Company law
This query is : Resolved
04 January 2013
can give me any link of new amendment made in company act,bill passes recently.
04 January 2013
After nearly two decades of efforts to revamp the exiting Companies Act 1956, the Companies Bill 2011 aimed to give a modern legislation for growth and regulation of corporate sector was approved with certain modifications. The Bill gives a clearer direction to the role of auditor, corporate social responsibility, inter-corporate loans and makes whole-time directors more accountable and defines private placements, among others.
Once the Bill becomes a law, corporates will be expected to give valid reasons if they are not spending the amount earmarked for CSR activities. However, the Bill does not make it mandatory.
What may seem relevant today, the Bill has modified provisions for audit of Government companies by Comptroller and Auditor General of India (C&AG). The modification has been made to enable C&AG perform such audit more effectively.
The provisions relating to restrictions on non-audit services have been modified in the Bill to ensure that such restrictions shall not apply to associate companies. It also gives a transitional period for complying with such provisions.
Once the Bill becomes a law, corporates will be expected to give valid reasons if they are not spending the amount earmarked for CSR activities. However, the Bill does not make it mandatory.
What may seem relevant today, the Bill has modified provisions for audit of Government companies by Comptroller and Auditor General of India (C&AG). The modification has been made to enable C&AG perform such audit more effectively.
The provisions relating to restrictions on non-audit services have been modified in the Bill to ensure that such restrictions shall not apply to associate companies. It also gives a transitional period for complying with such provisions.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- ITC temporary reversal and reclaim
- GST on export of services and Input Credit
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- TDS U/S. 194NF
- Applicable TDS rate for sale of property in Nov 2024
- Inventory of finished goods
- Tds on building rent monthly
- Confusion around Form 26QB fields
- Adjustment entry in the case of Individual and HUF on 31st March
- Stock difference tax applicable on composite rate or normal rate
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
Trending Online Classes
CAclubindia
