MCA: 

Version of Forms INC-1, INC-2, INC-7, INC-21, INC-28, CHG-1, CHG-4, DIR-6, DIR-11, FC-1, FC – 2, MSC – 1, MSC – 3 SH-11, MR-1 & MR-2 has been updated on 13-14th May,2014. Please ensure that you have downloaded the latest version and uploading the new version of the forms only.

Further after the Judgment of Bombay High Court, MCA has uploaded the e-version of the Official Gazette publication of some of the rules as notified in the month of March, 2014. To view and download and rules, please Click Here.

RBI: 

RBI has further examined the issue relating to repayment of domestic loans through ECBs it has been decided that eligible Indian companies will not be permitted to raise ECB from overseas branches / subsidiaries of Indian banks for the purpose of refinance / repayment of the Rupee loans raised from the domestic banking system in respect of the Scheme of take-out financing, Repayment of existing Rupee loans for companies in infrastructure sector, Spectrum allocation, Repayment of Rupee loans. The changes to the ECB policy will come into force with immediate effect. All other aspects of the ECB policy shall remain unchanged. To view and download and rules, please Click Here.

MCA: 

Important observation made by Hon’ble Bombay High Court in the matter of Godrej Industries Limited on the “effectiveness” of rules prescribed by MCA under Companies Act, 2013. As many MCA rules are not available, hence in the opinion of the court they are not binding so far or at least from 1st April 2014 and till such time as these rules are gazette, or there is some provision made for the dispensation of official gazette notification, none of the rules in the Ministry of Corporate Affairs PDF document that are not yet gazette can be said to be in force.”

Below reproduced is Para no. 23 of the said Judgement for ready reference for all :

“23. A final word about the manner in which these rules and sections are purportedly being brought into force. The website of the Ministry of Corporate Affairs has, on its front page, a link to a single scanned PDF file entitled “COMPANIES ACT 2013 – STATEMENT OF NOTIFICATION OF RULES”. Some 21 rules are listed. They are all said to be effective 1st April 2014. Several of these are not yet gazetted; at least I have not been able to find any gazette. I do not see how any such rules can be made effective on this basis where a ministry simply puts up some scanned document under the signature of one of its officers but sans any publication in the official gazette. That publication is not an idle formality. It has a well-established legal purpose. That purpose is not and cannot be achieved in this ad-hoc manner. Therefore, till such time as these rules are gazetted, or there is some provision made for the dispensation of official gazette notification, none of the rules in the Ministry of Corporate Affairs PDF document that are not yet gazetted can be said to be in force.”

RBI: 

RBI via Notification dated 12-05-2014 added to the previous circular dated February 22, 1985, in terms Opening of Bank Accounts in the Names of Minors. RBI added and advised bank to allow minors’ accounts (fixed and savings deposit accounts) with mothers as guardians to be opened, subject to safeguards in allowing operations in such accounts by ensuring that the minors’ accounts opened with guardian are not allowed to be overdrawn and that these always remain in credit. Subsequently, Urban Co-operative Banks (UCBs) were advised to extend the facility of allowing opening of minors’ account with mothers as guardian, to Recurring Deposits.

MCA: 

MCA has released the Form-wise details of latest version along with the date of its change for the benefit of all the stakeholders. The same will help the user to verify whether he form they are going to upload is latest or not. The complete list is available at MCA. Please ensure that you have downloaded the latest version for filing.

RBI: 

RBI has simplified the procedure for Re-Schedulement of External Commercial Borrowings (ECB) Policy through which powers have now been delegated to the designated AD Category – I bank to allow one re-schedulement of ECB due to changes in draw-down schedule and / or repayment schedule subject to certain conditions, before the maturity of the ECB. The facility will be available for ECBs raised both under the automatic and approval routes. The modification to the ECB policy will come into force with immediate effect. All other aspects of the ECB policy shall remain unchanged.

MCA: 

It has been observed by the ROC at the time of examining the submitted INC-7 e-forms that stakeholders are using old format of Memorandum and Article of Association. In this regard stakeholders are requested to follow the format prescribed under Schedule I of the Companies Act, 2013 to avoid re-submission or rejection of the form.

Version of Forms INC-1, INC-7, CHG-1, CHG-4, CHG-6, CHG-9, SH-7, MR-1 has been updated on 08-05-2014. Please ensure that you have downloaded the latest version and uploading the new version of the forms only. Further

RBI:

RBI vide its Circular dated on 6th May 2014, allowed to open and operate savings bank accounts independently, by Minors above the age of 10 years and A savings /fixed / recurring bank deposit account can be opened by a minor of any age through his/her natural or legally appointed guardian. Banks are free to offer additional banking facilities like internet banking, ATM/debit card, cheque book facility etc., subject to the safeguards that minor accounts are not allowed to be overdrawn and that these always remain in credit.

MCA: 

MCA clarifies that all Rules published under Companies Act, 2013 are effective from 1st April, 2014 and MCA has released Statement of Notification of Rules on its website clarifying the above. This puts to rest the doubts that had arisen for certain rules which were mentioned to be applicable from the date of publication in official gazette, however, the same were not yet published in the official gazette till date.

RBI:

RBI make clarification via its Circular on the extant FDI policy for pharmaceutical sector which has now been decided with immediate effect that the existing policy would continue with the condition that ‘non-compete’ clause would not be allowed except in special circumstances with the approval of the Foreign Investment Promotion Board (FIPB) of the Government of India. Foreign Direct Investment (FDI) up to 100 per cent is permitted under automatic route for greenfield investments and FDI up to 100 per cent is permitted under Government approval route for brownfield investments (i.e. investments in existing companies) in pharmaceuticals sector.