Legal Updates

Central Government delegates its power to appoint officers and other employees of NCLT and NCLAT

MCA vide notification dated 14th October, 2019, has delegated the powers and functions of Central Government to provide officers and other employees to the Tribunal and the Appellate Tribunal referred in section 418 of the Companies Act, 2013 to the President and Chairperson of the said Tribunal and the Appellate Tribunal, as the case may… Read More

MCA amends rules under section 186 in consensus with sub section 11 of section 186

MCA vide notification dated 11th October, 2019 amends Rule 11 of Companies (Meetings of Board and its Powers) Rules, 2014 providing for loans and investment by a company under section 186 of the Act. As per section 186, the company established with the objects of and engaged in the business of financing industrial enterprises were… Read More

Form NDH-4 available for filing on MCA Portal w.e.f 11th October 2019

Form NDH-4 (Form for filing application for declaration as Nidhi Company and for updation of status by Nidhis) notified vide the Nidhi (Amendment) Rules 2019 dated 1st July 2019 shall be available for filing w.e.f 11th October 2019. Stakeholders may please take note and plan accordingly. Read More

IBBI specifies valuation mandatorily to be done by Registered Valuers

Insolvency and Bankruptcy Board of India(IBBI) vide circular dated 16th September, 2019 provides list of the provisions of the Companies Act, 2013 (“Act”) and the Insolvency and Bankruptcy Code, 2016 (“Code”) under which valuations are required to be conducted by a registered Valuers only as an Annexures for ready reference of the stakeholders. The complete… Read More

MCA introduces new Costing Taxonomy 2019 for filing CRA-4

In order to cater to the annual filing of CRA-4 (Cost audit report) for FY 2018-19, Costing Taxonomy 2019 is under development. The companies which are required to file CRA-4 (Cost audit report) for FY 2018-19 are required to use Costing Taxonomy 2019 only. Those who have already filed CRA-4 (Cost Audit Report) using the… Read More

MCA amends Form AOC-4 Non-XBRL for NBFCs

The Central Government vide Notification dated 11th October 2018 has made further amendments to Schedule III to the Companies Act, 2013 which contains general instructions for preparation of balance sheet and statement of profit and loss of a company Division III has been inserted which relates to financial Statements for a Non-Banking Financial Company (NBFC)… Read More

Form RD GNL-5 and RD-1 would be made available shortly on MCA

As per the Companies (Incorporation) Fourth Amendment Rules, 2018 dated 18th December 2018 a new form i.e., ‘RD GNL-5’ and changes to Form 'RD-1' would be made available shortly on MCA. ‘RD GNL-5’ for resubmission of application after rectifying defects and incompleteness in the application made in Form RD-1 after Regional Director intimates about such defects… Read More

MCA revises Form BEN-2 w.e.f 23rd August, 2019

Form BEN-2 is likely to be revised on MCA Portal w.e.f 23rd August, 2019. Stakeholders are advised to check the latest version before filing the same.   Read More

AOC-4 Non-XBRL Form to be revised on MCA Portal

The Central Government vide notification dated 11th October 2018 has made further amendments to Schedule III to the Companies Act, 2013. As per the notification, Division III has been inserted in respect of Financial Statements for a Non-Banking Financial Company (NBFC) whose financial Statements are drawn up in compliance of the Companies (Indian Accounting Standards)… Read More

MCA issues clarification regarding ‘appointed date’ in merger and amalgamation of Companies

MCA vide circular dated 21st August, 2019 issued clarification with regard to scheme of amalgamation which are mentioned below: Appointed date may be a specific calendar date or may be tied to the occurrence of an event such as grant of license by a competent authority; fulfillment of any preconditions agreed upon by the parties… Read More

SEBI re-imposes fines for non-compliance of certain provisions of ICDR

SEBI vide circular dated 19th August, 2019 specified fines for non-compliance with certain provisions of ICDR Regulations. Stock exchanges shall impose a fine of ₹ 20,000 per day of non compliance till the date of compliance in below mentioned cases: Delay in completion of bonus share: Within 15 days, where shareholder’s approval is not required… Read More

MCA amends Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016

MCA vide notification dated 14th August, 2019 amends Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016 with effect from below mentioned dates: The provisions of these rules, Other than rule 6 (i), 6 (iv), 6 (v), 6(vi), 6(vii) and 6 (viii), shall come into force with effect from the 20th… Read More

Amendment in Share Capital Rules- Change in provisions of ESOP, DRR and Shares with differential rights

MCA vide notification dated 16th August, 2019 amended Companies (Share Capital and debentures) Rules, 2014. The major amendments included therein are as follows: Change in condition for issuance of equity shares with differential rights: The voting power in respect of shares with differential rights shall not exceed 74% of total voting power including voting power… Read More

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