Legal Updates - Corporate Law Reporter

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

MCA notifies certain sections of the Companies (Amendment) Act, 2019

MCA vide notification dated 14th August, 2019 notifies provisions of sections 6, 7 and 8, clauses (i), (iii) and clause (iv) of section 14, section 20, section 31, sections 33, 34 and 35 and sections 37 and 38 of the Companies (Amendment) Act, 2019 with effect from 15th August, 2019. Section 21 of Companies (Amendment)… Read More

Simplification of process of Incorporation of Section 8 Companies

1)In view to simplify the process for incorporating Section 8 Companies, requirement of prior filing of INC-12 for new section-8 companies is being dispensed with vide the Companies(Incorporation) Sixth Amendment Rules, 2019 dated 7th June, 2019. 2) Now, Section 8 Companies can be incorporated by either reserving names through Run and then filing SPICe or… Read More

Arbitration and Conciliation (Amendment) Act, 2019 notified

With effect from 9th August, 2019, the Government notified “The Arbitration and Conciliation (Amendment) Act, 2019” which shall come into force on date further notified by Central Government in the official gazette Some of the important amendments included are as follows: The Supreme Court and the High Court shall have the power to designate arbitral… Read More

Companies (Amendment) Act, 2019 notified w.e.f 31st July, 2019

After getting clearance from both the houses, "The Companies (Amendment) Act, 2019" has been notified in the Official Gazette dated July 31, 2019 after receiving assent from the President. The provisions of this Act, shall be deemed to have come into force on November 2, 2018 except sections 6, 7 and 8, clauses (i), (iii)… Read More

RBI liberalizes restriction on end use of External Commercial Borrowings

RBI vide notification dated 30th July, 2019 has liberalized the restriction on end use of External Commercial Borrowings. As per the notification, eligible borrowers who satisfy certain conditions mentioned therein, will now be permitted to raise ECBs for specified purposes from recognized lenders, except foreign branches/ overseas subsidiaries of Indian banks. The conditions along with… Read More

MCA revises Form AOC-4 XBRL, CHG-1, CHG-8 and CHG-9

MCA has revised Form AOC-4 XBRL, CHG-1, CHG-8 and CHG-9 w.e.f 1st August, 2019. Stakeholders are advised to check the latest version before filing. Read More

MCA extends due date of filing Form BEN-2

MCA vide General Circular No. 08/2019 extended due date of filing Form BEN-2 to 30th September, 2019 without additional fees. The complete circular is attached herewith: GeneralCircular29072019 Read More

DIR-3-KYC-WEB service available on MCA portal- Due date 30th September, 2019

MCA notifies Companies (Appointment and Qualification of Directors) Third Amendment Rules, 2019 w.e.f 25th July 2019 and made following amendments: i) e-Form DIR-3 KYC is to be filed by an individual who holds DIN and is filing his KYC details for the first time or by the DIN holder who has already filed his KYC once in… Read More