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Information about amendments for May ’10 Final Exams

March 20, 2010 2 comments

ICAI has notified the applicability of The Payment of Gratuity (Amendment) Act, 2009 for PCE/IPCE for May, 2010. For Final Course, it has been clarified that Companies Bill, 2009, SEBI (Disclosure and Investor Protection) Guidelines, 2000 and SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009 will not be applicable. However, the amendments in Competition Act and Money Laundering Act will be applicable for May, 2010 exams for Final course.

Please find the summary of amendments below :

Amended IT Act, 2008

January 21, 2010 3 comments

Friends.. There might be a sure shot question in the forthcoming exam…

The Information Technology Act 2000 is covered under Chapter 14 of Paper 6: MICS ( Final Old ) and Chapter 10 of Paper 6: Information Systems

This act was amended in the Year 2009. And keeping in mind the institute’s eternal inclination towards all the recent amendments I would say that we all should go through amendments made in the Act (since the changes are of significant importance too!).

I found a file over the internet in which all the amendments in the IT Act 2000 are highlighted specially.

You can download the same from this link: Download

Shareholders can now cast their votes online

November 19, 2009 Leave a comment

The Economic Times, 18 Nov 2009

MUMBAI: Shareholders can now cast their votes on corporate proposals through the click of a mouse without having to worry whether their response has reached the company or not.

CDSL Ventures (CVL), a wholly-owned subsidiary of Central Depository Services (India), on Tuesday launched the e-voting system for listed companies. “This move will revolutionise the whole system,” Corporate Affairs minister Salman Khurshid said at the inaugural function.

The e-Voting system would permit a company or its registrar to set up the schedule on the e-voting website and upload the resolution and register of shareholders. CVL would then generate and print a password on a pin mailer for each shareholder, which would be communicated to them along with the notices of the resolutions. Shareholders can access the e-voting website and cast their votes at any time during the voting period at a place of their convenience.

“Companies would benefit from this system as the remote voting process would become quicker, accurate and would also result in savings on various cost overheads which are currently incurred for postal ballots,” said SS Thakur, chairman, CVL.

The proposed online voting system is aimed at enhancing corporate governance and increasing shareholder participation in listed companies, and is a common feature in advanced countries like the US, China, Japan and South Korea.

Mr Khurshid told reporters on the sidelines of the function that the proposed Company Bill, which is expected to be tabled before Parliament in the Budget session, will also have provisions for Class Action Suit

. Beginning this December, the ministry of corporate affairs will observe the third week of the month every year as “India Corporate Week”.

“We have decided to observe the third week of this December as India Corporate Week. I propose to announce next year as Investor Education Year and the thrust will be given to investor education and investor knowledge. The household savings of non-urban India should come to stock exchanges,” Mr Khurshid said.

 

Update on new Companies Bill, 2008

July 30, 2009 1 comment

The Companies Bill 2008 which lapsed when the 14th Lok Sabha session was dissolved is set to be re-introduced into the ongoing parliamentary session this week.

Since its last introduction in the parliament, lots of developments have been seen in the corporate world. The most important of them was the Satyam debacle.

Due to the above reason the government has proposed some important changes in the bill which were not included in the bill which was earlier presented in the previous parliamentary session.

For instance Corporate Affairs Minister Mr. Salman khurshid said that the ministry is considering insertion of clause relating to “Class Action Suits” in the Companies bill. Mr. Khurshid also laid stress on defining the duties and responsibilities of the Independent Directors of the company.

Unlike in U.S., small investors in Indian Cos are not able to get compensation in the cases of frauds. But after insertion of the law of class action suits, investors will be able to fight for justice.

“Class action suit is one brought by one party on behalf of a group of individuals to file for claims against erring companies in a court of law.”

Recently a NGO Midas Touch Investor Association had filed a petition with National Consumer Disputes Redressal Commission asking for compensation on behalf of satyam investors. It claimed damages of Rs. 4,987 Crs from Satyam, Raju Brothers, PWC and independent directors.

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