New Companies Act News

Aiming to improve standards of corporate governance of listed companies, markets regulator Sebi on Friday set up a committee under the chairmanship of Uday Kotak, chief of Kotak Mahindra Bank.

Small firms in the country are finding it difficult to comply with the stricter norms related to internal financial control in the new companies law, according to consulting firm Protiviti.

The new Act, which replaces the nearly six-decade-old legislation that governs corporates, was passed by the UPA government.

According to data compiled by the Corporate Affairs Ministry, 478 OPCs have been set up till August 31 and together they have an authorised capital of Rs 11.95 crore.

Capital markets watchdog Sebi is now mulling over a new set of Prudential Governance Norms for stock brokers to safeguard investors' interest.

According to the report, Indian M&A market registered an aggregate disclosed deal value of USD 22.6 billion in FY 14.

Companies with a turnover of Rs 1,000 crore or more, at least Rs 500 crore net worth or minimum Rs 5 crore net profit are required to spend on CSR.

IOC officials said the company's current borrowing stands at about Rs 70,000 crore.

Industry groups - CII, Ficci, Assocham and PHDCCI - emphasised upon the need to ensure progression and development of business, and avoid unintended negative outcomes.