In Chapter 1 of its Report, CLC has recommended amendments to 46 more provisions , detailed below under CA 2013 to reduce or remove criminality and de-clog the criminal justice system by retention of status quo in case of non –compoundable offences. CLC has adopted a principle based approach to further remove criminality, in case of defaults which can be determined objectively, and which otherwise, lack the element of fraud or do not involve larger public interest.
Amendment in Criteria of threshold limits for Related Party Transactions (RPT) vide Companies (Meetings of Board and its Powers) Second Amendment Rules, 2019 On 18th November,2019 Ministry of Corporate Affairs (MCA) had notified amendment in the Companies (Meeting of Board and its Powers) Rules, 2014 and amended criteria for Related Party Transactions (RPT) by amending […]
The most important clarification whether NFRA Form -1 is required to be filed by any company or not by 31st July 2019 July 1 is Chartered Accountants’ Day marking the date on which the Chartered Accountants Act came into effect in 1949. On the same day after 70 years, NFRA is constituted with the main […]
ARTICLE ON MICRO, SMALL AND MEDIUM ENTERPRISE (MSME) Ministry of Corporate Affairs vide Notification dated January 22, 2019, requires that ♣ Applicability: To all the companies, who (a) receive supplies of any goods and services from Micro, Small and Medium Enterprise (“MSME”) and (b) whose payment exceeds 45 days from the date of acceptance […]
MCA Notifies amendment in Companies (Incorporation) Rules, 2014 Introduction: Ministry of Corporate Affairs (MCA) had on 21st February, 2019 Notified the Companies (Incorporation) Amendment Rules, 2019 in which Rule 25A is inserted, which will be effective from 25th February 2019. This newly inserted Rule 25A mandated as follow: Rule 25A: ACTIVE , which means Active […]
Introduction To E-Form DIR 3- KYC- MCA vide Notification dated 5thJuly, 2018 has amended Companies (Appointment and Qualification of Directors) Rules, 2014 by inserting Rule 12A and made Directors KYC mandatory which is effective from 10th July 2018.
Unanswered questions under CODS 2018 introduced by MCA( Ministry of Corporate affairs) Introduction of CODS 2018 would certainly provide relief to the disqualified Directors however there are still some unanswered questions like: Whether last date of filing e-form CODS – 2018 will also be March 31, 2018? (There is no clarity in circular in this regard.) How disqualification of Directors can be removed for Directors of a Defaulting Company that has been strike off and which is not carrying on any business since past many years or its restoration application is rejected by NCLT? Whether non Defaulting Companies having disqualified directors shall be allowed to file any documents once their DIN are temporarily activated w.e.f. 01.01.2018? Clarification may be required from MCA That CODS 2018 is pursuant to provisions of section 460 (b) of the Act and hence the Director who is disqualified at present pursuant to the provision of Section 164 (2) of the Act and he has been either re-appointed in the Company or appointed in any other company, and he is aware that he has already vacated his position as per Section 167 (1)(a) of the Act but continue to act as a director, whether he shall be punishable for violation of section 167 (2) of the Act? – The obvious answer should be Not liable , however MCA can clarify the same specifically would clear all doubts of the concerned Directors and Auditors.
Removal of Names of Companies by the Registrar of Companies (Roc) from the Register of companies maintained by RoC Section 248 to 252 of the Companies Act, 2013 (the Act) read with the Companies (Removal of Names of Companies from the Register of Companies) Rules, 2016 deals with removal of names of the Companies from […]
