Friday, May 11, 2018

Sebi tests new governance concepts source Business standard

Sebi tests new governance concepts
Introduces nonmandatory measures such as board evaluation, group governance units and disclosure of strategy

SHRIMI CHOUDHARY
Mumbai, 11 May
The Securities and Exchange Board of India (Sebi) is testing new governance concepts like board evaluation, group governance units and disclosure of strategies in the Indian markets.
To begin with, the markets regulator has implemented these measures on a non mandatory basis.
Experts feel these could be made compulsory if proved effective.
Some of these concepts are operational in the developed world and are considered a key tool in empowering of minority investors.
Sebi, inacircular on Thursday, said companies may consider disclosures on board evaluation.
Further, companies with unlisted subsidiaries need to consider establishing a group governance policy.
More important, the regulator has said companies may spell out medium and longterm strategies, though it´s optional.
The measures are based on recommendations by the Uday Kotak panel on corporate governance.
“The entire Kotak committee focus was evolutionary, not revolutionary.
The bigger issues with large implications were decided to be done inaphased manner, as these kinds of disclosure would take time to implement,” saidJNGupta, managing partner, SES,aproxy advisory.
Sebi has said companies under the ´management discussion and analysis´ section of annual report, “within the limits set by its competitive position”, disclose their medium term and long
term strategy, based onatime frame as determined by its board of directors.
Gupta said disclosure on strategy should enumerate the steps necessary to realise the vision, typically overathree to fiveyear period.
“This would also stimulate the functioning of board towards the goal,” he said.
Sebi has also asked companies to undertake board evaluation,akind of performance appraisal for directors.
“Such evaluation enables boards to identify barriers in the way ofacompany´s growth.
Through this,acompany can identify its areas of strength and weaknesses, leading to positive impact on performance and shareholder value.
Hence, there should be some mechanism to periodically monitor the board evaluation,” said the chief executive ofaNifty company.
PLAN OF ACTION
Suggestions seeking volunteer participation by listed entity 
|Disclosure of medium and long term strategy for measurement of progress
|Listed entity to consider board evaluation and disclosure of action taken |Constituting committee to monitor governance of unlisted subsidiaries

Saturday, March 3, 2018

MCA COMPANIES FORM SECTIONS CORRESPONDING RULES








Sl.No
Form No
Sections
Rule




1
DIR-3C
Section 157
 RRule 10A(2) of the Companies
(Appointment and Qualification of Directors)
Rules, 2014
2
CRA-2
   Section 148(3)
Rule 6(2) & 6(3A) of the Companies (cost records and audit) Rules, 2014]

3
ADT-2
       Section 140(1)
 Rule 7(1) of the Companies (Audit and
Auditors) Rules, 2014]

4
INC-18
           Section 8(4)
Rule 23 of The Companies
Rules, 2014]
5
INC-23
Sections 12(5) and 13(4)

      Rule 28 and 30 of the Companies Rules, 2014]

6
ADJ
       Section 454(5)
    Rule 4(1) of the Companies(Adjudication
of Penalties) Rules, 2014 

7

CHG-8
Sections 77(1) and 87

    Rule 12(2) of the Companies (Registration of charges) Rules, 2014

8
STK-2
   Section  248(2)
    Rule 4(1) of the
Companies (Removal of Names of Companies from the Register of Companies) Rules, 2016]

9
INC-6
Section 18
    Rule 7(4) the Companies (Incorporation) Rules,
2014]

10
INC-24
       Section 13(2)

   Rule 29(2) of The Companies (Incorporation) Rules 2014

11
MSC-1
     Section 455(1
Rule 3 of The Companies Rules, 20
12
MSC-4
     Section 455(5)

Rule 8 ofCompanies Rule, 2014]
 

13
GNL-1

    Rule 12(2) of the Companies
(Registration offices and Fees) Rules,2014]
(e)

14
INC-12

Sections 8(1) and 8(5)

    Rule 19 & 20 of the
Companies (Incorporation) Rules,2014

15
FTE
Section 560 of 1956
The form no more relevant
16
INC-3
     Section  3(1)

Rule 4(2), (3), (4), (5) & (6) of the Companies
(Incorporation) Rules, 2014]

17
INC-4
           Section 3(1)

Rule 4(4),(5) & (6) of The Companies Rules, 2014

18
INC-22

Sections 12(2) and (4)

