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MOU between MCA & CBDT for Automatic & Regular Information Exchange

Taking forward the initiative launched by the Government of India to curb the menace of shell companies, money laundering and black money in the country and prevent misuse of corporate structure by shell companies for various illegal purposes, the Ministry of Corporate Affairs and Central Board of Direct Taxes (CBDT) have now concluded a ...

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Posted Under: Company Law |

List of Directors associated with struck off companies u/s 248

Section 248 of Companies Act, 2013 notified with effect from 26.12.2016 deals with Power of Registrar to Remove Name of Company from Register of Companies. Various ROC has recently remove many companies exercising the power U/s. 248 if a company has failed to commence its business within one year of its incorporation or  a company [&hell...

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Posted Under: Company Law |

ROC uploads list of directors disqualified U/s. 164(2)(a)

Section 164 of Companies Act, 2013 deals with Disqualifications for Appointment of Director and Section 164(2)(a) disqualifies a person from being a director who is or has been a director of a company which (a) has not filed financial statements or annual returns for any continuous period of three financial years; ROC has put list [&helli...

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Posted Under: Company Law |

Banks to not to allow operation in account of ‘struck off’ companies

Department of Financial Services advises all Banks to take immediate steps to put restrictions on bank accounts of over two lakh 'struck off' companies. Government has stepped up decisive action against companies falling within the ambit of Section 248 of the Companies Act....

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Posted Under: Company Law |

Directors disqualified U/s. 164(2)(a) cannot apply for Name Availability

Directors disqualified under Section 164(2)(a) of the Companies Act, 2013 and who are associated with struck off companies (S.248) are advised not to make any application for Name Availability (INC-1), Incorporation of Companies (INC-7/SPICe-INC-32/URC-1/INC-12). Forms filed by such Directors shall be rejected summarily by the Central Reg...

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Posted Under: Company Law |

Summary of changes as per Draft Companies (Cost Records and Audit) Amendment Rules, 2017

Pursuant to implementation of IndAS, the Companies (Cost Records and Audit) Rules, 2014 are to be amended to bring parity between financial records and cost records. Accordingly, the Draft Companies (Cost Records and Audit) Amendment Rules, 2017 have been placed on the Ministry’s website www.mca.gov.in for suggestions/ comments....

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Posted Under: Company Law |

Draft Companies (cost records and audit) Amendment Rules, 2017

F.No. 1/40/2013 - CL - V

1. Material Costs-(a) Proper records shall be maintained showing separately all receipts, issues and balances both in quantities and cost of each item of raw material required for the production of goods or rendering of services under reference....

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Posted Under: Company Law |

Companies (Amendment) Bill, 2017 as passed by Lok Sabha

Companies (Amendment Bill 2017) is passed by Lok Sabha on 27.07.2017 and will be presented in Rajya Sabha for Further Approval. The bill has total 93 Clauses by which 92 Amendments been carried out in Companies Act, 2013, which includes Amendment of Existing Sections, Insertion of New Sections, Substitution of Existing Section with New Se...

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Posted Under: Company Law |

‘Task Force on Shell Companies’ for effectively tackling malpractices

With a view to have consolidated relevant information at one place and based upon inputs from all law enforcement agencies, the Serious Fraud Investigation Office under the Ministry of Corporate Affairs has undertaken the exercise of preparing comprehensive digital database of shell companies and their associates that were identified by v...

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Posted Under: Company Law |

Salient features of system of issuing e-patent certificates

The Government has launched the system of issuing e-patent certificates after grant of patent, by issuing a public notice on 3-7-2017.The salient features are enumerated below:-...

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Posted Under: Company Law |
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