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The Ministry of Corporate Affairs recently issued the Companies (Central Government's) General Rules and Forms (Amendment Rules) 2011. The rules amend Form 5 of the Companies Act, which is used to detail any notice of consolidation, division or increase in share capital. Under the amendment, in the state of Delhi, the payment of stamp duty for an increase of authorised capital is now optional.
The Ministry of Corporate Affairs recently introduced its Fast-Track Exit Scheme, a modification of the previous Easy Exit Scheme that adds new guidelines to allow non-defunct companies an easy exit by having their names struck off the Register of Companies. Once implemented, the new guidelines will allow companies that became inoperative or defunct after incorporation to benefit from the scheme.
In order to make it easier for companies to carry out business in India, the Ministry of Corporate Affairs has been simplifying the procedures detailed under the Companies Act 1956. In a recent general circular, the ministry sought to modify company incorporation procedures, which will enable promoters to incorporate their companies online within 24 hours.
The Ministry of Corporate Affairs recently amended the Companies (Particulars of Employees) Rules, further raising the limit for employee salaries that must be disclosed in a directors' report. This represents a welcome change for companies that were previously compelled to disclose the pay package of a large number of employees on their payroll and reflects the change in managers' pay structures over the last few years.