Govt notifies rules for registered valuers
Individuals, partnership entities as well as companies can act as valuers under the Companies Act after getting registered with an authority specified by the government, says a notification.The Corporate Affairs Ministry has proposed to specify the Insolvency and Bankruptcy Board of India (IBBI) as the authority with respect to registration, recognition and ancillary matters related to valuers.
Sebi bans Grass Root Finance, 13 cos from capital markets for raising funds by violating IPO norms
Regulator Sebi has banned Grass Root Finance & Investment Company (India) Ltd and 13 others from the capital markets for raising funds without complying with the public issue norms.A probe by Sebi found that the company had issued equity shares to 9,321 people between 1995-96 and 2006-07 and raised Rs 6.80 crore through such issuance. Since these shares were issued to more than 50 investors by the company, it qualified as a public issue under the norms, which required compulsory listing on recognised stock exchanges
Nirmalya Kumar reveals how Ratan Tata fired Cyrus Mistry following Tata Board meet
On 24 October 2016, Cyrus was in his Bombay House 4th floor office examining what seemed like a routine agenda for the Tata Sons board meeting that was scheduled to start in five minutes at 14:00 hours. Through the grapevine, Cyrus had heard that some of the board members had an unscheduled informal meeting earlier that morning. However, what they had discussed was unknown, and as such, he did not give it much further thought. The previous week had been business as usual with trips to China and Singapore to meet partners and investors
Coal PSU SECL fails to spend CSR budget
Bilaspur-based South Eastern Coalfields Limited (SECL), a miniratna PSU, failed to spent even the fifty percent of the budgeted amounts the company has earmarked under the corporate social responsibility (CSR) in the FY 2016-17, the organisation’s annual report stated.SECL was way behind to meet its target and emerged as non-complaint to spend atleast mandatory 2% of the average net profits towards CSR.
On corporate governance, here is the way ahead for company secretaries
The report of the Committee on Corporate Governance recently submitted to Sebi had certain recommendations specifically pertaining to the profession of company secretaries. Once incorporated, it will not only boost the profession, but enhance its significance as well. In a country like India, which is emerging as a strong propelling force on the global map, reshaping the role of company secretaries is of paramount importance. Here, public and private enterprises play a major role in driving success and paving ground-breaking paths towards the betterment of the nation. The government and regulators are the drivers towards bringing transparency in business dealings, accountability and good governance. Going forward, far more emphasis will paid be on corporate India and Indian markets.
Demonetization deposits: Shell firms could face criminal action under revamped law
Hundreds of “shell companies” which deposited unexplained high-value notes during demonetization or operated bank accounts after their names were struck off could be the first set of entities to face criminal action under the revamped Companies Act as part of the latest government crackdown against those routing funds through a web of firms.