Corporate Updates – 03-02-2017


The Ministry of Corporate Affairs has empowered the Regional Director(s) to prepare and maintain/ update the Mediation and Conciliation Panel of eligible experts in pursuance of Rule 3(1) of Section 442 of the Companies Act, 2013 who are willing to be appointed as mediator or conciliator. In this regard, Regional Director, Northern Western Region, Ahmedabad, Gujarat has invited application from eligible person for the panel of experts as Mediators and Conciliators for the year 2017-18. The Professionals willing to be empanelled as Mediators or Conciliators must be in continues practice for at least fifteen years as Chartered Accountant or Cost Accountant or Company Secretary. The application may be forwarded in soft copy and/ or physical/ Hard Copy on the address or at e-mail id of the Regional Director latest by 15th March, 2017.


RBI has modified Foreign Exchange Management Act, 1999 (FEMA) Foreign Exchange (Compounding Proceedings) Rules, 2000 for Compounding of Contraventions under FEMA, 1999. It has been decided to delegate further powers to Regional Offices in reference to Regulation 9 (2) of Schedule I to FEMA for Delay in filing the Annual Return on Foreign Liabilities and Assets (FLA return), by all Indian companies which have received Foreign Direct Investment in the previous year(s) including the current year. The powers to compound the contraventions of the same have also been delegated to all Regional Offices (except Kochi and Panaji) without any limit on the amount of contravention. Kochi and Panaji Regional offices can compound the above contraventions for amount of contravention below Rupees One hundred lakh (Rs.1,00,00,000/-) only. The contraventions of Rupees One hundred lakh (Rs.1,00,00,000/) or more under the jurisdiction of Kochi and Panaji Regional Offices will continue to be compounded at Central Office as hitherto. These modifications will come into force with immediate effect.

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