MCA: 

The MCA has come out with the Notice inviting Public Comments for the Draft Notification for the Draft Notification under Section 462 of the Companies Act, 2013 for providing various Exemptions to Private Limited Companies. These proposed exceptions covers provisions dealing with: Share capital, further issue, Meetings, appointment of auditors, restrictions on powers of Board, loan to directors, KMP, etc.. The draft notification is very much in line with the demands of stakeholders, professionals and corporate and seems to be finalized on the basis of the meeting of stakeholders with the Hon’ble Minister of State Ms. Sitharaman. MCA is empowered under the provisions of Section 462(1) of the Companies Act, 2013 (Act) to direct, by notification, in the public interest, that any of the provisions of this Act shall not apply to such class or classes of companies. Suggestions/Comments on the proposed draft notification may be addressed/sent latest by 1^st July, 2014 through email at exemptions@mca.gov.in. It is requested that the name, Telephone number and address of the sender should be indicated at the time of sending suggestions/comments.

MCA: 

Version of the Form INC-1, INC-2, INC-22, FC-2, FC-3, SH-8, CHG-1, DIR-12, INC-21, MGT-14, INC-23, INC-28, MR-1, MR-2, SH-7 and FC-4  have been revised w.e.f today the 25th June, 2014. Only new version of these eForms will be acceptable, stakeholders are requested to plan accordingly and ensure that you have downloaded the latest version for filing and uploading the latest version only. Form-wise date of last version change is available at on the website of MCA, to view & download, the list of all such Forms, Click Here.

MCA: 

1. MCA through its latest circular has given a big relief to all the big corporates under the provisions of the Section 108 of the Companies Act, 2013 read with rule 20 of the Companies (Management and Administration) Rules, 2014. MCA has deferred applicability of provisions relating e-voting and participation of shareholders through e-means till 31st December, 2014. The relevant notification in this regard is being issued separately. To provide clarity and ensure uniformity in the e-voting procedure, clarifications on certain issues are also released by the MCA

2. MCA has notified & Amends Rules relating to ‘Declaration and Payment of Dividend’ and ‘Meetings of Board and its Powers’ read with Companies (Declaration and Payment of Dividend) Rules, 2014. Amendment has been made in Rule 3(5) by Substituting the following :
“(5) No company shall declare dividend unless carried over previous losses and depreciation not provided in previous year or years are set off against profit of the company of the current year.”

MCA: 

1. MCA has issued clarification under the provisions of Section 186(9) of the Companies Act, 2013 read with Rule 12(1) of the Companies (Meetings of Board & Its Powers) Rules, 2014 with regard to Maintenance of Register of Loans / Guarantee / making acquisitions in new format. Now it has been clarified that Registers maintained under Section 372A(5) of the Companies Act, 1956 and new format vide Form MBP-2 shall be used for particulars entered in such registers on & from 01-04-2014 only.

2. MCA has notified rest of the provisions of the Section 74 w.e.f 06-06-2014. 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 6th day of June, 2014 as the date on which the provisions of sub-sections (2) and (3) of Section 74 of the said Act shall come into force.

3. MCA has given the much needed relief to the companies with regard to the powers conferred by Sections 73 and 76 read with sub-section (1) of Section 469 of the Companies Act, 2013 (18 of 2013) by making amendment in the Companies (Acceptance of Deposits) Rules, 2014. Accordingly the new proviso has been inserted to dispense the requirement of obtaining Deposit Insurance before acceptance of any deposit. Now the companies may accept the deposits without deposit insurance contract till the 31st March, 2015.

MCA: 

1. MCA has notified the new Form SH – 4 for transfer of Securities under the provisions of Section 56 of the Companies Act, 2013 read with Rule 11(1) of the Companies (Share Capital & Debentures) Rules, 2014 w.e.f 01-04-2014. Now MCA has issued the Clarification for use of old Share Transfer Forms for the transactions executed before 1st April, 2014, that since the transaction relating to transfer of shares is a contract between two or more persons/shareholders, any share transfer form executed before 1st April, 2014 and submitted to the Company concerned, needs to be accepted by the Companies for registration of transfers, if all other documents are in order.

2. MCA has clarified that under the provisions of the Section 179 & 180 of the Companies Act, 2013. The powers of the Board of Director relating to the issue of duplicate certificates may be delegate to the Committee of Directors of the Company subject to any regulations as may be imposed by the Board in this regard.

3. Version of the Form CHG-4, Form DIR-6, Form GNL-1, Form INC-7, & Form 21A & Form 20B have been revised. Only new version of these eForms will be acceptable, stakeholders are requested to plan accordingly and ensure that you have downloaded the latest version for filing and uploading the latest version only. Form-wise date of last version change is available at on the website of MCA, to view & download, the list of all such Forms, please Click Here.

MCA: 

1. MCA has amended the Companies (Meetings & Powers of Board) Rules, 2014 under Chapter XII of the Companies Act, 2013 and clarified that Companies can constitute their Audit Committee and Nomination & Remuneration Committee with in one year from the commencement of the rules or appointment of independent directors by such companies, whichever is earlier. This notification was much needed by the corporate’s, as both the provisions were contradictory to each other.

2. As per Rule 13 of the Companies (Management and Administration) Rules, 2014 every listed company is required to file with the Registrar, a return in Form No.MGT.10 with respect to changes relating to either increase or decrease of two percent, or more in the shareholding position of promoters and top ten shareholders of the company in each case, either value or volume of the shares, within fifteen days of such change. In this connection, MCA has clarified that stakeholders are required to fill Form MGT – 10 physically and duly signed / certified as per requirement shall be filed as an attachment to eForm GNL – 2 till online form made available by the MCA. To view & download the copy of the circular, please Click Here.

MCA: 

1. MCA has made Amendment in the rules relating to the Appointment of Company Secretary by notifying the Companies (Appointment and Remuneration of Managerial Personnel) Amendment Rules, 2014 which comes into force w.e.f 9th June, 2014. Now new Rule 8A has been inserted and require Appointment of whole time Company Secretary in all companies which has a paid up share capital of five crore rupees or more. The much awaited amendment for all company secretaries and now a whole time Company Secretary will be required in all companies including Private Limited Companies having paid up capital of Rs. 5 Crores or more.

2. MCA has issued the Companies (Removal of Difficulties) Fourth Order, 2014 (know more) on 06-06-2014 whereby it is provided that until a date is notified by the Central Government under Section 434(1) of the Companies Act, 2013 for constitution of Tribunal, the Company Law Board constituted in pursuance of Section 10E(1) of the Companies Act, 1956 shall exercise the jurisdiction, powers, authority and functions of the Tribunal under of Section 74(2) of the said Act. It has come into force from the date of notification in the Official Gazette.