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Corporate Updates 02 April 2014

April 2, 2014 Leave a Comment

MCA:
MCA has notified rules for various other Chapters of the Companies Act, 2013. All rules are applicable from 01-04-2014.

Chapter XXII- The Companies (Registration of Foreign Companies) Rules, 2014.
Chapter XIV: Companies (Inspection, Investigation and Inquiry) Rules, 2014
Chapter XIII- The Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014.
Chapter XXIV – The Companies (Registration Offices and Fees) Rules, 2014.
Chapter XXI -The Companies (Authorised to Registered) Rules, 2014.

RBI: 
RBI through its Press Release orders non-levy of fines for low balances in saving account and asks banks to cut down services for such accounts. Banks should not levy penal charges for non-maintenance of minimum balance in ordinary savings bank account and inoperative accounts, but instead curtail the services accorded those accounts until the balance is restored.

Filed Under: MCA, News & Updates, RBI

Corporate Updates 31 March 2014

March 31, 2014 Leave a Comment

MCA: 

1. MCA after notifying rules for 10 chapters of the Companies Act, 2013 on 27-03-2013, has notified some more Rules under the Companies Act, 2013. All rules will be applicable from the date of their publication in the Official Gazette.

Chapter XXVI: Nidhi Rules, 2014
Chapter XXIX: Companies (Adjudication of Penalties) Rules, 2014
Chapter XXIX: Companies (Miscellaneous) Rules, 2014
Amendment to Schedule II of the Companies Act, 2013

2. Another good move by MCA, as it has reviewed the whole process of payment of court fee & stamp duty for issuance of certified true copies at various ROC’s across India. With a view to improve the existing component for payment of stamp duty & court fees and to avoid delay in issuance of Certified True Copies, MCA vide its Circular has enabled the process of payment of stamp duty & court fee online. The Certified True Copies will be sent to the applicant by the concerned Registrar of Companies within 15 days by post.

3. In order to facilitate the completion of notified sections, MCA has planned a staggered roll out of various forms. MCA vide its Circular has decided to waive fees for all event based filing whose due date falls between 01/04/2014 to 30/04/2014 and from 01/04/2014 to 13/04/2014 the period will be used for clearing pending e-forms already filed under the provisions of Companies Act, 1956 and except existing e-forms mentioned in Table “A” no other e-forms will be available for filing in this period. Other services will, however, continue to be available. All stake-holders are advised to take into account this temporary suspension and to carry out filings including for incorporation of companies where urgently required upto 31st March, 2014.

SERVICE TAX: 

Today 31-03-2014 is the last date for payment of Service Tax liability for the month / quarter ending on 31-03-2014. The tax is required to be paid online by all the Registered Service Providers who have deposited more than Rs. 1,00,000/- Service Tax in the last financial year 2012-2013.

Filed Under: MCA, News & Updates, Service Tax

Corporate Updates 28 March 2014

March 28, 2014 Leave a Comment

MCA: 

1. MCA after notifying substantial portion of the Companies Act, 2013 on 26-03-2013, has notified following Rules in respect of 10 Chapters under the Companies Act, 2013. All rules will be applicable from the date of their publication in the Official Gazette.

Chapter I: Companies (Specification of definition details) Rules, 2014
Chapter II: Companies (Incorporation) Rules, 2014
Chapter III: Companies (Prospectus and allotment of securities) Rules, 2014
Chapter IV: Companies (Share Capital and Debentures) Rules, 2014
Chapter VI: Companies (Registration of Charges) Rules, 2014
Chapter VII: Companies (Management and Administration) Rules, 2014
Chapter VIII: Companies (Declaration and Payment of Dividend) Rules, 2014
Chapter IX: Companies (Accounts) Rules, 2014
Chapter XI: Companies (Appointment and Qualification of Directors) Rules, 2014
Chapter XII: Companies (Meetings of Board and its Powers) Rules, 2014

2. MCA has issued Companies 2nd (Removal of Difficulties) Order, 2014 which shall come into force on the date of its publication in the Official Gazette. By this order, the word “AND” used in Section 92(2) of the Companies Act, 2013 between paid-up capital and turnover for certification of Annual Return by the PCS has been replaced by word “OR”. Now Annual Return certification is applicable on all Listed Companies & Companies having paid-up capital of Rs. 10 Crore OR turnover of Rs. 50 Crore.

