Companies Act rules likely to be sent to Law Min this month
mumbai: The Corporate Affairs Ministry, which is in the process of preparing rules for the new companies legislation, is expected to send the final norms to the Law Ministry for approval this month. The Companies Act, 2013, replaces the nearly six decade old legislation governing corproates in the country. The rules are expected to be decided by the Ministry soon and then the same would be send to the Law Ministry for vetting this month, according to an official. Social welfare spending, stricter disclosure requirements and stronger investor protection measures, are among the features of the new companies law. Corporate Affairs Ministry, which is implementing the law, has already sought views on draft rules for the new legislation. More than 26,000 comments have been received on the draft rules, with over 10,000 suggestions pouring in for the norms related to auditors.
MFs withdraw Rs 4,000 cr from stocks in Oct
mumbai: Continuing their selling spree in the stock market, domestic mutual funds have offloaded shares worth more than Rs 4,000 crore in October amid profit booking. The funds sold shares worth a net Rs 4,018 crore in the equity market during October, while they had pulled out a net Rs 2,800 crore in the preceding month, according to latest data available with market regulator Sebi. However, equity MFs were net buyers in the equity market in August and bought stocks worth Rs 1,600 crore. With the latest outflow, mutual funds net withdrawal from stock market reached to more than Rs 9,200 crore since the beginning of the year (January-October). In comparison, foreign institutional investors made a net inflow of more than Rs 15,000 crore during October.
Tata, SIA incorporate airline venture
mumbai: Gearing up to launch full-service airline on domestic and international routes, salt-to-software conglomerate Tata group has incorporated its proposed aviation venture Tata SIA Airlines Ltd as a public limited company with the filing of all requisite documents and details with the Corporate Affairs Ministry. The incorporation documents have been signed by three directors — Prasad Menon, Kersi Rustom Bhagat and Mukund Govind Rajan. The process of incorporating a new company for this joint venture started with registration of the name, followed by submission of various other documents, including the Article of Association, and details of the company’s board of directors, share capital, business areas etc. This is the third attempt by Tatas and SIA to enter the Indian civil aviation sector.
CII, WEF collaborate on infra investments
mumbai: Industry body CII today said it has signed an initial agreement with the World Economic Forum to collaborate for partnerships in various spheres including infrastructure investments and human capital. “CII and World Economic Forum today signed an MOU to collaborate in delivering a strong engagement across all multi stakeholder groups in India,” the industry body said in a statement. The MOU was signed by Klaus Schwab, Founder and Executive Chairman, WEF and Kris Gopalakrishnan, President, CII in the presence of Commerce and Industry Minister Anand Sharma. “The reform process in India is in full swing and the government has taken several measures which are yielding positive results specially in the areas of recovery of rupee and stock market,” Sharma said.