Corporate Updates – 04-11-2014


MCA has amended the Company Law Board (Fees on Applications and Petitions) Rules, 1991 which shall come into force on the date of their publication in Official Gazette. In the Company Law Board (Fees on Applications and Petitions) Rules, 1991, fee for making an application to CLB under the new provisions of the Companies Act, 2013 have been inserted. Fees is now prescribed for Allowing any period other than April to March as financial year {Section 2(41)}, Rectification of register of members, Directing the company to pay the sum due or for any loss or damage incurred as a result of such non-payment. & to allow further time as considered reasonable to the company to repay the deposit.


RBI has issued directions to Regional Rural and Central Cooperative banks to partially freeze accounts of those customers who have not complied with the Know Your Customer (KYC) norms. Similar instructions were issued to commercial banks by the apex bank last month. Banks may impose partial freezing by allowing all credits and disallowing all debits with the freedom to close the accounts. Further banks will be free to take decision on closing of accounts of such customers.

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