3. MCA has changed the Nomenclature of various forms prescribed under the provisions of Companies Act, 2013 to define the nature of the forms and would also be easy to recognise. In order to facilitate easy understanding of the e-forms being rolled out under the provisions of Companies Act, 2013 and Rules made thereunder, the stakeholders are hereby informed that unlike numbering of various forms under the Companies Act, 1956, forms under the new Act are mandatorily numbered alpha-numeric. Initial of forms is to be started with alphabet of two or three letters based on the subject of the Chapter, followed by serial number of the form.

Filed Under: MCA, News & Updates

Corporate Updates 27 March 2014

March 27, 2014 Leave a Comment

MCA: 

The Ministry of Corporate Affairs has notified 183 new sections of the Companies Act 2013 and some sub-sections of 13 sections which were already notified by notification dated 12th September 2013 and remaining schedule, by way of Notification dated 26th March, 2014. These sections have been notified to come into effect from 1st April 2014. With the notification of these sections, now a total of 283 sections of the new Act stand notified. As the Sections have been notified, it is expected that all relevant rules with forms will also be notified shortly.

Further, the Sections remaining to be notified are related to NFRA, IEPF, Compromise and arrangement, oppression and mismanagement, winding up, sick companies, special courts, NCLT etc.

SEBI: 

SEBI vide its Circular number CIR/CFD/DIL/1/2014 dated March 25, 2014 has prescribed a standard format for Auditors’ Certificate, under Clause 24 of the Listing Agreement which shall be followed by all the companies filing draft/ final scheme/ petition with the Stock Exchange(s) on or after March 25, 2014 for approval of any draft Scheme of amalgamation / merger / reconstruction, etc., as it was observed by SEBI that the Auditors’ Certificate filed by the companies are in different format and there was no standardization.

Filed Under: MCA, News & Updates, SEBI

Corporate Updates 26 March 2014

March 26, 2014 Leave a Comment

MCA: 

1. MCA on the basis of representations received regarding various difficulties arising out of implementation of section 180 of the Companies Act, 2013 with reference to borrowings and/or creation of security, based on the basis of ordinary resolution has issued clarification with regard to section 180 of the Companies Act, 2013 vide its Circular no 04/2014 dated 25th March 2014, that the resolution passed under Section 293 (Restrictions on powers of Board) of the Companies Act, 1956 prior to 12.09.2013 with reference to borrowings (subject to the limits prescribed) and / or creation of security on assets of the company will be regarded as sufficient compliance of the requirements of section 180 (Restrictions on powers of Board) of the Companies Act, 2013 for a period of one year from the date of notification of section 180 of the Act.

2. As per the Important Notice issued by the MCA, all offline payment facility by way of Challan, NEFT and Pay Later would be stopped from Today i.e 26th March, 2014 till 31st March, 2014 (both days inclusive) and payment can only be made through online mode (Credit/Debit Card and Net Banking). All stakeholders are requested to plan their activity accordingly.

Filed Under: MCA, News & Updates

Corporate Updates 25 March 2014

March 25, 2014 Leave a Comment

MCA: 

MCA gives discretionary powers to Central Government to extend service terms of CLB Bench. If it considers it necessary in public interest so to do, Central Government may give extension in service to the Chairman, Vice Chairman and Members upto a maximum period of one year or till constitution of the National Company Law Tribunal, whichever is earlier”

Important MCA Update: 

MCA has issued a Important Notice on the website of the Ministry of Corporate Affairs, advising and informing all the stakeholders that all forms under RSUB/PUCL would be marked back to respective officials of the ROC/RD/Central Government as the case may be starting today’s midnight i.e 25th Mar 14. The forms would be processed by the respective officials at the back office. However, “Form FTE”, “Form EES2010”, “Form EES2011”, “Refund Form”, Investor Complaint Form” and all LLP forms” would continue to be allowed for filing under RSUB/PUCL.

Further, all offline payment facility (Challan, NEFT and Pay Later) would be stopped from 26th March, 2014 till 31st March, 2014 (both days inclusive). You are requested to make payment only through online mode (Credit/Debit Card and Net Banking). All stakeholders are requested to plan their activity accordingly.

The notice can be viewed at the home page of MCA21 or you can Click Here to view the same.

Hope the information will assist you in your Professional endeavors. In case of any query / information, please do not hesitate to write back to us.

RBI:

The Reserve Bank of India in the wake of promoting and protecting the interest of Depositors has constituted “The Depositor Education and Awareness Fund (the Fund)” wherein the amount to the credit of any account in India with any bank which has not been operated upon for a period of ten years or any deposit or any amount remaining unclaimed for more than ten years shall be credited to the Fund, within a period of three months from the expiry of the said period of ten years. The depositor would, however, be entitled to claim from the bank his/her deposit or any other unclaimed amount or operate her account after the expiry of ten years, even after such amount has been transferred to the Fund. The bank would be liable to pay the amount to the depositor/claimant and claim refund of such amount from the Fund. For detailed notification, please Click Here.

