Corporate Updates – 04-07-2017


The MCA has issued Order which may be called as the Companies (Removal of Difficulties) Order, 2017 and shall come into force with effect from the 29th day of June, 2017. As difficulties have arisen regarding transfer of proceedings relating to those cases of voluntary winding-up of a company where notice of the resolution by advertisement has been given under sub-section (1) of section 485 of the 1956 Act but the company has not been dissolved before the 1st April, 2017, since the Code provides for a substantially different framework for persons who may be appointed as liquidators and for making of an application for dissolution by the liquidator. Under the 1956 Act, any person could be appointed as a liquidator, only an insolvency professional registered with the Insolvency and Bankruptcy Board of India can be appointed as a liquidator subject to certain conditions. It has now clarified through removal of difficulty that all applications and petitions relating to voluntary winding up of companies pending before a High Court as on 1st April, 2017 shall continue with and dealt with by the High Court in accordance with provisions of the 1956 Act.


SEBI has issued a circular allowing E-PAN as one of the KYC document. As Central Board of Direct Taxes (CBDT) has recently introduced a facility of E-PAN (electronic PAN card), accordingly it is clarified that E-PAN issued by CBDT can also be produced by FPI for KYC compliance. The other instructions contained in original Circular shall remains unchanged. This circular is issued in exercise of powers conferred under Section 11(1) of the Securities and Exchange Board of India Act, 1992 to protect the interests of investors in securities and to promote the development of, and to regulate the securities market.

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