Legal Update - Corporate Law Reporter

Disqualification of Directors for non filing of Annual Returns

Stakeholders are informed that Registrar of Companies (ROCs) are in process of identification and flagging of directors disqualified under section 164(2)(a) of the Companies Act, 2013 for their default of non filing of financial statement or annual return for continuous period of three financial year i.e. 2015-16, 2016-17 and 2017-18. In this regard , all… Read More

MCA relaxes additional fees and grants extension of last date of filing of Form BEN-2 and BEN-1

MCA has granted extension of the time limit for filing e-form No. BEN-2 (Return to Registrar in respect of declaration under Section 90) upto 31st December, 2019 without payment of additional fee. Consequent to the extension in the date of filing of e-Form BEN-2, the date of filing of Form BEN-1(Declaration by Significant beneficial owner… Read More

Agile Form (Form-INC-35) : A Government Step Toward Ease Of Doing Business

The government introduced the Agile Form INC-35 that has to be filed with E-form SPICE. The form is a mandatory requirement although the directors of the company have an option of opting out of filing GST and other services that are offered with the application of the form. The introduction of the form in the… Read More

Form ACTIVE (Active Company Tagging Identities and Verification)-Companies (Incorporation) Amendment Rules, 2019

Ministry of Corporate affairs vide its notification dated 21st Feb. 2019 effective from 25th Feb. 2019, has come up with a new requirement of filing of Form ACTIVE (Active Company Tagging Identities and Verification) for filing the particulars of the Company and its registered office as per the following details- Mandatory for - all the companies… Read More

Extension for last date of filing initial return in MSME Form 1

MCA has issued Circular no. 01/2019 dated 21st Feb. 2019 in reference to the pending deployment of MSME Form I on MCA 21 portal, stating that the period of 30 days for filing initial return in MSME Form 1 as specified in Specified Companies (Furnishing of information about payment to micro and small enterprise suppliers) Order,… Read More

Companies (Adjudication of Penalties) Amendment Rules, 2019

Ministry of Corporate affairs (MCA) has notified Companies (Adjudication of Penalties) Amendment Rules, 2019 dated 19th February, 2019, wherein the Central Government may appoint any of its officers not below the rank of Registrar, as adjudicating officers for adjudging penalty. The adjudicating officer for the purpose of adjudicating penalty, shall issue a written notice indicating… Read More

Companies (Prospectus and Allotment of Securities) Second Amendment Rules, 2019

As per the Companies (Prospectus and Allotment of Securities) Second Amendment Rules, 2019 dated 19th February, 2019, in the Annexure, in Form PAS 3, in serial no. 6, in item (b), the words "not allotted securities with an application size of less than twenty thousand per person" shall be omitted. Content of this Rule is… Read More

Institute of Chartered Accountants of India to withdraw its announcement regarding clarification on Applicability of Rotation principles on a Company as per Section 139 of the Companies Act, 2013

Ministry has issued a letter to Institute of Chartered Accountants of India (ICAI) dated 15th Feb, 2019 to withdraw its announcement regarding clarification on Applicability of Rotation principles on a Company as per Section 139 of the Companies Act, 2013, where the Company ceases to fall under the ambit of Rotation principles under subsequent years.… Read More

Check List of documents for filing of New Design Applications (online and Offline)

Check List of documents for filing of New Design Applications (online and Offline) In order to process the design applications faster, the applicants are hereby requested to submit/upload the following documents. The applicants are also advised to submit the original or paper copy of the electronically filed (e-filing) documents within 15 days of such electronic… Read More

Relaxation from requirement to furnish a copy of PAN for transfer of equity shares of Listed Entities executed by non- residents

Securities and Exchange Board of India (SEBI) vide its circular dated 11th February, 2019 under Section 11(1) of SEBI Act, 1992 read with regulation 101 and 102 of the Listing Obligations and Disclosure Requirements (LODR), addresses the difficulties faced by investors in transfer of physical shares as many of the non-residents do not possess PAN… Read More

Companies (Significant Beneficial Ownership) Amendment Rules, 2019

As per notification dated 8th February, 2019, Section 469 (1) and (2) of the Companies Act, 2013 read with section 90 of the Companies Act, 2013, Central Government amends the Companies (Significant Beneficial Owners) Rules, 2018, as Companies (Significant Beneficial Owners) Amendment Rules, 2019 effective from 8th February, 2019. Some of the Key points are… Read More

Format for Annual Secretarial Audit Report and Annual Secretarial Compliance Report for listed entities and their material subsidiaries

SEBI vide it’s Circular dated February 08, 2019 has specified the Format for Revised Annual Secretarial Audit Report for listed entities and material unlisted subsidiaries and Format for Annual Secretarial Compliance Report applicable to listed entities. These formats shall be effective from the financial year ended March 31, 2019. Further, it has amended the SEBI… Read More

Companies (Prospectus and Allotment of Securities) Amendment Rules, 2019

MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, the 22nd January, 2019 G.S.R. 43(E).—In exercise of the powers conferred by section 26, sub-section (1) of section 27, section 28, section 29, sub-section (2) of section 31, sub-sections (3) and (4) of section 39, sub-section (6) of section 40 and section 42 read with section 469 of… Read More