"The time taken for processing company incorporation applications reduced drastically, to an average of 0.6 working days in March 2017," the ministry said in a note on its website.
The fact that the time taken for company incorporation was two days in February and to just about a day in March, shows how effective the policy initiatives have been within a month.
Revising disclosure standards, the ministry of corporate affairs has told companies that supplying the latitude and longitude of their tangible assets is now mandatory.
The committee shall explore the possibility of creating more than one director (discipline) and also look at the role of government nominees in the appointment of the same.
As per norms, the names of these companies will be struck off and the entities dissolved in the absence of any objection, an official said.
“Until now, only inbound mergers were permitted. With outbound mergers now permissible, there would be a lot of opportunities for Indian companies," an expert said.
Section 135 of the Companies Act of 2013 requires cos to spend 2% of their average net profit for the immediately preceding three financial years on CSR activities.
Under CSR act, companies need to spend at least 2% of its average net profit for the immediately preceding three financial years on corporate social activities.
Serious Fraud Investigation Office to deploy early warning system to detect frauds by corporate entities
A pre-proposal meet has been scheduled at Indian Institute of Corporate Affairs in Gurgaon. The SFIO is looking at a timeline of about a year-and-a half to complete the project.
The CCI has found the co violating competition norms by "imposing unfair/ discriminatory conditions in the matter of supply of non- coking coal to power producers".
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