Sunday 11 August 2013

VRITTAM (4 AUG 2013 - 10 AUG 2013)


THE WEEKLY FINANCIAL NEWS

 


IRDA allows banks to act as insurance brokers

Earlier banks used to act as an agent for the insurance companies, but now The Insurance Regulatory and Development Authority (IRDA) has allowed banks to act as insurance brokers, subject to RBI approval.

National Spot Exchange Ltd investors' loss: Stock brokers, portfolio managers under scanner

National Spot Exchange Ltd (NSEL), some stock brokers and portfolio managers have come under regulatory scanner for inducing HNIs and other investors to trade on spot market commodity exchange with promise of high returns. There is an estimation of Rs 6,000-crore payment crisis.

·         Providing stability to the sinking rupee
·         Give impetus to growth
·         Repair RBI-FinMin ties
·         Call on new banking licences (stress in banking sector)
·         Keep dollars flowing in

New banks licences to take some more time: RBI
The Reserve Bank of India has ruled out the relaxations in norms for grant in new bank license. The banking regulator has started scrutinizing the applications. However the exercise will take some more time.


 EXPERT VIEW

5 policy missteps that have led India to economic crisis

By : Shankar Acharya, an honorary professor at Icrier and former chief economic adviser to the government of India.


DID YOU KNOW                                               
10 THINGS ABOUT COMPANIES BILL
·         A Private Company can have a maximum of 200 members.
·         All companies must follow a uniform financial year i.e. from April to March.
·         Spend of CSR made compulsory. The new law requires companies to spend at least two per cent of their average profits in the last three years towards Corporate Social Responsibility (CSR) activities. But only companies reporting Rs 5 crore or more profits in the last three years have to make the CSR spend. The Bill allows companies the freedom to choose areas of work for CSR.
·         Individual auditors are to be compulsorily rotated every 5 years and audit firm every 10 years in listed companies.
·         At least one woman director to be appointed.
·         A company cannot make investment through more than 2 layers of investment companies.
·         Prohibits Insider Trading and provides for class action suit, which is key weapon for individual shareholders to take collective action against errant companies.
·         At least one-third of the total number of directors of a listed public company should be independent directors.
·         Existing companies to get a transition period of one year to comply.
·         The Bill also has provisions for re-opening or re-casting of the books of accounts of a company.
 

WHAT COMPANIES ACT WILL DO FOR YOU:


A SNEAK PEAK INTO THE WORLD OF FINANCE
Raghuram Rajan to replace Duvvuri Subbarao as the next RBI governor. Click on the slideshow for five must know facts about him.

 

TERM OF THE WEEK

One Person Company

  • One Person Company is one of the type of Company on the basis of number of members with only one person as its shareholder.
  • The legal and financial liability is limited to the company only and not to the person.
  • OPC shall be treated as a private company with minimum paid-up share capital of one lakh rupees (Rs. 1,00,000/-).
  • Should have minimum one director but the number should not cross 15.
  • The words "One Person Company" should be mentioned in brackets below the name of the One Person Company.
  • In case of the death of member/shareholder or his incapacity to contract, then nominee/other person become the member of the Company.
  • One Person Company need not to hold any AGM (Annual General Meeting) in each year.

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