Companies Act

Form NFRA-1 And its Applicability

Company Law - MCA vide Notification dated dated November 13, 2018 notified the National Financial Reporting Authority Rules, 2018 (NFRA Rules, 2018) notified by the Ministry vide Notification dated November 13, 2018, effective from November 13, 2018 to establish an independent regulator to strengthen the audit profession and to provide for matters rela...

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Introduction of e-Form ACTIVE in Form 22A

Company Law - Introduction of e-Form ACTIVE (Active Company Tagging Identities and Verification) in Form 22A With the recent spate of issues in corporate governance and disappearance of Companies, Government has taken several steps such as filing of Form DIR 3 – KYC by Directors as well as introduction of new e-Form 22A which may be called as [&helli...

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Compliance Calendar for Companies till June 2019

Company Law - There were various amendments and notifications in the Companies Act, 2013 in the past six months.  The most important thing about these notifications is that they require immediate compliance or disclosure on the part of Companies within a specified due date. In this write up, we shall discuss preliminary about the recent important noti...

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Class Action under the Companies Act, 2013

Company Law - Introduction A Class Action is one where a class or group of people with a common grievance join hands to seek relief. It is a cost effective procedural device whereby few people can sue for the advantage of a larger group. The concept of a class action has been part of the legal system of […]...

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Beneficial Interest under Section 90 explained with examples

Company Law - BEN Interest Section 90 read with Declaration of BEN Interest Notification Ministry of Corporate Affairs vide its Notification dated 8th February, 2019 released a notification regarding disclosure of Beneficial Interest in the Reporting Company by the individual ultimately holding 10% or more of the total shareholding in the Reporting Com...

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MCA Releases National Guidelines on Responsible Business Conduct

Company Law - Ministry of Corporate Affairs has revised the National Voluntary Guidelines on Social, Environmental and Economic Responsibilities of Business, 2011 (NVGs) and formulated the National Guidelines on Responsible Business Conduct (NGRBC). These guidelines urge businesses to actualise the principles in letter and spirit. These principles ar...

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Salient features of Active (Company KYC) form

Company Law - As you are aware, the Ministry of Corporate Affairs, in its pursuit to improve Corporate Governance and Compliances on the part of the Company after the successful roll out of DIR-3 KYC for Directors/DIN holders, has introduced eform (INC-22A) christened ‘ACTIVE (Active Company lagging Identities and Verification) vide rule 25 A of ...

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Now Incorporate Company with 15 Lakh Capital with Zero Fees

Company Law - MCA implemented the rule of Incorporation with Zero fees for the proposed companies with a nominal capital of less than or equal to Rs. 10 Lacs and in respect of proposed companies not having share capital, whose members does not exceed 20. Now with effect from 18.03.2019, this limit of 10 lacs has been revised to Rs. 15 lacs....

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Extension of time tor furnishing comments on CSR-2018

Company Law - Extension of time for furnishing comments for consideration of High Level Committee on corporate on corporate social responsibility-2018 The Ministry of Corporate Affairs (MCA) has constituted a High Level Committee on Corporate Social Responsibility-2018 (HLC-2018) to review the existing framework and guide and formulate a coherent polic...

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MCA extends last date of of filing initial return in MSME Form I: ICSI

Company Law - THE INSTITUTE OF Company Secretaries of India IN PURSUIT OF PROFESSIONAL EXCELLENCE Statutory body under an Act of Parliament  21St February, 2019 Dear Professional Colleague Subject: Facilitation, Coordination and Knowledge Support by ICSI – Request for issuance of clarification for MSME Form I – Further update The Institute...

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Statutory dues for taxes is Operational Debt: NCLAT

Pr. Director General of Income Tax Vs M/s. Synergies Dooray Automotive Ltd. & Ors. (NCLAT, Delhi) - Pr. DGIT Vs M/s. Synergies Dooray Automotive Ltd. & Ors. (NCLAT, Delhi) ‘Operational Debt’ in normal course means a debt arising during the operation of the Company (‘Corporate Debtor’). The ‘goods’ and ‘services’ including employment are required to keep the Company (‘Corporat...

