Legal Updates - Corporate Law Reporter

Incorporation of Section 8 Companies through SPICe

MCA by Companies (Incorporation) 6th Amendment Rules, 2019 dated 7th June, 2019 has amended the incorporation rules for incorporation of Section 8 Companies. The rules will be effective from 15th August, 2019. As per the amended rules, application for incorporation of Section 8 Company along with application for license for such Company will now be submitted… Read More

CBDT extends due date for filing of Form 24Q

With a view to redress genuine hardship of deductors in timely filing of TDS statement in Form 24Q on account of revision of its format and consequent updating of the File Validation Utility for its online filing, CBDT has ordered the following: (i) Extended the due date of filing of TDS statement in Form 24Q… Read More

No further extension for filing Form ACTIVE

MCA advises to the stakeholders that no further extension for filing Form ACTIVE(INC-22A) would be provided. The last date to file such form is 15th June 2019. In case ACTIVE is not filed on or before the said date, the compliance status for such companies shall be marked as ‘ACTIVE Non-compliant’ and Directors of such ‘ACTIVE… Read More

SEBI: Enhanced disclosure in case of listed debt securities

SEBI vide its circular SEBI/HO/MIRSD/DOS3/CIR/P/2019/68 dated 27th May, 2019, in order to secure investor's interest and enhance transparency, has issued following guidelines for amendment to existing regulatory framework for Debenture Trustees (DT): DTs shall disclose the nature of compensation arrangement with its clients on their websites DTs shall display on their website the ISIN wise details… Read More

ICSI releases Guidance Note on the Report of the Board of Directors

ICSI releases a Guidance Note on the Report of the Board of Directors which sets out the explanations, procedures and practical aspects in respect of the provisions contained in "Secretarial Standard on Report of the Board of Directors" (SS-4) to facilitate compliance thereof by the stakeholders. The SS-4 on Board's report formulated by the Secretarial Standards Board (SSB)… Read More

MCA notifies Procedure for conducting meetings of NFRA

MCA vide Notification dated 22nd May, 2019 introduces National Financial Reporting Authority (Meeting for Transaction of Business) Rules, 2019 through which it notifies the procedure for conducting the meetings for transaction of business by National Financial Reporting Authority. The complete content of the aforesaid notification is attached herewith: Rules1_23052019_NFRA Read More

MCA notifies Form PAS-6 for Share Capital Audit Report

MCA vide Notification dated 22th May, 2019 substituted following sub-rules in Rule 9A of Companies (Prospectus and Allotment of securities) Rules,2014 and prescribed PAS-6 for Share Capital Audit Report w.e.f 30th September,2019: Under Sub-rule 8, it notifies that every unlisted public company shall submit Form PAS-6 to the Registrar with prescribed fee within 60 days from… Read More

Default in filing of e-Form ACTIVE: DIN of Directors to be marked as “Director of ACTIVE non-compliant company”

MCA vide notification no. G.S.R. 368(E) dated 16th May, 2019 has introduced a new rule “Rule 12B of Companies (Appointment and Qualification of Directors)Rules, 2014: Directors of company required to file e-Form ACTIVE”, which provides that where a company is required to file e-Form INC-22A (ACTIVE) under Rule 25A of the Companies (Incorporation) Rules, 2014,… Read More

MCA News regarding filing of ADT-1 without fees in certain cases.

Based on feedback received from stakeholders who were unable to file e-form ACTIVE as they had filed ADT-1 forms for appointment of auditors for the period from 2014-15 to 2018-19 as an attachment with GNL-2 e-form during the period from 01/04/2014 to 20/10/2014 (due to non-availability of e-form ADT-1 during that period), it has now… Read More

MCA: Form ADT-I for Appointment of Auditors upto 31st March, 2019 wherein GNL-2 was filed from 01.04.2014 to 20.10.2014, may be filed without additional fees till 15th June, 2019

MCA vide General Circular No. 06/2019 clarified that companies which had filed Form no. ADT-1 through GNL-2 as an attachment (by selecting others) during the period from 01.04.2014 to 20.10.2014 may file e-form no. ADT- 1 for appointment of Auditor for the period upto 31.03.2019 without fee, till 15.06.2019 (since fee had been paid for… Read More

MCA amended Rule 8 of Companies (lncorporation) Rules for determining names of the company

MCA has elaborated the rule for determining names for a company, by replacing the content of Rule 8- “Names which resemble too nearly with name of existing company” of Companies (lncorporation) Rules, 2014 completely, vide notification no. F. No. 1/13/2013 CL-V, part-I,Vol.III dated 10th, May, 2019. It has added various illustrations under this rule to increase the… Read More

MCA has specified the requisite number of members or depositors for applying under section 245.

MCA vide notification no F. No. 1/30/2013 CL.V dated 8th May,2019 has specified the requisite number of members or depositors for applying under section 245 as follows: 1.In case of a company having a share capital, the requisite number of member or members to file an application under sub-section(1) of section 245 shall be – (i)(a)at… Read More

Overdue filings shall be done before filing of application for striking off and increase in fees for filing of Form STK-2.

MCA vide notification no. F.No.1/ 28/ 2013-Cl-V(Part) dated 8th May,2019 has increased fees for filing of application for removal of name of company in Form STK-2 from Rs.5,000 to Rs.10,000. Further it has amended the Companies (Removal of Names of Companies from the Register of Companies)Rules, 2016 providing that- In case of filing of application… Read More