Corporate Updates 31 July 2014

Company Law Board: 

Company Law Board has issued Clarification on applicability of Section 58A(9) and Section 58AA of the Companies Act, 1956 with regard to the commencement of Section 74(2) of the Companies Act, 2013 w.e.f. 06.06.2014. As the corresponding Sections namely 58A(9) and 58AA of the Companies Act, 1956 ceased to have effect, all Benches of the Company Law Board shall not accept further applications under sections 58A(9) and 58AA of the Companies Act, 1956. Further, all applications under section 58A(9)  and 58AA of the Companies Act, 1956 prior to 06.06.2014 pending in the Regional Benches shall be disposed of under the provisions of the said Act on top priority basis.


CBDT has revised the format of Form 3CA, Form 3CB and Form 3CD (Format of Tax Audit Reports) under section 44AB of the Income Tax Act, 1961 and has notified the Income Tax (7th Amendment) Rules, 2014. The Notification will be applicable from the date of its publication in official gazette. Form 3CA is an Audit report, which is required to be filed in a case where the accounts of the business or profession of a person have been audited under any other law, Form 3CB is an Audit report, which is required to be filed, in the case of a person referred to in clause (b) of sub – rule (1) of rule 6G and Form 3CD is a Statement of particulars required to be furnished under section 44AB of the Income Tax Act, 1961.

Corporate Updates 21 May 2014


Securities and Exchange Board of India (SEBI) has been issuing various circulars / directions from time to time. In order to enable the users to have an access to all the applicable circulars/directions at one place, Master Circular for Stock Exchange has been prepared. This Master Circular is a compilation of the circulars / communications issued by SEBI up to March 31, 2014 and shall supersede all previous Master Circular issued by SEBI.


Company Law Board has issued a Notice informing that Shri B.S.V. Prakash Kumar, Hon’ble Member, CLB, New Delhi Bench is on medical grounds, further extended his leave till 13.06.2014 and shall resume duty on 16.06.2014.Therefore all the matters listed before Shri B.S.V. Prakash Kumar, (Court No. 2) upto 13.06.2014 are being re-notified. All stakeholders are requested to take note of the same and get their matters re-notified from the Bench Officer.

Corporate Updates 27 Feb 2014

Company Law Board: 

In exercise of the powers conferred by sub-section (4B) and sub-section (6) of section 10(E) of the Companies Act 1956 (1 of 1956), the Company Law Board amended the Company Law Board Regulations, 1991, with immediate effect by inserting Regulation 51 that “there shall be no audio or video recording of the Bench proceedings by the parties”. To view & download the notification, please Click Here.

CBEC – Cenvat Credit: 

The CBEC vide its Notification dated February 24, 2014 has amended Rule 7 of the Cenvat Credit Rules, 2004 which would come in to force w.e.f. April 1, 2014. Amendment in distribution of Cenvat Credit by ISD for Services used by more than one unit exclusively engaged in exempted goods or exempted services shall not be distributed and Common input services credit to be distributed between such units which are operational in the year of distribution during the relevant period.