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HC quashes MCA order publishing list of disqualified directors & deactivating DIN

Gaurang Balvantlal Shah S/O Balvantlal Shah Vs Union of India (Gujarat High Court) - MCA order in publishing the list of directors  associated with struck off companies under Section 248 of the Companies Act, 2013 on the Website of MCA, showing the status of assessee as disqualified Directors was not legally tenable as section 164(2) of the Companies Act would take effect only fro...

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Rule 3(2) of Companies (Registered Valuers & Valuation) Rules is constitutionally valid: Delhi HC

Cushman And Wakefield India Private Limited Vs Union of India & Anr (Delhi High Court) - Cushman And Wakefield India Private Limited Vs Union of India & Anr (Delhi High Court) The issue which falls for consideration is in a very narrow compass, whether a company, other than a subsidiary company, joint venture or associate of other company forms a separate class for the purpose of el...

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NCLT bars CA for issuing false Audit certificate relating to financials

Union of India Vs Mr. Mukesh Maneklal Choksi (NCLT) - Union of India Vs Mr. Mukesh Maneklal Choksi (National Company Law Tribunal, Mumbai Bench) Since Respondent No 1, Mr Mukesh Maneklal Choksi, Statutory Auditor , colluded with the Chairman/Director of R-2 company and has given a false Audit certificate relating to the Profit & Loss Account and Ba...

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No legal bar on merger of an Indian LLP with an Indian Company

M/s. Real Image LLP  Vs  M/s. Qube Cinema Technologies Private Limited (NCLI) - M/s. Real Image LLP  Vs  M/s. Qube Cinema Technologies Private Limited (NCLI) Legislative intention behind enacting both the LLP act 2008 and The Companies Act 2013 is to facilitate the ease of doing business and create a desirable business atmosphere for companies and LLPs. For this purpose, bo...

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MCA clarifies on issues in filing of e-form RD- 1

General Circular No. 03/2019 - (12/03/2019) - MCA issues Clarification on filing e-form RD-1, whereby applications u/s 2(41) (change in a financial year) and u/s 14 of the Companies Act, 2013 (conversion of public limited company into private company), along with e-form RD-1 shall be processed by Regional Directors....

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Extension of Tenure of High Level Committee on CSR-2018

General Circular No. 02/2019 - (08/03/2019) - The High Level Committee on Corporate Social Responsibility, 2018 was constituted under the Chairmanship of Secretary, Ministry of Corporate Affairs vide OM of even no. dated 22.11.2018 to review the existing framework and formulate a coherent policy on Corporate Social Responsibility....

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Exposure Draft on IRDA (Conflict of Interest) Guidelines, 2019

Ref. No: 228/F&A (NL)/COI-DIR/01/2018-19 - (08/03/2019) - Exposure Draft on Insurance Regulatory and Development Authority of India (Conflict of Interest) Guidelines, 2019- The provisions of the Companies Act, 2013 (CA 2013) shows that a company shall not enter into any contract or arrangement with a related party with respect to specific activities withou...

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Andhra Pradesh and Madhya Pradesh get new NCLT benches

S.O. 1216(E). - (08/03/2019) - Andhra Pradesh and Madhya Pradesh get new NCLT benches The Government has approved establishment of two new benches of National Company Law Tribunal (NCLT), one at Amaravati in Andhra Pradesh and the other at Indore in Madhya Pradesh. This step has been taken keeping in view the increasing case loa...

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Insolvency Law Committee Re-Constituted to review IBC, 2016 implementation

Notification No. 30/3/2019-Insolvency Section - (06/03/2019) - Re-Constitution of Insolvency Law Committee as Standing Committee for review of implementation of Insolvency & Bankruptcy Code, 2016...