Rule 25 and 27 of The Companies(Incorporation) Rules, 2014

19
INC-27

Sections 14 and 18

Rule 33, Rule 37 and Rule 39 of the Companies(Incorporation)
Rules, 2014

20
SH-7
Section 64(1)
Rule 63 of the Companies Rules, 2014]

21
DIR-12
sections 7(1) (c), 168 & 170 (2) of The
Companies Act, 2013

Rule 17 of the Companies (Incorporation)2014 and 8, 15 & 18 of the Companies (Appointment and Qualification of Directors) Rules, 2014

22
FC-2
Section 380(3)

3(4)

23
FC-3
Section 381

6

24
CHG-1
sections 77,78 and 79 and
pursuant to Section 384 read with 77,78
and 79 of the Companies Act, 2013

Rule 3(1) of the Companies (Registration
of Charges) Rules 2014

25
CHG-4

Rule 8(1) of the Companies (Registration of charges)Rules 2014

26
CHG-6
section 84(1) and pursuant to Section 384 of the Companies Act, 2013

Rule 9 of the Companies (Registration of
charges) Rules 2014

27
CHG-9

Sections 71(3), 77,78 & 79 and
pursuant to Section 384 read with 71(3),
77,78 and 79 of The Companies Act, 2013

Rule 3 of The Companies( Registration
of charges) Rules 2014]

28
GNL-3

Particulars of Officers in Default as per section 2(60)

Sub rule (3) of rule 12 of the Compnaies (Registration offices and Fees) Rules, 2014]

29
DIR-3

Section 153

Rule 9(1) of The Companies (Appointment and Qualification of Directors) Rules, 2014 & Rule 10 of Limited Liability  Partnership Rules, 2009

30
DIR-5

Section 153

Rule 11 of the Companies
(Appointment and Qualification of Directors)
Rules, 2014

31
DIR-6


Rule 12 (1) of the Companies
(Appointment and Qualification of Directors)
Rules, 2014]

32
DIR-9

Section 164(2)

Rule 14(2) of the companies(Appoinment and Qualification of Directors)rules,2014

33
Spice

Sections 4, 7, 12, 152 and 153 of the Companies Act, 2013

Chapter ll the Companies (Incorporation) Rules,2014  Form no.INC-32

34
Spice MOA

Schedule I (see Sections 4 and 5) to
the Companies Act, 2013

The Companies (Incorporation) Rules,2014 Form no.INC-33

35
Spice AoA

Schedule I (see Sections 4 and 5) to
the Companies Act, 2013)

The Companies (Incorporation) Rules,2014 Form no.INC-34

36
INC-3

section 3(1) of the Companies
Act, 2013

Rule 4(2), (3), (4), (5) & (6) of the Companies
(Incorporation) Rules, 2014]

37
URC-1

section 366 of The Companies Act, 2013]

rule 3(2) of the Companies Rules, 2014

38
FC-1

section 380(1) (h) of the
Companies Act 2013

Rule 3(3) of Companies (Registration of Foreign
Companies) Rules, 2014]

39
CRA-4

Section 6 of
Companies Act, 2013

Rule 6(6) of the Companies (cost records and
audit) Rules, 2014

40
DPT-3


Rule 16 of the Companies (Acceptance of Deposits) Rules, 2014

41
ADT-1

section 139 of the Companies Act,
2013

Rule 4(2) of the Companies (Audit and Auditors) Rules, 2014]

42
ADT-3

section 140(2) of the
Companies Act, 2013

Rule 8 of the Companies (Audit and Auditors)
Rules,2014

43
DPT-4


Rule 20 of the Companies
(Acceptance of Deposits) Rules, 2014

44
INC-5


Rule 6(4) of the Companies Rules, 2013

45
PAS-3

section 39(4) and 42 (9) of the Companies
Act, 2013

Rule 12 and 14 Companies (Prospectus and
Allotment of Securities) Rules, 2014

46
SH-8

section 68 of the Companies Act, 2013

Rule 17(2) of the Companies (Share
Capital & Debentures) Rules, 2014

47
SH-9

section 68(6) of the Companies
Act, 2013

R48ule 17(3) of the Companies
(Share Capital and Debentures) Rules, 2014

48
SH-11

section 68(10) of the Companies Act,
2013

Rule 17(13) of the Companies(Share Capital & Debentures) Rules, 2014

49
MGT-14

section 94(1), 117(1) of The Companies Act,
2013 and section 192 of The Companies Act, 1956

Rules made thereunder

50
DIR-11

section 168 (1) of The
Companies Act, 2013

Rrule 16 of The Companies (Appointment and Qualification of Directors) Rules, 2014

