eMinds Legal Advocates & Solicitors
eMinds Legal is a Corporate Law Firm based in Gurgaon, India specializing in Corporate Legal, Corporate Secretarial and Compliance. The Firm comprises of a team of Corporate Lawyers and Company Secretaries with in-depth subject matter knowledge and participative industry experience of over 15 years.
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RBI releases Final Report on Enabling PKI in Payment System Applications
The Reserve Bank of India has released, on its website, the final Report of the Technical Committee on Enabling Public Key Infrastructure (PKI) in Payment System Applications. It had released the draft report for public comment on February-March 2014. Cognisant of the fact that non-PKI enabled payment systems, such as, clearing (Magnetic Ink Character Recognition… Read More
Uniform Accounting Standards at ARCs
RBI/2013-14/571 DNBS (PD) CC. No. 38/SCRC/26.03.001/2013-14 April 23, 2014 The Chairman/Managing Director/Chief Executive Officer All registered Securitisation Companies/Reconstruction Companies Dear Sir, Uniform Accounting Standards at ARCs Please refer to "The Securitisation Companies and Reconstruction Companies (Reserve Bank) Guidelines and Directions, 2003" dated April 23, 2003 (herein after called Guidelines). 2. Pursuant to the recommendations of… Read More
Foreign Direct Investment in Pharmaceuticals sector clarification
RBI/2013-14/567 A.P. (DIR Series) Circular No.124 April 21, 2014 To All Category I Authorised Dealer Banks Madam / Sir, Foreign Direct Investment in Pharmaceuticals sector clarification Attention of Authorised Dealers Category I (AD Category - I) banks is invited to A.P. (DIR Series) Circular No.56 dated December 9, 2011 and the Foreign Exchange Management (Transfer… Read More
Problems encountered in new MCA forms
46 new e-forms have been made available for filing w.e.f. 28.04.2014. In case there is any issue faced by stakeholders in filling up or filing any of these 46 e-forms, they are requested to raise ticket with MCA helpdesk by using link www.mca.gov.in/MinistryV2/complaints.html. In addition to describing the problem in the ticket they should also… Read More
Amendment Rules Chapter 24(II)-The Companies (Registration Offices and Fees) Amendment Rules, 2014
MCA has vide its notification dated 28th April 2014 amended the Companies (Registration Offices and Fees) Rules 2014. The major provisions introduced are related to exemption to OPC and small companies with respect to requirement of pre-certification of eForms. The e-forms (as mentioned in the attached notification) filed by companies, other than one person companies… Read More
46 MCA eForms operational from 10 am today i.e. 28th April, 2014-Gen Circular No. 9/ 2014
Stakeholders may kindly note that the newly notified 46 eforms would be available for uploading effective from 10 AM (instead of 8 AM) on 28th April 2014. Earlier it was planned to roll out the forms on 14th April, 2014 but it was later deferred to 28th April, 2014 in order to do a single… Read More
Regulating Capital Account
Regulating Capital Account: Some Thoughts - Inaugural address delivered by Shri Harun R Khan, Deputy Governor, Reserve Bank of India delivered at the 9th Annual Conference of FEDAI in Cape Town on April 12, 2014 1. It gives me great pleasure to be with you in this beautiful city of Cape Town for the 9th… Read More
Effective date of Rules under Companies Act, 2013 – MCA clarification
MCA clarifies that all Rules published under Companies Act, 2013 are effective 1st April, 2014. MCA has released the attached statement on its website clarifying the above. This puts to rest the doubts that had arisen for certain rules which were mentioned to be applicable from the date of publication in official gazette, however, the same… Read More
Fund/Non-Fund based Credit Facilities to Overseas Joint Ventures / Wholly owned Subsidiaries abroad
RBI/2013-14/568 DBOD.No.BP.BC.107/21.04.048/2013-14 dated April 22, 2014 Fund/Non-Fund based Credit Facilities to Overseas Joint Ventures / Wholly Owned Subsidiaries / Wholly owned Step-down Subsidiaries of Indian Companies Please refer to our circular DBOD.IBD.BC.No.96/23.37.001/2006-07 dated May 10, 2007, in terms of which banks were permitted to extend fund/non-fund based credit facilities to overseas Joint Ventures (JV)/Wholly Owned Subsidiaries (WOS)/Wholly owned Step-down… Read More
Foreign Direct Investment (FDI ) Policy (Circular 1 of 2014) dated 17th April,2014
The Consolidated FDI Policy (Circular 1 of 2014) was released by the Department of Industrial Policy and Promotion (DIPP), Ministry of Commerce and Industry, Government of India on 17th April 2014 , setting out the consolidated foreign direct investment (FDI) policy of India which comes into force with immediate effect. The New Policy supersedes the… Read More
Guidelines issued by CBDT for Laying Down Standard Operating Procedure for Verification/Correction of Arrear Tax Demand
Detailed instructions have been issued by the Central Board of Direct Taxes (CBDT) to all the assessing officers laying down a Standard Operating Procedure (SOP) for verification and correction of demand by the AOs. As per this SOP, the taxpayers can get their outstanding tax demand reduced/deleted by applying for rectification along with the requisite… Read More
Cap on Auditors for audit of 20 Companies not justified
The Institute of Chartered Accountants of India (ICAI) has asked the Ministry of Corporate Affairs to exempt private limited and small companies from the ambit of the restriction imposed by Section 141 of the Companies Act, 2013 on Eligibility, qualifications and disqualifications of auditors which caps the number of audits which may be conducted by any auditor… Read More
Corporate Governance in listed entities – Amendments to Clauses 35B and 49 of the Equity Listing Agreement
CIRCULAR No. CIR/CFD/POLICY CELL/2/2014 dated April 17, 2014 1. Please refer to master circular No. SEBI/CFD/DIL/CG/2004/12/10 dated October 29, 2004 on Clause 49 of the Equity Listing Agreement. 2. The Companies Act, 2013 was enacted on August 30, 2013 which provides for a major overhaul in the Corporate Governance norms for all companies. The rules pertaining… Read More
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