Norms for incorporation of companies have been made more stringent by introduction of directors identification number and mandatory filing of all details of directors
New Delhi: In order to identify vanishing companies with public shareholding, the Indian government has formed a committee to monitor such firms and has made the norms stringent for incorporation of companies, reports PTI.
"A Coordination and Monitoring Committee (CMC) co-chaired by secretary Ministry of Corporate Affairs and chairman SEBI has been set up to identify and monitor the state of affairs of vanishing companies," Minister of State for Corporate Affairs RPN Singh said in a written reply to the Lok Sabha on Thursday.
The CMC will also take appropriate action against such companies in terms of the Companies Act and SEBI Act, he said.
"...Norms for incorporation of companies have been made more stringent by introduction of Directors Identification Number (DIN) and mandatory filing of all details of directors," he added further to a query whether norms for vanishing companies had been tightened in view of the multi-crore Satyam fraud and to protect the interest of small investors.
He said, "As on date 86 prosecutions have been filed against companies presently identified as vanishing companies".
The improved financial performance is attributable to increase in declared capacity and operational efficiency in the plants
New Delhi: NTPC-SAIL Power Company posted about 2% jump in annual net profit at Rs194.22 crore, for the financial year ended March 2012, reports PTI.
NSPCL, a joint venture of NTPC Ltd & SAIL, has posted a net profit of Rs194.22 crore for 2011-12 as against Rs191.33 crore in 2010-11, NTPC said in a statement.
Total revenues of the company grew 27.3% to Rs2,449.81 crore (including the value of coal) during 2011-12 as against Rs1,924.96 crore in the previous fiscal.
"The improved financial performance is attributable to increase in declared capacity and operational efficiency in the plants located at Bhilai (Chhattisgarh), Durgapur (West Bengal) and Rourkela (Orissa)," the statement said.
NSPCL has proposed a dividend of 12% on its equity share capital for 2011-12.
"Bhilai Power Plant (2x250 MW) has been continuously exhibiting good performance in the current year also," NSPCL CEO Vishwaroop said.
NSPCL is a 50:50 joint venture between NTPC and SAIL, formed in March 2001.
This is with reference to Cover Story “This can happen to you” (Moneylife, 19 April 2012). The...