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Major Initiatives and Achievements of the Ministry of Corporate Affairs in the Last One Year

Dated:- 28-5-2015 - Following are the . Furthering ease of doing business - Companies Act, 2013: 16 amendments in the Companies Act, 2013 approved by the Parliament - these amendments are aimed at facilitating business and addressing concerns raised by stakeholders. A summary of the amendments is enclosed at Annexure-1. A new integrated e-Form INC-29 has been made available w.e.f 1st May, 2015 for companies. The Form does away with filing multiple applications/forms saving time and payable fe .....

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of Chartered Accountants of India or some industry chambers and from the Ministry is being constituted to look into requirement for further changes in the Companies Act, 2013. Notification of Indian Accounting Standards (Ind AS): Consequent to announcement in the budget of Financial Year 2014-15 (para 128), accounting standards converged with global standards, namely, International Financial Reporting Standards (IFRS) were framed in consultation with the Institute of Chartered Accountants of I .....

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titution of the NCLT is being taken up in an expeditious manner. ANNEXURE 1 Companies (Amendment) Bill, 2015 SUMMARY OF AMENDMENTS AND THE OFFICIAL AMENDMENTS 1. Omitting requirement for minimum paid up share capital, and consequential changes. (For ease of doing business) -[section 2(68)/2(71) of the Companies Act, 2013 (Act)]. 2. Making common seal optional, and consequential changes for authorization for execution of documents. (For ease of doing business) -[sections 9, 12, 22, 46 and 223 of .....

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resolutions filed in the Registry. (To provide for confidentiality of commercial interests discussed in resolutions) -[section 117(3) of the Act]. 6. Including provision for setting off past losses/depreciation before declaring dividend for the year- (Standard prudential clause).[ section 123(1) of the Act] 7. Rectifying the requirement of transferring equity shares for which unclaimed/ unpaid dividend has been transferred to the Investor Education and Protection Fund (IEPF) even though subsequ .....

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ease ease of doing business)- [section 177(4) of the Act]. 10. Exemption u/s 185 (Loans to Directors) provided for loans to wholly owned subsidiaries and guarantees/securities on loans taken from banks by subsidiaries. (This was provided under the Rules but being included in the Act as a matter of abundant caution).[ section 185(1) of the Act]. 11. Replacing special resolution with resolution for approval of related party transactions by non-related shareholders. (Balance the process for majorit .....

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