Corporate Updates – 02-06-2015

MCA:

MCA has notified the date of commencement of the provisions of the Companies (Amendment) Act, 2015. All sections from 1 to 12 and Sections 15 to 23 of the Amendment Act have been made effective and now applicable w.e.f. 29th May, 2015. However Section 13 & Section 14 the Companies (Amendment) Act, 2015 relating to amendments in Section 143(12) related to ‘Reporting of fraud’ and Section 177 (4)(iv) related to omnibus approval by audit committee of the Companies Act, 2013 are yet to be made effective and separate notification will released in this regard.

MCA:

MCA has made amendments in the Companies (Incorporation) Rules, 2014 and notified the Companies (Incorporation) Second Amendment Rules, 2015 which shall come into force from the date of notification. A new proviso in Rule 12 has been inserted to resolves a long pending confusion as to whether the ROC would require sectoral regulator’s approval before approving the application for incorporation of a Company. Accordingly, if any Company is incorporated to pursue any objects which require any Sectoral regulator’s approval such as RBI, SEBI etc. then the registration or approval shall be required before pursuing the said objects by the Company and a declaration by the subscribers shall be submitted in that behalf at the time of incorporation. Further, through this amendment, a new format of license and MoA of Section 8 Company is also prescribed and made available.

MCA

MCA has made amendments in the Companies (Registration Offices and Fees) Rules, 2014 and notified the Companies (Registration Offices and Fees) Second Amendment Rules, 2015 which shall come into force from the date of notification. To safeguard the interest of the Corporate and maintain the secrecy of the board resolutions by the corporate, MCA has now mandated that no person shall be entitled under section 399 to inspect or obtain copies of Board Resolutions passed pursuant to Section 179(3) and requiring filing under eForm MGT – 14 with MCA pursuant to section 117(3)(g).

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