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CORPORATE LAW

Vishnu Daya & Co LLP > CORPORATE LAW

Mandatory requirement of implementing Internal Financial Controls for all Companies

Companies Act, 2013 has introduced a new requirement for listed companies and also all other companies making the Board of Directors (Sec 134), Audit Committee (Sec 177) and Independent Directors (Sch. IV) responsible for laying down internal financial controls (IFC) and to conform on adequacy and operating effectiveness of the framework for IFC.   The revised guidance note issued by the ICAI recently have also extended the requirement of opinion from the external auditors to the consolidated financial statements, thereby emphasizing the focus required on completing the management design and testing across all companies within a group.   These provisions are applicable for the Financial...

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Amendment to the Payment of Bonus Act, 1965

Dear Mr. T S Shankar Deepa,   The Payment of Bonus (Amendment) Act, 2015 received the assent of the President on 31st December 2015.  The Amendment Act shall be deemed to have come into force on 01st April, 2014 i.e. with retrospective effect.   The major changes brought in by the amendment are as follows:   Existing position Amendments Impact Employees eligible for bonus As per Section 2(13) of the Act, ‘employee’ means a person (other than apprentice) employed on salary or wages not exceeding INR 10,000 per month.   The limit of INR 10,000 per month is increased to INR 21,000 per month.   More number of employees brought into the ambit of...

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