Corporate Updates – 08-09-2014


MCA has issued Companies (Removal of Difficulties) Seventh Order, 2014 through which companies covered under Section 143(5) as Government Companies has been defined in detail. It now includes, In the case of a Government company or any other company owned or controlled, directly or indirectly, by the Central Government, or by any State Government or Governments, or partly by the Central Government and partly by one or more State Governments. Now the Comptroller and Auditor-General of India shall appoint the auditor under sub-section (5) or sub-section (7) of section 139 and direct such auditor the manner in which the accounts of the company are required to be audited.

Dearness Allowance to Government Employees

The Union Cabinet gave its approval for the release of an additional installment of Dearness Allowance (DA) to all Central Government employees and Dearness Relief (DR) to pensioners with effect from 01.07.2014. This is an increase of seven percent over the existing rate of 100 percent of the Basic Pay/Pension, to compensate for price rise. The increase is in accordance with the accepted formula, which is based on the recommendations of the 6th Central Pay Commission.

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