Poshan

Home »  Magazine »  Business  »  The Proposed Act

The Proposed Act

The Proposed Act
outlookindia.com
-0001-11-30T00:00:00+0553

  •  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.
  • Subscribe to Outlook’s Newsletter

    READ MORE IN:
    Next Story : No Act Of Corporate Democracy
    Download the Outlook ​Magazines App. Six magazines, wherever you go! Play Store and App Store
    THE LATEST ISSUE
    CLICK IMAGE FOR CONTENTS
    Online Casino Betway Banner





    Advertisement
    Advertisement