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NEW DELHI: To make doing business easier, chartered accountants’ grouping ICAI has sought more changes in norms governing companies, including those pertaining to related party transactions.

The Institute of Chartered Accountants of India (ICAI) has suggested changes in various aspects of the Companies Act, 2013, whose most provisions came into force from April last.

With regard to proposed changes, the institute has communicated with the Corporate Affairs Ministry which is implementing the Act.

ICAI President Manoj Fadnis said some concerns with respect to related party transactions norms are yet to be addressed.

“We are

Under the new Companies Act, 2013 depreciation of an asset has to be taken as the cost of an asset or ‘other amount substituted for cost’.

Revaluation reserve is the amount added to the original acquired value of an asset in order to show its true market value. Any company may choose to revalue its fixed assets from its original acquired value to market value, provided such revaluation is done for all the assets forming part a class of such assets.”For instance, if a company chooses to revalue its buildings, it

Under Law, there are different modes of raising finance available to the Company which can be through borrowings made from Public/Private Financial Institutions, Public/Private Bodies, Secured/Unsecured borrowings, issuance of shares through private placements, rights issue, further issue of capital,

According to Section 185 of the Companies Act, 2013 no company can directly or indirectly advance any loan to any body corporate, the board of directors, managing director or manager, whereof is accustomed to act in accordance with the directions or instructions of the board, or of any director or directors, of