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MSME form filing Due date 21 February 2019 but form yet to release

ICSI submits representation to MCA as MCA yet to release form MSME-I while due date of furnishing the Form MSME-I is February 21, 2019. Kindly consider clarifying that MSME Form I will be deployed shortly and also that non-filing due to non-availability of this Form by February 21 would not result in non-compliance of the provisions of Co...

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Posted Under: Company Law |

Cabinet approves Promulgation of Companies (Second Amendment) Ordinance 2019

The Union Cabinet chaired by Prime Minister Narendra Modi has approved the Promulgation of the Companies (Second Amendment) Ordinance 2019 and for replacement of the said Ordinance in Parliament by a replacement Bill. It is based on the recommendations of the Committee to review offences under the Companies Act, 2013, so as to fill criti...

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Posted Under: Company Law |

ICAI withdraws Clarification on Rotation of Auditors under Companies Act, 2013

Section 139 of the Companies Act 2013 where the company ceases to fall under the ambit of Rotation principles in subsequent years.-(15-02-2019) ANNOUNCEMENT Withdrawal of the Announcement regarding Clarification on Applicability of Rotation principles on a company as per Section 139 of the Companies Act 2013 where the company ceases to fa...

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Posted Under: Company Law |

Rotation of Auditors not required if Rotation principal ceases to apply

Regarding Clarification on Applicability of Rotation principles on a company as per Section 139 of the Companies Act 2013 where the company ceases to fall under the ambit of Rotation principles in subsequent years. This is regarding the applicability of Rotation principles on a company as per Section 139 of the Companies Act 2013 where [&...

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Posted Under: Company Law |

Guidance Note on Dividend by ICSI

GUIDANCE ON THE PROVISIONS OF SS-3 1. Ascertainment of amount available for payment/distribution as Dividend. 2. Declaration of Dividend 3. Entitlement to Dividend 4. Dividend in Abeyance 5. Payment of Dividend 6. Unpaid Dividend 7. Revocation of Dividend 8. Preservation of Dividend Cheques, Warrants and Dividend R...

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Posted Under: Company Law |

Disclosure on implementation of SH Act mandatory in Director’s report

Disclosure regarding implementation of Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 (SH Act,2013) made mandatory in the Director’s report as per amended the Company (Account) Rules, 2014 Press Information Bureau Government of India Ministry of Women and Child Development 21-December-2018 17:2...

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Posted Under: Company Law |

Major changes in Company Law & Corporate Law during last one year

Companies (Amendment)Act , 2017 enacted; Out of total 93 Sections,  92 Sections brought into force along with relevant Rules  MCA proposes to introduce Companies (Amendment) Bill, 2018 to replace Companies (Amendment) Ordinance 2018 in the ongoing Winter Session of Parliament Insolvency and Bankruptcy Code (Amendment) Act, 2018 & In...

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Posted Under: Company Law |

Companies (Amendment) Bill, 2018 as introduced in Lok Sabha

(1) This Act may be called the Companies (Amendment) Act, 2018. (2) It shall be deemed to have come into force on the 2nd day of November, 2018....

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Posted Under: Company Law | ,

Draft amendment to rule 8 of Companies (Incorporation) Rules, 2014 – Name Availability

Names which resemble too nearly with the name of an existing company. (1) A name applied for shall be deemed to resemble too nearly with the name of an existing company, if, and only if, after comparing the name applied for with the name of an existing company by disregarding the matters set out in sub-rule (2), the names are same....

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Posted Under: Company Law |

ICAI withdraws Guide on disclosure of Specified Bank Notes

The Ministry of Corporate Affairs vide notification dated March 30, 2017 notified Companies (Audit and Auditors) Amendment Rules, 2017 and Amendment to Schedule III to the Companies Act, 2013. Vide this amendment, the following new clause was inserted in Rule 11 of Companies (Audit and Auditors) Rules, 2014...

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Posted Under: Company Law |