APPOINTMENT OF AGENCY FOR PROVIDING ELECTRONIC PLATFORM FOR ELECTRONIC VOTING UNDER THE COMPANIES ACT 1956
The Ministry of Corporate Affairs has vide its circular number 21/2011 dated 2nd May 2011 clarified that in order to have secured electronic platform for capturing accurate electronic voting process, the agency appointed for providing and supervising electronic platform for electronic voting shall be an agency duly approved by the Ministry of Corporate Affairs and that for the purpose National Securities Depository Limited (NSDL) and Central Depository Services (India) Limited (CDSL) have been approved subject to the condition that they obtain a certificate from Standardization Testing and Quality Certification (STQC) Directorate, Department of Information Technology, Ministry of Communications and IT, Government of India.
CLARIFICATION IN RESPECT TO GENERAL CIRCULAR NO. 2/2011 DATED 8TH FEBRUARY 2011 IN RESPECT OF EXEMPTION UNDER SECTION 212 (8) OF THE COMPANIES ACT 1956
The Ministry of Corporate Affairs has vide its general circular no. 22/2011 dated 2nd May 2011 has clarified the applicability of condition no. (ii) of the general circular 2/2011 dated 8th February 2011 on the unlisted companies as well. This is to ensure transparency in those cases where balance sheets of subsidiaries are not attached.
The condition (ii) of general circular no. 2/2011 for availing exemption u/s 212(8) of Companies Act 1956 i.e. from attaching balance sheets of subsidiaries companies states:
â€˜The company shall present in the annual report, the consolidated financial statements of holding company and all subsidiaries duly audited by its statutory auditorsâ€™.
STRAIGHT THROUGH PROCESS (STP) FOR INTIMATION OF APPOINTMENT OF DIRECTORS AND CHANGES THEREIN E-FORM 32 UNDER 303(2) OF COMPANIES ACT 1956
In order to cut timelines and bring more transparency in the working of office of Registrar of Companies, he Ministry of Corporate Affairs has vide its general circular no. 20/2011 dated 2nd May 2011 has made e-form 32 to be taken on records under Straight Through Process (STP) mode i.e. information given in the e-form 32 to be taken on file maintained by Registrar of Companies through electronic mode on the basis of statement of correctness given by the filing company and further verification by the practicing professional i.e. Chartered Accountants, Cost Accountants and Company Secretaries.