Companies Act

MCA liberalizes acceptance of deposits from members

Company Law - Ministry of Corporate Affairs has yet again revised the provisions relating to acceptance of deposits under the Act, 2013 with its notification dated September 19, 2017. The Companies (Acceptance of Deposits) Second Amendment Rules, 2017 substitutes the proviso to sub-rule (3) of rule 3 relating to acceptance of deposits by members and br...

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Compliance for Companies related to Meetings As per new SS 1

Company Law - Notice shall specify the serial no., day, date, time and full address of the venue of the meeting. Meeting may be convened at any time and place, on any day. Notice is required to be given even if meeting is held on pre-determined date or interval....

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Change of Name of Company under Companies Act 2013

Company Law - The name of the company is the building block for its existence and to maintain its separate legal entity. The first clause of the Memorandum of Association of the company states the name of the company from which it is known in the Public domain. In the global business environment, restructuring and arrangements are very […]...

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Disqualification of Director for Non Filing of companies financial statement

Company Law - As MCA has struck off the approx 209,000 Companies from its record because of Non Filing of its financial statement for 3 years or more as per provisions of Section 164(2) and issued the list of approx 100,000 Director who has been disqualified under 164(2). Both the lists are available on the website of the MCA....

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Whether Company can be Restored if no business conducted since many years

Company Law - In this Flash editorial, the author begins by referring the provisions of section 252 of Companies Act, 2013 relating to Revival of Companies Struck off from the record of the Registrar. The main thrust of the article, however, is upon the WHETHER COMPANY CAN BE RESTORE IF NO BUSINESS CONDUCTED SINCE MANY YEARS...

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MOU between MCA & CBDT for Automatic & Regular Information Exchange

Company Law - 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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Peak Filing Preparation for 2017- MCA 21

Company Law - To Avoid last minutes rush and system congestion on the MCA 21 Portal on Account of annual filings during the months of October and November, 2017, Companies are requested to file their financial statements and annual returns at the earliest, without postponing it to the last few days permitted for the same....

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Punishment for Siphoning Money from Bank A/cs of Struck Off Companies

Company Law - Stricter Norms for Corporate Governance: Punishment for Siphoning off Money from Bank Accounts of Struck Off Companies; Disqualifation of Directors from Being Appointed or Reappointed in Companies ...

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

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

Company Law - 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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Appeals Filed U/s. 10F of Companies Act 1956 cannot be condoned after 60 days

Santosh Kumar Hegde Vs. Parimala Hospitality (P.) Ltd. & Ors. (Bombay High Court) - In view of Companies Act, 1956 being a special statute and upon considering the language of section 10-F, in my view it is clear that the Company Court has no power to condone delay beyond the period of 60 days....

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Principle of imposition of minimum penalty is non-mandatory in compounding of offenses cases: NCLT

Re. M/S UW International Training & Education Centre for Health Pvt. Ltd. (NCLT Delhi) - NCLT held that the principle of imposition of minimum penalty is non-mandatory in compounding of offenses cases, it is necessary to define and understand offense. The term offence has been defined by s 3(38) of General Clauses Act, as any act or omission made punishable by any law for the time being...

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Withdrawn of Application- After Admission – NCLT – INSOLVENCY CODE

Parker Hannifin India Private Limited v/s Prowess International Private Limited (NCLT Kolkata) - NCLT has cleared that once a petition is admitted by the NCLT under IBC, both the parties have no right to withdraw the petition. As it can say IBC is not a Recovery Law it is Revival Law....

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NCLT can allow Compounding of offence despite advanced stage of prosecution

Teamasia Semiconductors (India) Ltd. & Ors., In re (National Company law Tribunal Hyderabad) - the issue to be decided in the present case is whether the National Company Law Tribunal is having power to allow the applicants to compound the offence in question, especially when prosecution was already initiated and the same is in advance stage....

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Company unable to pay debt/tax to Government Judicial discretion to direct winding up should not be exercised

Budhia Auto Associate Pvt. Ltd. Vs None (Chhattisgarh High Court) - This petition for winding up has been preferred by the company itself without referring to the relevant clause of Section 433 of the Companies Act, 1956 ('the Act' in short), however, in course of argument it was informed that the petition is under Section 433 (e) of the Act....

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Companies (Restriction on number of layers) Rules, 2017

G.S.R. 1176(E) - (20/09/2017) - Restriction on number of layers for certain classes of holding companies. (1) On and from the date of commencement of these rules, no company, other than a company belonging to a class specified in sub-rule (2), shall have more than two layers of subsidiaries:...

