Sanctioned strength in Competition Commission of India (CCI)
Sanctioned strength in Competition Commission of India (CCI)
It is not correct to say that that more than half of the positions in the Competition Commission of India (CCI) are vacant sanctioned strength of the Competition Commission of India (CCI) including the office of the Director General, CCI (DG, CCI) is 197. As on date, the working strength of CCI is 125 and 72 posts are vacant. The vacancies are existing due to non-availability of candidates fulfilling the eligibility criteria prescribed in the Recruitment Rules for various posts. To fill up the vacant positions, CCI has advertised for filling up 65 posts at various levels. In addition, to assist the Commission, CCI has also engaged 38 Experts/Research Associates in the streams of Economics, Law and Financial Analysis.
This was stated by Shri Arun Jaitley, Minister of Corporate Affairs in written reply to a question in the Rajya Sabha today.
*****
Investigations by SFIO
Serious Fraud Investigation Office (SFIO) have completed several investigations during the last one year The names of companies in respect of which investigation has been completed by SFIO during last year (2014-15) and the current year are as per Annexure. In all the cases where SFIO has proposed filing of charges/ prosecution in respect of investigations completed in 2014-15, the Ministry has issued instructions for filing of charges/prosecutions.
SFIO has informed that no such complaint has been received against private sector banks for unfair trade practices. However, based on preliminary scrutiny relating to suspicious foreign exchange using a public sector Bank, the Ministry has ordered (on 15.10.2015 and 09.11.2015) investigation under Section 212(1)(c) of the Companies Act, 2013 into the affairs of the eleven companies which are allegedly involved in suspicious foreign exchange transactions.
This was stated by Shri Arun Jaitley, Minister of Corporate Affairs in written reply to a question in the Rajya Sabha today.
*****
Social obligations of Corporate bodies
Section 135 of the Companies Act 2013, mandates every company above the specified thresholds of turnover, or net worth, or net profit to spend at least two per cent of the average net profits earned during three immediately preceding financial years, on Corporate Social Responsibility (CSR). The Ministry of Corporate Affairs is responsible for administrating the Companies Act, and ensuring compliance of these provisions by companies. An assessment of CSR expenditure of 460 listed companies, which have hosted CSR data on their websites, indicates that 51 PSUs and 409 private sector companies together spent about Rs. 6337 crores on CSR during 2014-15.
This was stated by Shri Arun Jaitley, Minister of Corporate Affairs in written reply to a question in the Rajya Sabha today.
*****
Relaxation Under Section 42 of Companies Act
Companies Law Committee (CLC) constituted by Government to look into issues arising out of implementation of Companies Act, 2013 has in its report made recommendations to ease private placement procedures laid down under Section 42 of the Companies Act, 2013. Simplified procedures are recommended for all private placements irrespective of the type of company. The CLC had extensive consultations with stakeholders before giving its recommendations. The recommendations of the CLC have been accepted by the Government.
This was stated by Shri Arun Jaitley, Minister of Corporate Affairs in written reply to a question in the Rajya Sabha today.
*****
Action on Investor Complaints
Action is taken on all such cases for which action was contemplated by Government for the disposal of investor complaints. Investors’ complaints received in the Ministry of Corporate Affairs 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 ‘Investors Complaints 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 alleged illegal activities of Companies, inspections, investigations and where necessary prosecutions are carried out. Prosecution related to investors’ complaints has been launched against 73 companies in 2012-13, 66 companies in 2013-14 and 102 companies in 2014-15.
This was stated by Shri Arun Jaitley, Minister of Corporate Affairs in written reply to a question in the Rajya Sabha today.
*****
CSR spending by state owned PSUS
The year 2014-15 was the first year of implementation of Corporate Social Responsibility (CSR) by companies under Companies Act, 2013. During this year, a total of 51 Public Sector Undertakings (PSUs), which have placed their Annual Report on their websites, spent about Rs. 2386.60 crores under CSR. Schedule VII of the Companies Act, 2013 enlists the broad areas under which, companies can undertake their CSR programme / project / activities; and Board of the companies are empowered under the Act to prioritise their CSR obligation from amongst this list.
This was stated by Shri Arun Jaitley, Minister of Corporate Affairs in written reply to a question in the Rajya Sabha today.
********
Reduction in Time Taken for Incorporation of a New Company
The Government is trying to bring down the average number of days required for incorporation a new company. A Central Registration Centre (CRC) has been set up, which clears applications for name availability within the next working day. In addition, an integrated form INC-29 has been introduced. Minimum Paid up Capital requirement has been done away with. Common Seal affixation has been made optional. Declaration form for Commencement of Business is no longer required.
This was stated by Shri Arun Jaitley, Minister of Corporate Affairs in written reply to a question in the Rajya Sabha today.
******
CSR Activities by
Corporate Houses
Corporate Social Responsibility (CSR) provision of the Companies Act,
2013 came into force from 1st April, 2014. The year 2014-15 was
the first year of implementation of CSR by companies under the legislation.
During this year, a total of 460 listed companies which have placed annual CSR
returns on their websites, have spent about Rs. 6337 crores on CSR, as
summarised below:
CSR expenditure during 2014-15
(in Rs. Crore)
|
Sl.
No
|
Company
Type
|
No. of
Companies
|
Actual
CSR Expenditure
|
|
1
|
PSUs
|
51
|
2386.60
|
|
2
|
Private
Sector Companies
|
409
|
3950.76
|
|
|
Total
|
460
|
6337.36
|
A statement indicating CSR expenditure
incurred on various activities by companies is at Annexure.
