Category - Company Law

Govt. exempts Regional Rural Banks from M&A purview under Competition Act

MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, the 10th August, 2017 S.O. 2561(E).—In exercise of the powers conferred by clause (a) of section 54 of the Competition Act, 2002 (12 of 2003), the Central Government, in public interest, hereby exempts the Regional Rural Banks in respect of which the Central Government has issued a notification… Read More

9 reasons why you should set-up a Compliance Framework for your organisation

Dear Professional Colleague: I am sure that you will agree with me that the Compliance environment in India seems to suddenly have caught momentum. Many old laws are being repealed to give way to the new age laws like Companies Act, 2013 (CA2013), Prevention of Sexual Harassment of Women at Workplace Act, Maternity Benefit (Amendment)… Read More

Tags: ComplianceCompliance FrameworkCompliance ManagementRegulatory compliance

Amendment to Company Incorporation Rules: Shifting of registered office

SHIFTING OF REGISTERED OFFICE OF COMPANY Ministry of Corporate Affairs has issued the notification to further amend the Companies (incorporation) Rules, 2014 (hereinafter referred to as the principal rules) namely: the Companies (incorporation) Second Amendment Rules, 2017.   They shall come into force on the date of their publication in the official gazette http://www.mca.gov.in/Ministry/pdf/CompaniesIncorporationSecondAmendmentRules2017.pdf RULE 28: Shifting… Read More

MCA amends Incorporation Rules w.r.t. shifting of registered office

Ministry of Corporate Affairs vide its notification MCA dated 27th July, 2017, has amended the Companies (Incorporation) Rules, 2014 and changes has been made in Rule 28-Shifting of Registered Office within the same State and Rule 30-Shifting of Registered office from one State or union Territory to another State. Further, as per amended Rule 30,… Read More

Managing Internal Financial Controls – Recent Amendments

Dear Professional Colleague: Internal Financial Controls means the policies and procedures adopted by the company for ensuring the orderly and efficient conduct of its business, including adherence to company’s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation… Read More

Tags: ICOFRIFCInternal Controls Over Financial ReportingInternal Financial Controls

MCA constitutes 2 committees to review 10 years old and above cases of different regions

No. 16/37/2017 -Legal Government of India Ministry of Corporate Affairs 5th Floor, “A” Wing, Shastri Bhawan, Dr. R.P. Road, New Delhi- 110001 Dated: 25.07.2017 ORDER Subject: Constitution of two Review Committee (s) for reviewing the 10 year old and above cases of different regions and in office of SFIO for withdrawal of prosecutions – regarding Pursuant… Read More

MCA clarifies applicability of exemptions to private companies under Companies Act

 Ministry clarifies about the applicability of  the notification No.G.S.R.583(E) dated 13th June, 2017. The exemption shall be applicable for those audit reports in respect of which financial statements pertaining to financial years-commencing on or after 1st April,2016, which are made on or after the date of the said notification. General Circular No. 08 /2017 F.No. W2014-… Read More

JLF or IBC? – Can a single dissenting lender derail the process adopted by other lenders under extant JLF Guidelines?

Reserve Bank of India (“RBI”) and Government of India (“GoI”) have been relentlessly showing their willingness to resolve the near about 6 Lakh Crores worth of Non Performing Assets in the country. Manifesting such willingness, GoI has passed the Banking Regulation (Amendment) Ordinance, 2017 to equip RBI to direct insolvency resolution of specific companies to… Read More

Voluntary Winding up under Insolvency Bankruptcy Code

The Insolvency and Bankruptcy Board of India (“IBBI”) vide its notification dated 31 March 2017 has issued the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017 (“the Regulation”) and shall come into force on 1 April 2017. These regulations apply to the voluntary liquidation of Corporate persons under Section 59 of Chapter V… Read More

MCA issues corrigendum to G.S.R. 583(E), dt. 13th June, 2017

MINISTRY OF CORPORATE AFFAIRS CORRIGENDUM New Delhi, the 13th July, 2017 S.O. 2218(E).—In the notification of the Government of India, in the Ministry of Corporate Affairs, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide G.S.R. 583(E), dated the 13th June, 2017 at page 4, in paragraph number 5, in… Read More

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