Category Archives: Companies Act 2013

Ministry of Corporate Affairs updates dated 18.01.2017

Ministry of Corporate Affairs updates dt. 18.01.2017 Forms ADJ, DIR-6 and 23AC are likely to be revised on MCA21 Company Forms Download page w.e.f 19th Jan 2017. Stakeholders are advised to check the latest version before filing. Revised INC-7 form for incorporating Part 1 companies and companies with more than 7 Subscribers is made available… Read More »

Company Meetings – Date -Time -Venue

Company Meetings Kinds of Company Meetings There are various meeting that are held in a company for several decision making. Among the various such meeting, the following are the significant one: Board Meeting; Committee of Board Meeting; Management Committee Meeting Annual General Meeting; Extra Ordinary General Meeting; Extra Ordinary General Meeting onrequisition; Court convened Meeting;… Read More »

Exposure Draft of Ind AS XBRL Taxonomy

Exposure Draft of Ind AS XBRL Taxonomy As per the roadmap issued by the Ministry of Corporate Affairs (MCA) in February 2015, certain class of companies have to prepare their financial statements as per Indian Accounting Standards (Ind AS) which are converged with International Financial Reporting Standards (IFRS) w.e.f F.Y. 2016-17. MCA has also notified… Read More »

Delay filing of Annual Return could be compounded if recommended by ROC

Held A report from office of ROC Kanpur (UP & Uttarakhand) was called for. The ROC vide his report dated 31-7-2015 has submitted that matter may be decided on merits. However, in Point 22 of its report. He also recommended for compounding/composition of offence. This means that the office of ROC has no objection for… Read More »

SPICe ( INC-32 ) FAQ’s

SPICe (INC-32) Vide the Companies (Incorporation) Amendment Fifth Rules, 2016 dated 29th December 2016, INC-2 is deprecated and INC-7 shall be used for incorporating Part I Companies and companies with more than seven subscribers only. The revised INC-7 shall be made available on the portal for filing purposes w.e.f 15th January 2017. For incorporating OPCs… Read More »

Exemption to Specified IFSC Public company –under section 462 of the Companies Act,2013

Notification –Exemption to Specified IFSC Public company –under section 462 of the Companies Act,2013 GOVERNMENT OF INDIA MINISTRY OP CORPORATE AFFAIRS Notification New Delhi. the 4th January, 2017 GSR.___(E). – In exercise of the power conferred by clauses (a) and (b) of sub-section (1) of section 462 and in pursuance of sub-section (2) of the said section of… Read More »

Formats of acceptance letters by incoming auditor u/s 139(1) of Companies Act

Eligibility Letter u/s 139(1) of the Companies Act, 2013 [ Illustrative Formats of acceptance letters to be submitted by the incoming auditor u/s 139(1) of the Companies Act, 2013 (the formats are illustrative only and not mandatory ) : Ethical Standards Board  of ICAI ]  Illustrative Eligibility Letter u/s 139(1) of the Companies Act, 2013… Read More »

Companies (Removal of Names of Companies from the Register of Companies) Rules 2016.

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)] Government of India Ministry of Corporate Affairs Notification New Delhi, the 26th December, 2016 G.S.R. ….(E).- In exercise of the powers conferred by sub-sections (1), (2) and (4) of section 248 read with section 469 of the Companies Act, 2013… Read More »

Availability of Form STK on MCA-21 portal

General Circular No 16/2016 F. No. 1/28/2013-CLV Government of India Ministry of Corporate Affairs 5th floor, A’ wing, Shastri Bhavan, Dr. R.P.Road, New Delhi – 110001. Dated 26th December, 2016 To All Regional Directors, All Registrar of Companies, All Stakeholders. Subject : Removal of names of companies from the Register of Companies – clarification regarding… Read More »

Section 248 to 252 of Companies Act 2013 Commencement w.e.f 26.12.2016

(To be published in the Gazette of India, Extra-ordinary, Part II, Section 3, Sub-Section (ii)] GOVERNMENT OF INDIA MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, the 26th December, 2016 S.O. (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… Read More »

Year End Review – 2016 -Ministry of Corporate Affairs Achievements -422 Sections of Companies Act notified

Major policy initiatives and achievements of the Ministry of Corporate Affairs (MCA); MCA entrusted with the responsibility to administer the Insolvency and Bankruptcy Code, 2016 (Code);The Insolvency and Bankruptcy Board of India (IBBI) established; Stabilization of the Cost Records and Audit Rules Year End Review – 2016 Ministry of Corporate Affairs   Following are the… Read More »

Directors- Meetings and Resolutions – New Book

Directors -Meetings and Resolutions Dossier of 100 resolutions required during Board and Committee meetings. Book takes a comprehensive approach to understand the requirements of the office of a director, his roles, responsibilities, liabilities in the light of the relevant sections, decided cases and the applicable Secretarial Standards, when it comes to procedural aspects like board… Read More »