This was stated by Shri Arun Jaitley, Minister of Corporate Affairs in
written reply to a question in the Rajya Sabha today.
Annexure
Activities wise CSR
expenditure (FY 2014-15)
|
Sl. No
|
Subjects in Schedule VII
|
CSR Expenditure (in Rs. Crore)
|
|
1
|
Eradicating Hunger, Poverty &
Health Care
|
1421.66
|
|
2
|
Education/ Vocational skills /
livelihood enhancement
|
1462.6
|
|
3
|
Women / Old Age / Children
|
219.27
|
|
4
|
Environment sustainability
|
1188.69
|
|
5
|
Art & Culture
|
539.83
|
|
6
|
Sports promotion
|
454.91
|
|
7
|
PMNRF etc.
|
125.32
|
|
8
|
Rural Development
|
724.32
|
|
9
|
Slum Development
|
114.14
|
|
10
|
Swatch Bharat Kosh
|
42.64
|
|
11
|
Clean Ganga Fund
|
15.49
|
|
12
|
Others
|
28.5
|
|
|
Grand Total
|
6337.36
|
*******
Compendium
for Assessing the Implementation of CSR Activities
The Ministry of Corporate Affairs has not brought out any Corporate Social
Responsibility (CSR) Compendium. However, a study of 460 listed
companies, which have placed annual returns on CSR on their websites, estimated
that 51 Public Sector Undertakings (PSUs) and 409 private sector companies
spent about Rs. 2386.60 crore and Rs. 3950.76 crore respectively on CSR during
the year 2014-15. A statement indicating activity - wise CSR expenditure
incurred by companies is at annexure.
Section 135 of the Companies Act, 2013 containing CSR provision of Companies
Act; Companies (Corporate Social Responsibility Policy) Rules, 2014; and
Schedule VII which enlists the activities to be undertaken under CSR by
companies, were notified on 27th February,
2014 and came into force from 1st April,
2014. The Ministry has since issued clarificatory circular and Frequently Asked
Questions (FAQs) dated 18.06.2014 and 12.01.2016 respectively to facilitate
effective implementation of CSR and ensure compliance by companies under the
legislation.
This was stated by Shri
Arun Jaitley, Minister of Corporate Affairs in written reply to a question in
the Rajya Sabha today.
Annexure
Activities wise CSR expenditure (FY 2014-15)
|
Sl. No
|
Subjects in
Schedule VII
|
CSR
Expenditure (in Rs. Crore)
|
|
1
|
Eradicating Hunger,
Poverty & Health Care
|
1421.66
|
|
2
|
Education/
Vocational skills / livelihood enhancement
|
1462.6
|
|
3
|
Women / Old Age /
Children
|
219.27
|
|
4
|
Environment
sustainability
|
1188.69
|
|
5
|
Art & Culture
|
539.83
|
|
6
|
Sports promotion
|
454.91
|
|
7
|
PMNRF etc.
|
125.32
|
|
8
|
Rural Development
|
724.32
|
|
9
|
Slum Development
|
114.14
|
|
10
|
Swatch Bharat Kosh
|
42.64
|
|
11
|
Clean Ganga Fund
|
15.49
|
|
12
|
Others
|
28.5
|
|
|
Grand Total
|
6337.36
|
*****
Regulation
on Capital raising by start up companies
The term “Start up” is
neither defined in the Companies Act, 2013/1956 nor in the SEBI (Issue of
Capital and Disclosure Requirements) Regulations, 2009. However, the number of
newly registered companies along with their authorized capital for the last three
years and current year upto December, 2015, is given below:
|
Year
|
Number
of Newly Registered Companies
|
Authorized
Capital (in Rs Crore)
|
|
2012-13
|
92383
|
57536.61
|
|
2013-14
|
98437
|
38873.83
|
|
2014-15
|
64395
|
31830.72
|
|
2015-16
(As on 31stDecember)
|
60489
|
11985.97
|
This was stated by Shri
Arun Jaitley, Minister of Corporate Affairs in written reply to a question in
the Rajya Sabha today.
*****
Assessment
of CSR activites of PSUS and private companies
Assessment has been made of CSR activities being
undertaken by the PSUs and private sector companies in the country since
its implementation. The year 2014-15 was the first year of implementation of
Corporate Social Responsibility (CSR) under the legislation. CSR expenditure
data of 460 listed companies, which have placed their annual reports on their
websites, indicates that 51 Public Sector Undertakings (PSUs) and 409 private
sector companies together spent about Rs. 6337 crores on CSR during 2014-15, as
summarised below:
CSR expenditure during 2014-15
(in Rs. Crore)
|
Sl. No
|
Company Type
|
No. of Companies
|
Actual CSR Expenditure
|
Mandated CSR Expenditure
|
|
|
1
|
PSUs
|
51
|
2386.60
|
3359.84
|
|
|
2
|
Private Sector Companies
|
409
|
3950.76
|
4987.63
|
|
|
|
Total
|
460
|
6337.36
|
8347.47
|
|
CSR provision of the Companies Act 2013, and
Rules made there under, do not prescribe any physical targets for companies.
This was stated by Shri
Arun Jaitley, Minister of Corporate Affairs in written reply to a question in
the Rajya Sabha today.
*****
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