MCA Clarification on IFC Reporting in Auditor’s Report for Private Companies

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MCA vide its General Circular No. 08/2017 dated July 25, 2017[1] 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, 2015[2]and Notification No. GSR 583(E) dated June 13, 2017[3] providing various exemptions to the private companies. Some of the major exemptions are as follows: Read more →

MCA clarifies on AC and NRC constitution

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MCA vide its notification dated July 13, 2017[1] came up with the Companies (Meetings of Board and its Powers) Second Amendment Rules, 2017 (hereinafter referred to as “MBP Second Amendment Rules, 2017) substituting provisions of rules 3 and 6 of the Companies (Meetings of Board and its Powers) Rules, 2014 (hereinafter referred to as “MBP Rules, 2014). This notification shall come into force from the date of publication in the Official Gazette. Read more →

Appointment of IDs exempted by MCA for certain unlisted public companies

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The MCA notified the Companies (Appointment and Qualification of Directors) Amendment Rules, 2017[1] (‘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 →

MCA amends Schedule IV in an attempt to align and exempt certain provisions

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Inspite of the barrage of notifications, amendments, clarifications, MCA in an attempt to continue the tradition has issued another Notification[1] 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.

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TPP Rules Amended: MCA issues second amendment

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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 continues to shower relaxations on private companies, by Vallari Dubey

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MCA vide notification dated 22nd June, 2017[1] 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 →

MCA favorably revisits exemption notification relating to private companies, by Trupti Upadhyay

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MCA vide notification dated 5th June, 2015[1] (‘Principal Notification’) exempted private companies from complying with certain provisions of the Companies Act, 2013 (“Act, 2013”) subject to the condition that the company will ensure protection of shareholder’s interests. MCA vide notification dated June 13, 2017[2] (’Amendment Notification’) made certain amendments in the principal notification which has been analysed hereunder. Read more →