MCA vide its General Circular No. 08/2017 dated July 25, 2017 has issued a clarification regarding applicability of exemptions provided to private companies. Till now MCA has issued two notifications viz., Notification No. GSR 464(E) dated June 05, 2015and Notification No. GSR 583(E) dated June 13, 2017 providing various exemptions to the private companies. Some of the major exemptions are as follows: Read more
The MCA notified the Companies (Appointment and Qualification of Directors) Amendment Rules, 2017 (‘Amendment Rules, 2017’) w.e.f July 5, 2017 exempting certain unlisted public companies from the requirement of appointing independent directors. Additionally, MCA has amended Form DIR-5 in relation to cancellation or surrender or deactivation of DIN. Read more
Inspite of the barrage of notifications, amendments, clarifications, MCA in an attempt to continue the tradition has issued another Notification dated July 5, 2017, amending Schedule IV of the Companies Act, 2013. The Notification will come into force on the date of its publication in the Official Gazette, which we assume will be done soonest. Certain amendments have been made in line with the recommendations made in Company Law Committee Report.
The Ministry of Corporate Affairs (“MCA”) vide its Notification No. G.S.R. 1119(E) dated December 7, 2016 issued the Companies (Transfer of Pending Proceeding) Rules, 2016 (‘TPP Rules, 2016’) in exercise of the powers conferred under section 431 (1) and (2) of the Companies Act, 2013 (‘Act, 2013’) read with section 239 (1) of the Insolvency and Bankruptcy Code, 2016 (‘Code’). Read more
MCA vide notification dated 22nd June, 2017 issued Companies (Audit and Auditors) Second Amendment Rules, 2017, effective immediately from the above date. The Rules are meant to further amend the Companies (Audit and Auditors) Rules, 2014. The amendment pertains to corresponding rule for Section 139(2), regarding rotation of auditors in the Company. Read more
Deposits have always been strictly regulated by all the law makers, be it MCA, RBI or SEBI. Chapter V of Companies Act, 2013 (‘Act, 2013’) read with Companies (Acceptance of Deposits) Rules, 2014 [‘Deposit Rules’] provides the framework for lawful acceptance of deposits by companies. The framework provides list of amounts which do not fall within the meaning of deposits, compliances to be ensured for accepting deposits from members and compliances to be ensured for accepting public deposits by eligible companies. Read more
At the time of its notification, Companies Act, 2013 (‘Act, 2013’) was applicable uniformly across all types of companies. Respite was brought about by the MCA notification dated June 5, 2016 (‘Principal Notification’) which provided that certain provisions of the Act, 2013 shall not apply or shall apply to government with such exemptions, modifications or adaptions as provided therein. Read more