Ministry of Corporate Affairs along with Ministry of Finance has taken actions against the Shell Companies in other words the Companies which has not filed the Financial Statement and Annual Return with ROC. They have taken the action step wise step like; MCA has cancelled the registration of around 2010 lakh (209,032) defaulting Companies from the records of ROC
The Ministry of Corporate Affairs by Notification NO. S.O. 2751(E) Dated: 24th August, 2017 has notified that [1]Section 212 sub-section (8), (9) and (10) shall come into force w.e.f. 24.08.2017. MCA further vide [2]notification no. G.S.R. 1062(e) Dated: 24th August, 2017 has published rules called the Companies (Arrests in connection with Investigation by Serious Fraud Investigation Office) Rules, 2017.
In this Flash editorial, the author referring amendment i.e. Secretarial Standard -2 (here after referred as SS-2) issued on July, 1st, 2015 (here after referred as Old SS) and Revised version of SS-2 effective from 1st October, 2017 issued by issued by Institute of Company Secretary of India (ICSI) dated 30th August, 2017.
Revised Secretarial Standard shall be effective w.e.f. 1st October, 2017. There are some alterations made in the revised SS-1 in comparison to former SS-1.This Standard prescribes a set of principles for convening and conducting Meetings of the Board of Directors and matters related thereto.
In this Flash editorial, the author begins by referring the provisions of section provisions of section 252(1) and Section 252(3) relating to REVIVAL OF COMPANIES STRUCK off from the record of the Registrar due to order of ROC or application of the Company.
Whether Flat Buyer can initiate Insolvency process against Builders under Insolvency and Bankruptcy Code (IBC) or Whether Flat buyer can claim for refund of their dues from Insolvency Professional.
In this editorial author discuss the provisions of IBC, 2016 in relation to claim of home buyers from Insolvency Resolution Professional. The author shall discuss the situation of home buyers of Jaypee Infratech along with IBC (Insolvency Resolution Process form Corporate Person) (Amendment) Regulations, 2017.
it proposed in the bill that the Company can file such form subject to additional fees of Rs. 100/- per day”. Here the questions are; If a Company has not filed Annual forms for the f.y. 2014-15 , 2015-16 or any previous financial year then whether fees shall be applicable as Rs. 100 per day or 2 times, 4 times as per Companies Act, 2013?
MCA by circular dated 27th July, 2017 has notified Companies (Incorporation) Second Amendment Rules, 2017. Due to this notification Rule 28 pertaining to Shifting of registered office within the same state and Rule 30 pertaining to Shifting of registered office from one State or Union Territory to another state”.
Major Amendment proposed in Companies Amendment Bill, 2017 are as follow: A. Definition of Related Party [Section 2(76)]: A explanation added after clause (viii) Investing Company or the Venture Company: means a body corporate whose investment in the Company would result in the Company becoming an associate Company of the body Corporate.