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MCA notifies proviso related to layers of subsidiaries wef 20.09.2017

S.O. 3086(E) - (20/09/2017) - MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, the 20th September, 2017 S.O. 3086(E).—In exercise of the powers conferred by sub-section (3) of section 1 of the Companies Act, 2013 (18 of 2013), the Central Government hereby appoints the 20th September, 2017 as the date on which proviso to ...

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Substitution of Institute of Cost Accountants nominee on NACAS

S.O. 3085(E) - (20/09/2017) - Shri Sanjay Gupta, President, Nominee of the Institute of Cost Accountants of India- Member, [nominated under clause (b) of sub-section (2) of section 210A of the said Act]....

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Companies (Acceptance of Deposits) Second Amendment Rules, 2017

Notification No. G.S.R. 1172(E) - (19/09/2017) - For the purpose of this rule, a Specified IFSC Public company means an unlisted public company which is licensed to operate by the Reserve Bank of India or the Securities and Exchange Board of India or the Insurance Regulatory and Development Authority of India from the International Financial Servi...

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Obligation to comply with Ind AS by subsidiary Payment / Small Finance Banks

General Circular No. 10/2017 - (13/09/2017) - It is hereby clarified that the holding company if it is covered by the corporate sector roadmap for implementation of Ind AS, shall follow the corporate sector roadmap and if the company has got payment bank or small finance bank as its subsidiary then subsidiary company shall follow the banking se...

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Recent Posts in "Companies Act"

MCA liberalizes acceptance of deposits from members

Ministry of Corporate Affairs has yet again revised the provisions relating to acceptance of deposits under the Act, 2013 with its notification dated September 19, 2017. The Companies (Acceptance of Deposits) Second Amendment Rules, 2017 substitutes the proviso to sub-rule (3) of rule 3 relating to acceptance of deposits by members and br...

Read More
Posted Under: Corporate Law |

Compliance for Companies related to Meetings As per new SS 1

Notice shall specify the serial no., day, date, time and full address of the venue of the meeting. Meeting may be convened at any time and place, on any day. Notice is required to be given even if meeting is held on pre-determined date or interval....

Read More
Posted Under: Corporate Law |

Change of Name of Company under Companies Act 2013

The name of the company is the building block for its existence and to maintain its separate legal entity. The first clause of the Memorandum of Association of the company states the name of the company from which it is known in the Public domain. In the global business environment, restructuring and arrangements are very […]...

Read More
Posted Under: Corporate Law |

Disqualification of Director for Non Filing of companies financial statement

As MCA has struck off the approx 209,000 Companies from its record because of Non Filing of its financial statement for 3 years or more as per provisions of Section 164(2) and issued the list of approx 100,000 Director who has been disqualified under 164(2). Both the lists are available on the website of the MCA....

Read More
Posted Under: Corporate Law |

Whether Company can be Restored if no business conducted since many years

In this Flash editorial, the author begins by referring the provisions of section 252 of Companies Act, 2013 relating to Revival of Companies Struck off from the record of the Registrar. The main thrust of the article, however, is upon the WHETHER COMPANY CAN BE RESTORE IF NO BUSINESS CONDUCTED SINCE MANY YEARS...

Read More
Posted Under: Corporate Law |

Disqualification of director – Struck off companies

During the month June – August ROC has struck off the 200,000 (Two Lakh) Companies from its record. List of Companies struck off from record of ROC available on the website of the ROC. Even Our Honble Prime Minister Mr. Narendra Modi in his speech at ICAI on CA day has confirmed that scrutiny of 300,000 (Three Lakh) Companies are going...

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Posted Under: Corporate Law |

Impact of Disqualification on directors – struck off companies

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 Companie...

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Posted Under: Corporate Law |

Investigation – SFIO – Arrest

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 wit...

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Posted Under: Corporate Law |

Companies (Restriction on number of layers) Rules, 2017

G.S.R. 1176(E) (20/09/2017)

Restriction on number of layers for certain classes of holding companies. (1) On and from the date of commencement of these rules, no company, other than a company belonging to a class specified in sub-rule (2), shall have more than two layers of subsidiaries:...

Read More

MCA notifies proviso related to layers of subsidiaries wef 20.09.2017

S.O. 3086(E) (20/09/2017)

MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, the 20th September, 2017 S.O. 3086(E).—In exercise of the powers conferred by sub-section (3) of section 1 of the Companies Act, 2013 (18 of 2013), the Central Government hereby appoints the 20th September, 2017 as the date on which proviso to clause (87) of section 2 of the [&hellip...

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