Filed Under: MCA, News & Updates, RBI

Corporate Updates 22 March 2014

March 22, 2014 Leave a Comment

MCA:

The Ministry of Corporate Affairs has received Election Commission’s approval for notifying rules related to various sections of the new Companies Act, paving the way for its implementation from April 1, 2014. EC today conveyed that it has no objections to the ministry coming out with notifications related to the new Companies Act. With the Election Commission of India announcing the schedule for the Lok Sabha polls, the Model Code of Conduct came into force from March 5, consequently, the ministry sought the Commission’s nod for notifying the rules. Sources said that while rules for most parts of the legislation would be notified before April 1, those for National Company Law Tribunal (NCLT) and new institutions such as National Financial Reporting Authority (NFRA) and Investor Education and Protection Fund (IEPF) would be notified later.

CBEC:

CBEC under the provisions of the Section 67A of the Finance Act, 1994 read with explanation to Section 14 of the Customs Act, 1962, has notified the rate of exchange for calculation of gross value of taxable service tax would be the rate, for the conversion of foreign currency into Indian currency or vice versa, applicable on the date on which taxable service has been provided or agreed to be provided. The Notification has come containing the Rates of Exchange are applicable from March 21, 2014.

Filed Under: CBEC, MCA, News & Updates

Corporate Updates 20 March 2014

March 20, 2014 Leave a Comment

MCA:

The Ministry of Corporate Affairs has issued a public notice in the interest of the stakeholders stating that the MCA is going to introduce the new forms pertaining to the New Act probably from 01.04.2014. The Ministry shall close down the Front Office portal after 25.03.2014. The Ministry has directed that all the work items should be cleared on or before 25.03.2014 because these work items will not be processed in the new system. All stakeholders are accordingly advised to clear all pending forms on urgent basis.

Clarification by MCA:

“The Ministry of Corporate Affairs has issued a public notice in the interest of the stakeholders stating that the MCA is going to introduce the new forms pertaining to the New Act probably from 01.04.2014. The Ministry shall close down the Front Office portal for PUCL / RESUB on 25.03.2014 after which no form under PUCL / RESUB mode shall be filed / resubmitted on the portal. The Ministry has directed that all the work items should be cleared on or before 25.03.2014 because these work items will not be processed in the new system.” Click here for the copy of MCA notice !

DGFT:

DGFT introduces online Export Obligation Discharge Certificate (EODC) / Redemption for Advance Authorisations & Duty Free Import Authorisations (DFIA) w.e.f. June 1, 2014 vide DGFT Public Notices, 55 (RE-2013/2009-2014).

Filed Under: DGFT, MCA, News & Updates

Corporate Updates 08 March 2014

March 8, 2014 Leave a Comment

MCA:

The Ministry is in the process of finalising the rules for various provisions of Companies Act, 2013 that replaces the way corporates are governed in the country. Rules for certain provisions, including that for Corporate Social Responsibility (CSR) spending, have already been notified by the Ministry. As the Election Commission of India announced the schedule for the Lok Sabha elections, the Model Code of Conduct has come into force, the Corporate Affairs Ministry will intimate the Election Commission before notifying any rules for the remaining provisions of the new companies law.

FINANCE ACT 2014:

The Finance Act, 2014 has received the assecnt of the President on 4th March, 2014 and the same has also been notified & published in the Official Gazette of India on 5th March, 2014. The Finance Act, 2014 shall come into force w.e.f 01-04-2014.

Filed Under: Finance, MCA, News & Updates

Corporate Updates 07 March 2014

March 7, 2014 Leave a Comment

MCA: 

The Ministry of Corporate Affairs has established the office of Registrar of Companies cum Official Liquidator at Bilaspur having Jurisdiction at the State of Chhattisgarh and the same would be operational w.e.f 01-04-2014. To view & download the Public Notice dated 05-03-2014, please Click Here.

CBDT: 

CBDT has extended the Due date for Government Deductor for filing TDS returns for F.Y.2012-13 (for 2nd to 4th quarter) and F.Y.2013-14 (for 1st to 3rd quarter) by issuing circular No. 07/2014 F. No. 275/27/2013-IT(B). This is welcome steps of CBDT and big relief for government deductor who are facing the bunch of notices from Income tax department for pay late filing fees of T.D.S/TCS Returns. However, any fee under section 234E of the Act already paid by a Government deductor shall not be refunded.

Filed Under: CBDT, MCA, News & Updates