Procedure to remove Director of Company

Procedure to remove a Director of Company The shareholders of a company can remove any director through ordinary resolution before the expiry of his tenure, except any director appointed by the Tribunal for prevention of oppression and mismanagement under Section 242 and a director appointed under the principle of proportional representation under Section163 of the Companies… Read More »

Demonetization impact on Audit Report for FY 2016-17

 Demonetization impact on Audit Report for FY 2016-17 In one of the historical reforms of the economy of India, Rs 500 and Rs 1,000 notes were banned effective from Tuesday midnight i.e on midnight of 08.11.2016 Demonetization impact on Audit Report : Notifications of Govt of India Before Audit , Auditor needs to have read… Read More »

National Company Law Tribunal -Practice & Procedure Book

National Company Law Tribunal (NCLT) & National Company Law Appellate Tribunal (Practice & Procedure) Paperback – 2016 Link to Buy National Company Law Tribunal (NCLT) & National Company Law Appellate Tribunal (Practice & Procedure)  Chapter I           Historical Background of National Company Law Tribunal (NCLT)/National Company Law Appellate Tribunal (NCLAT) Chapter II          Constitution of National… Read More »

Will holder will get Shares after death not nomination holder u/s 109A of Companies Act

Whether a nominee of a holder of shares or securities appointed under Section 109A of the Companies Act, 1956 read with the Bye-laws under the Depositories Act, 1996 is entitled to the beneficial ownership of the shares or securities subject matter of nomination to the exclusion of all other persons who are entitled to inherit… Read More »

Companies Removal of Difficulty regarding transfer of winding-up cases

The Companies (Removal of Difficulties) Fourth Order, 2016 MINISTRY OF CORPORATE AFFAIRS ORDER New Delhi, the 7th December, 2016 S.O. 3676(E).—Whereas clause (c) of sub-section (1) of section 434 of the Companies Act, 2013 (hereinafter referred to as the 2013 Act) provides that on a date which may be notified by the Central Government for… Read More »

Certain sections of Companies Act 2013 w.e.f 15.12.2016 Notified

MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, the 7th December, 2016 S.O. 3677(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 15th day of December, 2016 as the date on which the following provisions of the said Act… Read More »

Companies (Transfer of Pending Proceedings) Rules 2016

MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, the 7th December, 2016 G.S.R. 1119(E).— In exercise of the powers conferred under sub-sections (1) and (2) of section 434 of the Companies Act, 2013 (18 of 2013) read with sub-section (1) of section 239 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016) (hereinafter referred to… Read More »

Guidance Note on Reports in Company Prospectuses (Revised 2016) issued by Auditing and Assurance Standards Board

Guidance Note on Reports in Company Prospectuses (Revised 2016) issued by the Auditing and Assurance Standards Board – (01-12-2016) Download Guidance Note on Reports in Company Prospectuses (Revised 2016) issued by the Auditing and Assurance Standards Board – (01-12-2016)

Secretarial Standards on Dividend -Exposure Draft

Exposure Draft SECRETARIAL STANDARD ON DIVIDEND The following is the text of the Secretarial Standard-3 (SS-3) on “Dividend”, issued by the Council of the Institute of Company Secretaries of India. Adherence to this Secretarial Standard is recommendatory for all companies to facilitate uniform practices in distribution of profits by way of “Dividend”. (In this Secretarial… Read More »

Secretarial Standard on Report of Board of Directors -Exposure Draft

Exposure Draft SECRETARIAL STANDARD ON REPORT OF THE BOARD OF DIRECTORS The following is the text of Secretarial Standard on “Report of the Board of Directors”, issued by the Council of the Institute of Company Secretaries of India. Adherence by a company to this Secretarial Standard is recommendatory. (In this Secretarial Standard, the Standard portions… Read More »

Intangible assets, relevant Indian Accounting Standards (Ind AS) shall apply

MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, the 17th November, 2016 G.S.R. 1075(E).—In exercise of the powers conferred by sub-section (1) of section 467 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following further amendments to amend Schedule II to the said Act, namely:- 1. In the Companies Act,… Read More »

Insolvency and Bankruptcy Code 2016 certain provisions w.e.f 01.11.2016

MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, the 1st November, 2016 S.O. 3355(E).—In exercise of the powers conferred by sub-section (3) of section 1 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016), the Central Government hereby appoints the 1st November, 2016 as the date on which the provisions of the following sections of… Read More »

Committee for National Corporate Social Responsibility Award

SECTION 135 OF THE COMPANIES ACT, 2013 CORPORATE SOCIAL RESPONSIBILITY CONSTITUTION OF STEERING COMMITTEE FOR CONDUCTING NATIONAL CORPORATE SOCIAL RESPONSIBILITY AWARD OF MINISTRY OF CORPORATE AFFAIRS GENERAL CIRCULAR NO.11/2016 [F.NO.02/04/2016-CSR], DATED 15-9-2016 In pursuance to the approval of Hon’ble Corporate Affairs Minister, National CSR Award is being set-up by the Ministry of Corporate Affairs. A… Read More »

