The Proposed Act

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The Proposed Act
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  •  Minimum paid-up capital for incorporation of companies raised: Rs 5 lakh for public limited companies, and Rs 1 lakh for private limited companies.
  •  Postal ballot made optional, and the government holds the right to make it compulsory in special cases.
  •  National accounting standards to be introduced, with the setting up of a National Committee on Accounting Standards.
  •  Buyback of shares allowed only for equity restructuring.
  •  Non-voting shares allowed.
  •  Auditors banned from holding shares in a client company.
  •  Investor Protection Fund created, where all dividend, application money, interest and debentures unclaimed for seven years will go.
  •  Maximum age of directors and managing directors fixed at 65.
  •  Auditors and financial institutional nominee directors brought under the definition of officers in default.
  •  Inter-corporate loans and investments restricted to 60 per cent of the company's net worth.
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