PM's remarks on National Panchayati Raj Day
The Prime Minister, Shri Narendra Modi, today urged Panchayat members to work with a five-year vision with concrete development plans to bring about positive changes in their village.
In his remarks at a function in New Delhi to mark National Panchayati Raj Day, the Prime Minister hailed the contribution of women in the functioning of Panchayats across the country, and called for an end to the practice of "husbands of female Sarpanches" – "Sarpanch Pati" - exercising undue influence.
The Prime Minister urged Panchayat members to instil pride about the village. He said this required a firm resolve, rather than any budgetary provision. He gave some suggestions in this regard, such as celebrating a birthday of the village. He said issues such as education of children in the village, and vaccination for children, should be paid special attention to, by Panchayat members.
The Prime Minister urged Panchayat members to motivate all Government officials in their village to spend at least one hour a week with schoolchildren of the village.
The Prime Minister gave away the Annual Devolution Index (States) Awards, and E-Panchayat Awards, and congratulated the Zila Parishads and Gram Panchayats who were being felicitated on the occasion.
The Union Minister for Panchayati Raj, Chaudhary Birender Singh, and the MoS Panchayati Raj Shri Nihal Chand were present on the occasion.
24-April-2015 17:38 IST
• Speakasia Online Pte Ltd. (incorporated in Singapore);
• Krishi Vipadan Vikas Limited;
Investigation into the affairs of Speakasia Online Pte Ltd. has been conducted and instructions for filing prosecution have been issued in respect of non-compliance of the Companies Act, 1956. The investigation report has also been shared with other enforcement/regulatory agencies for appropriate action. In case of Krishi Vipadan Vikas Limited, prosecution has been filed under Section 453 of the Companies Act, 2013 .
This information was given by Shri Arun Jaitley, Minister of Corporate Affairs in written reply to a question in the Lok Sabha today.
Unregistered Companies
The Government has taken note of unregistered companies operating in the country without registration or incorporation under the Companies Act, 1956. During the last three years and the current year two cases have come to notice as under: • Speakasia Online Pte Ltd. (incorporated in Singapore);
• Krishi Vipadan Vikas Limited;
Investigation into the affairs of Speakasia Online Pte Ltd. has been conducted and instructions for filing prosecution have been issued in respect of non-compliance of the Companies Act, 1956. The investigation report has also been shared with other enforcement/regulatory agencies for appropriate action. In case of Krishi Vipadan Vikas Limited, prosecution has been filed under Section 453 of the Companies Act, 2013 .
This information was given by Shri Arun Jaitley, Minister of Corporate Affairs in written reply to a question in the Lok Sabha today.
24-April-2015 17:36 IST
On receiving information about the alleged illegal activities of companies, inspections and investigations are carried out. In the financial year 2014-15, over 5800 prosecutions have been filed. In addition, 86 prosecution complaints were filed before various Courts/Authorities by the Serious Fraud Investigation Office in the same period.
This information was given by Shri Arun Jaitley, Minister of Corporate Affairs in written reply to a question in the Lok Sabha today.
Redressal of Investors’ Complaints
Investor complaints received in the Ministry and its field offices are forwarded to the concerned companies for remedial action. In case the company fails to redress the grievance of the complainant and/ or is found to be in violation of the provisions of the Companies Act, suitable action under the provisions of the Companies Act 2013/1956 is initiated. Further, in the meetings of the ‘Investor Complaint Resolution Forum’ held in offices of Registrar of Companies from time to time, complainants and representatives of companies meet and discuss to resolve investor grievances. On receiving information about the alleged illegal activities of companies, inspections and investigations are carried out. In the financial year 2014-15, over 5800 prosecutions have been filed. In addition, 86 prosecution complaints were filed before various Courts/Authorities by the Serious Fraud Investigation Office in the same period.
This information was given by Shri Arun Jaitley, Minister of Corporate Affairs in written reply to a question in the Lok Sabha today.
24-April-2015 17:32 IST
The Government has taken cognizance of the companies which have violated the provisions of Companies Act, 1956
The first year of implementation of the commenced provisions has been completed on 31.3.2015. Statutory annual filings which will substantially report on the requirements laid down in the new provisions are not yet due. The Registrar of Companies, within their respective jurisdictions, are the authorities entrusted under the Act to initiate action in case of violation of any provision of the Act.
