Legal Updates - Corporate Law Reporter

Companies (Filing of Documents and Forms in Extensible Business Reporting Language), Second Amendment, Rules, 2017 notified

MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, the 4th December, 2017 G.S.R. 1480(E).—In exercise of the powers conferred by sub-sections (1) and (2) of section 469 read with section 398 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following rules further to amend the Companies (Filing of Documents and… Read More

Highlights of Mid Term Review of Foreign Trade Policy

Release of Mid-Tem Review of Foreign Trade Policy 2015-2020 – Annual Incentives Increased by 2 percent amounting to over Rs. 8,000 crore for labour intensive/MSME sectors The Minister of Commerce and Industry, Shri Suresh Prabhu released the much awaited Mid-term Review of the Foreign Trade Policy (FTP) 2015-20 today in New Delhi. The review was… Read More

Reserve Bank cautions regarding risk of virtual currencies including Bitcoins

Attention of members of public is drawn to the Press Release issued by the Reserve Bank of India (RBI) on December 24, 2013, cautioning users, holders and traders of Virtual Currencies (VCs) including Bitcoins regarding the potential economic, financial, operational, legal, customer protection and security related risks associated in dealing with such VCs. Vide press release dated… Read More

EPFO releases timeline for the monthly returns by the exempted Establishments

FOR WEB CIRCULATION ONLY Employees’ Provident Fund Organisation (Ministry of Labour, Govt. Of India) BhavishyaNidhiBhawan, 14- BhikajiCama Place, New Delhi — 110066 www.epfindia.gov.in, www.epfindia.nic.in No. C-Ex/Ex—Return/2014/19536 Date: 01 DEC 2017 To, All Addl. Central P.F. Commissioner (Zones), All Regional P.F. Commissioner/OIC of Regional Offices, Subject : Online Filing of Monthly Returns by the Exempted… Read More

SEBI circular on Categorization and Rationalization of Mutual Fund Schemes

CIRCULAR SEBI/HO/IMD/DF3/CIR/P/2017/126 December 4, 2017 All Mutual Funds/Asset Management Companies (AMCs)/ Trustee Companies/Boards of Trustees of Mutual Funds Sir/ Madam, Subject: Categorization and Rationalization of Mutual Fund Schemes 1. SEBI, vide circular no. SEBI/HO/IMD/DF3/CIR/P/2017/114 dated October 6, 2017, has issued guidelines regarding categorization and rationalization of Mutual Fund Schemes. 2. Upon consideration of… Read More

MCA designates Special Court in state of Karnataka for speedy trial of cases

MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, the 4th December, 2017 S.O. 3804(E).—In exercise of the powers conferred by sub-section (1) of Section 435 of the Companies Act, 2013 (18 of 2013), the Central Government, with the concurrence of the Chief Justice of the High Court of Karnataka, hereby designates the following Court mentioned in… Read More

RBI clarifies Co-operative societies cannot use the word “Bank” in their names

It has come to the notice of Reserve Bank of India (RBI) that some Co-operative Societies are using the word “Bank” in their names. This is a violation of Section 7 of the Banking Regulation Act, 1949 (As Applicable to Co-operative Societies) (the B.R.Act, 1949). It has also come to the notice of RBI that… Read More

15 NBFCs surrender their certificate of Registrations to RBI

The following NBFCs have surrendered the Certificate of Registration granted to them by the Reserve Bank of India. The Reserve Bank of India, in exercise of powers conferred on it under Section 45-IA (6) of the Reserve Bank of India Act, 1934, has therefore cancelled their Certificate of Registration. Sr. No. Name of the Company… Read More

RBI cancels certificate of registration of 2 NBFCs

The Reserve Bank of India (RBI) has cancelled the certificate of registration of the following two non-banking financial companies (NBFCs) in exercise of the powers conferred on it under Section 45-IA (6) of the Reserve Bank of India Act, 1934. Sr. No. Name of the Company Registered Office Address CoR No. Issued On Cancellation Order… Read More

CBDT signs two Indian Advance Pricing Agreements (APAs) in November, 2017

The Central Board of Direct Taxes (CBDT) has entered into 2 Bilateral Advance Pricing Agreements (APAs) during the month of November, 2017. These Agreements are the first ever Bilateral APAs with The Netherlands. With the signing of these Agreements, the total number of APAs entered into by the CBDT has gone up to 186. This… Read More

Circular on Enhancing fund governance for Mutual Funds: SEBI

CIRCULAR SEBI/HO/IMD/DF2/CIR/P/2017/125 November 30, 2017 All Mutual Funds/ Asset Management Companies (AMCs)/ Trustee Companies/ Boards of Trustees of Mutual Funds Sir/Madam, Sub: Enhancing fund governance for Mutual Funds In order to strengthen the governance structure for Mutual Funds (MFs), it has been decided to implement the following: A. Tenure of independent trustees and… Read More

SEBI issues Clarification to Circular on Prevention of Unauthorised Trading by Stock Brokers

CIRCULAR CIR/HO/MIRSD/MIRSD2/CIR/P/2017/124 November 30, 2017 To All Recognized Stock Exchanges Dear Sir / Madam, Sub: Clarification to Circular on Prevention of Unauthorised Trading by Stock Brokers 1. SEBI vide circular no. CIR/HO/MIRSD/MIRSD2/CIR/P/2017/108 dated September 26, 2017 has inter-alia specified that brokers shall execute trades of clients only after keeping evidence of the client placing such… Read More

ICSI releases Secretarial Standard-3 on “Dividend”

The Institute of Company Secretaries of India (ICSI) has introduced Secretarial Standard -3 (SS-3) on Dividend. This standard prescribes the set of principles in relation to the declaration and payment of Dividend and matters related thereto. The principles set out in this standard relates to declaration and payment of Dividend on equity as well as preference share capital in accordance… Read More