51
GNL-2


Rule 12(2) of the Companies (Registration Offices and Fees) Rules, 2014





52
FC-4

Section 384(2) of the Companies Act
2013

Rule 22.5 of the Companies Rules, 2014

53
MSC-3

Section 455(5) of The Companies Act, 2013

Rule 7 and 8 of the Companies Rules, 2014

54
MGT-6

section 89(6) of The Companies Act,
2013

Rule 9(3) of The Companies (Management and Administration) Rules, 2014

55
MGT-3

section 88(4) of The Companies Act,
2013

Rule 7(2) of The Companies (Management and Administration) Rules, 2014

56
MGT-15

section 121(1) of the Companies Act,
2013

Rule 31(2) of Companies (Management
and Administration) Rules, 2014

57
AOC-5

first proviso to sub-section (1) of
section 128 of the Companies Act, 2013

Rule 2A of Companies(Accounts) Rules, 2014]

58
MGT-10
( To be deleted vide Companies Amendment  2017
section 93 of The Companies Act,
2013

Rule 13 of The Companies
(Management and Administration) Rules, 2014

59
INC-20

section 8(4) and 8(6) of The Companies Act, 2013

Rule 23 of The Companies (Incorporation ) Rules 2014

60
INC-28

[Section 12(6), 13(7), 58(5),87, 111(5), others of the
Companies Act, 2013 and section107(3), 81(4), 102(1),
167, 186, 391, 394,396,397, 398, 445, 481, 466, 518, 559
& 621A ,others of the Companies Act, 1956 ]


61
MR-2

section 196, 197, 200, 201(1),203(1)
and Schedule V of the Companies Act 2013

Rule 170 of the Companies Rules, 2014

62
MR-1

Section 196 read with Section 197 and
Schedule V of the Companies Act, 2013

Rule 3 of the Companies (Appointment and
Remuneration of Managerial Personnel) Rules 2014

63
AOC-4 (XBRL)

section 137 of the Companies
Act, 2013

Rule 12(2) of the Companies
(Accounts) Rules,2014

64
MGT-7

sub-Section(1) of section 92 of
the Companies Act, 2013

sub-rule (1) of rule 11of the Companies (Management and Administration) Rules, 2014

65
AOC-4

section 137 of the Companies Act, 2013

sub-rule (1) of Rule 12 of Companies (Accounts) Rules, 2014

66
AOC-4 (CFS)

section 137 of the Companies Act, 2013

Rule 12 of the Companies (Accounts) Rules, 2014]

67
GNL-4


Rule of 10 of the Companies
(Registration Offices and Fees) Rules,2014]

68
23C

Section 233B(2)
of Companies Act, 1956]


69
I-XBRL

section 233B(4), 600(3)(b) of the Companies
Act, 1956

Companies (Cost Audit Report) Rules, 2011

70
A-XBRL

section 209(1)(d), 600(3)(b) of the Companies
Act, 1956

Cost Accounting Records Rules,
2011

71
23D

Section 233B of the
Companies Act, 1956]


72
23AC  (XBRL)

section 220 of the Companies Act, 1956

Companies (Filing of documents and forms in eXtensible Business Reporting
Language) Rules,2011

73
23ACA  (XBRL)

section 220 of the Companies Act, 1956

Companies(Filling of documents and forms in eXtensible Business Reporting Language) Rules, 2011

74
20B

section 159 of the Companies Act, 1956]


75
21A

section 160 of
the Companies Act, 1956


76
23AC

section 220 of the Companies Act,
1956

Rule 7B

77
23ACA 

23ACA 

Rule 7B
78
23B

section 224(1A) of the
Companies Act, 1956]


79
66
section 383A of the Companies Act, 1956,

rule 3(2) of the Companies (Compliance Certificate)Rules, 2001]

80
DIR-9

Section 164(2)

Rule 14(2) of Companies(Appoinment and Qualification of Directors)Rules,2014

81
DIR-10

Section 164(2)

Rule 14(5) of Companies (Appointment and Qualification of Directors) Rules, 2014

82
DPT-1

section 73 (2)(a) and section 76

Rule 4(1) and 4(2) of the Companies (Acceptance of Deposits) Rules, 2014

83
NDH-1


sub rule (2) of rule 5 of Nidhi Rules, 2014)

84
NDH-2


sub rule (3) of rule 5 of the Nidhi Rules,
2014]

85
NDH-3


rule 21 of Nidhi Rules, 2014

86
PAS-2

section 31(2) of the Companies Act, 2013

rule 10 of Companies (Prospectus and Allotment of Securities) Rules, 2014]

87
PAS-4

section 42

Rule 14(1) of Companies (Prospectus and Allotment ofSecurities) Rules, 2014]



Sebi tests new governance concepts source Business standard

Sebi tests new governance concepts Introduces nonmandatory measures such as board evaluation, group governance units and disclosure of ...