Voices on Reporting : February 2016

Voices on Reporting : February 2016

In this month’s call, we covered the following topics: Report of the Companies Law Committee...

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In this month’s call, we covered the following topics:  

  • Report of the Companies Law Committee

The Companies Law Committee (CLC) was constituted on 4 June 2015 to examine and making recommendations on the issues arising out of implementation of the Companies Act, 2013 (2013 Act) as well as the recommendation received from the Bankruptcy Law Reforms Committee, the High Level Committee on CSR, the Law Commission and other agencies. The CLC submitted its report to the government on 1 February 2016.

The CLC has recommended amendments to both the Companies Act, 2013 (2013 Act) and the Rules to the 2013 Act. It has proposed changes in 78 sections of the 2013 Act, which along with consequential changes, would result in about 100 amendments to the 2013 Act. It has also proposed approximately 50 amendments to the Rules. The recommendations cover significant areas of the 2013 Act, including definitions, raising of capital, accounts and audit, corporate governance, managerial remuneration, companies incorporated outside India and offences/penalties. The Ministry of Corporate Affairs (MCA) has invited comments/ suggestions on the report of the CLC from all the stakeholders through an online facility by 15 February 2016.

On the call, we discussed the key recommendations of the CLC.

  • Securities and Exchange Board of India (SEBI) issues the Frequently Asked Question (FAQs) on the SEBI Listing Regulations, 2015

The SEBI on 2 September 2015 notified the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (Listing Regulations). The Listing Regulations are applicable from 1 December 2015 (subject to a few exceptions). The SEBI has continuously been issuing more guidance/clarifications on provisions of the Listing Regulations.The FAQs provide guidance/clarifications on certain issues raised by stakeholders. 

On the call, we provided an overview of the additional clarifications/guidance provided in the FAQs issued by SEBI.

Downloads:

Slide deck - February 2016 (PDF, 613 KB)

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