Monday, September 20, 2010
Saturday, September 11, 2010
The Ministry of Corporate Affairs(India) to mandate Corporate Social Responsibility Policy
The Ministry of Corporate Affairs have agreed that the Bill may now include provisions to mandate that every company having [(net worth of Rs.500 crore or more, or turnover of Rs.1000 crore or more)] or [a net profit of Rs.5 crore or more during a year] shall be required to formulate a CSR Policy to ensure that every year at least 2% of its average net profits during the three immediately preceding financial years shall be spent on CSR activities as may be approved and specified by the company. The Directors shall be required to make suitable disclosures in this regard in their report to members.
In case any such company does not have adequate profits or is not in a position to spend prescribed amount on CSR activities, the directors would be required to give suitable disclosure/reasons in their report to the members.
Standing Committee of Parliament on Finance (SCF) feel that separate disclosures required to be made by companies in their Annual Report by way of CSR statement indicating the company policy as well as the specific steps taken thereunder will be a sufficient check on non-compliance.
Poor corporate governance National stock exchange suspended trading in 4 companies from 3rd September 2010
National stock exchange suspended trading in 4 companies from 3rd September 2010 for poor corporate governance
National stock exchange suspended trading in 4 companies from 3rd September 2010 for poor corporate governance
From year 1999 to till date ( 3rd September 2010) National Stock Exchange has suspended 148 companies from trading for non compliance of listing agreement.
From 3rd sept 2010 NSE suspended following 4 companies from trading for non compliance of corporate governance.
1.Blue Bird (India) Limited
2.Cranes Software International Limited
3.Steel Tubes of India Limited
4.Ambica Agarbathies & Aroma industries Limited
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