Legal Updates - Corporate Law Reporter

Enhanced Supervision of Stock Brokers / Depository Participants

Securities and Exchange Board of India CIRCULAR SEBI/HO/MIRSD/MIRSD2/CIR/P/2016/138 December 20, 2016 The Managing Directors of all Recognized Stock Exchanges and Depositories Dear Sir/Madam Sub: Enhanced Supervision of Stock Brokers / Depository Participants Please refer to SEBI Circular No. SEBI/HO/MIRSD/MIRSD2/CIR/2016/95 dated September 26, 2016 regarding the captioned subject. Following representations from Exchanges as well as market… Read More

Discontinuation of E-Forms INC-2 & INC-7 and mandatory implementation of SPICe Forms

Stakeholders may kindly note that existing INC-2 and INC-7 eforms are likely to be withdrawn from the MCA portal shortly. Stakeholders will then have to use only SPICe (Simplified Proforma for Incorporating a Company electronically) forms viz. SPICe (INC-32), SPICe eMoA (INC-33) and SPICe eAoA (INC-34) for incorporation of all companies including Section 8 Companies… Read More

Cash deposit of more than Rs. 5000 restricted by RBI

RBI/2016-17/189 DCM (Plg) No. 1859/10.27.00/2016-17 December 19, 2016 The Chairman / Managing Director/ Chief Executive Officer, Public Sector Banks/ Private Sector Banks / Foreign Banks/ Regional Rural Banks / Urban Cooperative Banks/ State Cooperative Banks Dear Sir, Withdrawal of Legal Tender Character of existing ₹ 500/- and ₹ 1000/- Bank Notes (Specified Bank Notes) -… Read More

NCLT (Procedure for reduction of share capital of company) Rules, 2016

The Ministry of Corporate Affairs has issued rules in exercise of the powers conferred by sub-section (1) and (2) of section 469 read with section 66 of the Companies Act, 2013(18 of 2013) the Central Government hereby makes the following rules namely: NCLT (Procedure for reduction of share capital of company) Rules, 2016 Read More

Companies (Compromises, Arrangements and Amalgamations) Rules, 2016

The Ministry of Corporate Affairs has issued Companies (Compromises, Arrangements and Amalgamations) Rules, 2016 dated 14th December, 2016. Please click on the below link to download the rules: Companies (Compromises, Arrangements and Amalgamations) Rules, 2016 Read More

Corrigendum notification relating to amendment in Schedule II

[To be published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-Section (i)] Government of India Ministry of Corporate Affairs New Delhi, 09th December, 2016 Corrigendum G.S.R. ______(E).- In the notification of the Government of India in the Ministry of Corporate Affairs number G.S.R. 1075(E), dated the 17th November, 2016 published in the… Read More

Streamlining the Process for Acquisition of Shares pursuant to Tender-Offers made for Takeovers, Buy Back and Delisting of Securities

CIRCULAR CFD/DCR2/CIR/P/2016/131 December 09, 2016 To All Recognised Stock Exchanges All Depositories All Registered Merchant Bankers All Registrars to the Issue Dear Sir/Madam, Sub: Streamlining the Process for Acquisition of Shares pursuant to Tender-Offers made for Takeovers, Buy Back and Delisting of Securities. 1. SEBI had issued circular No. CIR/CFD/POLICY CELL/1/2015 dated April 13, 2015… Read More

Monthly Summary of MCA for the month of November

The Ministry of Corporate Affairs has issued Monthly Summary of MCA for the month of November, Please click on the below link to download the poilcy: Important policy decisions taken and major achievements during the month of November, 2016 Read More

Companies (Removal of Difficulties) Fourth Order, 2016

MINISTRY OF CORPORATE AFFAIRS ORDER New Delhi, the 7th December, 2016 S.O. 3676(E).—Whereas clause (c) of sub-section (1) of section 434 of the Companies Act, 2013 (hereinafter referred to as the 2013 Act) provides that on a date which may be notified by the Central Government for the purpose of transfer of pending proceedings, all… Read More

Amendment to Master Direction on Know Your Customer

RBI/2016-17/177 DBR.AML.BC.47/14.01.01/2016-17 December 8, 2016 All Regulated Entities Dear Sir/Madam, Amendment to Master Direction on Know Your Customer In exercise of the powers conferred under Section 35A of the Banking Regulation Act, 1949, it has been decided to make certain amendments to the Master Direction on Know Your Customer (KYC). The two major changes being… Read More

Amendment to Master Direction (MD) on KYC

RBI/2016-17/176 DBR.AML.BC. No. 18/14.01.001/2016-17 December 8, 2016 All Regulated Entities (REs) Dear Sir/Madam, Amendment to Master Direction (MD) on KYC In exercise of the powers conferred under Section 35A of the Banking Regulation Act, 1949 and section 35A read with section 56 of that Act, Rule 9 (14) of the Prevention of Money Laundering (Maintenance… Read More

Relaxation of additional fees on Annual filing upto 31.12.2016 – in the State of J&K

General Circular No. 14/2016 F.No. 02/13/2014 CL-V Government of India Ministry of Corporate Affairs 5th Floor, 'A' Wing, Shastri Bhawan, Dr. Rajendra Prasad Road, New Delhi-1 Dated: 07/12 2016 To All Regional Directors, All Registrar of Companies, All Stakeholders. Subject: Relaxation of additional fees and extension of last date of in filing of forms MGT-7 (Annual Return) and… Read More

Companies (Transfer of Pending Proceedings) Rules 2016

The Ministry of Corporate Affairs has issued rules dated 07th December, 2016 regarding Companies (Transfer of Pending Proceedings) Rules 2016 Please click on the below link to download the rules: Companies (Transfer of Pending Proceedings) Rules 2016 Read More