COST INFLATION INDEX FOR FINANCIAL YEAR 2011-12

NOTIFICATION NO. 35/2011 [F. NO. 142/5/2011-TPL], DATED 23-6-2011

In exercise of the powers conferred by clause (v) of the Explanation to section 48 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby makes the following amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), Central Board of Direct Taxes number S.O. 709(E), dated the 20th August, 1998, namely :—

In the said notification in the Table, after serial number 30 and the entries relating thereto, the following serial number and entries shall be inserted, namely :—

"31

2011-12

785"

Companies (Passing of Resolution by Postal Ballot) Rules, 2011

The MCA has vide Notification dated 30 May 2011 issued new set of rules for passing of resolution by Postal Ballot called, the Companies (Passing of Resolution by Postal Ballot) Rules, 2011 (New Rules), which will supersede the Principal Rules.

Key changes/additions incorporated in the New Rules are as under:

Particulars	New Rules	Principal Rules
Definition of Voting by Electronic Mode	A process for recording votes by the members using a computer based machine to display an electronic ballot and to record the vote and also the number of votes polled in favour or against such that the entire voting gets registered and counted in an electronic registry in a centralized server.	Not defined
Modes  of Sending Notice	(i)   Under Registered Post Acknowledgement Due; or (ii) Through  any  other secured mode of posting provided by Department of Post; or (iii) Through electronic mail.	(i)   Under Registered Post  acknowledgement Due; or (ii) Under Certificate of Posting.
Notice should mention the following	o   Whether voting would be through postal ballot or by electronic mode. o   In case of electronic mode, the process and  manner for such voting provided by the Agency	Not provided.
Postal Ballot Advertisement to contain the following	o   Date of completion of dispatch of notices; o   Date of commencement and end of voting through postal ballot or by electronic mode; o   Statement that any postal ballot received from member beyond the said date will not be valid; and o   Statement that members who have not received postal ballot forms may apply to the Company and obtain a duplicate thereof.	Not provided.

Agency means an agency approved by the Ministry of Corporate Affairs (MCA) appointed for providing and supervising electronic platform for voting. MCA has presently authorised only National Security Depository Ltd. and Central Depository Services (India) Ltd as such agencies subject to the condition that they obtain a certificate from Standardisation Testing and Quality Certification (STQC) Directorate, Department of Information Technology, Ministry of Communication and IT, Government of India, New Delhi.

MCA - Guidelines for Fast Track Exit mode for defunct companies under Section 560 of the Companies Act, 1956

MCA has taken a very good initiative by introducing the Fast Track Exit Mode for defunct companies on an on going basis w.e.f. 3rd July, 2011.

However, it is not clear whether the companies would be required to file all past Balance Sheet and Annual Returns etc. before making application for striking off the name under the Fast Track Mode.

The relevant MCA Circular giving details of the same can be accessed by clicking the link below:

http://www.mca.gov.in/Ministry/pdf/Circular_36-2011_07jun2011.pdf

MCA - Compliance of Provision of the Companies Act,1956 and Rules made there under.

It has been observed by MCA that some companies are filing only their event based information with the Registrar of Companies without filing their upto date Balance Sheet and Profit & Loss Accounts and Annual Return. Therefore, such companies are depriving the right of the public to inspect these basic documents.

In order to ensure corporate governance and proper compliances of provisions of Companies Act, 1956, it has been decided by MCA that no request, whether oral, in writing or through e-forms, for recording any event based information / changes shall be accepted by the Registrar of Companies from such defaulting companies, unless they file their updated Balance Sheet and Profit & Loss Accounts and Annual Return with the Registrar of Companies.

However in the interest of other stakeholders, certain event based information / changes will continue to be accepted by the Registrar of Companies from such defaulting companies.

More details can be obtained from the relevant Circular of MCA by clicking the following link.

http://www.mca.gov.in/Ministry/pdf/Circular_33-2011_01jun2011.pdf

MCA: Companies (Passing of the resolution by Postal Ballot) Rules, 2011

MCA, vide Notification dated 30th May, 2011, has notified Companies (Passing of the resolution by Postal Ballot) Rules, 2011 in supercession of Companies (Passing of the resolution by Postal Ballot) Rules, 2001.

 

The copy of the notification can be accessed by visiting following link:-

 

http://mca.gov.in/Ministry/notification/pdf/G.S.R_30may2011.pdf