Corporate Law Reporter - The Daily Journal

Foreign Direct Investment in Pharmaceuticals sector clarification

RBI/2013-14/567 A.P. (DIR Series) Circular No.124 April 21, 2014 To All Category I Authorised Dealer Banks Madam / Sir, Foreign Direct Investment in Pharmaceuticals sector clarification Attention of Authorised Dealers Category I (AD Category - I) banks is invited to A.P. (DIR Series) Circular No.56 dated December 9, 2011 and the Foreign Exchange Management (Transfer… Read More

Problems encountered in new MCA forms

46 new e-forms have been made available for filing w.e.f. 28.04.2014. In case there is any issue faced by stakeholders in filling up or filing any of these 46 e-forms, they are requested to raise ticket with MCA helpdesk by using link www.mca.gov.in/MinistryV2/complaints.html. In addition to describing the problem in the ticket they should also… Read More

DIGITAL SIGNATURE – HOW DOES IT WORK AND ITS RELEVANCE UNDER THE COMPANIES ACT, 2013

INTRODUCTION Every Professional is familiar with the usage of his Digital Signatures in all the MCA-21 E-Forms since 2006. Now the Companies Act, 2013 has extended its scope further. The Act now requires authentication of entries in the Statutory Registers by affixing digital signatures of the Authorised Signatory from time to time when the same… Read More

Amendment Rules Chapter 24(II)-The Companies (Registration Offices and Fees) Amendment Rules, 2014

MCA has vide its notification dated 28th April 2014 amended the Companies (Registration Offices and Fees) Rules 2014. The major provisions introduced are related to exemption to OPC and small companies with respect to requirement of pre-certification of eForms. The e-forms (as mentioned in the attached notification) filed by companies, other than one person companies… Read More

46 MCA eForms operational from 10 am today i.e. 28th April, 2014-Gen Circular No. 9/ 2014

Stakeholders may kindly note that the newly notified 46 eforms would be available for uploading effective from 10 AM (instead of 8 AM) on 28th April 2014. Earlier it was planned to roll out the forms on 14th April, 2014 but it was later deferred to 28th April, 2014 in order to do a single… Read More

Regulating Capital Account

Regulating Capital Account: Some Thoughts - Inaugural address delivered by Shri Harun R Khan, Deputy Governor, Reserve Bank of India delivered at the 9th Annual Conference of FEDAI in Cape Town on April 12, 2014 1. It gives me great pleasure to be with you in this beautiful city of Cape Town for the 9th… Read More

Effective date of Rules under Companies Act, 2013 – MCA clarification

MCA clarifies that all Rules published under Companies Act, 2013 are effective 1st April, 2014. MCA has released the attached statement on its website clarifying the above. This puts to rest the doubts that had arisen for certain rules which were mentioned to be applicable from the date of publication in official gazette, however, the same… Read More

Fund/Non-Fund based Credit Facilities to Overseas Joint Ventures / Wholly owned Subsidiaries abroad

RBI/2013-14/568 DBOD.No.BP.BC.107/21.04.048/2013-14 dated April 22, 2014 Fund/Non-Fund based Credit Facilities to Overseas Joint Ventures / Wholly Owned Subsidiaries / Wholly owned Step-down Subsidiaries of Indian Companies Please refer to our circular DBOD.IBD.BC.No.96/23.37.001/2006-07 dated May 10, 2007, in terms of which banks were permitted to extend fund/non-fund based credit facilities to overseas Joint Ventures (JV)/Wholly Owned Subsidiaries (WOS)/Wholly owned Step-down… Read More

Foreign Direct Investment (FDI ) Policy (Circular 1 of 2014) dated 17th April,2014

The Consolidated FDI Policy (Circular 1 of 2014) was released by the Department of Industrial Policy and Promotion (DIPP), Ministry of Commerce and Industry, Government of India on 17th April 2014 , setting out the consolidated foreign direct investment (FDI) policy of India which comes into force with immediate effect. The New Policy supersedes the… Read More

Guidelines issued by CBDT for Laying Down Standard Operating Procedure for Verification/Correction of Arrear Tax Demand

Detailed instructions have been issued by the Central Board of Direct Taxes (CBDT) to all the assessing officers laying down a Standard Operating Procedure (SOP) for verification and correction of demand by the AOs. As per this SOP, the taxpayers can get their outstanding tax demand reduced/deleted by applying for rectification along with the requisite… Read More

Cap on Auditors for audit of 20 Companies not justified

The Institute of Chartered Accountants of India (ICAI) has asked the Ministry of Corporate Affairs to exempt private limited and small companies from the ambit of the restriction imposed by Section 141 of the Companies Act, 2013 on Eligibility, qualifications and disqualifications of auditors which caps the number of audits which may be conducted by any auditor… Read More

Corporate Governance in listed entities – Amendments to Clauses 35B and 49 of the Equity Listing Agreement

CIRCULAR No. CIR/CFD/POLICY CELL/2/2014 dated April 17, 2014 1. Please refer to master circular No. SEBI/CFD/DIL/CG/2004/12/10 dated October 29, 2004 on Clause 49 of the Equity Listing Agreement. 2. The Companies Act, 2013 was enacted on August 30, 2013 which provides for a major overhaul in the Corporate Governance norms for all companies. The rules pertaining… Read More

One Person Company under the Companies Act, 2013

One Person Company - A Look at the relevant Legal provisions under the Companies Act, 2013 Introduction The sections relating to One Person Company were notified on the 26th March 2013 and the rules with regard to the same have also been notified. The purpose of this Article is to enlighten readers about the… Read More