MCA: 

MCA has made amendments in the Companies (Specification of definitions details) Rules, 2014 and amended rules shall come into force on the date of their publication in the Official Gazette. In Rule 3 of the said Rules, after the words ‘a director’ the words ‘other than an independent director’ shall be inserted. Now amended Rule 3 will read as “Related Party – For the purposes of sub-clause (ix) of clause (76) of section 2 of the Act, a director other than an independent director or key managerial personnel of the holding company or his relative with reference to a company, shall be deemed to be a related party”. The inference here can be drawn here is that the transactions with Independent Directors will not form part of Related Party Transactions.

SEBI: 

SEBI has issued draft SEBI (Infrastructure Investment Trusts) Regulations, 2014. In the Budget for FY 2014-15, identifying the needs and requirement of Infrastructure sector, Hon’ble Finance Minister announced a modified REITS type structure for infrastructure projects is also being announced as Infrastructure Investment Trusts (InvITs), which would have a similar tax efficient pass through status, for PPP and other infrastructure projects. These structures would reduce the pressure on the banking system while also making available fresh equity.

MCA: 

The MCA has clarified provisions of Corporate Social Responsibility (Section 135) including the applicability test for CSR provisions. The CSR criteria is linked to turnover, networth and profits made by a company. The MCA clarification makes the applicability of Section 135 retrospective. This has made it mandatory for companies to see any of the three financial years for the purpose of 2014-15. Further expenditure incurred by Foreign Holding Company for CSR activities in India will qualify as CSR spend of the Indian subsidiary if, the CSR expenditures are routed through Indian subsidiaries and if the Indian subsidiary.

SEBI: 

SEBI Chairman Shri. U K Sinha, has clarified that if there are two sets of requirements, it is settled principle as higher as the level of Supreme Court of India that the provisions of SEBI regulations will prevail so far as listed companies are concerned. All Listed companies will have to conform to SEBI provisions of providing mandatory e-voting facility to all shareholder resolutions passed in general meetings and they cannot take shelter under the Corporate Affairs Ministry stance and not provide e-voting facility to its shareholders till end-December. A Bombay Stock Exchange (BSE) spokesperson said that SEBI circular of April 17 (to provide mandatory e-voting facility), which was not yet amended, would prevail. (Source Business Line).

SEBI: 

The Securities and Exchange Board of India has established its Local Office at Dehradun under the administrative control of its Northern Regional Office at New Delhi. The Local Office so established shall look after the regulatory aspects of investor protection, facilitating redressal of investor grievances, financial and investor education and such other functions as may be assigned from time to time, and its role and responsibility shall extend to the areas falling under the territorial jurisdiction of the State of Uttarakhand. To download & view the full circular, please Click Here.

MCA: 

Version of eForms DIR-3, DIR – 12, MR-2. MGT – 14, PAS – 3, SH-7 & SH – 11 have been updated on 21-26 May, 2014. Please ensure that you have downloaded the latest version and uploading the new version of the forms only. To save time & energy on downloading and filing the forms again & again, it is advisable to download the fresh form, fill the complete details and upload on the portal on the same day.