely:- These rules may be called the Companies (Central Government’s) General Rules and Forms (Fifth Amendment) Rules, 2008 The rules shall come into force from 11^th December 2008. The Form I, 1A, 2 and 5 prescribed under the Companies (Central Government's) General Rules and Forms 1956 have been revised via the aforesaid Amendment Rules, 2008. For more details please refer to: click here.... The Companies (Central Government's) General Rules and Forms (Sixth Amendment) Rules, 2008. (Notification GSR 872(E) dated 23.12.2008) In exercise of the powers conferred by sub section (1) of section 642 read with section 610B of the companies Act 1956(1 of 1956) the Central Government hereby makes the following rules to amend the Companies (Central Government's) General Rules and Forms 1956 namely:- These rules may be called the Companies (Central Government's) General Rules and Forms (Sixth Amendment) Rules, 2008 The rules shall come into force from 15^th February 2009. The Form 21&23) prescribed under the Companies (Central Government's) General Rules and Forms 1956 have been revised via the aforesaid Amendment Rules, 2008. For more details please refer to: click here.... The Companies (Central Government's) General Rules and Forms (Seventh Amendment) Rules, 2008. (Notification GSR 876(E) dated 24.12.2008) In exercise of the powers conferred by sub section (1) of section 642 read with section 610B of the companies Act 1956(1 of 1956) the Central Government hereby makes the following rules to amend the Companies (Central Government's) General Rules and Forms 1956 namely:- These rules may be called the Companies (Central Government's) General Rules and Forms (Seventh Amendment) Rules, 2008 The rules shall come into force from 15^th February 2009. The aforesaid Amendment Rules, 2008 introduced new Form 67 for Addendum. For more details please refer to: click here.... Companies (Amendment) Regulations 2008 (Notification GSR 888(E) dated 24.12.2008) In exercise of the powers conferred by sub section (5) and (8) of section 25 and sub-section (2) of section 609 read with section 610A, 610B and 610E of the Companies Act 1956 (1 of 1956) the Central Government hereby makes the following regulations further to amend the Companies Regulations, 1956 namely:- These regulation may be called the Companies (Amendment) Regulation, 2008 The rules shall come into force from 15^th February 2009. The regulation 17 of the Companies Regulations, 1956 has been revised via the aforesaid Amendment Regulation 2008. For more details please refer to: click here.... Concept LLP (Winding up and Dissolution) Rules 2008 In order to enable the comprehensive framework for regulation of LLPs to be viewed by stakeholder, the Concept Rules and Bill to be view together. Accordingly the LLP Concept Rules and e-Forms were drafted. The concept LLP (Winding up and Dissolution) Rules has also been drafted and hosted at MCA website for public comments. Keeping in view the provision of Clause 63 to 65 of LLP Bill 2008, the Concept rule proposes the regulation of winding up and dissolution of LLPs through National Company Law Tribunal, etc. For more details please refer to: click here.... The Companies Bill, 2008 The Companies Bill, 2008 has been drafted after taking into account the recommendations of the said expert committee, under the Chairmanship of Dr. J J Irani and deliberations on critical issues between various Ministries, Departments, Regulatory Authorities & the professional bodies. The Bill comprising of 426 clauses was introduced in Lok Sabha by Mr Prem Chand Gupta, the Hon'ble Minister of Corporate Affairs on 23rd October, 2008. The bill has proposed some far reaching changes in the statutory and regulatory framework for corporate entities and once it is enacted, it will replace the existing Companies Act, 1956 in too. For more details please refer to: click here.... >> Back