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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 Many old laws are being repealed to give way to the new age laws like Companies Act, 2013 (CA2013), Prevention of Sexual Harassment of Women at Workplace Act, Maternity Benefit (Amendment)…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

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

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

IBBI [FAST TRACK INSOLVENCY PROCESS OF CORPORATE PERSON (CHAPTER IV OF PART II OF THE CODE)]

SECTION 55 -58 OF THE INSOLVENCY AND BANKRUPTCY CODE, 2016, READ WITH (Fast Track Insolvency Resolution Process for Corporate Persons) Regulations, 2017 CHAPTER II, PART II OF THIS CODE (Procedural Manner) CHAPTER VII, PART II OF THIS CODE (Offences & penalties) ________________________________________________________________________________ Note: The Insolvency and Bankruptcy Board of India (IBBI) has notified the Insolvency… Read More

Amendment to Investor Grievance Redressal System and Arbitration Mechanism

The SEBI (Securities and Exchange Board of India) has notified a Circular (CIR/CDMRD/DEICE/CIR/P/2017/77) on 11th July amending the Investor Grievance Redressal System and Arbitration Mechanism. The SEBI has issued the circular under Section 11(1) of the SEBI Act 1992, read with Section 10 of the Securities Contracts (Regulation) Act, 1956 to protect the interests of… Read More

Tags: ArbitrationInvestor Grievance Redressal System and Arbitration MechanismNational Commodity Derivatives ExchangesSEBI

Shifting of Registered Office Address

SHIFTING OF REGISTERED OFFICE ADDRESS {Section 12 and 13 of the Companies Act, 2013 and Rule 25, 26, 27, 28, 30 & 31 of Companies (Incorporation) rules, 2014}   {Power of Central Government of section 13 of the Companies Act, 2013 delegated to the Regional Director vides notification dated 19th December, 2016}   INTRODUCTION Every… Read More

Filing of Financial Statements and Cost Audit Report using XBRL taxanomy

NOTE ON XBRL FILING {Companies (Filing of Documents and Forms in Extensible Business Reporting Language) Rules, 2015}     INTRODUCTION   As per section 137 of the Companies Act, 2013, every Company is required to file its financial statements along with consolidated financial statements, if applicable, to the Registrar within 30 days of Annual General… Read More

Loan Against Fixed Deposit: How Good is it?

Fixed deposits are the most preferred way to save some funds in India. Fixed deposits are measured as a safer option as opposed to the stock market and mutual funds. Term of deposits can be of couple of types: first on is FD and second one is recurring deposits. FD is a most powerful investment option where… Read More

Tags: benefits of loan against fixed depositloan against FDLoan against fixed deposit

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