Last date extended for filing AOC-4, AOC-4 (XBRL), AOC-4 (CFS) & MGT-7

General Circular No. 12/2016 F. No. MCA 21/153/2012-E-Gov Cell Government of India Ministry of Corporate Affairs 5th Floor, “A” Wing, Shastri Bhawan Dr. Rajendra Prasad Road, New Delhi-1 Dated: 27.10.2016 To The Regional Directors, All Registrar of Companies All Stakeholders Subject: Relaxation of additional fee and extension of last date of in filing AOC-4, AOC-4… Read More »

FAQ’s on Companies Mediation and Conciliation Rules 2016

Companies (Mediation and Conciliation) Rules, 2016 The Central Government, in order to facilitate voluntary dispute resolution mechanism, vide Notification dated September 9, 2016 has come up with Companies (Mediation and Conciliation) Rules, 2016 The Rules pertain to section 442 of the Companies Act, 2013 (hereinafter referred to as “Act, 2013”) which provides for the setting… Read More »

Companies (Mediation and Conciliation) Rules 2016

COMPANIES (MEDIATION AND CONCILIATION) RULES, 2016 NOTIFICATION [F.NO.1/36/20/13-CL.V], DATED 9-9-2016 In exercise of the powers conferred under section 442, read with section 469 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following rules, namely : Short title and Commencement 1. (1) These rules may be called the Companies (Mediation… Read More »

Handbook on Internal Auditing-2016

Handbook on Internal Auditing Handbook on Internal Auditing : Description & Features Publisher: Bharat Law House; 2016 edition (2016) Language: English Guidance on Internal Financial controls over Financial reporting u/s 143(3) (i) of the Companies Act, 2013 •  Audit Risk and enterprise Risk Management [ERM] •  Internal Audit and Corporate Governance •  Internal Audit Questionnaires… Read More »

Company Secretarial Practice Manual

Company Secretarial Practice Manual Company Secretarial Practice Manual is a comprehensive manual comprising topic-wise concise commentary on the law and procedures under the Companies Act, 2013. The third edition of the book has been thoroughly revised in view of sea changes brought in by the Companies Act, 2013. This edition is a unique treatise, comprising… Read More »

Limited Liability Partnership- Law and Practice -Book

Limited Liability Partnership- Law and Practice, 3E Hardcover – 2016   Limited Liability Partnership- Law and Practice, 3E Hardcover – 2016 A LLP contains features of two long-standing forms of business associations, namely the ‘company’ and the ‘partnership firm’. A LLP, thus, is a hybrid of a company and a partnership. To explore this new… Read More »

Draft rules for application for corporate insolvency resolution process released

DRAFT FOR PUBLIC COMMENTS  INSOLVENCY AND BANKRUPTCY (APPLICATION TO ADJUDICATING AUTHORITY) RULES, 2016 In exercise of the powers conferred under sub-section (2) of section 7, sub-section (1) of section 8, sub-section (2) of section 9, sub-section (2) of section 10, sub-sections (1) and (2) of section 239 of the Insolvency and Bankruptcy Code, 2016 (31… Read More »

How to register DSC on MCA portal

Steps to Register DSC on MCA portal Professionals were facing lots of issues while registering DSC on MCA portal. So, here are the settings to register DSC on the portal: MCA DSC SELETION SETTINGS Please Follow Exact Settings Provided Below To enable DSC Selection Window: I. Browser Verification: Use Only Internet Explorer Version-9 or Above… Read More »

National Advisory Committee on Accounting Standards Notified

MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, the 3rd October, 2016 S.O. 3118(E).—In exercise of the powers conferred by sub-section (1) of section 210A of the Companies Act, 1956, (1 of 1956), the Central Government hereby constitutes an Advisory Committee to be called the National Advisory Committee on Accounting Standards, consisting of the following persons,… Read More »

Insolvency and Bankruptcy Board of India Notified by Govt

MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, the 1st October, 2016 S.O. 3110(E).-In exercise of the powers conferred by sub-section (1) and (3) of section 188 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016), the Central Government hereby appoints 01st October, 2016 as the date of establishment of Insolvency and Bankruptcy Board of… Read More »

Companies (Incorporation) fourth Amendment Rules 2016

[To be published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-Section (i)] Government of India MINISTRY OF CORPORATE AFFAIRS Notification New Delhi, 1st October, 2016 G.S.R. …… (E).—ln exercise of the powers conferred by sub-sections (1) and (2) of section 469 ot- the Companies Act, 2013 (18 of 20’13), the Central Government… Read More »

Annual Filing Check List for ROC-Forms ADT-1, AOC-4, MGT-7

Annual Filing Check List for ROC Forms ADT-1, AOC-4, MGT-7 1) ADT-1 (Appointment of Auditors) 2) AOC-4 (Balance Sheet and Profit & Loss Account) 3) MGT-7 (Annual Return) Form  Details Particulars ADT-1 (Appointment of Auditors) Auditors Detail a) Name of the auditor or auditor’s firm b) Income tax permanent account number of auditor or auditor’s firm c) Auditor’s firm’s registration number d)… Read More »