MCA:
MCA has notified the Companies (Incorporation) Amendment Rules, 2015 which shall come into force on the fate of their publication in the Official Gazette. Following are the key amendment to Incorporation rules :-
1. Verification of signature of promoter/director by the professional in Form INC – 10 has done away with. Form INC -10 now needs to be self attested and new format has been prescribed in amendment rules.
2. An existing Private Company may get itself converted into OPC only if its paid up capital is less than Rs. 50 lacs AND average annual turnover is less than Rs. 2 Crore.
3. For violation of any rules by OPC, Penalties are now prescribed under new inserted Rule 7A and existing Rule 5 has been deleted. Penalties for any offence shall be Rs. 5000/- and Rs. 500/- per day till the default continues.
4. MCA simplifies incorporation process and new Integrated Process of Incorporation has been notified along with the detailed process, forms, fees and formats of MOA & AOA. Rule 36 has been inserted and Form INC – 30 and INC – 31 for model MOA & AOA introduced.
MCA:
For ease of doing business, MCA releases new Integrated Incorporation Form – INC-29 for filing w.e.f 1st May 2015. INC-29 is one Single form for incorporating a Company pursuant to sections 4, 7, 12, 152 and 153 of the Companies Act, 2013. Form – INC-29 would take care of three separate processes with this single form namely application for DIN, application for name approval and application for incorporation of companies. eForm INC 29 shall also have a special feature relating to Application for PAN, TAN & ESI for the proposed Company.
Resulting in doing away of filing of the following e-forms:
i. Form DIR-3 (Application for allotment of DIN in case proposed Directors have no DIN)
ii. Form INC-1/INC-2 (Application for Reservation of name)
iii. Form INC-7 (Application for incorporation of a company other than OPC)
iv. Form DIR-12 (Details of Directors)
v. Form INC-22 (Details of registered office) (Optional at the time of incorporation)
This is an endevaour towards saving of time and money. Fee for the form is Rs. 2000/- plus registration fee. Only one name can be applied for approval in this e-form. Therefore, one is advised to duly check the proposed name and follow name availability guidelines, existing trade marks to avoid rejection. Application for DIN is permissible upto 3 directors through this INC-29. Personal details in relation to the director or subscriber is not required in case director/subscriber already has DIN. Scanned copy of Memorandum and Articles of Association need to be attached with the form.
Incorporation of the company through this integrated form for incorporation INC-29 is optional. Standalone e-Forms DIR-3, INC-1/ INC-2, INC-7, DIR-12, INC-22 will continue to be available at MCA website. In case any stakeholder wants to avail any of these services separately/independently, he may use the existing e-forms and follow the existing process. Further, facility for using ‘integrated form’ is not available for incorporating Section 8 companies. The companies to get ready with all the attachments and approvals first before filing the integrated form as only two re-submissions shall be allowed.
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