Big relief for Companies as maintaining Registers and Records under CA 2013 in electronic form made optional

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The Ministry of Corporate Affairs issued Companies (Management and Administration) Second Amendment Rules, 2014 dated 24.07.2014 giving a sense of big relief to the companies w.r.t. Compulsory maintenance of registers and records in electronic form under Companies Act, 2013 as it was probing as an obstacle for the companies because of lack of clarity on electronic maintenance. Now this provisio...
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CSR spending details to be available from September 2015

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Details about companies' social welfare spending activities under CSR norms would be available to the government only after September next year. This was informed by Corporate Affairs Minister Arun Jaitley while replying in the House to queries on CSR. Under the new Companies Act, certain class of entities are required to shell out at least two per cent of their three-year annual av...
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Foreign Investment in India by SEBI registered long term investors in Government Dated Securities

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RBI/2014-15/145 A. P. (DIR Series) Circular No. 13 July 23, 2014 To, All Authorised Persons Madam/ Sir, Foreign investment in India by SEBI registered Long term investors in Government dated Securities Attention of Authorized Dealer Category-I (AD Category-I) banks is invited to Schedule 5 to the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside In...
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Companies (Management and Administration) Second Amendment Rules, 2014

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The Ministry of Corporate Affairs has issued the Companies (Management and Administration) Second Amendment Rules, 2014 dated 24.07.2014 in order to insert certain other provisions in respect of the rules specified therein. 1. The sub- rule 3 of rule 9 of the said rules which talks about the Declaration of Beneficial Interest, the following proviso shall be inserted: Provided that nothing co...
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Clarification notification on Section 203(1) under CA 2013

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The Ministry of Corporate Affairs has issued a clarification notification S.O.(E) dated 25.07.2014 with respect to provide clarification in second proviso to sub-section (1) of section 203 of the Companies Act, 2013 which talks about the classes of companies which have appointed one or more chief executive officer as Key Managerial Personnel for multiple business activities, for each such business...
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Companies (Removal of Difficulties) Sixth Order, 2014 w.r.t. ‘related party’

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The Ministry of Corporate Affairs issued Companies (Removal of Difficulties) Sixth Order, 2014 dated 24.07.2014 in order to provide clarification with respect to the "related party" as the difficulties have arisen due to he absence of the word 'relative' in the sub-clause (iv) in the said definition although such word has occurred in sub-clauses (i), (ii), (iii) and (v) of the aforesaid clause (76...
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Clarification on transitional period for resolutions passed under CA 2013

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The Ministry of Corporate Affairs has issued a circular no. 32/2014, dated 23.07.2014 with respect to provide clarification on the transitional period of the resolutions passed under CA 2013, which says that many companies have passed the resolutions which were at different stages of implementation after coming into force of the Companies Act, 2013 (New Act). The ministry has examined the case ...
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Revised Pricing Guidelines w.r.t. FDI in Issue/Transfer of shares or convertible debentures

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RBI/2014-15/129 A. P. (DIR Series) Circular No. 4 July 15, 2014 To, All Category –I Authorised Dealer Banks Madam/Sir, Foreign Direct Investment (FDI) in India - Issue/Transfer of Shares or Convertible Debentures - Revised pricing guidelines Attention of Authorized Dealers Category – I (AD Category - I) banks is invited to Regulation 10(A)(b)(i), para 5 of Schedule 1, para 1(5) of...
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Version of certain e-Forms likely to change from 25th July 2014

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The Ministry of Corporate Affairs has issued a notice drawing attention of the general public that the versions of the following e-Forms is likely to change from 25.07.2014 which are as follows: (1). CHG - 1 (2).CHG - 4 (3). FC - 2 (4). FC - 4 (5). Form 20B (6). Form 2LLP (7). Form 67 (8). INC - 22 (9). INC - 23 (10). INC - 24 (11). MR - 2 (12). MSC - 1 (13)....
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FM directs Income Tax Officials to be firm with Tax Evaders

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Finance Minister Shri Arun Jaitley asked the Income Tax officials on Monday to deal with the tax evaders in a non- intrusive and fair manner but to deal firmly with the tax evaders. The Minister also added that the officers should make serious efforts to unearth the black money within the country "which is quite large" and efforts being made by the government to bring back black money stowed ab...
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