Legal Updates - Corporate Law Reporter

Extension of last date of filing of Form PAS-6

MCA vide General Circular dated 28th November, 2019 extends time limit for filing Form PAS-6 (Reconciliation of Share Capital Audit Report (Half-yearly)) required to be filed by every unlisted Public Company within 60 days from the conclusion of each half year due to unavailability of the form on Portal. The time limit for filing Form… Read More

Extension of last date of filing of Form NFRA-2

MCA vide General Circular dated 27th November, 2019 extends time limit for filing Form NFRA-2 (Annual Return to be filed by Auditor with National Financial Reporting Authority). Now, the time limit for filing the form will be 90 days from the date of deployment of this form on the website of National Financial Reporting Authority.… Read More

MCA amends threshold limits for Related Party Transactions

MCA vide notification dated 18th November, 2019 amends Rule 15 of Companies (Meetings of Board and its Powers) Rules, 2014 providing for Contract and arrangements with related parties, through Companies (Meetings of Board and its Powers) Second Amendment Rules, 2019. The rule specifies the thresholds where prior approval of the Company by the way of… Read More

RBI withdraws exemptions granted to Housing Finance Institutions

RBI vide notification dated 11th November, 2019 has withdrawn exemptions granted to Housing Finance Institutions from the provisions of Chapter IIIB (provisions relating to non-banking institutions receiving deposits and financial institutions) of Reserve Bank of India Act, 1934. Consequently, provisions of Chapter IIIB except Section 45-IA(Requirement of registration and net owned fund)of Reserve Bank of… Read More

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

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