Corporate Updates – 04-04-2017


IBBI, has notified the Insolvency and Bankruptcy Board of India (Information Utilities) Regulations, 2017 which shall be effective from 1st April, 2017. The regulations provide for a framework for registration and regulation of information utilities. An Information Utility (IU) stores financial information that helps to establish defaults as well as verify claims expeditiously and thereby facilitate completion of transactions under the Code in a time bound manner. The regulations lay down the eligibility criteria for registration of an IU. A public company with a minimum net worth of Rs.50 crore is eligible. More than half of the directors of its Governing Board shall be independent directors. The IU, its promoters, its directors, its key managerial personnel, and persons holding more than 5% of its paid-up equity share capital or its total voting power, shall be fit and proper persons. The regulations set out the duties to be performed and services to be delivered by an IU. In order to safeguard the interests of the user, the regulations require an IU to have a grievance redressal policy as well as an exit management plan.


MCA has notified that the Form STK-2 which is an application by company for removing its name from register of companies is likely to be made available w.e.f 5th April 2017. MCA has notified the provisions related to Chapter XVIII of the Companies Act, 2013 i.e. Removal of Names of Companies from the Register of Companies with effect from 26th December, 2016. Thereafter the provisions of Section 560 including Form FTE were discontinued.

News from NIRC of ICSI

Northern India Regional Council cordially invites you at Discussion & Interactive Session on CORPORATE SOCIAL RESPONSIBILITY(CSR) with CS Seema Rath, Joint Director (CSR), Ministry of Corporate Affairs, Govt. of India on Wednesday, the 5th April, 2017 – 5.30 PM onwards at NIRC Auditorium, ICSI-NIRC Building, 4, Prasad Nagar Institutional Area, New Delhi. No participation Fees; PCH – 1.

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