A limit on compensation paid to top executives is preferable in the context of what has happened in developed nations, Minister of Corporate Affairs Premchand Gupta told Business Standard.
The new Companies Bill will boost such spending by both public and private companies. Praful Patel, Union minister for heavy industries & public enterprises, speaks to Business Standard on the issue.
Collusion between ruling parties, corporate donations under Companies Bill is hidden. Environmental concerns made subservient to Cabinet Committee on Investment and regulatory agencies made toothless. Promotion of hazardous technologies for generating power from waste is anti-public health, say activist Gopal Krishna.
Prime Minister Manmohan Singh on Saturday favoured building a climate that attracts investments and establish fair and effective regulatory institutions and legal processes. Addressing a conference on 'Economic Growth in Asia and Changes of Corporate Environment', he said the government is bracing to meet international standards in corporate laws and will soon bring before the Parliament the new Companies Bill.
The study found that many big groups have not changed their auditors in several years.
Clarity to help operationalise the controversial FDI policy of 2009.
Govt moves to bring in more clarity on definition of 'control'.
Says insurance and pension bills will be taken up in the forthcoming Budget Session.
Average salary of the 100 best-paid directors is 1% of their companies' net profit.
Post new Companies Bill, entrepreneurs need not look for family to fill in the blanks.
In first year, ONGC spending likely at Rs 405 cr, followed by Reliance Industries' at Rs 377 crore.
Pilot was there at the right place at the right time to take home the Bill.
Finance Minister Pranab Mukherjee on Monday held a meeting with senior BJP leaders L K Advani, Sushma Swaraj and Yashwant Sinha to discuss these two legislations.
Corporate affairs minister Murli Deora has supported the recommendations of the Parliamentary standing committee to make spending under corporate social responsibility (CSR) mandatory under the proposed Companies Bill. Pending the Bill, the minister also announced a slew of measures to simplify procedures akin to the licence raj.
In a bid to make foreign companies engaged in online and direct-to-home business practices in India accountable, the Ministry of Corporate Affairs (MCA) will make enrolment of all such companies with the country's Registrar of Companies (RoC) mandatory.
New Companies Bill to propose equal responsibility of auditors, firms.
All registered companies, both listed and unlisted, which raise public funds through sale of shares will be answerable to the Securities and Exchange Board of India (Sebi).
Regretting that the concept of voluntary CSR has not picked up in India, Corporate Affairs Minister Veerappa Moily on Wednesday said the new Companies Bill would make it mandatory for corporate to earmark part of their profit for corporate social responsibility (CSR) initiatives.
A senior official said the provision was dropped in the Companies Bill 2009 but may find place in the revised Bill.
"A committee is working on it. We have also asked the MCA (Ministry of Corporate Affairs) to broaden the scope of section 55 of Companies Act 1956 which is now clause 22 of Companies Bill," SEBI Executive Director Usha Narayanan said at an Assocham event in New Delhi.
Several Indian companies might have to set aside 2 per cent of their average net profits during the preceding three years to meet corporate social responsibility (CSR) spending requirements. A parliamentary standing committee on finance, which vetted the Companies Bill, 2009, said in its report that the ministry of corporate affairs has agreed to the suggestion.
Ministry of Corporate Affairs suggests overhaul of rules for independent directors.
Says sector has grievance redress mechanism.
The government on Wednesday said that the Securities and Exchange Board of India (Sebi) guidelines which require listed companies to meet corporate governance norms for best practices in management may now be extended to unlisted companies as well.
The role of independent directors on the board of Indian companies will be clarified in the new Companies Bill and their responsibilities will be made finite in terms of what they are answerable for, said Union Corporate Affairs Minister Salman Khurshid.
"The government has taken several steps to protect interests of investors. The Companies Bill, 2009, which is before the Parliamentary Standing Committee, has allowed Class Action Suit for the first time in the country," corporate affairs minister Salman Khurshid said in the Lok Sabha.
With the implementation of the Companies Bill 2009, a single person will constitute a Company, under the One Person Company (OPC) concept.
The G-20 meeting of finance ministers and central bank governors at London recently discussed the issue of high salary and bonuses.
The ministry of company affairs (MCA) intends to insert a clause in the Companies Act that will make audit firms also liable to prosecution as against the existing provisions that limits penal action only to chartered accountants.
In pursuance to the requirement of the LLP Act, the government had tabled the winding-up rules in Parliament during the first week of July. The LLP, which is a hybrid of partnership firms and companies, provides for another mode of setting up a business.
He however hinted that the corporate executives should think as responsible citizens before deciding on huge salaries.
Among other things, the Companies Bill 2008 proposes to tighten the rules governing share sales by firms to their owners, to bar issuance of shares at a discount to owners, does away with shares that have differential voting rights and scraps the requirement of minimum paid-up capital. The Bill proposes the requirement to appoint independent directors, where applicable, at a minimum of 33 per cent of the total number of directors.
A decision on the 26-day session was taken by the Cabinet Committee on Paliamentary Affairs headed by Defence Minister A K Antony on Monday.
This will be a measure to provide start-up entrepreneurs and professionals the much-needed flexibility in setting up a business in India.
The government said on Friday a Bill to amend the Companies Act, 1956, will be introduced in the Budget Session of the Parliament next year, while the new accounting standards for firms in India is expected to be in place by January next year.
Having already invested $100 million in companies with significant operations in India over the last three years, Clearstone Venture Partners has now fielded its entire top team in the country to look for venues for investing $250 million it has in i
Reacting to Kirti Azad's expose on the alleged DDCA scam, President Sneh Prakash Bansal has strongly refuted the charges saying that no company bill mentioned in the sting operation exists in the cricket body's transaction records.
With barely a week left, the session has been able to accomplish next to no legislative business, says Aditi Phadnis
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