This information was given by Shri Arun Jaitley, Minister of Corporate Affairs in written reply to a question in the Lok Sabha today.
Violation of Provisions of Companies Act by Companies
The Government has taken cognizance of the companies which have violated the provisions of Companies Act, 1956. The details of prosecutions filed and penalty imposed during the relevant period are enclosed as Annexure.
Annexure
A. Details of prosecution filed and penalty imposed, recovered during last three years and current year (upto 20/04/2015) by Registrars of Companies.
(Figure in Rupees)
Sl. No.
|
Year
|
Prosecution Filed
|
Penalties Imposed
|
1.
|
2012-13
|
10,837
|
60,22,115
|
2.
|
2013-14
|
13,475
|
38,09,232
|
3.
|
2014-15
|
5,866
|
1,65,32,482
|
4.
|
2015-16 (upto 20/4/15)
|
211
|
7,97,500
|
Total
|
30,389
|
2,71,61,329
|
B. During last three years Serious Fraud Investigation Office has filed 230 complaints in different courts/forums. The year wise break-up is as under.
Sl. No.
|
Year
|
No. of complaints filed
|
1.
|
2012-13
|
50
|
2.
|
2013-14
|
94
|
3.
|
2014-15
|
86
|
Total
|
230
|
During this period, in respect of the cases filed by SFIO, conviction has been made in 12 cases wherein fine of approximately Rs. 3 Crore have been imposed. In six cases Directors of the Company concerned have been sentenced to imprisonment for six months.
This information was given by Shri Arun Jaitley, Minister of Corporate Affairs in written reply to a question in the Lok Sabha today.
24-April-2015 17:35 IST
Strengthening of Corporate Governance in Companies
The Companies Act, 2013 which replaces Companies Act, 1956 incorporates various provisions aimed at strengthening of corporate governance in companies in India, many of which are based on recommendations of various committees. Twenty four sets of rules under the Companies Act 2013, finalized after extensive consultations with stakeholders have also been notified. These provisions include, inter-alia, enhanced responsibilities for Board and its committees like the Audit Committee and Nomination and Remuneration Committee, enhanced disclosures to stakeholders, appointment of Independent Directors, stricter norms for ensuring independence and accountability of auditors, greater level of investor protection. The first year of implementation of the commenced provisions has been completed on 31.3.2015. Statutory annual filings which will substantially report on the requirements laid down in the new provisions are not yet due. The Registrar of Companies, within their respective jurisdictions, are the authorities entrusted under the Act to initiate action in case of violation of any provision of the Act.
This information was given by Shri Arun Jaitley, Minister of Corporate Affairs in written reply to a question in the Lok Sabha today.
24-April-2015 17:33 IST
Other provisions relating to investor protection such as Independent Directors, Committees of the Board, Appointment of small Shareholders Director, related party transactions, etc. have already been notified. Certain sections which require the functioning of National Company Law Tribunal and its appellate body are under litigation in the Supreme Court and have not been notified.
This information was given by Shri Arun Jaitley, Minister of Corporate Affairs in written reply to a question in the Lok Sabha today.
Implementation of New Companies Act
The provisions of section 125 and section 132 of the Companies Act, 2013 respectively provide details about the constitution, powers and responsibility of the Investor Education and Protection Fund Authority (IEPFA) and National Financial Reporting Authority (NFRA). These sections are yet to be notified. The draft Rules with regard to these two authorities have been prepared and placed on the website of this Ministry inviting comments/suggestions from stakeholders. Consultations have also been held with the Ministry of Finance and Controller General of Accounts (CGA) on the accounting and refund process for IEPFA. The draft Rules are expected to be notified during the year 2015-16. Other provisions relating to investor protection such as Independent Directors, Committees of the Board, Appointment of small Shareholders Director, related party transactions, etc. have already been notified. Certain sections which require the functioning of National Company Law Tribunal and its appellate body are under litigation in the Supreme Court and have not been notified.
This information was given by Shri Arun Jaitley, Minister of Corporate Affairs in written reply to a question in the Lok Sabha today.
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