As soon as the relaxation offered by the Corporate Affairs Ministry is in effect, all firms will be allowed to conduct video conference meets to discuss important matters such as financial statements, mergers and restructuring, etc.
It would be based on three principles -- "State Duty to Protect", "Corporate Responsibility to Respect" and "Access to Remedy".
After the crisis at diversified IL&FS came to light last year, the ministry had superseded its board and since then various measures have been taken to address the issues as well as repay outstanding dues of the group.
Minister of State for Corporate Affairs Anurag Singh Thakur told the Lok Sabha on December 2 that the ministry through its RoCs (Registrar of Companies) files prosecutions against companies that have not filed financial statements from time to time.
The registrar of companies (RoCs) is in the process of identifying and flagging directors who have been disqualified for non-filing of financial statement or annual return for three continuous years starting from 2015-16.
The cardinal reality is that independent directors in India are not truly independent. More than a test of the job knowledge, boards should have independent directors who are socially responsible.
The corporate affairs ministry on August 19 said the requirement for a DRR of 25 per cent of the value of outstanding debentures issued by listed companies, Non-Banking Financial Companies (NBFCs) and Housing Finance Companies (HFCs) has been removed.
Under the Act, implemented by the ministry, certain class of companies are required to rotate their auditors and there is also a cooling off period to be followed by the auditors.
This step has been taken for "further enhancing transparency, investor protection and governance in the corporate sector," the Corporate Affairs Ministry said in a release.
The full service carrier, whose board is scheduled to consider the financial results for the June quarter tomorrow, is exploring ways to reduce costs amid financial woes.
In case, a person with Director Identification Number (DIN) does not have a passport, the ministry plans to obtain a certificate in the form of declaration that the person does not have the passport, sources said.
The ICAI has also issued show cause notices to auditors of Punjab National Bank (PNB) and Gitanjali Gems.
Infosys said the new name reflects the "paradigm shift" in the nature of services that the company now offers.
The board of the Bengaluru-based company has approved a proposal to raise up to USD 100 million from existing shareholders in a recent meeting.
The Serious Fraud Investigation Office (SFIO) has sought specific details from trading clients of the NSEL in the nearly Rs 5,600 crore scam at the now defunct spot exchange.
Registrar of Companies has to give at least a month's time to the parties concerned before striking off the name from the register of companies, according to norms issued by the government.
Besides, the Serious Fraud Investigation Office (SFIO) would look into the role of 20 defaulting entities as well as their nexus with brokers who were responsible for the payment crisis at the now-defunct National Spot Exchange Ltd (NSEL).
The Insolvency & Bankruptcy Board of India (IBBI) today held its first meeting, which was addressed by Minister of State for Finance Arjun Ram Meghwal.
The Corporate Affairs Ministry, which is implementing the Companies Act, today said there would be a "simplified and completely digital form for company incorporation".
Loss-making corporates now have more freedom in deciding managerial salaries, with the government hiking the stipulated executive pay limit under the companies law.
Representatives of All India Online Vendors Association (AIOVA) met Sitharaman on the issue of pending payment from askmebazaar.com.
In this regard, Corporate Affairs Ministry has issued a notification - which would also provide more clarity on the regulatory framework for rupee-denominated bonds.
The Corporate Affairs Ministry, which is implementing the Companies Act, is in the process of making amendments to AOC-4 XBRL form -- which is used to submit annual financial statements.
The administration of insolvency and bankruptcy code, which was until now handled by the Department of Economic Affairs under the Finance Ministry, will now be under Ministry of Corporate Affairs, according to an order by Cabinet Secretariat.