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CLC recommends decriminalisation of compoundable offences

The Company Law Committee, constituted by the Ministry of Corporate Affairs (MCA) vide order dated 18.09.2019, has submitted the first phase report to the Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman on 18th November, 2019, proposing amendments in the Companies Act, 2013 for further decriminalising the offences unde...

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Posted Under: Company Law |

Corporate Affairs Ministry Launches Independent Director’s Databank

The Ministry of Corporate Affairs, with the objective of strengthening the institution of Independent Directors under the Companies Act,  launched today the Independent Director’s Databank in accordance with the provisions of the Companies Act, 2013 and the rules made thereunder....

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Posted Under: Company Law |

Govt to set up National Company Law Appellate Tribunal Bench in Chennai

In pursuance of judgement of Hon’ble Supreme Court, the Government has decided to set up a bench of National Company Law Appellate Tribunal (NCLAT) at Chennai. This was stated by Shri Anurag Singh Thakur, Union Minister for State for Finance &Corporate Affairs, in a written reply to a question in Lok Sabha today....

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Posted Under: Company Law |

MCA filed 11,082 prosecutions for non-filling of statement of accounts by Companies

As per the provisions of the Companies Act, prosecutions are filed by the Ministry of Corporate Affairs (MCA) through Registrar of Companies against such companies which have not filed Financial Statements from time to time and there are 11,082 number of prosecutions filed by the MCA during the said period for non-filing of financial stat...

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Posted Under: Company Law |

MCA amended Companies (Cost Records and Audit) Amendment Rules

MCA amended Companies (Cost Records and Audit) Amendment Rules due to implementation of GST, other procedural changes and consequent revision of connected forms i.e. CRA-1 and CRA-3 Posted On: 02 DEC 2019 3:12PM by PIB Delhi The Ministry of Corporate Affairs (MCA) vide Notification No. G.S.R. 792 (E) dated 15.10.2019 has amended the Compa...

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Posted Under: Company Law |

MCA initiatives to reduce cost of compliance by companies

MCA has been taking various initiatives on continuous basis to provide less stringent regulations, including measures with respect to filing requirements for small companies, One Person Companies (OPCs) and start-ups. This was stated by Shri Anurag Thakur, Union Minister of State for Finance & Corporate Affairs, in a written reply to a qu...

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Posted Under: Company Law |

Company Law Committee-2019 submits its report to Finance Minister

The Company Law Committee was constituted by the Ministry of Corporate Affairs in September, 2019, inter alia, to further decriminalise the provisions of the Companies Act, 2013 based on their gravity and to take other concomitant measures to provide further Ease of Living for corporates in the country....

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Posted Under: Company Law |

Removal of name of company from register of companies- Reg

In view of the above, you are kindly requested to permit filing of application by companies for removal of name of companies from register of companies on the ground of non-filing of e-Form 20A for commencement of business on the ground of non-receipt of subscribed money after 180 days of its incorporation....

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Posted Under: Company Law |

Exempt delayed filing fee for DIR-3 KYC for directors of J&K & Ladakh

ICSI request MCA for considering granting exemption from delayed filing fee for DIR 3KYC for the directors resident in the UT of Jammu and Kashmir and UT of Ladakh....

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Posted Under: Company Law |

Guidance Note on Division III – Schedule III to Companies Act, 2013

Guidance Note on Division III to Schedule III to the Companies Act 2013 provides guidance on each of the items of the Balance Sheet & Statement of Profit and Loss. Few illustrations have also been included on application of the principles provided in the Guidance Note....

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Posted Under: Company Law |