Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: VAT RATES :: cpt :: ACCOUNTING STANDARDS :: VAT Audit :: articles on VAT and GST in India :: list of goods taxed at 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TAX RATES - GOODS TAXABLE @ 4% :: Central Excise rule to resale the machines to a new company :: empanelment :: ACCOUNTING STANDARD :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: due date for vat payment :: TDS :: form 3cd
 
 
« News Headlines »
 How to calculate capital gains tax on property sold at less than stamp value?
 Return Filing - Under GST, this is how you will file tax returns from July 1
 Income tax filing FAQs part 1
 Filing Income Tax Returns? Things To Keep In Mind As Deadline Approaches
 Filing of online return for 4th quarter of 2016-17- extension of period thereof.
 New tax accounting standards may reduce leeway for infrastructure companies
 GST – CONCEPT & STATUS – As on 01st May, 2017
 Govt extends VAT deadline, relief for developers
 Income Tax Appellate Tribunal Rules, 2017
 Got your Form 16? You should file income tax returns early to enjoy benefits
 Want to save tax? Here are 6 best investment options for you

Get approvals before prosecuting Govt cos, directors
July, 17th 2007

The officers of Ministry of Corporate Affairs (MCA) will have to comply with a strict procedure before filing any prosecutions against Government companies, directors and officers for contravention of the Companies Act.

Cautioning its officers, the Ministry has directed them to take all mandatory approvals before initiating prosecutions against such entities.

This move is to curb instances of inter-departmental complications which may arise as these officers are governed by their own cadre authorities, a senior official said.

Under the Companies Act, a Government company is one in which not less 51 per cent of the paid-up share capital is held by the Government.

An MCA official said it was brought to the notice of the Ministry that prosecutions were filed against Government companies, directors and officers in default without seeking prior authorisation of the Central Government, causing unnecessary complications and delays.

Refusing to divulge details on the names of such companies, he said that the latest move is only to ensure that all mandatory approvals are in place and legal hassles avoided.

The Ministry has written to its officers that prior to initiating prosecution against Government companies, its directors or officers for contravention of the provisions of the Companies Act, Central Government sanction in terms of Section 621 of the Act and prior compliance of the provisions of the Section 197 of the Criminal Procedure Code (CrPC) should be taken.

The CrPC stipulates prior sanction for prosecution of public servants.

Further, the Registrar of Companies (RoC) has also been asked to submit a reference to the MCA explaining the case against directors or officers concerned before initiating prosecution.

The RoC also needs to highlight the role of the directors or officers concerned so that the Ministry can examine the same for sanction of prosecution.

There were 1,328 Government companies limited by shares as on March 31, 2005.

After taking into account the newly registered companies, conversion between Government and non-Government companies, mergers, amalgamation and liquidation, there are 1,352 Government companies limited by shares at work in the country as on March 31, 2006.

Of these, 737 are public limited and 615 private limited.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Content Management System developers CMS developers Content Management Solutions CMS Solutions CMS India Content Management System India CMS development India Website CMS Website Content Management India Portal CMS India CMS Outsourcing CMS Vendor Complete CMS Custom CMS Services

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions