Companies Act 2013 - Page 2

Rotation of Statutory Auditors

Can an Audit firm be re-appointed for a term less than 5 years – Answer is ‘YES’ Meaning of appointment: Appointment includes re-appointment. Term: Term means a period of five consecutive years Transition Period: Three years from the commencement of Companies Act, 2013 and rules there under applicable for companies which wou...

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Posted Under: Company Law |

Registration of Independent Directors in IICA-Download Data Form

With effect from 1st December, 2019, the Rules of Ministry of Corporate Affairs (“MCA”) on maintenance of data bank of Independent Directors and registration on it by the Independent Directors, have become effective. Please find attached, Data that is required to be submitted by Independent Directors while registering on IICA website...

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Posted Under: Company Law |

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 |

MCA deactivates 19,40,313 Director Identification Numbers

The Ministry of Corporate Affairs (MCA) deactivated 19,40,313 Director Identification Numbers (DINs) in the MCA21 Database due to non-filing of Know Your Client  (KYC), as on 28.11.2019. This was stated by Shri Anurag Singh Thakur, Minister of State for Finance & Corporate Affairs, in a written reply to a question in Rajya Sabha today....

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Posted Under: Company Law |

Loan to Directors Amended Provision | Companies (Amendment) Act, 2017

The companies Act, 2013 has a special provision for Loans to director covered under section 185 which seems to be a small section but there is more to the story. First of all, this section applies to Public as well as private companies regardless of their paid up capital. There are major amendment under The […]...

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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 |

Corporate Compliance Calendar – December, 2019

CORPORATE Compliance CALENDAR  covers Compliance under Income Tax act, 1961, Compliance under Goods & Services Act, 2017, Compliance under Other Statutory Laws (PF, ESIC, Under Factories Act, 1948 and Contract Labour Regulation and Abolition Act, 1970 )  and Quarterly Compliances under SEBI (LODR) Regulations 2015....

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