MCA:

• The Ministry of Corporate of Affairs vide its Notification dated 27/02/2014 intimate that in exercise of the powers conferred by sub-section (3) of Section 1 of Companies Act, 2013 (18 of 2013), the Central Government hereby appoints the 1st day of April, 2014 as the date on which the provisions of Section 135 and Schedule VII of the said Act relating to Corporate Social Responsibility shall come into force.
• The Ministry of Corporate of Affairs vide its Notification dated 27/02/2014 makes the amendments to Schedule VII of the said Companies Act, 2013 replaced all (i) to (x) activities which may be included by Companies in their Corporate Social responsibilities with new set of activities (i) to (x) having some new and detailed activities for Corporate Social responsibility. This Notification shall come into force with effect from 1st April, 2014.
• The Ministry of Corporate Affairs vide its Notification dated 27/02/2014 , has notified the Companies (Corporate Social Responsibility Policy) Rules, 2014. These Rules shall come into force on 1st April, 2014.

MCA: 

1. MCA has issued clarification on section 185 of the Companies Act 2013 to provide much needed relief to the corporate(s). It is clarified that in order to maintain harmony with regard to applicability of Section 372A of the Companies Act, 1956 till the same is repealed and Section 186 of the Companies Act, 2013 is notified, any guarantee given or security provided by a holding company in respect of loans made by a bank or financial institution to its wholly owned subsidiary company, exemption as provided in clause (d) of sub-section (8) of Section 372A of the Companies Act, 1956 shall be applicable. This clarification will, however, be applicable to cases where loans so obtained are exclusively utilized by the subsidiary for its principal business activities and the said relief is not given with respect to loan given by holding Company to its wholly owned subsidiaries. For detailed circular, please visit http://www.mca.gov.in/Ministry/pdf/General_Circular_3_2014.pdf

2. MCA has instructed all the ROC(s) to stringently enforced that no company should be allowed to be registered with the word ‘National’ as part of its title unless it is a Government Company and the Central / State Government(s) has a stake in it or the word ‘Bank’ or word “stock Exchange” or “Exchange” may only be allowed in the name of an entity, when such entity produces a No Objection Certificate’ from the RBI or SEBI in this regard while registering companies. For detailed circular, please visit http://www.mca.gov.in/Ministry/pdf/General_Circular_2_2014.pdf

MCA: 

As Section 133 of the Companies Act, 2013 had been notified and is required to be read with Section 227(3) of the Companies Act, 1956, the ICAI has made important Amendments to Auditor’s Report Format including :

1) Manner of reporting,
2) Reference to the Accounting Standards Applicable to the Companies In the Auditor’s Report and Limited Review Reports and various Engagement Standards,
3) Amendment to the “Auditor’s Responsibility” Paragraph Included in the Independent Auditor’s Report,
4) Use of the Term “Profit and Loss Account” or “Statement of Profit and Loss” in the Statutory Audit Reports of Companies, and
5) Manner of Reporting In Respect of Such Clauses of the Companies (Auditor’s Report) Order, 2003 which are not applicable to the Auditee Company.
For details, please visit http://www.icai.org/new_post.html?post_id=10344&c_id=219