Corporate Updates – 02-05-2016


Ministry of Corporate Affairs has issued a clarification with regard to the accounting period for which the accounts would need to be prepared using the Accounting Standards, as amended through the Companies (Accounting Standards) Amendment Rules, 2016. The Ministry has examined the matter and clarified that the amended Accounting Standards should be used for preparation of accounts for accounting periods commencing on or after the date of notification i.e., 30th March, 2016.


CLB has notified the amended Regulations further to amend the Company Law Board Regulation, 1991 through which official timing for hearing at CLB has been changed. With effect from 02.05.2016, words and expression "10.30 a.m. to 1.30 p.m. and 2.30 p.m. to 4.30 p.m." the words and expression "10.30 a.m. to 1.00 p.m. and 2.00 p.m. to 4.30 p.m." shall be substituted in Regulation 9 of the said regulation.

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