Corporate Updates – 03-06-2015

MCA:

MCA has made amendments in the Companies (Declaration and Payment of Dividend) Rules, 2014 and notified the Companies (Declaration and Payment of Dividend) Second Amendment Rules, 2015 which shall come into force from the date of notification. Through this amendment Rule 3(5) which mandatory requires the setting off previous losses & depreciation not provided in previous year or years against the profits of the current year before declaration of dividend has been done away and the said sub rule has been omitted by the said amendment Rules.

MCA:

MCA has made amendments in the Companies (Registration of Charges) Rules, 2014 and notified the Companies (Registration of Charges) Amendment Rules, 2015 which shall come into force from the date of notification. The amendments to this rule is in line with the Amendments made to the Act with regard to the requirement of Common seal, accordingly Rule 3(4) relating to verification of instrument / deed consisting of property situated outside India the mandatory requirement of affixation of seal of the company has been done away and now the same has been made optional.

MCA:

MCA has made amendments in the Companies (Share Capital and Debentures) Rules, 2014 and notified the Companies (Share Capital and Debentures) Second Amendment Rules, 2015 which shall come into force from the date of notification. The mandatory requirement of affixation of common seal of the company on Share Certificates as provided in Rule 5(3) has been done away and now the same has been made optional. Further issue of Share Certificate would require signatures of atleast 2 directors authorised by Board OR by any one director as authorised by the Board and mandatory by the Company Secretary of the Company, if any.

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