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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Extension of validity of reserved names

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The Ministry of Corporate Affairs has issued a Circular No. 31/2014 dated 19.07.2014 with respect to extension of time for the validity of reserved names made in INC 1 under the Companies Act, 2013 for which the service provider of MCA-21 has brought to the notice of ministry that there has been plethora of cases in this respect which allows the applicants to use the name approved within 60 days b...
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Indian Inc gets relief under CA 2013

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After the Ministry's clarification last week on related party transactions the Indian Inc has got some relief from the stringent provisions contained in the related party transactions.   To begin with, a circular issued by the ministry of corporate affairs exempted contracts entered before the commencement of the act from the conditions. Contracts of related parties or persons with ...
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ICWAI Central Council resigned

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The recently notified cost audit rules as per Companies Act, 2013 has become a matter of sorrow and great concern as the notified rules curtailed the cost accountant's profession scope by increasing the threshold of net worth from 5 crores to 500 crores thereby exempting a large number of manufacturing companies from having cost audit by the virtue of which the central council of the Institute of ...
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Form MGT 14 to be filed in new version from 21st july 2014

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The Ministry of corporate affairs has issued an important notice with respect the filing of form MGT 14, version of which is likely to be changed from 21st july 2014. So, due care shall be taken filing the form at the website as the version can be downloaded from the ministry's website.As per the latest information the form MGT 14 was last updated on 25th june 2014. The form can be downloade...
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Reporting under Foreign Direct Investment

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RBI/2014-15/133 A.P. (DIR Series) Circular No. 6   July 18, 2014 To All Category - I Authorised Dealer banks Madam / Sir, Foreign Direct Investment –Reporting under FDI Scheme Attention of Authorised Dealers Category-I (AD Category - I) banks is invited to the provisions of the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India)...
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Amendment in Companies (Specification of definitions details) Rules, 2014

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The Ministry of Corporate Affairs has amended Rule 3 of the Companies (Specification of definitions details) Rules, 2014 and has issued Companies (Specification of definition details) Amendment Rules, 2014 dated 17.07.2014 which shall come into force from the date of publication in the official gazette. The explanation of Rule 3 readwith 2(76) of the Act, is herein explained as follows: Rule...
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