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Recent Posts in "Companies Act"

Form NFRA-1 And its Applicability

MCA vide Notification dated dated November 13, 2018 notified the National Financial Reporting Authority Rules, 2018 (NFRA Rules, 2018) notified by the Ministry vide Notification dated November 13, 2018, effective from November 13, 2018 to establish an independent regulator to strengthen the audit profession and to provide for matters rela...

Read More
Posted Under: Company Law |

Introduction of e-Form ACTIVE in Form 22A

Introduction of e-Form ACTIVE (Active Company Tagging Identities and Verification) in Form 22A With the recent spate of issues in corporate governance and disappearance of Companies, Government has taken several steps such as filing of Form DIR 3 – KYC by Directors as well as introduction of new e-Form 22A which may be called as [&helli...

Read More
Posted Under: Company Law |

Compliance Calendar for Companies till June 2019

There were various amendments and notifications in the Companies Act, 2013 in the past six months.  The most important thing about these notifications is that they require immediate compliance or disclosure on the part of Companies within a specified due date. In this write up, we shall discuss preliminary about the recent important noti...

Read More
Posted Under: Company Law |

Class Action under the Companies Act, 2013

Introduction A Class Action is one where a class or group of people with a common grievance join hands to seek relief. It is a cost effective procedural device whereby few people can sue for the advantage of a larger group. The concept of a class action has been part of the legal system of […]...

Read More
Posted Under: Company Law |

Statutory dues for taxes is Operational Debt: NCLAT

Pr. Director General of Income Tax Vs M/s. Synergies Dooray Automotive Ltd. & Ors. (NCLAT, Delhi)

Pr. DGIT Vs M/s. Synergies Dooray Automotive Ltd. & Ors. (NCLAT, Delhi) ‘Operational Debt’ in normal course means a debt arising during the operation of the Company (‘Corporate Debtor’). The ‘goods’ and ‘services’ including employment are required to keep the Company (‘Corporate Debtor’) operational as a going conc...

Read More
Posted Under: Company Law | |

Beneficial Interest under Section 90 explained with examples

BEN Interest Section 90 read with Declaration of BEN Interest Notification Ministry of Corporate Affairs vide its Notification dated 8th February, 2019 released a notification regarding disclosure of Beneficial Interest in the Reporting Company by the individual ultimately holding 10% or more of the total shareholding in the Reporting Com...

Read More
Posted Under: Company Law |

Note on Officer in default under Companies Act, 2013

We have analysed the impact of new Companies Act, 2013 with respect to non-compliances and the penalties imposed for the same on the Directors and in this regard we found the following points: (a) The working directors (viz. Managing Director, Whole-time Director, CEO, CFO, Company Secretary) are responsible for all the activities of th...

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Posted Under: Company Law |

Active Company Tagging Identities and Verification

With reference to MCA notification dated 21st February, 2019 (attached herewith) , please note the below – 1. Company incorporated on/ before 31stDecember, 2017, are required to file e-form – ACTIVE (i.e. Active Company Tagging Identities and Verification) disclosing the particulars of the Company and its registered  office on/ bef...

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Posted Under: Company Law |

National Guidelines on responsible Business conduct

Ministry of Corporate Affairs (MCA), Government of India, released a set of guidelines and principles called the National Guidelines on Responsible Business Conduct (NGRBC).  The NGRBC has been designed to assist businesses to perform the requirements of regulatory compliance....

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Posted Under: Company Law |

All About Form INC 22A & rules thereunder

A. Applicability of Form INC 22A– Every Company incorporated on or before 31st  December 2017. B. Companies restricted from filing  INC 22A 1. Companies which has not filed its Financial statements u/s 137 or Its Annual returns u/s 92 or Both 2. Companies in which Directors DIN status is other than approved. C. Companies Not [&hel...

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Posted Under: Company Law |

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