CSR spending details to be available from September 2015
Details about companies' social welfare spending activities under CSR norms would be available to the government only after September next year. This was informed by Corporate Affairs Minister Arun Jaitley while replying in the House to queries on CSR. Under the new Companies Act, certain class of entities are required to shell out at least two per cent of their… Read More
Foreign Investment in India by SEBI registered long term investors in Government Dated Securities
RBI/2014-15/145 A. P. (DIR Series) Circular No. 13 July 23, 2014 To, All Authorised Persons Madam/ Sir, Foreign investment in India by SEBI registered Long term investors in Government dated Securities Attention of Authorized Dealer Category-I (AD Category-I) banks is invited to Schedule 5 to the Foreign Exchange Management (Transfer or Issue of Security by… Read More
Companies (Management and Administration) Second Amendment Rules, 2014
The Ministry of Corporate Affairs has issued the Companies (Management and Administration) Second Amendment Rules, 2014 dated 24.07.2014 in order to insert certain other provisions in respect of the rules specified therein. 1. The sub- rule 3 of rule 9 of the said rules which talks about the Declaration of Beneficial Interest, the following proviso… Read More
Clarification notification on Section 203(1) under CA 2013
The Ministry of Corporate Affairs has issued a clarification notification S.O.(E) dated 25.07.2014 with respect to provide clarification in second proviso to sub-section (1) of section 203 of the Companies Act, 2013 which talks about the classes of companies which have appointed one or more chief executive officer as Key Managerial Personnel for multiple business… Read More
Companies (Removal of Difficulties) Sixth Order, 2014 w.r.t. ‘related party’
The Ministry of Corporate Affairs issued Companies (Removal of Difficulties) Sixth Order, 2014 dated 24.07.2014 in order to provide clarification with respect to the "related party" as the difficulties have arisen due to he absence of the word 'relative' in the sub-clause (iv) in the said definition although such word has occurred in sub-clauses (i),… Read More
Clarification on transitional period for resolutions passed under CA 2013
The Ministry of Corporate Affairs has issued a circular no. 32/2014, dated 23.07.2014 with respect to provide clarification on the transitional period of the resolutions passed under CA 2013, which says that many companies have passed the resolutions which were at different stages of implementation after coming into force of the Companies Act, 2013 (New… Read More
Revised Pricing Guidelines w.r.t. FDI in Issue/Transfer of shares or convertible debentures
RBI/2014-15/129 A. P. (DIR Series) Circular No. 4 July 15, 2014 To, All Category I Authorised Dealer Banks Madam/Sir, Foreign Direct Investment (FDI) in India - Issue/Transfer of Shares or Convertible Debentures - Revised pricing guidelines Attention of Authorized Dealers Category I (AD Category - I) banks is invited to Regulation 10(A)(b)(i), para 5 of… Read More
Version of certain e-Forms likely to change from 25th July 2014
The Ministry of Corporate Affairs has issued a notice drawing attention of the general public that the versions of the following e-Forms is likely to change from 25.07.2014 which are as follows: (1). CHG - 1 (2).CHG - 4 (3). FC - 2 (4). FC - 4 (5). Form 20B (6). Form 2LLP (7). Form… Read More
FM directs Income Tax Officials to be firm with Tax Evaders
Finance Minister Shri Arun Jaitley asked the Income Tax officials on Monday to deal with the tax evaders in a non- intrusive and fair manner but to deal firmly with the tax evaders. The Minister also added that the officers should make serious efforts to unearth the black money within the country "which is quite… Read More
Extension of validity of reserved names
The Ministry of Corporate Affairs has issued a Circular No. 31/2014 dated 19.07.2014 with respect to extension of time for the validity of reserved names made in INC 1 under the Companies Act, 2013 for which the service provider of MCA-21 has brought to the notice of ministry that there has been plethora of cases… Read More
Indian Inc gets relief under CA 2013
After the Ministry's clarification last week on related party transactions the Indian Inc has got some relief from the stringent provisions contained in the related party transactions. To begin with, a circular issued by the ministry of corporate affairs exempted contracts entered before the commencement of the act from the conditions. Contracts of related… Read More
ICWAI Central Council resigned
The recently notified cost audit rules as per Companies Act, 2013 has become a matter of sorrow and great concern as the notified rules curtailed the cost accountant's profession scope by increasing the threshold of net worth from 5 crores to 500 crores thereby exempting a large number of manufacturing companies from having cost audit… Read More
Form MGT 14 to be filed in new version from 21st july 2014
The Ministry of corporate affairs has issued an important notice with respect the filing of form MGT 14, version of which is likely to be changed from 21st july 2014. So, due care shall be taken filing the form at the website as the version can be downloaded from the ministry's website.As per the latest… Read More
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