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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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
  
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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




















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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.


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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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