Dear Member, Sub: Companies Bill, 2009 As you are aware, the Companies Bill, 2009 has been introduced in Lok Sabha on 3rd August, 2009. The new Bill proposes to open up new avenues for the professionals especially Chartered Accountants and at the same time casts a lot of responsibility on them for conduct of affairs [...]

Presently, all registered companies in India are required, inter-alia, under section 210 of the Companies Act, 1956 to lay down before its share holders, during its annual general meeting, a balance sheet, providing a statement of assets and liabilities of the company as at the end of the financial year. In terms of the above [...]

1. Background SEBI Committee on Disclosures and Accounting Standards (SCODA) is the standing Committee of SEBI that advises on matters relating to disclosures and accounting standards. As part of a review of the extant norms relating to disclosure requirements and accounting standards for listed entities, the Committee has deliberated on certain issues, the details of [...]

In furtherance of e-governance initiatives, provisions regarding stamp duty applicable on filing of e-forms have been amended and stakeholders shall have facility to pay stamp duty in electronic manner also. As of now, this process shall cover Form 1(including MoA, AoA), Form 5 and Form 44 only, accordingly revised eforms are being introduced w.e.f. 12.09.2009. [...]

SUMMARY OF CASE LAW Supreme Court inter alia on prerequisites for conversion of a private company into a public company – It is not the records of the Registrar of Companies which determines the status of a company but the definition of a “private company” or “public company” as defined in section 3(1)(iii) and 3(1)(iv) [...]

[PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART – II, SECTION 3, SUB-SECTION (ii)] Government of India, Ministry of Corporate Affairs, New Delhi Notification  Dated : 7th September, 2009. S.O. 2276 (E) – In exercise of the powers conferred by sub-section (2) of section 610B of the Companies Act, 1956, the Central Government hereby makes the following [...]

Certificate of Commencement of Business: Procedural Analysis The date of incorporation of a company may not be the date of commencement of business. A private company and a public limited company not having share capital are not required to comply with any other formalities and may commence its business activities immediately after obtaining the certificate of incorporation from the [...]

New version of Form 15, 1INV, 21, 23, 23AA, 23C, 24, 25B, 25C, 3, 32, 35A, 37, 39, 4C, CAR, DDB, 24AB, 23AAC, 65, 63, DD-C, 23AAA, Form I- Application for appointment of sole selling agent, Form of annual return of a foreign company having a share capital, 24A, Investor complaint form, 22B, 36, 4, [...]

he Central Government, for the purpose of making all transactions faster, improving service delivery and making Office of the Registrar paperless, has decided to dispense with the physical submission of documents. The Central Government shall initially collect stamp duty payable on Form No.1, Memorandum of Association, Article of Association, Form No. 5 and Form No. 44 at the time of their e-filing, through MCA portal www.mca.gov.in. The Central government shall collect the stamp duty on behalf of the State Governments and Union territories for specific purpose of e-filing of documents under the provission of the Companies Act, 1956 and to remit the same directly to the accounts of the State Governments and Union territories in accordance with the approved payment and accounting procedure. The procedure for collection of stamp duty shall come into force with effect from the 13th day of September, 2009. Out of twenty eight States and seven Union territories, except State of Sikkam, where the provisions of the Companies Act ,1956 are not extended, the Central Government has sought authorisation to generate e-Stamps on their behalf. The Central Government has received authorization from only twenty-two State Governments and Union territory Administrations. As soon as the authorization from the remaining twelve States and Union territories, namely, Chandigarh, Daman and Diu, Himachal Pradesh, Kerala, Mizoram, Puducherry, Dadra and Nagar Haveli, Goa, Jammu and Kashmir, Lakshadweep, Nagaland and Tripura is received, the Central Government shall start collection of stamp duty on their behalf also.

In the Companies (Electronic Filing and Authentication of Documents) Rules, 2006, in rule 3, in sub-rule (1), after the proviso, the following proviso shall be inserted, namely :- “ Provided further that if stamp duty on such documents is paid electronically through Ministry of Corporate Affairs portal www.mca.gov.in, in such case, the company shall not be required to make physical submissition of such documents, in addition to their submission in the electronic form: