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The Companies Amendment Act, 2006 The Limited liability Partnership Act, 2008 In August 2013, The Companies Act, 2013 was passed to regulate corporations by increasing responsibilities of corporate executives and is intended to avoid the accounting scandals such as the Satyam scandal which have plagued India. [ 2 ]
The Amendment Act (21 of 2015), passed to consolidate and amend the 2013 Companies Act, received assent from the President of India on 25 May 2015, and contained 23 sections. Official notice was published in the Gazette of India, [2] specifying 29 May as the date on which sections 1–13 and 15–23 of the act would come into force. [2]
The new CSR legislation under section 135 of the Companies Act 2013 requires companies of a certain size to spend 2% of their net profit [8] on activities as prescribed under schedule VII, which are primarily aimed at community development. The canvas of CSR remains narrow and de-linked from the core-business activities of a company.
The Registrar of Companies (ROC) is an office under the Indian Ministry of Corporate Affairs that deals with administration of the Companies Act, 2013, The Limited Liability Partnership Act, 2008, The Company Secretaries Act, 1980 and The Chartered Accountants Act, 1949. These officers are from Indian Corporate Law Service cadre.
The Companies (Amendment) Act, 2015, of India, was granted the assent of the President on May 25, 2015, but was published in the Official Gazette on May 26, 2015. [1] This Amendment aims to swiftly bridge some of the most pressing concerns of stakeholders such as the need to align business exigencies with certain actions deemed punishable with criminal law under the original Act of 1956 but ...
It received presidential assent on 29 August 2013, and largely superseded the Companies Act 1956. The Act was brought into force in stages. Section 1 of this act came into force on 30 August 2013. 98 different sections came into force on 12 September 2013 with a few changes. [1] [2] A total of another 183 sections came into force from 1 April ...
Key takeaways. Women and minorities faced credit discrimination for decades. The Equal Credit Opportunity Act of 1974 made it easier for both groups to obtain credit cards and loans.
MCA has to spell out the accounting standards applicable [1] for companies in India. As on date MCA has notified 40 Ind AS (Ind AS 11 is omitted by companies). This shall be applied to the companies of financial year 2015-16 voluntarily and from 2016 to 2017 on a mandatory basis